Joseph Boateng
About Joseph A. Boateng
Independent Board Member of Nuveen New York Municipal Value Fund (NNY). Year of birth: 1963; MBA, UCLA; BS, University of Ghana. Current role: Chief Investment Officer, Casey Family Programs (since 2007); prior: Director of U.S. Pension Plans at Johnson & Johnson (2002–2006). Appointed to the Nuveen closed-end funds board effective January 1, 2024; designated Class II for NNY with term expiring at the 2026 annual meeting; deemed independent (not an “interested person” of the Funds or the Adviser, and not an employee/director of TIAA or Nuveen) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Casey Family Programs | Chief Investment Officer | 2007–present | Institutional CIO experience; designated audit committee financial expert for Nuveen funds . |
| Johnson & Johnson | Director of U.S. Pension Plans | 2002–2006 | Oversight of U.S. pension investments . |
| College Retirement Equities Fund (CREF) | Trustee | 2018–2023 | Governance of large retirement fund complex . |
| TIAA Separate Account VA-1 | Management Committee Member | 2019–2023 | Oversight of insurance separate account . |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Lumina Foundation | Board Member | Since 2018 | Postsecondary education focus . |
| Waterside School | Board Member | Since 2021 | Education nonprofit governance . |
| Year Up Puget Sound | Board Member (2012–2019), Emeritus (since 2020) | 2012–present | Workforce development; continued engagement . |
| Seattle City Employees’ Retirement System | Investment Advisory Committee Member; Former Chair | Since 2007 | Public pension investment oversight . |
| The Seattle Foundation | Investment Committee Member | Since 2012 | Community foundation investment oversight . |
Board Governance
- Independence: Classified as an Independent Board Member; not an “interested person” and has never been an employee/director of TIAA/Nuveen .
- Board class/term: For NNY, designated Class II; term expires at the 2026 annual meeting; appointed to Nuveen funds board effective Jan 1, 2024 .
- Committee memberships: Member, Audit Committee (designated audit committee financial expert); Member, Nominating & Governance Committee; Co-Chair, Investment Committee .
- Attendance: Each Board Member attended 75% or more of Board and committee meetings during the last fiscal year (fund-level disclosure) .
- Board workload (NNY FY): 4 regular Board, 7 special Board, 14 Audit, 6 Nominating & Governance, 3 Investment Committee meetings (NNY FY ended Feb 28/29, 2024) .
Fixed Compensation
- Structure (effective Jan 1, 2025): $350,000 annual retainer; annual retainers by committee membership: Audit $35,000; Compliance/Risk $35,000; Investment $30,000; Dividend $25,000; Nominating & Governance $25,000; Closed-End Funds $25,000. Committee Chair/Co-Chair retainers: Audit $35,000; Compliance/Risk $35,000; Investment $30,000; Dividend $25,000; Nominating & Governance $25,000; Closed-End Funds $25,000. Ad hoc meeting fees: $1,000 or $2,500; special assignment committees: chair/co-chair quarterly fee starting $1,250; members starting $5,000 .
| Compensation Metric | FY 2024 (ended Feb 29, 2024) | Stub Period (Mar 1–Aug 31, 2024) |
|---|---|---|
| NNY Aggregate Compensation Paid to Boateng ($) | $0 | $214 |
- Total compensation across Nuveen funds paid to Boateng: $464,250 (aggregated) .
- Deferred Compensation Plan available; deferred amounts credited to book reserve accounts invested in eligible Nuveen funds .
| Deferred Compensation (Boateng) | FY 2024 (ended Feb 29, 2024) | Stub Period (Mar 1–Aug 31, 2024) |
|---|---|---|
| NNY Deferred Fees ($) | $0 | $53 |
- Funds do not have retirement or pension plans for Board Members .
Other Directorships & Interlocks
| Company/Organization | Type | Role | Notes |
|---|---|---|---|
| Lumina Foundation | Nonprofit | Board Member | Current . |
| Waterside School | Nonprofit | Board Member | Current . |
| Year Up Puget Sound | Nonprofit | Board Member/Emeritus | 2012–present . |
| Seattle City Employees’ Retirement System | Public Pension | Investment Advisory Committee; Former Chair | Current . |
| The Seattle Foundation | Community Foundation | Investment Committee Member | Current . |
| CREF | Retirement Fund | Trustee | 2018–2023 . |
| TIAA Separate Account VA-1 | Insurance Separate Account | Management Committee Member | 2019–2023 . |
No public company directorships are listed for Boateng in the past five years in the proxy’s “Other Directorships” table .
Expertise & Qualifications
- Institutional CIO with public pension and foundation investment oversight experience; SEC-designated audit committee financial expert for the Nuveen funds .
- Advanced education: MBA (UCLA), BS (University of Ghana) .
- Broad governance experience across retirement funds and nonprofit boards; joined Nuveen funds board in 2024 amid board consolidation .
Equity Ownership
| Holding Measure | NNY (New York Value) | Fund Complex Aggregate |
|---|---|---|
| Dollar Range of Equity Securities | $0 | Over $100,000 |
| Shares Beneficially Owned | 0 | Group holdings across funds <1% of each fund; individual holdings <1% of each fund (fund-level disclosure) |
- Ownership guideline: Board Members are expected to invest at least the equivalent of one year of compensation in funds within the Fund Complex (measured across the complex, not each fund) .
Governance Assessment
- Strengths: Independent director with deep institutional investment expertise; member of Audit and Nominating & Governance Committees and Co-Chair of the Investment Committee—strong signal for board effectiveness; designated SEC “audit committee financial expert” enhancing oversight credibility .
- Alignment: Aggregate holdings “Over $100,000” across the complex and availability of Deferred Compensation Plan support alignment; however, no direct NNY share ownership disclosed (common in unitary fund boards where alignment is measured across the complex) .
- Compensation: Fixed, transparent cash retainers and committee fees; no equity or performance-linked compensation—consistent with best practices for fund boards (limits pay-for-performance lens but reduces conflicts) .
- Engagement: Fund-level disclosure shows robust meeting cadence and that all Board Members, including Boateng, met ≥75% attendance; combined with committee leadership, this indicates active oversight .
- Conflicts/Red Flags: No related-party transactions or common-control holdings disclosed for Boateng; proxy affirms independence from TIAA/Nuveen. Watch items: absence of NNY-specific share ownership and large portfolio count (216 funds) may diffuse focus, but mitigated by committee leadership and structured board processes .
- Compliance: The fund reports that Board Members complied with Section 16(a) filing requirements; no delinquent filings noted .