Robert Young
About Robert L. Young
Independent Chair of the Nuveen funds’ unitary Board; born 1963; joined the Board in 2017 and became Chair in 2025. Former COO and Director at J.P. Morgan Investment Management, President/Principal Executive Officer of J.P. Morgan Funds, and previously a Senior Manager (Audit) at Deloitte; former CPA; BBA in Accounting from University of Dayton; served on UD’s Board Investment Committee (2008–2011) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| J.P. Morgan Investment Management Inc. | Chief Operating Officer & Director | 2010–2016 | Led service/admin and platform support for global retail/institutional IM businesses |
| J.P. Morgan Funds | President & Principal Executive Officer | 2013–2016 | Board agenda setting; regulatory policy; fund-board liaison |
| J.P. Morgan Funds | SVP & Chief Operating Officer | 2005–2010 | Operations leadership for fund complex |
| Deloitte & Touche LLP (Touche Ross) | Senior Manager (Audit); former CPA | 1985–1996 | Led midwestern mutual fund practice |
| University of Dayton | Board Investment Committee member | 2008–2011 | Investment oversight for endowment |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| — | None | — | No other public company directorships disclosed in past five years |
Board Governance
- Board structure: unitary board overseeing all Nuveen/TIAA fund complex; enhances common policy oversight and independence; Young elected independent Chair, responsible for agenda coordination, presiding at meetings, and liaising with management and counsel .
- Independence: all listed committees comprised of Independent Board Members; Young is independent and designated an audit committee financial expert .
- Attendance: each Board Member attended at least 75% of Board and applicable committee meetings in the last fiscal year .
Committee assignments and chair roles:
| Committee | Role | Chair? | Notes |
|---|---|---|---|
| Executive Committee | Member | Chair | Authorized to exercise Board powers between regular meetings |
| Audit Committee | Member | No | SEC-defined; Young designated audit committee financial expert |
| Nominating & Governance Committee | Member | Chair | Oversees board composition, evaluation, governance policies |
| Investment Committee | Member | No | Oversight of fund performance and investment risk |
| Closed-End Fund Committee | Member | No | Reviews premiums/discounts, leverage, distribution data, market trends |
| Dividend Committee | Not a member | — | Declares distributions; membership listed does not include Young |
| Compliance, Risk Mgmt & Regulatory Oversight | Not a member | — | Committee members listed; Young not included |
Co-Chair history:
- Independent Co-Chair from July 1, 2024 through December 31, 2024 .
Fixed Compensation
Compensation structure (effective Jan 1, 2025):
| Component | Amount | Notes |
|---|---|---|
| Annual retainer (Independent Board Members) | $350,000 | Applies to all Independent Board Members |
| Audit Committee membership retainer | $35,000 | Per member (annual) |
| Compliance, Risk Mgmt & Regulatory Oversight Committee membership | $35,000 | Per member (annual) |
| Investment Committee membership | $30,000 | Per member (annual) |
| Dividend Committee membership | $25,000 | Per member (annual) |
| Nominating & Governance Committee membership | $25,000 | Per member (annual) |
| Closed-End Funds Committee membership | $25,000 | Per member (annual) |
| Chair of the Board premium | $150,000 | Annual |
| Committee Chair premiums (Audit, Compliance) | $35,000 | Annual per Chair |
| Committee Chair premiums (Investment) | $30,000 | Annual per Chair/Co-Chair |
| Committee Chair premiums (Dividend, Nominating, Closed-End) | $25,000 | Annual per Chair |
| Ad hoc meeting fees | $1,000 or $2,500 | Based on length/immediacy |
| Special assignment committee fees | Chair: from $1,250/qtr; Members: from $5,000/qtr | Quarterly |
Structure changes and prior approach:
- Calendar year 2023: lower annual retainer ($210,000) plus per-meeting fees by committee type; Chair premium $140,000; site visit fees $5,000/day .
- Pre–Jan 1, 2025: annual retainer $350,000 with lower committee retainers (Audit/Compliance $30,000; Investment $20,000; Dividend/Nominating/Closed-End $20,000); Chair premium $140,000; ad hoc fees similar .
Aggregate compensation paid (cross-complex):
| Metric | Value | Period |
|---|---|---|
| Total compensation from Nuveen funds paid to Robert L. Young | $502,381 | Table total across funds (latest reported aggregates) |
Deferred compensation (credits to notional fund accounts):
| Fund | FY Amount ($) | Stub Period Amount ($) |
|---|---|---|
| New York AMT-Free | 4,138 | 1,401 |
| New York Quality Income | 1,454 | 492 |
| New York Value (NNY) | 411 | 139 |
Program mechanics: certain Nuveen funds permit deferral; credits are notionally invested in eligible Nuveen funds; distributions can be lump sum or 2–20 years; no retirement/pension plans for directors .
Performance Compensation
| Category | Status/Details |
|---|---|
| Bonus/target bonus | None disclosed; director pay is retainer and committee fees |
| Stock/option awards (RSUs/PSUs/options) | None disclosed for directors; compensation delivered in cash/fees; deferral only via notional fund credits |
| Performance metrics tied to pay (TSR, EBITDA, ESG) | Not applicable for directors; no performance-linked awards disclosed |
| Clawbacks/change-of-control/severance | Not disclosed/applicable for independent directors |
Other Directorships & Interlocks
| Company | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No other public company boards disclosed (past five years) |
Expertise & Qualifications
- Former CPA with audit leadership at Deloitte; designated audit committee financial expert, strengthening financial reporting oversight .
- Senior operating and governance experience in large fund complexes (J.P. Morgan), including agenda-setting, regulatory policy, and board liaison roles .
- Prior investment committee experience (University of Dayton), relevant to portfolio oversight .
Equity Ownership
Ownership guideline: Board expects each director to invest, directly or on a deferred basis, at least one year of compensation across the Fund Complex; individual compliance status is not disclosed .
As of May 31, 2025:
| Fund | Shares Owned | Dollar Range | % of Shares Outstanding |
|---|---|---|---|
| New York Value (NNY) | 0 | $0 | <1% (each director individually) |
| Quality Income | 32,727 | Over $100,000 | <1% |
| Credit Income | 16,131 | Over $100,000 | <1% |
| Aggregate across fund complex | — | Over $100,000 | — |
Notes:
- Share figures include share equivalents linked to the Deferred Compensation Plan .
- As of June 20, 2025, each director’s individual holdings in each fund were less than 1% of outstanding shares .
Governance Assessment
- Strengths: independent Board Chair; broad committee coverage including chairing Nominating & Governance and Executive Committees; audit committee financial expert designation; attendance at/above 75% threshold; extensive prior fund governance and operating experience .
- Alignment: meaningful personal exposure to Nuveen funds via share ownership and deferred credits, though no direct NNY shareholding as of May 31, 2025; guideline expects one year’s compensation invested across the complex (compliance not reported) .
- Watch items/RED FLAGS:
- No direct NNY ownership may be viewed as weaker fund-specific alignment despite broader complex exposure .
- Compensation structure increased fixed retainers and chair premiums over time; ensure fees remain aligned with shareholder outcomes (no performance linkage for directors) .
- No director-specific related-party transactions, pledging/hedging, or legal proceedings involving Young were disclosed in the proxy sections reviewed; committee independence and governance processes (rotation, evaluation) are robust .