Thomas Kenny
About Thomas J. Kenny
Thomas J. Kenny (born 1963) is an Independent Board Member of Nuveen New York Municipal Value Fund (NNY) in the Nuveen funds’ unitary board, appointed to NNY effective January 1, 2024; he is a Class I nominee with a term expected to expire at the 2028 annual meeting if elected . He previously served as Advisory Director, Partner, Managing Director, and Co‑Head of Global Cash and Fixed Income Portfolio Management at Goldman Sachs Asset Management and holds a B.A. from UC Santa Barbara, an M.S. from Golden Gate University, and the CFA charter . He also serves as a Director of Aflac Incorporated and Chair of its Finance and Investment Committee .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Goldman Sachs Asset Management | Advisory Director; Partner; Managing Director; Co‑Head, Global Cash & Fixed Income PM | Advisory Director 2010–2011; Partner 2004–2010; MD 1999–2004; Co‑Head 2002–2010 | Co-led global fixed income and cash management |
| College Retirement Equities Fund (CREF) | Trustee; Chairman | 2011–2023 | Chairman 2017–2023 |
| TIAA Separate Account VA‑1 | Manager; Chairman | 2011–2023 | Chairman 2017–2023 |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Aflac Incorporated | Director; Chair, Finance & Investment Committee | Director since 2015; Chair since 2018 | Chairs finance and investment oversight |
| ParentSquare | Director | 2021–2022 | Board service |
| Sansum Clinic | Director; Finance Committee Chair | Director 2021–2022; Finance Chair 2016–2022 | Led finance committee |
| B’Box | Advisory Board Member | 2017–2019 | Advisory capacity |
| UC Santa Barbara Arts & Lectures | Advisory Council Member | 2011–2020 | Advisory capacity |
| Cottage Health System | Investment Committee Member | 2012–2020 | Investment oversight |
| Crane Country Day School | Board Member; President of the Board | Board Member 2009–2019; President 2014–2018 | Board leadership |
Board Governance
- Independence: All Nuveen funds Board Members, including Kenny, are “not interested persons” under the 1940 Act and have never been employees or directors of TIAA or Nuveen, and are deemed Independent Board Members .
- Committee assignments (NNY and fund complex unitary board):
- Executive Committee member
- Dividend Committee member
- Compliance, Risk Management and Regulatory Oversight Committee member
- Nominating and Governance Committee member
- Investment Committee member
- Closed‑End Fund Committee member
- Not an Audit Committee member (members are Nelson (Chair), Boateng, Lancellotta, Starr, Thornton, Wolff, Young)
- Attendance: Each Board Member attended 75% or more of Board and applicable committee meetings in the last fiscal year .
- Independent Chair: Robert L. Young serves as Independent Chair of the Board, coordinating agendas and presiding at meetings .
| NNY Meeting Counts (Governance Activity) | FY ended Feb 29, 2024 | Stub Mar–Aug 2024 |
|---|---|---|
| Regular Board Meetings | 4 | 3 |
| Special Board Meetings | 7 | 3 |
| Executive Committee Meetings | 3 | 4 |
| Dividend Committee Meetings | 10 | 4 |
| Compliance Committee Meetings | 4 | 2 |
| Audit Committee Meetings | 14 | 7 |
| Nominating & Governance Committee Meetings | 6 | 2 |
| Investment Committee Meetings | 3 | 2 |
| Closed‑End Fund Committee Meetings | 4 | 2 |
Fixed Compensation
- Structure (Independent Board Members):
| Retainer/Fees | Prior to Jan 1, 2025 | Effective Jan 1, 2025 |
|---|---|---|
| Annual Board Retainer | $350,000 | $350,000 |
| Audit Committee membership | $30,000 | $35,000 |
| Compliance Committee membership | $30,000 | $35,000 |
| Investment Committee membership | $20,000 | $30,000 |
| Dividend Committee membership | $20,000 | $25,000 |
| Nominating & Governance membership | $20,000 | $25,000 |
| Closed‑End Fund Committee membership | $20,000 | $25,000 |
| Board Chair additional retainer | $140,000 | $150,000 |
| Audit Chair; Compliance Chair | $30,000 | $35,000 |
| Investment Chair/Co‑Chair | $20,000 | $30,000 |
| Dividend; Nominating; Closed‑End Chairs | $20,000 | $25,000 |
| Ad hoc meeting fee | $1,000 or $2,500 | $1,000 or $2,500 |
| Special assignment committee fees | Chair ≥$1,250/qtr; Member ≥$5,000/qtr | Chair ≥$1,250/qtr; Member ≥$5,000/qtr |
- NNY-specific aggregate compensation (Kenny):
| Metric | FY ended Feb 29, 2024 | Stub Mar–Aug 2024 |
|---|---|---|
| Aggregate Compensation from NNY | $0 | $282 |
- Fund Complex total (latest reported):
| Metric | Amount |
|---|---|
| Total compensation from Nuveen Funds paid to Kenny | $610,000 |
Performance Compensation
- Equity/Options/Performance metrics: None disclosed for Independent Board Members; no stock or option awards, bonuses, or performance-linked pay; Nuveen funds do not have director retirement/pension plans . Deferred compensation is permitted via the Deferred Compensation Plan; Kenny’s deferred fees from NNY were $0 for FY ended Feb 29, 2024 and $71 for the stub period Mar–Aug 2024 .
| Deferred Compensation (NNY) | FY ended Feb 29, 2024 | Stub Mar–Aug 2024 |
|---|---|---|
| Kenny deferred fees payable | $0 | $71 |
Other Directorships & Interlocks
| Company/Organization | Role | Tenure | Committee/Notes |
|---|---|---|---|
| Aflac Incorporated | Director; Chair, Finance & Investment Committee | Director since 2015; Chair since 2018 | Public company directorship; committee chair |
| ParentSquare | Director | 2021–2022 | Former role |
| Sansum Clinic | Director; Finance Committee Chair | Director 2021–2022; Finance Chair 2016–2022 | Health care nonprofit governance |
| UC Santa Barbara Arts & Lectures | Advisory Council Member | 2011–2020 | Advisory role |
| Cottage Health System | Investment Committee Member | 2012–2020 | Investment oversight |
| Crane Country Day School | Board Member; President of Board | 2009–2019; President 2014–2018 | Board leadership |
Expertise & Qualifications
- Fixed income and cash management leadership at GSAM, including Co‑Head of Global Cash and Fixed Income PM, directly relevant to municipal portfolio oversight .
- Governance and investment oversight experience as Trustee/Chairman at CREF and VA‑1, and as Director/Committee Chair at Aflac .
- Academic and professional credentials: B.A. (UC Santa Barbara), M.S. (Golden Gate University), CFA charterholder .
Equity Ownership
| Holding | Amount |
|---|---|
| NNY shares beneficially owned by Kenny | 0 |
| NNY shares outstanding (for context) | 18,886,052 |
| Kenny’s NNY ownership as % of outstanding | 0.00% (calculated from ) |
| Aggregate dollar range of equity securities in all Nuveen registered investment companies overseen (Fund Complex) | Over $100,000 |
| Ownership guideline (principle): expected to invest at least one year of compensation in funds in the Fund Complex | Guideline disclosed; no individual compliance status disclosed |
Related-Party Exposure and Potential Conflicts
Kenny has disclosed interests in entities advised by firms under common control with Nuveen (the Adviser’s parent), which could present perceived alignment or conflict considerations for fund oversight:
| Entity | Relationship | Title of Class | Value | Percent of Class |
|---|---|---|---|---|
| Global Timber Resources LLC | Thomas Joseph Kenny 2021 Trust (Initial Trustee and Settlor) | None | $37,455 | 0.01% |
| Global Timber Resources Investor Fund, LP | KSHFO, LLC 4 | None | $567,738 | 6.01% |
| TIAA‑CREF Global Agriculture II LLC | KSHFO, LLC 4 | None | $717,269 | 0.05% |
| Global Agriculture II AIV (US) LLC | KSHFO, LLC 4 | None | $681,911 | 0.17% |
| Note | Kenny’s ownership of KSHFO, LLC | — | — | 6.60% |
| Adviser common control note | These companies’ advisers are indirectly commonly controlled by Nuveen | — | — | — |
Governance Assessment
- Strengths and signals of board effectiveness:
- Independent status and broad committee participation (Executive, Dividend, Compliance, Nominating & Governance, Investment, Closed‑End), indicating deep engagement with distribution policy, risk oversight, governance processes, performance, and discount/leverage management .
- Relevant fixed income expertise from GSAM, beneficial for municipal credit oversight .
- Public company governance experience and committee leadership at Aflac, supporting disciplined oversight practices .
- Attendance at or above the 75% threshold across Board/committee meetings, indicating active engagement .
- Alignment and compensation:
- Director pay is fully cash‑based via retainers/committee fees, with optional deferral—no equity/options or performance‑linked incentives, reducing pay‑for‑performance alignment but typical for closed‑end funds .
- Kenny’s NNY-specific compensation was modest in the 2024 stub period ($282), with total complex compensation of $610,000 reflecting service across 200+ portfolios in the unitary board .
- RED FLAGS and monitoring points:
- Zero direct ownership of NNY common shares; board members’ individual holdings in each fund were <1% of outstanding; while the complex requires investing at least one year of compensation in the Fund Complex, Kenny’s aggregate range disclosure (“Over $100,000”) does not evidence guideline compliance magnitude relative to his total compensation—monitor alignment .
- Holdings in entities advised by firms under common control with Nuveen (Global Timber/Agriculture vehicles via KSHFO, LLC) create potential perceived conflicts; ensure robust recusal and committee oversight for any affiliated transactions or valuation matters .
- Process and oversight comfort:
- Independent Chair structure and robust committee architecture (including Audit, Compliance, and Closed‑End) support risk, valuation, and discount management; Kenny participates across key committees, though he is not on Audit .
Overall, Kenny brings strong fixed income and governance credentials with broad committee participation. Key investor confidence considerations are his lack of direct NNY share ownership and disclosed affiliated private fund interests; both are typical in investment company contexts but warrant ongoing monitoring and clear recusals where applicable .