Joseph A. Boateng

About Joseph A. Boateng

Independent Board Member of Nuveen Missouri Quality Municipal Income Fund (NOM); born 1963, with over two decades of institutional investment leadership. Chief Investment Officer of Casey Family Programs since 2007; previously Director of U.S. Pension Plans at Johnson & Johnson (2002–2006). Holds a B.S. from the University of Ghana and an M.B.A. from UCLA. Joined the Nuveen Funds boards (including NOM) in 2024; overall Fund Complex board service dates to 2019, with current Class II term expiring at the 2026 annual meeting. Boateng is an Independent Board Member under the 1940 Act and Nuveen/TIAA independence standards.

Past Roles

External Roles

Board Governance

• Independence: Board determined nominees and members, including Boateng, are not “interested persons” of the Funds or the adviser and have never been employees or directors of TIAA/Nuveen; deemed Independent Board Members.
• Board structure: Unitary board across Nuveen closed-end funds with Independent Chair (Robert L. Young).
• Committee assignments (NOM):
  • Audit Committee: Member.
  • Nominating & Governance Committee: Member.
  • Investment Committee: Co-Chair (with Amy Lancellotta).
• Term and service: Class II Board Member; term through 2026 annual meeting; appointed to Nuveen Funds effective May 15, 2024 (Fund Complex service since 2019).
• Attendance: Each Board Member attended ≥75% of Board and committee meetings during the last fiscal year.

Fixed Compensation

• Structure (effective Jan 1, 2025):
  • Annual Board retainer: $350,000.
  • Committee membership retainers: Audit $35,000; Compliance/Risk $35,000; Investment $30,000; Dividend $25,000; Nominating & Governance $25,000; Closed-End Funds $25,000.
  • Chair retainers: Board Chair $150,000; Audit/Compliance Chairs $35,000; Investment Chair $30,000; Dividend/Nominating/Closed-End Chairs $25,000.
  • Ad hoc meetings: $1,000 or $2,500 depending on length/immediacy; special assignment committees pay quarterly fees (chair/co-chair starting at $1,250; members starting at $5,000).
  • Deferred Compensation Plan available; distributions in lump sum or over 2–20 years.
• Actual compensation (last fiscal year):
  • Aggregate compensation from funds in Fund Complex to Boateng: $464,250.
  • Compensation allocated to NOM: $29.
  • Deferred fees attributed to NOM: $7.

Performance Compensation

• No performance-based equity (RSUs/PSUs), options, or bonus metrics are disclosed for Independent Board Members; compensation is fixed retainers and meeting/committee-based fees. Funds have no retirement/pension plans; a Deferred Compensation Plan is available. Clawback, severance, change‑of‑control, tax gross‑ups, hedging/pledging policies for directors are not disclosed.

Other Directorships & Interlocks

Expertise & Qualifications

• Institutional CIO and pension governance expertise (Casey Family Programs; J&J pensions).
• Committee leadership: Co‑Chair, Investment Committee; member, Audit and Nominating & Governance committees.
• Education: B.S. University of Ghana; M.B.A. UCLA.
• Fund Complex experience via prior CREF and VA‑1 roles.

Equity Ownership

Note: The Board’s governance principle expects investment equivalent to ≥1 year’s compensation in the Fund Complex; Boateng’s aggregate range across registered investment companies is “Over $100,000,” but specific compliance timing/amount versus his annual compensation is not disclosed.

Governance Assessment

• Strengths:
  • Independence affirmed; no employment/directorship ties to TIAA/Nuveen; committee memberships meet NYSE/NASDAQ independence standards.
  • Active governance: Co‑Chair of Investment Committee; member of Audit and Nominating & Governance—positions aligned with portfolio oversight, valuation, and board effectiveness.
  • Attendance: ≥75% across Board/committee meetings; NOM shows robust committee cadence (15 Audit; 5 Nominating; 4 Investment) supporting engaged oversight.
• Alignment and incentives:
  • Compensation is fixed retainer plus committee fees—minimizes pay-for-performance misalignment risk in a closed-end fund context; Deferred Compensation available.
  • Personal holdings in NOM (and other Nuveen funds) reported as $0/0 shares; aggregate holdings across registered investment companies are “Over $100,000.” Ownership guideline exists but individual compliance not shown—monitor for alignment ramp-up given 2024 appointment.
• Conflicts and related-party exposure:
  • Prior service with CREF and VA‑1 (Fund Complex) may create informational interlocks; independence statement mitigates concern. No related‑party transactions or director-level holdings in adviser‑affiliated portfolio companies disclosed for Boateng.
• Signals for investor confidence:
  • Investment Committee co‑chairmanship and Audit Committee membership are positive for board effectiveness and risk oversight; NOM’s committee activity levels suggest active governance.

RED FLAGS to monitor

• Low direct ownership in NOM and Nuveen funds versus the stated ownership guideline (no explicit non-compliance disclosed, but absence of holdings may draw scrutiny until compliance is achieved).
• No explicit clawback, hedging/pledging, or performance-based structures for directors (typical for funds, but absence of policy disclosure reduces formal recourse).

Director Compensation (NOM-specific and Complex)