Robert L. Young
About Robert L. Young
Independent Chair and Trustee of Nuveen Missouri Quality Municipal Income Fund (NOM) and the Nuveen Funds’ unitary board since 2017; born 1963; former COO and Director of J.P. Morgan Investment Management and President/Principal Executive Officer of J.P. Morgan Funds; earlier Senior Manager (Audit) at Deloitte; B.B.A. in Accounting, University of Dayton; former CPA . He is an Independent Board Member (not an “interested person”) and has never been an employee/director of TIAA/Nuveen or affiliates .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| J.P. Morgan Investment Management Inc. | Chief Operating Officer; Director | 2010–2016 | Led service, administration, platform support for retail and institutional businesses; co-led global support |
| J.P. Morgan Funds | President and Principal Executive Officer | 2013–2016 | Board interface, agendas, regulatory matters, policies/procedures |
| JPMorgan affiliates (Funds Management/Distribution) | Director and various officer positions | 1999–2017 | Fund administration and distribution oversight |
| Deloitte & Touche LLP (formerly Touche Ross LLP) | Senior Manager (Audit) | 1985–1996 | Led midwestern mutual fund practice |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| University of Dayton | Investment Committee member, Board of Trustees | 2008–2011 | Accounting B.B.A.; former CPA |
| Other public company boards | None | N/A | No public company directorships disclosed |
Board Governance
- Role and leadership: Independent Chair of the Nuveen Funds unitary board; presides at Board and shareholder meetings; coordinates agendas; liaison with trustees, officers, and counsel .
- Independence: All nominees/current Trustees, including Young, are independent (not “interested persons”) and have never been employees/directors of TIAA/Nuveen or affiliates .
- Committee assignments:
- Executive Committee – Chair; members: Young (Chair), Kenny, Nelson, Toth .
- Nominating & Governance – Chair; composed entirely of independent Trustees .
- Audit Committee – Member; designated “audit committee financial expert” .
- Investment Committee – Member .
- Closed-End Fund Committee – Member .
- Dividend Committee – Not a member .
- Compliance, Risk Management & Regulatory Oversight – Not a member .
- Attendance: Policy statement—during the last fiscal year, each Board Member attended at least 75% of Board and committee meetings; Board/committee meeting counts for NOM shown below .
NOM Board and Committee Meetings (last fiscal year)
| Meeting Type | Count |
|---|---|
| Regular Board Meetings | 5 |
| Special Board Meetings | 8 |
| Executive Committee Meetings | 8 |
| Dividend Committee Meetings | 10 |
| Compliance Committee Meetings | 6 |
| Audit Committee Meetings | 15 |
| Nominating & Governance Committee Meetings | 5 |
| Investment Committee Meetings | 4 |
| Closed-End Fund Committee Meetings | 4 |
Fixed Compensation
- Structure change: Prior to 1/1/2024, Independent Trustees received $210,000 annual retainer plus per-meeting fees and chair retainers (Board Chair $140,000; committee chairs $20,000) .
- Current (effective 1/1/2024 and increases 1/1/2025): $350,000 annual retainer; committee membership retainers—Audit & Compliance $35,000 (2025), Investment $30,000 (2025), Dividend/Nominating & Governance/Closed-End $25,000 (2025); Chair retainers—Board Chair $150,000 (2025); Audit/Compliance Chair $35,000 (2025); Investment Chair $30,000 (2025); Dividend/Nom/Gov/Closed-End Chair $25,000 (2025). Ad hoc meeting fees $1,000 or $2,500; special assignment committee chair/co-chair quarterly fee starting at $1,250; members quarterly fee starting at $5,000 .
Aggregate Compensation Paid to Robert L. Young (last fiscal year)
| Fund | Amount ($) |
|---|---|
| NOM (Missouri Municipal) | 162 |
| Total across Fund Complex | 502,381 |
Deferred Compensation Elections (book reserve accounts)
| Fund | Deferred Fees ($) |
|---|---|
| NOM (Missouri Municipal) | 109 |
The Funds have no retirement or pension plans; a Deferred Compensation Plan is available to Independent Board Members of participating funds .
Performance Compensation
| Performance Metric | Applicability/Details |
|---|---|
| Pay tied to financial/ESG metrics | None disclosed for Independent Trustees; compensation is retainer- and committee-based, not performance-linked . |
Other Directorships & Interlocks
| Company/Organization | Type | Role | Potential Interlock/Conflict |
|---|---|---|---|
| None disclosed | Public company | N/A | None disclosed |
Expertise & Qualifications
- Audit/financial expertise: Designated Audit Committee financial expert; former audit Senior Manager; former CPA .
- Fund governance/operations: Led mutual fund platforms at J.P. Morgan; deep board governance experience as fund President/PEO .
- Education: B.B.A. Accounting, University of Dayton .
Equity Ownership
- Governance principle: Trustees expected to invest at least the equivalent of one year of compensation in Nuveen/TIAA fund complex, directly or on a deferred basis .
- Ownership concentration: Individual beneficial holdings <1% of outstanding shares for each Fund; group holdings <1% as of 2/18/2025 .
Fund-Level Holdings for Robert L. Young
| Fund | Dollar Range | Shares Owned | % of Outstanding |
|---|---|---|---|
| NOM (Missouri Municipal) | $0 | 0 | <1% |
Selected Holdings Across Fund Complex (as of 12/31/2024)
| Fund | Shares Owned | Dollar Range |
|---|---|---|
| Global High Income (JGH) | 16,475 | Over $100,000 |
Aggregate Range Across All Registered Investment Companies Overseen
| Aggregate Range |
|---|
| Over $100,000 |
Governance Assessment
- Strengths: Independent Chair role enhances board independence; chairs key governance committees (Executive; Nominating & Governance); designated audit financial expert; attendance threshold met; no disclosed related-party transactions or public board interlocks; Section 16(a) filings compliant in last fiscal year .
- Alignment: Trustees expected to invest one year of compensation; Young holds >$100k across the fund complex, but specific compliance with the one-year expectation is not disclosed .
- Compensation evolution: Retainer increased from $210,000 (pre-2024) to $350,000 (2024), with layered committee retainers and chair fees; indicates increased time/complexity but is a watch item for pay inflation in closed-end fund governance .
RED FLAGS
- None disclosed regarding related-party transactions, hedging/pledging, tax gross-ups, option repricings, or legal proceedings; Section 16(a) compliance affirmed for last fiscal year .
- Ownership in NOM is zero; while independence is preserved, investors may prefer some direct fund-level skin-in-the-game; note board-wide principle focuses on aggregate complex holdings rather than specific-fund holdings .