Thomas J. Kenny
About Thomas J. Kenny
Independent director of Nuveen closed-end funds including Nuveen Missouri Quality Municipal Income Fund (NOM); joined the Board in 2024. Former Co-Head of Global Cash and Fixed Income Portfolio Management at Goldman Sachs Asset Management with prior roles as Managing Director, Partner, and Advisory Director; CFA charterholder with a B.A. from UC Santa Barbara and an M.S. from Golden Gate University; born in 1963. Current external public board role: Director of Aflac Incorporated and Chair of Aflac’s Finance and Investment Committee. Prior governance roles include Chairman of the College Retirement Equities Fund (CREF) Board of Trustees and Chairman of TIAA Separate Account VA‑1 Management Committee.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Goldman Sachs Asset Management | Managing Director | 1999–2004 | – |
| Goldman Sachs Asset Management | Co‑Head, Global Cash & Fixed Income PM | 2002–2010 | Led fixed income portfolio management oversight |
| Goldman Sachs Asset Management | Partner | 2004–2010 | – |
| Goldman Sachs Asset Management | Advisory Director | 2010–2011 | – |
| College Retirement Equities Fund (CREF) | Trustee; Chairman | Trustee 2011–2023; Chairman 2017–2023 | Board leadership |
| TIAA Separate Account VA‑1 | Management Committee; Chairman | Member 2011–2023; Chairman 2017–2023 | Product governance |
| Crane Country Day School | Board Member; President of Board | Board 2009–2019; President 2014–2018 | Community governance |
| Cottage Health System | Investment Committee Member | 2012–2020 | Investment oversight |
| UC Santa Barbara Arts & Lectures Advisory Council | Member | 2011–2020 | Advisory experience |
| B’Box | Advisory Board Member | 2017–2019 | Tech advisory |
| Sansum Clinic | Finance Committee Chair; Director | Chair 2016–2022; Director 2021–2022 | Financial oversight |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Aflac Incorporated | Director; Chair, Finance & Investment Committee | Director since 2015; Chair since 2018 | Public company; finance oversight |
| ParentSquare | Director (former) | 2021–2022 | Ed‑tech; private company |
| Sansum Clinic | Finance Committee Chair; Director (former) | 2016–2022 (Chair); 2021–2022 (Director) | Healthcare non‑profit governance |
Board Governance
- Independence: All nominees and continuing Board Members (including Mr. Kenny) are “Independent Board Members” under the 1940 Act and have never been employees or directors of TIAA or Nuveen or any affiliate.
- Committees: Executive Committee (member), Dividend Committee (member), Nominating & Governance Committee (member), Investment Committee (member), Compliance, Risk Management & Regulatory Oversight Committee (member). Not disclosed as chair of any committee.
- Term/Service: Joined the Nuveen funds’ Board in 2024; nominated as Class I Board Member (term to 2028 annual meeting) across funds in the complex.
- Elections: Listed on the 2025 proxy card slates for multiple Nuveen funds, including preferred shareholder ballots and common ballots.
- Attendance: Specific meeting attendance rates not disclosed; committee membership breadth suggests active engagement. (No attendance metrics provided in the proxy.)
Fixed Compensation
| Component | 2024 | 2025 |
|---|---|---|
| Annual Board retainer (Independent) | $350,000 | $350,000 |
| Audit Committee membership retainer | $30,000 | $35,000 |
| Compliance, Risk Mgmt & Regulatory Oversight Committee membership retainer | $30,000 | $35,000 |
| Investment Committee membership retainer | $20,000 | $30,000 |
| Dividend Committee membership retainer | $20,000 | $25,000 |
| Nominating & Governance Committee membership retainer | $20,000 | $25,000 |
| Closed‑End Funds Committee membership retainer | $20,000 | $25,000 |
| Chair/Co‑Chair – Board | $140,000 | $150,000 |
| Chair/Co‑Chair – Audit; Compliance | $30,000 | $35,000 |
| Chair/Co‑Chair – Investment | $20,000 | $30,000 |
| Chair/Co‑Chair – Dividend; Nominating; Closed‑End | $20,000 | $25,000 |
| Source | Aggregate Compensation ($) |
|---|---|
| Nuveen Missouri Quality Municipal Income Fund (NOM) | $36 |
| Total from funds in Nuveen Fund Complex | $610,000 |
Performance Compensation
| Variable/Performance‑Linked Element | Amount/Structure |
|---|---|
| Ad hoc Board/Committee meetings | $1,000 or $2,500 per meeting, based on length/immediacy |
| Special assignment committees | Quarterly fee: Chair/Co‑Chair starting at $1,250; Members starting at $5,000 |
| Deferred Compensation Plan | Directors may elect to defer fees; deferrals tracked to eligible Nuveen funds; distributions in lump sum or 2–20 years; fund not liable for other funds’ obligations |
| Pension/Retirement | None (Funds do not have retirement or pension plans) |
No equity grants, stock options, PSUs/RSUs, or performance metric‑tied compensation are disclosed for independent directors.
Other Directorships & Interlocks
| Company/Entity | Relationship to NOM Ecosystem | Potential Interlock/Conflict Note |
|---|---|---|
| Aflac Incorporated | Unrelated insurance company | External public board seat; no related‑party transactions with NOM disclosed in proxy |
| ParentSquare | Unrelated private ed‑tech | Former directorship; no related‑party transactions with NOM disclosed in proxy |
- Independent status and lack of affiliation with TIAA/Nuveen mitigate adviser‑level conflicts.
Expertise & Qualifications
- Fixed income and cash management leadership (GSAM Co‑Head, portfolio management oversight).
- Deep governance experience (Chair roles at CREF and TIAA VA‑1; multiple committee memberships across Nuveen funds).
- CFA charterholder; advanced degree in finance; long‑tenure in institutional investment oversight.
Equity Ownership
| Measure | NOM (Missouri Municipal) |
|---|---|
| Dollar range of equity securities beneficially owned (as of 12/31/2024) | $0 |
| Individual ownership as % of shares outstanding (as of 2/18/2025) | <1% (each Board Member) |
| Deferred fees credited (NOM) | $9 |
Across the Nuveen fund complex, Mr. Kenny’s disclosed dollar ranges in many funds are $0; directors collectively own <1% of each fund.
Governance Assessment
- Independence and multi‑committee service support board effectiveness in oversight of risk (Compliance Committee), distributions (Dividend Committee), performance/risk (Investment Committee), and governance (Nominating & Governance Committee).
- Compensation structure is predominantly fixed cash retainers with committee retainers; retainer step‑up in 2024 and further increases in 2025 indicate heightened time commitment but also warrant monitoring for pay inflation risk relative to fund performance.
- Alignment: $0 beneficial ownership in NOM and no equity‑based director awards reduce direct “skin‑in‑the‑game” signals; this is common in 1940 Act fund boards but remains a consideration for investor confidence.
- RED FLAGS: No equity ownership in NOM ($0) and no equity grants can be viewed as weaker ownership alignment; counterbalanced by independence and broad committee engagement.
- No specific related‑party transactions or pledging/hedging disclosures pertaining to Mr. Kenny are identified in the proxy; independence statement and non‑affiliation with TIAA/Nuveen reduce conflict risk.