Robert Young
About Robert L. Young
Robert L. Young (born 1963) serves as Independent Chair and Board Member of NPCT and the broader Nuveen Funds unitary board, with service since 2017 and more than 30 years in investment management . He previously held senior leadership roles at J.P. Morgan Investment Management (COO & Director 2010–2016; President & Principal Executive Officer of J.P. Morgan Funds 2013–2016) and is a former Certified Public Accountant designated as an SEC “audit committee financial expert” . He holds a BBA in Accounting from the University of Dayton and served on its board investment committee from 2008–2011 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| J.P. Morgan Investment Management Inc. | Chief Operating Officer & Director | 2010–2016 | Led service, administration, and platform support for retail and institutional businesses; co-led global support; established board agendas and regulatory policies |
| J.P. Morgan Funds | President & Principal Executive Officer | 2013–2016 | Facilitated service provider relations and fund-board interface; set agendas; addressed regulatory matters; established policies and procedures |
| J.P. Morgan Investment Mgmt./Distribution affiliates | Director and various officer positions | 1999–2017 | Senior VP & COO (2005–2010) among positions supporting fund operations and governance |
| Deloitte & Touche LLP (formerly Touche Ross) | Senior Manager (Audit) | 1985–1996 | Created and led the firm’s midwestern mutual fund practice |
| University of Dayton | Investment Committee (Board of Trustees) | 2008–2011 | Oversight of investment program |
External Roles
| Category | Role/Entity | Status |
|---|---|---|
| Other public company boards (past 5 years) | None | None disclosed |
Board Governance
- Independent Chair elected to enhance independence; responsibilities include coordinating agendas, presiding at board/shareholder meetings, and serving as liaison among trustees, officers, management, and counsel .
- Committee assignments: Executive Committee (Chair) ; Nominating & Governance Committee (Chair) ; Audit Committee (member; designated SEC “audit committee financial expert”) ; Closed-End Fund Committee (member) ; Investment Committee (member) .
- Attendance: Each Board Member attended at least 75% of Board and committee meetings in the last fiscal year .
- Term: Nominee as Class I Board Member for NPCT through the 2028 annual meeting of shareholders .
- Board consolidation: As of Jan 1, 2024, Nuveen/TIAA fund boards aligned with the unitary board model to improve efficiency and scale; board size set at 10 .
Fixed Compensation
| Component | 2023 | 2024 | 2025 |
|---|---|---|---|
| Base annual retainer (Independent Board Members) | $210,000 | $350,000 | $350,000 |
| Chair of the Board annual retainer | $140,000 | $140,000 | $150,000 |
| Audit Committee membership retainer | N/A (per-meeting fees) | $30,000 | $35,000 |
| Compliance, Risk Mgmt & Regulatory Oversight Committee membership retainer | N/A (per-meeting fees) | $30,000 | $35,000 |
| Investment Committee membership retainer | N/A (per-meeting fees) | $20,000 | $30,000 |
| Dividend Committee membership retainer | N/A (per-meeting fees) | $20,000 | $25,000 |
| Nominating & Governance Committee membership retainer | N/A (per-meeting fees) | $20,000 | $25,000 |
| Closed-End Fund Committee membership retainer | N/A (per-meeting fees) | $20,000 | $25,000 |
| Ad hoc Board/Committee meeting fee | $4,000 special; other meeting rates per committee | $1,000 or $2,500 depending on length/immediacy | $1,000 or $2,500 depending on length/immediacy |
| Special assignment committees (chair/member quarterly fees) | Determined by chair; per-meeting | Chair fee starts $1,250; members start $5,000 quarterly | Chair fee starts $1,250; members start $5,000 quarterly |
| NPCT aggregate compensation (last fiscal year) | $1,566 | — | — |
| Total compensation from funds in the Fund Complex (last fiscal year) | $502,381 | — | — |
Performance Compensation
| Item | Detail |
|---|---|
| Deferred Compensation Plan participation (structure) | Plan allows voluntary deferral of board compensation; deferrals tracked as if invested in eligible Nuveen funds; distributions may be lump sum or over 2–20 years . |
| NPCT deferred fees balance (Robert L. Young) | $1,021 (Participating Funds “total deferred fees payable” entry for Core Plus Impact) . |
| Equity/option awards | Compensation disclosures describe cash retainers/fees and optional deferrals; no stock awards or option grants for directors are described in the proxy materials . |
Other Directorships & Interlocks
| Category | Entity | Role | Notes |
|---|---|---|---|
| Public company boards (current) | None | — | None disclosed (past five years) |
| Shared directorships with competitors/suppliers/customers | Not disclosed | — | No interlocks identified in provided materials . |
Expertise & Qualifications
- Former CPA and SEC-designated “audit committee financial expert,” supporting financial reporting and valuation oversight .
- Extensive fund governance and operations experience from J.P. Morgan roles overseeing service, administration, risk, and board processes, directly relevant to closed-end fund governance .
- Education: BBA in Accounting, University of Dayton; service on its investment committee underscores capital markets proficiency .
Equity Ownership
| Fund | Dollar Range (12/31/2024) | Shares (12/31/2024) | Ownership % |
|---|---|---|---|
| NPCT (Core Plus Impact) | $0 | 0 | <1% (each Board Member in each fund; as of 2/18/2025) |
| Global High Income | Over $100,000 | 16,475 | <1% (each Board Member in each fund; as of 2/18/2025) |
| Aggregate range across registered investment companies overseen | Over $100,000 | — | — |
| Ownership guideline | Board policy expects each Board Member to invest at least one year of compensation in funds within the Fund Complex (direct or deferred) |
Governance Assessment
- Strengths: Independent Chair role with explicit responsibilities, enhancing board independence and agenda control; designation as “audit committee financial expert” bolsters valuation and reporting oversight .
- Experience: Deep mutual fund operational and governance background from J.P. Morgan, including fund-board interface, regulatory policy setting, and platform oversight .
- Engagement: Attendance at or above 75% threshold for board and committee meetings supports engagement and diligence .
- Compensation structure signals: Retainer increased from $210k (2023) to $350k (2024) with further committee retainer increases in 2025; Nominating & Governance Committee oversees compensation structure and board processes, indicating formal governance review of pay .
- Alignment: Board policy requires one-year compensation investment in complex funds; Young shows significant aggregate holdings but holds no NPCT shares, which may indicate an NPCT-specific alignment gap despite broader complex alignment .
- Conflicts/related-party: No other public company directorships in past five years and independence affirmed for committees; no related-party transactions involving Young are identified in the provided materials .
RED FLAGS: NPCT-specific ownership is $0 while aggregate fund complex holdings are substantial; investors may scrutinize NPCT alignment versus broader complex alignment .