Thomas Kenny
About Thomas J. Kenny
Independent Trustee of Nuveen Core Plus Impact Fund (NPCT); born 1963; appointed to NPCT’s Board effective January 1, 2024 and nominated as Class I Trustee for a term expiring at the 2028 annual meeting. Former Advisory Director, Partner, Managing Director, and Co‑Head of Global Cash & Fixed Income at Goldman Sachs Asset Management; B.A. (UC Santa Barbara), M.S. (Golden Gate University), and CFA charterholder .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Goldman Sachs Asset Management | Advisory Director; Partner; Managing Director; Co‑Head Global Cash & Fixed Income PM Team | Advisory Director 2010–2011; Partner 2004–2010; MD 1999–2004; Co‑Head 2002–2010 | Led global cash and fixed income portfolio management |
| College Retirement Equities Fund (CREF) | Trustee; Chairman | Trustee 2011–2023; Chairman 2017–2023 | Oversight of investment management entity |
| TIAA Separate Account VA‑1 | Manager; Chairman | Manager 2011–2023; Chairman 2017–2023 | Governance leadership of variable annuity separate account |
| Sansum Clinic | Director; Finance Committee Chair | Finance Chair 2016–2022; Director 2021–2022 | Financial oversight for healthcare nonprofit |
| Cottage Health System | Investment Committee Member | 2012–2020 | Investment oversight for health system |
| Crane Country Day School | Board Member; President of the Board | Board 2009–2019; President 2014–2018 | Governance leadership for educational nonprofit |
| B’Box | Advisory Board Member | 2017–2019 | Advisory role |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Aflac Incorporated | Director; Chair, Finance & Investment Committee | Director since 2015; Chair since 2018 | Leads finance and investment oversight |
| ParentSquare | Director (former) | 2021–2022 | Board service at EdTech company |
| UC Santa Barbara Arts & Lectures Advisory Council | Member (former) | 2011–2020 | Advisory role |
Board Governance
- Independence: All NPCT nominees and continuing Trustees, including Kenny, are “Independent Board Members” under the 1940 Act, and have never been employees/directors of TIAA/Nuveen or affiliates .
- Years of service on NPCT: Appointed January 1, 2024; currently nominated as Class I Trustee with term to 2028 if elected .
- Attendance: Each Board Member attended at least 75% of Board and committee meetings during the last fiscal year; NPCT’s meeting counts are below .
| NPCT Meetings in Last Fiscal Year | Count |
|---|---|
| Regular Board Meetings | 5 |
| Special Board Meetings | 9 |
| Executive Committee Meetings | 5 |
| Dividend Committee Meetings | 10 |
| Compliance, Risk Mgmt & Regulatory Oversight Committee | 5 |
| Audit Committee | 14 |
| Nominating & Governance Committee | 5 |
| Investment Committee | 4 |
| Closed‑End Fund Committee | 4 |
- Committee assignments (NPCT and Nuveen fund complex):
- Executive Committee: Member (Chair: Young)
- Dividend Committee: Member (Chair: Thornton)
- Compliance, Risk Management & Regulatory Oversight Committee: Member (Chair: Wolff)
- Nominating & Governance Committee: Member (Chair: Young)
- Investment Committee: Member (Co‑Chairs: Boateng, Lancellotta)
- Closed‑End Fund Committee: Member (Chair: Moschner)
- Audit Committee: Not a member (Chair: Nelson; members listed exclude Kenny)
Fixed Compensation
- Structure (effective Jan 1, 2024; with increases as of Jan 1, 2025 for certain components):
- Annual retainer: $350,000 (members)
- Committee membership retainers:
- Audit; Compliance/Risk/Reg Oversight: $30,000 → $35,000 (2025)
- Investment: $20,000 → $30,000 (2025)
- Dividend; Nominating & Governance; Closed‑End Funds: $20,000 → $25,000 (2025)
- Committee chair retainers:
- Audit; Compliance/Risk/Reg Oversight: $30,000 → $35,000 (2025)
- Investment: $20,000 → $30,000 (2025)
- Dividend; Nominating & Governance; Closed‑End Funds: $20,000 → $25,000 (2025)
- Board Chair retainer: $140,000 → $150,000 (2025)
- Ad hoc meeting fees: $1,000 or $2,500 per meeting depending on length/immediacy; special assignment committee quarterly fees (chair from $1,250; members from $5,000)
| Metric | NPCT (Last Fiscal Year) | Fund Complex Total |
|---|---|---|
| Aggregate compensation from NPCT to Kenny ($) | 1,326 | |
| Total compensation paid from funds in the Fund Complex to Kenny ($) | 610,000 |
- Deferred compensation: Kenny has deferred fee balances tracked to Participating Funds; NPCT deferred amount shown below.
| Deferred Fees – NPCT (Participating Funds) | Amount ($) |
|---|---|
| Kenny | 332 |
Performance Compensation
| Performance‑Linked Component | Disclosed for Independent Trustees? | Notes |
|---|---|---|
| Annual bonus tied to KPIs (Revenue/EBITDA/TSR/ESG) | No | Compensation is structured as retainers and committee fees; no performance‑based metrics disclosed |
| Equity awards (RSUs/PSUs), options | No | No equity grants or options disclosed for Independent Board Members |
| Clawbacks, severance, change‑of‑control | No | Not applicable to Independent Trustees in NPCT proxy |
Other Directorships & Interlocks
| Company | Role | Committee/Notes | Tenure |
|---|---|---|---|
| Aflac Incorporated | Director; Chair, Finance & Investment Committee | External public company board leadership | Director since 2015; Chair since 2018 |
| ParentSquare | Director (former) | – | 2021–2022 |
No NPCT‑specific supplier/customer interlocks are disclosed for Kenny in the proxy .
Expertise & Qualifications
- Fixed income and cash management expertise (former Co‑Head at GSAM), governance acumen through extensive fund board leadership, and public company board finance chair experience; degrees and CFA credential support oversight of investment and risk matters .
Equity Ownership
| Ownership Metric | NPCT | Date/Context |
|---|---|---|
| Dollar range of equity securities | $0 | As of Dec 31, 2024 |
| Shares beneficially owned | 0 | As of Dec 31, 2024 |
| Ownership as % of outstanding | <1% | Each Board Member’s holdings <1% for each Fund as of Feb 18, 2025 |
| Aggregate range across all registered investment companies overseen | Over $100,000 | Fund complex holdings (includes CREF/VA‑1 where applicable) |
| Board governance principle | Expected to invest at least one year of compensation in funds in the Fund Complex | Policy adopted by Nuveen funds boards |
Related‑Party Exposure (Potential Conflicts)
Board table discloses Kenny’s holdings in companies advised by entities under common control with the Funds’ adviser (Nuveen/TIAA):
| Entity | Vehicle | Title/Class | Value ($) | Percent of Class |
|---|---|---|---|---|
| Thomas Joseph Kenny 2021 Trust | Global Timber Resources LLC | None | 39,673 | 0.01% |
| KSHFO, LLC (Kenny owns 6.60% of KSHFO, LLC) | Global Timber Resources Investor Fund, LP | None | 598,506 | 6.01% |
| KSHFO, LLC | Global Agriculture II Investor Fund LP | None | 765,198 | 0.05% |
| KSHFO, LLC | Global Agriculture II AIV (US) LLC | None | 707,487 | 0.17% |
These vehicles are advised by entities indirectly commonly controlled with NPCT’s adviser; while disclosed, such cross‑affiliate investments warrant monitoring for potential perceived conflicts in fund oversight .
Governance Assessment
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Strengths:
- Independent status and extensive fixed income experience align with NPCT’s oversight needs; broad committee participation (Executive, Dividend, Compliance, Nominating, Investment, Closed‑End) indicates high engagement .
- Attendance ≥75% across Board/committee meetings; NPCT held robust cadence of governance sessions (5 regular, 9 special, 14 audit, etc.) .
- External finance leadership (Aflac Finance & Investment Committee Chair) adds public company oversight perspective .
-
Concerns and RED FLAGS:
- $0 direct ownership in NPCT and zero shares held may be viewed as weaker “skin‑in‑the‑game,” despite the board‑level principle to invest one year of compensation across the Fund Complex; aggregate complex holdings are over $100,000, but no NPCT exposure disclosed .
- Disclosed investments in affiliate‑advised private vehicles (Global Timber/Agriculture funds) create potential appearance of conflicts given common control with NPCT’s adviser; governance safeguards should ensure segregation of oversight and avoidance of conflicted decisions .
- Compensation is entirely fixed (retainers/committee fees) without performance linkage or equity; while typical for fund trustees, lack of variable components tied to outcomes may limit pay‑for‑performance alignment signals .
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Overall signal: Kenny brings deep fixed income and governance expertise with broad committee engagement and independent status, but the absence of NPCT share ownership and cross‑affiliate investments present optics that investors may scrutinize when assessing alignment and potential conflicts .