Robert L. Young
About Robert L. Young
Robert L. Young (born 1963) is the Independent Chair and Board Member of the Nuveen Funds complex, serving since 2017. He has more than 30 years of investment management experience, including senior leadership roles at J.P. Morgan Investment Management and as President and Principal Executive Officer of the J.P. Morgan Funds; he is designated as an audit committee financial expert. His current term is as a Class I Board Member nominee until the 2028 annual shareholder meeting, and he is classified as independent under NYSE/NASDAQ listing standards for closed-end funds .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| J.P. Morgan Investment Management Inc. | Chief Operating Officer and Director | 2010–2016 | Led service, administration, and platform support for retail mutual funds and institutional businesses |
| J.P. Morgan Funds | President and Principal Executive Officer | 2013–2016 | Board agenda setting, regulatory matters, policies and procedures; liaison with fund boards |
| J.P. Morgan Funds | Senior Vice President and Chief Operating Officer | 2005–2010 | Oversight of operations for fund complex |
| J.P. Morgan (affiliates) | Various director and officer positions | 1999–2017 | Broad leadership across fund management and distribution entities |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Other public company directorships | None | Past five years | No other public boards disclosed |
Board Governance
| Governance Element | Detail | Evidence |
|---|---|---|
| Independence | Independent Chair; committees (e.g., Nominating & Governance) composed entirely of Independent Board Members who meet NYSE/NASDAQ standards | |
| Audit Committee | Member; designated “audit committee financial expert”; committee composed of independent members and oversees financial reporting, auditor independence, and valuation policy | |
| Executive Committee | Chair; authorized to exercise all Board powers between regular meetings | |
| Nominating & Governance Committee | Chair; composed entirely of independent members; charter available | |
| Investment Committee | Member; oversight of performance, risks, leverage, hedging; co-chaired by independent trustees | |
| Closed-End Fund Committee | Member; monitors premiums/discounts, leverage, distributions, repurchases/issuances; quarterly reviews | |
| Dividend Committee | Not listed as a member; authorized to declare distributions under charter | |
| Attendance | Each Board Member attended 75% or more of Board and committee meetings during the last fiscal year | |
| Years of Service | Since 2017; current nominee term through 2028 annual meeting |
Fixed Compensation
| Component | 2023 Structure | 2024 Structure | 2025 Structure | Evidence |
|---|---|---|---|---|
| Annual retainer (Independent Board Members) | $210,000 | $350,000 | $350,000 | |
| Board Chair/Co-Chair retainer | $140,000 | $140,000 | $150,000 | |
| Committee membership retainers | Per-meeting fees: Audit/Closed-End/Investment $2,500; Compliance/Risk $5,000; Dividend $1,250; Other committees $500; IPO pricing $100 | Audit $30,000; Compliance, Risk Mgmt & Reg Oversight $30,000; Investment $20,000; Dividend/Nominating & Governance/Closed-End $20,000 | Audit $35,000; Compliance, Risk Mgmt & Reg Oversight $35,000; Investment $30,000; Dividend/Nominating & Governance/Closed-End $25,000 | |
| Committee chair/co-chair retainers | $20,000 (Audit, Dividend, Compliance, N&G, Closed-End, Investment) | Audit and Compliance/Risk $30,000; Investment $20,000; Dividend/N&G/Closed-End $20,000 | Audit and Compliance/Risk $35,000; Investment $30,000; Dividend/N&G/Closed-End $25,000 | |
| Ad hoc Board/Committee meeting fees | Special/non-regular Board mtg: $4,000 per mtg; site visits: $5,000/day | $1,000 or $2,500 per ad hoc meeting depending on length/immediacy; special assignment committees: chair quarterly fee starting at $1,250; members quarterly fee starting at $5,000 | Same as 2024 (per disclosed increases elsewhere) |
| Aggregate Compensation | Amount | Evidence |
|---|---|---|
| Total compensation from funds in the Fund Complex paid to Robert L. Young (last fiscal year) | $502,381 |
Compensation structure shifted materially in 2024 from variable per-meeting fees to higher fixed retainers and committee membership retainers, increasing guaranteed cash and reducing pay tied to attendance cadence .
Performance Compensation
- No performance-based compensation (bonuses, stock awards, options) is disclosed for Independent Board Members; compensation is cash retainers, committee membership retainers, chair retainers, and ad hoc/special assignment fees. A Deferred Compensation Plan permits deferral into accounts notionally invested in eligible Nuveen funds, with distributions in lump sum or over 2–20 years, but this is not performance-based pay .
| Component | Performance Metric | Target/Payout | Notes | Evidence |
|---|---|---|---|---|
| Performance-based bonus | None disclosed | N/A | Independent directors are not paid bonuses | |
| Stock awards (RSUs/PSUs) | None disclosed | N/A | No stock grants disclosed for directors | |
| Options | None disclosed | N/A | No option awards disclosed | |
| Deferred compensation | Not performance-based | N/A | Elective deferral into fund-linked book accounts |
Other Directorships & Interlocks
| Category | Status | Evidence |
|---|---|---|
| Current public company boards | None | |
| Prior public company boards (past five years) | None | |
| Shared directorships with competitors/suppliers/customers | Not disclosed for Young; Appendix A lists other member holdings, not Young | |
| Non-profit/academic/private boards | Not disclosed for Young in past five years; biography focuses on industry roles |
Expertise & Qualifications
- Former CPA and designated audit committee financial expert, supporting robust oversight of financial reporting and valuation policy .
- Over 30 years in investment management with senior COO and President-level roles; direct experience interacting with fund boards and service providers and setting board agendas and policies .
- Independent leadership as Board Chair across the Nuveen Funds complex .
Equity Ownership
| Metric | Detail | Evidence |
|---|---|---|
| Individual beneficial ownership % | Each Board Member’s individual holdings of each Fund are <1% of shares outstanding (as of Feb 18, 2025) | |
| Dollar range holdings (as of Dec 31, 2024) | Global High Income: “Over $100,000”; many other funds: “$0” (per Appendix A table) | |
| NPFD-specific | Not explicitly itemized in the excerpted tables; Appendix shows share counts for select funds and indicates $0 for many funds; no NPFD line shown | |
| Ownership alignment principle | Board Members are expected to invest at least the equivalent of one year of compensation in funds in the Fund Complex |
Governance Assessment
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Strengths:
- Independent Chair with deep fund operations and governance experience; designated audit financial expert; active leadership on Executive and Nominating & Governance Committees .
- Comprehensive committee engagement (Audit, Investment, Closed-End) aligns with oversight of valuation, risk, performance, leverage, and market premiums/discounts .
- Attendance threshold met (≥75% of Board and committee meetings), indicating engagement .
-
Potential risks and RED FLAGS:
- Shift in 2024–2025 compensation from per-meeting fees to higher fixed retainers and committee membership retainers increases guaranteed cash, potentially reducing sensitivity to meeting cadence; Chair retainer increased to $150,000 in 2025 .
- Equity ownership alignment in specific funds varies; Appendix A shows $0 in many funds and “Over $100,000” in Global High Income; NPFD-specific holdings not explicitly listed in the excerpt, limiting visibility into fund-specific alignment .
- No related-party transactions or interlocks disclosed for Young; continued monitoring of Appendix A for any future holdings in adviser-affiliated companies is warranted (currently shows other members, not Young) .
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Bottom line: Young’s independence, financial expertise, and committee leadership support board effectiveness. The compensation structure’s move toward fixed retainers is industry-consistent but slightly weakens pay-for-attendance signaling; explicit NPFD ownership disclosure would further bolster perceived alignment .