Brian J. Lockhart
About Brian J. Lockhart
Brian J. Lockhart serves as Vice President of Nuveen Virginia Quality Municipal Income Fund (NPV) and is Senior Managing Director and Head of Investment Oversight at Nuveen; he is also a Senior Managing Director of Nuveen Fund Advisors, LLC. Year of birth: 1974; tenure as a fund officer since 2019; credentials include Chartered Financial Analyst (CFA) and Certified Financial Risk Manager (FRM) . Fund officers receive no compensation from the Fund (paid by the Adviser), and individual performance metrics (e.g., TSR, revenue/EBITDA growth) tied to his compensation are not disclosed in fund filings .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen | Senior Managing Director; Head of Investment Oversight | Since 2019 (fund officer) | Oversees investment oversight across Nuveen funds; supports board/committee performance oversight |
| Nuveen | Various prior positions | Not disclosed | Not disclosed in fund filings |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not disclosed in NPV proxy filings | — | — | — |
Fixed Compensation
Fund officers receive no compensation from the Fund; compensation is paid by the Adviser (Nuveen/TIAA). No base salary, target bonus %, or actual bonus figures are disclosed in Fund filings.
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Base Salary (Fund-paid) | Not disclosed; Fund officers are unpaid | Not disclosed; Fund officers are unpaid | Not disclosed; Fund officers are unpaid |
| Target Bonus % (Fund) | Not disclosed | Not disclosed | Not disclosed |
| Actual Bonus Paid (Fund) | Not disclosed | Not disclosed | Not disclosed |
Performance Compensation
No Fund-based equity or option awards to officers are disclosed; vesting schedules, performance metrics (e.g., revenue growth, EBITDA, TSR percentile), grant counts/dates/values are not included in Fund filings.
| Incentive Type | Metric/Weighting | Target | Actual/Payout | Vesting Schedule |
|---|---|---|---|---|
| RSUs/PSUs (Fund) | Not applicable; not disclosed | — | — | — |
| Options (Fund) | Not applicable; not disclosed | — | — | — |
Equity Ownership & Alignment
| Category | Detail |
|---|---|
| Beneficial Ownership (NPV) | Individual officer holdings not separately disclosed; Board Members and executive officers as a group owned less than 1% of each Fund’s shares as of Feb 18, 2025 . |
| Group Holdings (NPV) | All Board Members/Nominees and Officers as a group held 0 NPV shares as of Dec 31, 2024 . |
| Pledging/Hedging | No pledging or hedging disclosures for officers in Fund filings . |
| Stock Ownership Guidelines | Board governance principle expects each Board Member to invest at least one year of compensation across the Fund complex; no officer ownership guideline disclosed . |
| Ownership as % of Shares Outstanding | Group beneficial ownership <1% for each Fund . |
Employment Terms
| Term | Detail |
|---|---|
| Fund Officer Title | Vice President |
| Start Date / Tenure | Length of service as fund officer since 2019; term: Indefinite |
| Employer of Record | Nuveen/Nuveen Fund Advisors, LLC; Funds have no employees |
| Employment Agreement (Fund) | None; officers serve without compensation from the Funds |
| Severance / CIC (Fund) | Not disclosed; no Fund-level severance/CIC provisions for officers |
| Clawbacks / Non-compete | Not disclosed in Fund filings |
Governance and Relevant Disclosures
- Section 16(a) compliance: Board Members and officers, Adviser, and affiliated persons complied with applicable ownership reporting; no delinquent filings reported .
- Governance update: “Control share” by-law provisions were eliminated on Feb 28, 2024, reducing barriers to shareholder voting on acquired large stakes (market structure/activism context) .
- Board oversight scope: Closed-End Fund Committee reviews premiums/discounts, performance, leverage, distributions, and market volatility each quarter across Nuveen closed-end funds (context for performance governance) .
Investment Implications
- Pay-for-performance traceability is limited: Fund filings state officers are unpaid by the Fund and do not disclose Adviser-level salary/bonus/metrics, preventing linkage of Lockhart’s compensation to fund TSR/discount/leverage outcomes from public documents .
- Insider selling pressure appears minimal at the fund level: Group-level holdings were 0 shares in NPV as of Dec 31, 2024 and <1% across funds, reducing direct trading signals tied to officer share sales/pledging from fund disclosures .
- Retention and incentives are determined at Nuveen/TIAA: Without disclosed employment, severance, CIC, or clawback terms at the Fund level, retention risk and incentive alignment must be assessed via Adviser-level policies unavailable in Fund filings .
- Governance environment supportive of shareholder engagement: Elimination of “control share” provisions and structured committee oversight of premiums/discounts and leverage suggest active market-structure governance, though not specifically tied to Lockhart’s compensation or incentives .
Note: This analysis reflects information available in NPV’s latest DEF 14A and related filings; items not disclosed therein (Adviser-level pay, performance metrics, award vesting) cannot be evaluated from Fund documents .