Joseph A. Boateng
About Joseph A. Boateng
Independent trustee of Nuveen Virginia Quality Municipal Income Fund (NPV); born 1963; CIO of Casey Family Programs since 2007; previously Director of U.S. Pension Plans at Johnson & Johnson (2002–2006). MBA (UCLA) and B.S. (University of Ghana). Joined the NPV Board in 2024 following Nuveen’s board consolidation; serves across the Nuveen/TIAA fund complex and oversees 213 portfolios in the complex . The Board classifies him as independent under the 1940 Act and unaffiliated with TIAA/Nuveen or their affiliates .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Casey Family Programs | Chief Investment Officer | 2007–present | CIO of large philanthropic asset pool . |
| Johnson & Johnson | Director, U.S. Pension Plans | 2002–2006 | Oversight of corporate pension assets . |
| College Retirement Equities Fund (CREF) | Trustee | 2018–2023 | TIAA complex board service prior to Nuveen consolidation . |
| TIAA Separate Account VA-1 | Manager | 2019–2023 | TIAA complex board/management committee experience . |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Lumina Foundation | Board Member | 2018–present | Non-profit focused on post-secondary attainment . |
| Waterside School | Board Member | 2021–present | Education non-profit governance . |
| Year Up Puget Sound | Board Member; Emeritus | 2012–2019; 2020–present | Workforce non-profit . |
| Seattle City Employees’ Retirement System | Investment Advisory Committee Member; former Chair | 2007–present | Public pension oversight . |
| The Seattle Foundation | Investment Committee Member | 2012–present | Community foundation investment oversight . |
Board Governance
- Independence: Classified as Independent; has never been an employee/director of TIAA or Nuveen/affiliates .
- Tenure on NPV board: Since 2024; Board consolidation documented in 2023 8-K; initially invited as consultant to certain boards effective Jan 1, 2024 .
- Committee assignments (NPV and other Nuveen funds):
- Investment Committee: Co-Chair (with A. Lancellotta) for all funds other than a subset; oversight of performance/risk .
- Audit Committee: Member (for all funds other than a subset) .
- Nominating & Governance Committee: Member (for all funds other than a subset) .
- Not listed on Dividend, Compliance, or Closed-End Fund Committees .
- Meeting attendance: Each Board Member attended at least 75% of Board and applicable committee meetings in the last fiscal year .
- Board leadership: Independent Chair (Robert L. Young) leads the unitary board structure across Nuveen funds .
- 2024 meeting cadence (NPV): Board (regular 5; special 8); Executive 8; Dividend 10; Compliance 6; Audit 15; Nominating 5; Investment 4; Closed-End Fund 4 .
Fixed Compensation
Compensation for Independent Board Members is paid in cash retainers and committee retainers allocated across the Nuveen fund complex. Key elements and changes:
| Element | 2023 Amount/Structure | 2024 Amount | 2025 Amount | Notes |
|---|---|---|---|---|
| Annual Board Retainer | $210,000 | $350,000 | $350,000 | Shift from meeting fees to higher fixed retainers . |
| Audit Committee membership | $2,500 per meeting | $30,000 annual | $35,000 annual | Membership retainers introduced/increased . |
| Compliance, Risk & Regulatory Oversight membership | $5,000 per meeting | $30,000 annual | $35,000 annual | 2024/2025 retainers . |
| Investment Committee membership | $2,500 per meeting | $20,000 annual | $30,000 annual | 2025 increase . |
| Dividend, Nominating & Governance, Closed-End Funds membership | $500–$5,000 per meeting (varied) | $20,000 annual | $25,000 annual | 2025 increase . |
| Board Chair retainer | $140,000 | $140,000 | $150,000 | Chair retainer increased in 2025 . |
| Committee Chair retainers | $20,000 (most) | $20,000–$30,000 | $25,000–$35,000 | Chair retainers increased in 2025 . |
| Ad hoc meeting fee | N/A (per-meeting model) | $1,000 or $2,500 per meeting | $1,000 or $2,500 | By meeting length/immediacy . |
| Special assignment committees | N/A | Chair quarterly from $1,250; members quarterly from $5,000 | Same | Starting amounts . |
Director-level compensation disclosure (last fiscal year):
- Aggregate compensation from NPV (Virginia Municipal): $223 .
- Total compensation from funds in the fund complex: $464,250 .
Deferred compensation elections (last fiscal year):
- Deferred fees credited at NPV: $55 .
Performance Compensation
Independent trustees do not receive equity awards or bonus/PSU/option incentives; compensation consists of cash retainers/committee retainers and limited ad hoc fees; no performance metrics are disclosed for director pay .
| Performance-linked element | Disclosed for Independent Trustees? | Notes |
|---|---|---|
| Annual/long-term bonus (cash) | Not disclosed | No bonus structure discussed for directors . |
| Stock awards (RSU/PSU) | Not disclosed | No equity awards discussed for directors . |
| Stock options | Not disclosed | No option awards discussed for directors . |
| Pay metrics (TSR, EPS, ESG) | Not applicable | No metrics tied to director compensation disclosed . |
Other Directorships & Interlocks
| Company/Organization | Public/Private/Non-profit | Role | Committee roles |
|---|---|---|---|
| Lumina Foundation | Non-profit | Director | Not specified . |
| Waterside School | Non-profit | Director | Not specified . |
| Seattle City Employees’ Retirement System | Public plan | IAC Member; former Chair | Investment advisory . |
| The Seattle Foundation | Non-profit | Investment Committee Member | Investment oversight . |
| CREF (prior) | Registered investment company | Trustee (2018–2023) | TIAA complex board . |
| TIAA Separate Account VA-1 (prior) | Insurance separate account | Manager (2019–2023) | TIAA complex management committee . |
No current public company directorships are disclosed for Mr. Boateng in the proxy .
Expertise & Qualifications
- CIO-level asset allocation and manager oversight experience (foundation/endowment and corporate pensions) .
- Investment oversight leadership as Investment Committee Co-Chair across funds .
- Audit Committee member; not designated as an “audit committee financial expert” (experts named are Moschner, Nelson, Starr, Young) .
- Education: B.S. (University of Ghana); MBA (UCLA) .
Equity Ownership
| Item | Disclosure |
|---|---|
| NPV (Virginia Municipal) – dollar range owned | $0 . |
| NPV – shares owned | 0 . |
| Aggregate range across family of investment companies | Over $100,000 (includes CREF/VA-1 where applicable) . |
| Shares pledged/hedged | Not disclosed in proxy . |
| Ownership guideline | Each Board Member is expected to invest at least one year of compensation in funds in the Fund Complex (directly or deferred) . |
| Compliance status vs guideline | Not disclosed . |
Governance Assessment
- Strengths
- Independent status with no TIAA/Nuveen employment history; broad fiduciary experience (foundation, pension) aligns with investment oversight duties .
- High engagement: Board reports that each member met ≥75% attendance; committee leadership as Investment Committee Co-Chair adds accountability on performance and risk .
- Transparent compensation structure with standardized retainers and committee fees; deferral program aligns interests with fund complex .
- Watch items / potential red flags
- Direct ownership in NPV is $0 and 0 shares; alignment relies on complex-wide holdings and/or deferred compensation rather than fund-specific ownership .
- Material retainer increases from 2023 to 2024/2025 (annual retainer from $210k to $350k; higher committee retainers) may draw investor scrutiny on cost discipline, though they reflect a shift away from per-meeting fees and a larger unitary board scope .
- Consultant arrangements: Mr. Boateng is disclosed as a compensated consultant to certain Nuveen funds (not NPV) under separate agreements; while permitted and disclosed, multi-capacity roles within the complex warrant monitoring for perceived conflicts, mitigated by Independent status and committee structures .
- Compliance and conflicts
- Section 16(a) filings were in compliance; no related-party transactions involving Mr. Boateng are disclosed; holdings in adviser-affiliated private vehicles disclosed pertain to another trustee (not Boateng) .
Overall: Profile consistent with an independent, investment-savvy fiduciary contributing materially via the Investment Committee. Primary alignment comes from fund complex exposure and deferrals rather than direct NPV ownership; compensation escalation and consultancy roles at other funds are areas to monitor for optics and board cost effectiveness .