Robert L. Young
About Robert L. Young
Independent Chair and Board Member of the Nuveen Funds with over 30 years in investment management; served as COO and Director of J.P. Morgan Investment Management (2010–2016) and President & Principal Executive Officer of J.P. Morgan Funds (2013–2016). Former Senior Manager (Audit) at Deloitte & Touche (1985–1996) and former CPA. Year of birth: 1963; tenure on the Nuveen Funds board since 2017; BBA in Accounting from the University of Dayton; previously served on the University of Dayton Board of Trustees Investment Committee (2008–2011) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| J.P. Morgan Investment Management Inc. | Chief Operating Officer; Director | 2010–2016 | Led service, admin, platform support for retail/institutional businesses; co-led global operations . |
| J.P. Morgan Funds | President & Principal Executive Officer | 2013–2016 | Liaised with service providers and fund boards; set agendas, regulatory policies . |
| Deloitte & Touche LLP (formerly Touche Ross LLP) | Senior Manager (Audit) | 1985–1996 | Built and led midwestern mutual fund practice; former CPA . |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| University of Dayton (Board of Trustees Investment Committee) | Committee Member | 2008–2011 | Investment oversight role . |
| Public company boards (past 5 years) | — | — | None . |
Board Governance
- Current role: Independent Chair; responsibilities include coordinating agendas, presiding at meetings, and liaising among trustees and management .
- Independence: Serves as Independent Chair; committees composed entirely of Independent Board Members .
- Committee memberships and roles:
- Nominating & Governance Committee: Chair .
- Audit Committee: Member; designated SEC “audit committee financial expert” .
- Investment Committee: Member .
- Term status: Nominee as Class I Board Member until the 2028 annual meeting; Length of Service since 2017 .
Fixed Compensation
| Component | FY 2023 Structure | FY 2024 Structure (effective Jan 1, 2024) | FY 2025 Structure (effective Jan 1, 2025) |
|---|---|---|---|
| Annual Board retainer (Independent Board Members) | $210,000 | $350,000 | $350,000 |
| Chair/Co-Chair of Board | $140,000 | $140,000 | $150,000 |
| Audit Committee membership | $2,500 per meeting | $30,000 annual retainer | $35,000 annual retainer |
| Compliance, Risk Mgmt & Regulatory Oversight Committee membership | $5,000 per meeting | $30,000 annual retainer | $35,000 annual retainer |
| Investment Committee membership | $2,500 per meeting | $20,000 annual retainer | $30,000 annual retainer |
| Dividend Committee membership | $1,250 per meeting | $20,000 annual retainer | $25,000 annual retainer |
| Nominating & Governance Committee membership | $500 per meeting | $20,000 annual retainer | $25,000 annual retainer |
| Closed-End Funds Committee membership | $500 per meeting | $20,000 annual retainer | $25,000 annual retainer |
| Committee chair fees (Audit; Compliance) | $20,000 each | $30,000 each | $35,000 each |
| Committee chair fees (Investment; Dividend; Nominating; Closed-End) | $20,000 each | $20,000 each | $25,000 each |
| Regularly scheduled Board meeting fee | $7,250/day | Eliminated (moved to retainer model) | Retainer model continues |
| Special/Ad hoc meetings | $4,000 per special Board meeting; $500 other committee meetings; $100 Exec Committee pricing | $1,000–$2,500 per ad hoc meeting depending on length/immediacy | $1,000–$2,500 per ad hoc meeting depending on length/immediacy |
| Site visits to service providers | $5,000/day | $5,000/day | Not explicitly restated; historic practice continues unless modified . |
- Deferred Compensation Plan: Independent Board Members may defer fees into a book reserve account notionally invested in eligible Nuveen funds; distributions can be taken in lump sum or over 2–20 years (updated from prior 5-year option) .
- Retirement/Pension: None for the Funds .
Total Compensation Received (Aggregate across Nuveen Fund Complex)
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Total Compensation from funds in the Fund Complex Paid to Robert L. Young | $416,325 | $510,647 | $502,381 |
Performance Compensation
- No performance-based equity, options, or PSU/RSU grants to Independent Board Members are disclosed; director pay is cash retainer and committee/meeting fees under the board policy .
- The Funds have no employees; officers serve without Fund compensation, and no director equity grants are indicated .
Other Directorships & Interlocks
| Company | Role | Status | Notes |
|---|---|---|---|
| Public company boards (past five years) | — | None | No other public boards disclosed . |
| Prior affiliations | Executive positions at J.P. Morgan and Deloitte | Historical | Not current; independence maintained per listing standards . |
Expertise & Qualifications
- Former CPA; audit and controls background; designated as an SEC “audit committee financial expert” .
- Senior operating leadership in global asset management, including fund governance, regulatory policy-setting, agenda planning with boards, and investment operations .
- Academic credential: BBA in Accounting, University of Dayton .
Equity Ownership
- Board guideline: Each Board Member is expected to invest, directly or via deferral, at least the equivalent of one year of compensation in funds within the Fund Complex .
- Beneficial ownership concentration: As of February 18, 2025, each Board Member’s individual beneficial holdings in each Fund were less than 1% of the Fund’s outstanding shares; group holdings also less than 1% .
Insider Trades and Cross-Fund Holdings (signal of alignment)
| Date | Fund | Action | Shares | Source |
|---|---|---|---|---|
| 2024-07-02 | Nuveen Quality Municipal Income Fund (NAD) | Buy | 16,977 | |
| Various | Nuveen Municipal Credit Income Fund (NZF) | Transactions noted | — | |
| 2025 Proxy | Nuveen Quality Municipal Income Fund (NAD) | Fund shares owned by Robert L. Young | 32,727 |
Note: No specific Form 4 filings for NPV by Robert L. Young were identified in 2023–2025 via public search; cross-fund buys in the Nuveen complex indicate personal capital alignment with municipal fund strategies .
Governance Assessment
- Strengths: Independent Chair role enhances board independence; serves as Audit Committee financial expert; chairs Nominating & Governance, indicating leadership in board composition and governance processes .
- Engagement: Oversees ~218 portfolios across the Fund Complex, signaling breadth of oversight; participates in investment risk oversight via Investment Committee .
- Pay structure evolution: Shift from per-meeting fees (2023) to higher fixed retainers (2024–2025) improves predictability and may signal increased time commitment expectations; chair and committee retainer increases in 2025 .
- Alignment: Board guideline to invest at least one year of compensation into Fund Complex products; documented cross-fund holdings and purchases by Young (e.g., NAD) are positive alignment signals, though NPV-specific holdings not disclosed in returned excerpts .
- Conflicts/Red Flags: No current public company interlocks disclosed; independence affirmed; no related-party transactions or tax gross-ups disclosed for directors. Prior executive roles at J.P. Morgan are historical and not indicative of current conflicts per committee independence standards .
- Attendance: Committee meeting counts are referenced in Appendix C; per-director attendance rates not disclosed in the retrieved excerpts—no concerns flagged in available materials .