Thomas J. Kenny
About Thomas J. Kenny
Independent director and Class I nominee for Nuveen Virginia Quality Municipal Income Fund (NPV) at the April 17, 2025 annual meeting; born 1963, with deep fixed income portfolio management experience from Goldman Sachs Asset Management (GSAM). He joined the Nuveen Funds Board in 2024 and has served within the broader Nuveen fund complex since 2011; he holds a B.A. from UC Santa Barbara, an M.S. from Golden Gate University, and is a Chartered Financial Analyst (CFA) . All Board Members, including Mr. Kenny, are deemed Independent Board Members under the 1940 Act and are not “interested persons” of the Funds or Nuveen/TIAA .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Goldman Sachs Asset Management | Co-Head, Global Cash & Fixed Income Portfolio Mgmt; Partner; Managing Director; Advisory Director | Co-Head 2002–2010; MD 1999–2004; Partner 2004–2010; Advisory Director 2010–2011 | Led global cash and fixed income team; senior leadership across GSAM |
| College Retirement Equities Fund (CREF) | Trustee; Chairman | Trustee 2011–2023; Chairman 2017–2023 | Oversight of retirement fund portfolio governance |
| TIAA Separate Account VA-1 | Manager; Chairman | Manager 2011–2023; Chairman 2017–2023 | Oversight of variable annuity separate account governance |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Aflac Incorporated (public) | Director; Chair, Finance & Investment Committee | Director since 2015; Chair since 2018 | Oversees capital allocation and investment policies |
| ParentSquare | Director | 2021–2022 | Board governance for ed-tech platform |
| Sansum Clinic | Director; Finance Committee Chair | Director 2021–2022; Chair 2016–2022 | Financial oversight in healthcare non-profit |
| B’Box | Advisory Board Member | 2017–2019 | Advisory role |
| UC Santa Barbara Arts & Lectures Advisory Council | Member | 2011–2020 | Cultural institution governance |
| Cottage Health System | Investment Committee Member | 2012–2020 | Investment oversight |
| Crane Country Day School | Board Member; President of the Board | Board 2009–2019; President 2014–2018 | School governance leadership |
Board Governance
- Committee assignments: Executive Committee member (Chair: Young) ; Dividend Committee member (Chair: Thornton) ; Compliance, Risk Management & Regulatory Oversight Committee member (Chair: Wolff) ; Investment Committee member (Co-Chairs: Boateng and Lancellotta) ; Nominating & Governance Committee member (Chair: Young) ; Closed-End Fund Committee member (Chair: Moschner) .
- Independence: Deemed an Independent Board Member; not an employee/director of TIAA/Nuveen or affiliates .
- Attendance: Each Board Member attended ≥75% of Board and committee meetings in the last fiscal year; Kenny met the attendance policy .
- Term/election: Class I nominee for NPV’s April 17, 2025 meeting (proxy card lists Kenny as nominee); Class I terms expire at the 2028 annual meeting for applicable funds .
Fixed Compensation
- Structure: Independent Board Members receive cash retainers and fees (no equity grants). The Board moved from per‑meeting fees in 2023 to primarily annual retainers in 2024, with increases effective January 1, 2025 .
| Component | 2023 (legacy structure) | 2024 Retainers | 2025 Retainers |
|---|---|---|---|
| Base annual retainer | $210,000 per director | $350,000 per director | $350,000 per director |
| Audit Committee member | $2,500 per meeting | $30,000 annual | $35,000 annual |
| Compliance Committee member | $5,000 per meeting | $30,000 annual | $35,000 annual |
| Investment Committee member | $2,500 per meeting | $20,000 annual | $30,000 annual |
| Dividend, Nominating, Closed-End member | Dividend $1,250/mtg; others $500/mtg | $20,000 annual each | $25,000 annual each |
| Board Chair | $140,000 annual | $140,000 annual | $150,000 annual |
| Committee Chair (Audit, Compliance) | $20,000 annual | $30,000 annual | $35,000 annual |
| Committee Chair (Investment) | $20,000 annual | $20,000 annual | $30,000 annual |
| Committee Chair (Dividend, Nom., CEF) | $20,000 annual | $20,000 annual | $25,000 annual |
| Ad hoc meeting fees | Special meetings $4,000; other committees $500 | $1,000 or $2,500 per ad hoc meeting | $1,000 or $2,500 per ad hoc meeting |
| Special assignment committee fees | Chair determined per complexity | Chair/co-chair quarterly from $1,250; members quarterly from $5,000 | Chair/co-chair quarterly from $1,250; members quarterly from $5,000 |
- NPV fund-specific compensation paid to Kenny (last fiscal year): $279 (allocated share from NPV’s Virginia Municipal fund) .
- Total compensation to Kenny across the Nuveen fund complex (last fiscal year): $610,000 (allocated across funds) .
Performance Compensation
- No performance-based compensation, stock options, RSUs/PSUs, or equity grants for Independent Board Members; compensation is cash-based with optional non-qualified deferred compensation elections .
- Deferred Compensation Plan: Directors may defer fees; amounts are credited to a book reserve and notionally invested in eligible Nuveen funds; distributions elected lump sum or over 2–20 years .
- Pension/retirement: The Funds do not have retirement or pension plans for directors .
Other Directorships & Interlocks
| Company | Type | Role | Potential Interlock/Conflict Note |
|---|---|---|---|
| Aflac Incorporated | Public | Director; Chair Finance & Investment Committee | No direct product/customer conflict with NPV; governance/finance expertise transfer |
| GSAM (prior employment) | Prior employer | Former Co-Head/Partner/MD | GSAM is listed as a holder of certain TFP Shares in Nuveen funds; monitor for perceived conflicts (historical employment ended 2011) |
- Watch item: Goldman Sachs Asset Management is reported as holding preferred shares in several Nuveen funds (e.g., Credit Strategies, Preferred & Income Opportunities), which may create perceived—not actual—conflict risk given Kenny’s prior GSAM tenure; no related-party transaction is disclosed .
Expertise & Qualifications
- Fixed income and cash management leadership (GSAM Co-Head), broad investment oversight experience, and finance committee chairmanship at Aflac; CFA credential underscores technical competency for audit/investment oversight .
Equity Ownership
- Dollar range of equity securities: Appendix A shows Kenny reported $0 holdings in the funds listed; as of February 18, 2025, each Board Member’s individual holdings in any Fund were <1% of outstanding shares .
- Pledging/hedging: No pledging or hedging disclosures identified for Kenny .
Governance Assessment
- Independence and committee breadth: Kenny is an Independent Board Member serving on six standing committees (Executive, Dividend, Compliance, Investment, Nominating & Governance, Closed-End), supporting board effectiveness and risk oversight coverage .
- Engagement: Met the Board’s attendance standard (≥75% of Board and committee meetings) in the last fiscal year, indicating active participation .
- Compensation alignment: Cash-only retainers and committee fees; no equity-linked or performance-based pay, which reduces pay-for-performance alignment but avoids equity dilution; optional deferred compensation is tracking fund returns rather than granting equity .
- Ownership alignment: Reported $0 holdings in the funds shown and <1% of outstanding shares in each fund, implying limited “skin in the game”; common for independent fund trustees but a modest alignment signal for public equity investors .
- Disclosure note: Biographical disclosures show “Length of Service: Since 2011” within the fund complex alongside “joined the Board in 2024”; the former reflects broader complex service history, while the latter reflects current Board appointment timing .
- RED FLAGS: None observed for related-party transactions, option repricing, tax gross-ups, or low attendance; monitor perceived interlock risk due to GSAM’s preferred share holdings in other Nuveen funds given Kenny’s historical GSAM employment (pre-2011) .
Appendix: NPV-Specific Election Reference
- NPV proxy card explicitly lists Thomas J. Kenny as a Class I nominee for the April 17, 2025 annual meeting (Preferred Shares proxy card) .
- Joint proxy statement enumerates Class I nominees including Kenny for multiple Nuveen funds; Class I terms generally expiring at the 2028 annual meeting .