Robert L. Young
About Robert L. Young
Independent Chair of the Board for the Nuveen funds complex; trustee since 2017 and elected Board Chair in 2025. Former COO and Director of J.P. Morgan Investment Management (2010–2016) and President/Principal Executive Officer of J.P. Morgan Funds (2013–2016); earlier Senior Manager (Audit) at Deloitte & Touche (1985–1996). Year of birth: 1963; B.B.A. in Accounting from the University of Dayton; former CPA; served on the University of Dayton Board of Trustees Investment Committee (2008–2011) . He is an Independent Board Member (not an “interested person” of TIAA/Nuveen) and serves as independent Chair, with responsibilities for Board agendas, presiding at meetings, and liaison with management and counsel .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| J.P. Morgan Investment Management Inc. | Chief Operating Officer; Director | 2010–2016 | Led service, administration and platform support for J.P. Morgan fund complexes globally |
| J.P. Morgan Funds | President and Principal Executive Officer | 2013–2016 | Directly involved in board agendas, regulatory matters, and policies/procedures |
| J.P. Morgan Investment Management Inc. and affiliates | Various officer roles | 1999–2017 | Senior leadership across domestic retail and institutional investment businesses |
| Deloitte & Touche LLP | Senior Manager (Audit) | 1985–1996 | Built and led Midwestern mutual fund audit practice; former CPA |
| University of Dayton | Investment Committee, Board of Trustees | 2008–2011 | Oversight of endowment investments |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| — | — | — | Other public company directorships during past five years: None |
Board Governance
- Independence: Independent Board Member (not an “interested person”) .
- Chair roles: Independent Chair of the Board (elected 2025) .
- Audit Committee Financial Expert: Yes (designated by the Board) .
- Attendance: Each Board Member, including Young, attended 75%+ of Board and relevant committee meetings during the last fiscal year .
| Committee | Role | Source |
|---|---|---|
| Executive Committee | Chair | |
| Nominating & Governance Committee | Chair | |
| Audit Committee | Member; designated “financial expert” | |
| Investment Committee | Member | |
| Closed‑End Fund Committee | Member | |
| Dividend Committee | Not listed as member | |
| Compliance, Risk Management & Regulatory Oversight Committee | Not listed as member |
| NRK – Meetings Held (Last Fiscal Year) | Count | Source |
|---|---|---|
| Regular Board Meetings | 4 | |
| Special Board Meetings | 7 | |
| Executive Committee | 3 | |
| Dividend Committee | 10 | |
| Compliance, Risk & Regulatory Oversight | 4 | |
| Audit Committee | 14 | |
| Nominating & Governance Committee | 6 | |
| Investment Committee | 3 | |
| Closed‑End Fund Committee | 4 |
Fixed Compensation
- Cash-only structure; no pension/retirement plan. Independent trustees may elect to defer fees into a notional account aligned to Nuveen funds (see Deferred Compensation) .
- Board-wide fee schedule (Independent Board Members):
- As of 2023: $210,000 annual retainer plus per‑meeting fees (e.g., $7,250 regular Board day; $4,000 special Board mtg; $2,500 Audit/Closed‑End/Investment; $5,000 Compliance; $1,250 Dividend; $500 other committees; $5,000/day site visits). Additional annual retainers: Board Chair $140,000; committee chairs $20,000 .
- 2024 (pre‑2025): $350,000 annual retainer; annual committee membership retainers: Audit & Compliance $30,000; Investment $20,000; Dividend/Nominating/Closed‑End $20,000. Additional annual retainers: Board Chair $140,000; Audit & Compliance chair $30,000; Investment chair $20,000; Dividend/Nominating/Closed‑End chair $20,000. Ad hoc meeting fees $1,000–$2,500 .
- Effective Jan 1, 2025: $350,000 annual retainer; committee membership retainers increased to: Audit & Compliance $35,000; Investment $30,000; Dividend/Nominating/Closed‑End $25,000. Additional annual retainers: Board Chair $150,000; Audit & Compliance chair $35,000; Investment chair $30,000; Dividend/Nominating/Closed‑End chair $25,000. Ad hoc meeting fees $1,000–$2,500; special assignment committee stipends .
| Compensation Element | 2023 Structure | 2024 (pre‑2025) | 2025 Structure | Source |
|---|---|---|---|---|
| Annual Retainer (Independent Board Member) | $210,000 | $350,000 | $350,000 | |
| Board Chair Additional Retainer | $140,000 | $140,000 | $150,000 | |
| Audit & Compliance – Member Retainer | Per‑meeting ($2,500/$5,000 for Compliance) | $30,000 | $35,000 | |
| Investment – Member Retainer | Per‑meeting ($2,500) | $20,000 | $30,000 | |
| Dividend/Nominating/Closed‑End – Member Retainer | Per‑meeting ($1,250/$500) | $20,000 | $25,000 | |
| Committee Chair (Audit/Compliance) | $20,000 | $30,000 | $35,000 | |
| Committee Chair (Investment) | $20,000 | $20,000 | $30,000 | |
| Committee Chair (Dividend/Nominating/Closed‑End) | $20,000 | $20,000 | $25,000 | |
| Ad Hoc Meeting Fees | $1,000–$2,500 | $1,000–$2,500 | $1,000–$2,500 |
| NRK – Aggregate Compensation Paid to Robert L. Young | FY (ended Feb 29/Aug 31, 2024) | Stub Period (Mar 1–Aug 31, 2024) | Source |
|---|---|---|---|
| NRK share of total (cash, may include deferred portions) | $6,160 | $2,155 |
| Total Compensation from Nuveen Funds Paid to Robert L. Young (all funds) | Amount | Source |
|---|---|---|
| Aggregate across fund complex (periods per table) | $502,381 |
Additional notes: The funds have no retirement or pension plans; CCO compensation is paid by the Adviser (with partial reimbursement by funds) .
Performance Compensation
| Component | Status | Source |
|---|---|---|
| Performance-based cash bonus | Not applicable for independent directors | |
| Equity awards (RSUs/PSUs/options) | Not disclosed; director compensation structured as cash retainers/fees | |
| Performance metrics in pay (TSR, revenue, ESG, etc.) | None disclosed |
Other Directorships & Interlocks
| Category | Details | Source |
|---|---|---|
| Public company boards (current/past 5 years) | None | |
| Non-profit/academic boards | University of Dayton Investment Committee (2008–2011) | |
| Potential interlocks with NRK’s adviser/affiliates | None disclosed for Young |
Expertise & Qualifications
- Financial and operating expertise in asset management; former COO of J.P. Morgan Investment Management and President/PEO of J.P. Morgan Funds .
- Audit Committee Financial Expert designation; former CPA; senior audit experience at Deloitte .
- Governance leadership: Independent Chair; chairs Nominating & Governance and Executive Committees .
Equity Ownership
| Holding (as of May 31, 2025) | Dollar Range | Shares | Notes |
|---|---|---|---|
| NRK (New York AMT‑Free Quality Municipal Income Fund) | $0 | 0 | No NRK shares held |
| Credit Income (NZF) | Over $100,000 | 16,131 | Beneficial ownership reported |
| Quality Income (NAD) | Over $100,000 | 32,727 | Beneficial ownership reported |
| Aggregate across Nuveen fund complex | Over $100,000 | — | Aggregate dollar range reported |
Additional alignment and policy disclosures:
- Ownership guideline: Each Board Member is expected to invest at least one year of compensation in funds within the complex (directly or via deferred compensation). Compliance status by individual is not disclosed .
- Pledging/hedging: No pledging/hedging disclosures specific to Young were provided. As of June 20, 2025, each Board Member’s individual holdings in any single fund were less than 1% of that fund’s outstanding shares; Board/Officer group holdings per fund also below 1% .
Deferred compensation (amounts payable from Participating Funds) for Young:
| Fund/Period | Amount | Source |
|---|---|---|
| NRK – Fiscal Year | $4,138 | |
| NRK – Stub Period (Mar 1–Aug 31, 2024) | $1,401 |
Governance Assessment
- Strengths: Deep industry operating experience; independent Board Chair; designated audit financial expert; active leadership on key committees; Board reports 75%+ attendance; structured, transparent fee schedule; no related‑party transactions involving Young disclosed .
- Potential watch‑items: No ownership in NRK itself (though material holdings in other Nuveen funds and deferred compensation exposures); individual guideline compliance not disclosed; director compensation levels increased in 2024/2025 (cash emphasis), though consistent with broader consolidation and workload across a unitary board overseeing 200+ portfolios .
Section 16(a) compliance: The funds report that Board Members and officers complied with Section 16(a) filing requirements during the last fiscal year and the previous fiscal year .
Election/tenure cadence: Young is a Class I/III nominee for a term expiring at the 2028 annual meeting; continuous service since 2017; Chair since 2025 .