Joseph A. Boateng

About Joseph A. Boateng

Independent Board Member (born 1963), serving across the Nuveen fund complex since 2019, and joined the Nuveen funds Board that includes Nuveen Municipal Value Fund, Inc. (NUV) in 2024. He is Chief Investment Officer at Casey Family Programs (since 2007) and previously Director of U.S. Pension Plans at Johnson & Johnson (2002–2006). He holds a B.S. from the University of Ghana and an M.B.A. from UCLA. He is designated an “audit committee financial expert,” underscoring finance and audit depth .

Past Roles

External Roles

Board Governance

• Independence: The Board classifies Boateng and all listed directors as Independent (not “interested persons”), and he has never been an employee or director of TIAA or Nuveen or their affiliates .
• Committee assignments and chair roles (NUV board and Nuveen fund complex):
  • Audit Committee: Member; designated an “audit committee financial expert” .
  • Investment Committee: Co-Chair (with Amy B.R. Lancellotta) .
  • Nominating & Governance Committee: Member .
  • Not on Executive, Dividend, Compliance/Risk, or Closed-End Fund committees .
• Term/Class: For NUV (“Municipal Value”), Boateng is a Class II Board Member with term expiring at the 2026 annual meeting .
• Attendance: Each Board Member attended 75% or more of NUV Board and committee meetings in the last fiscal year .
• Meetings held (NUV FY ended Oct 31, 2024):

  Body	Meeting Count
  Regular Board	4
  Special Board	8
  Executive Committee	4
  Dividend Committee	10
  Compliance/Risk/Regulatory Oversight Committee	6
  Audit Committee	14
  Nominating & Governance Committee	5
  Investment Committee	4
  Closed-End Fund Committee	4

Fixed Compensation

• Director fee framework (effective Jan 1, 2025):

  • Annual retainer: $350,000 per Independent Board Member
  • Committee membership retainers: Audit $35,000; Compliance/Risk $35,000; Investment $30,000; Dividend $25,000; Nominating & Governance $25,000; Closed-End Funds $25,000
  • Chair retainers: Board Chair $150,000; Audit Chair $35,000; Compliance/Risk Chair $35,000; Investment Chair/Co-Chair $30,000; Dividend/Nominating & Governance/Closed-End Chair $25,000
  • Ad hoc meetings: $1,000–$2,500 depending on length/immediacy; special assignment committees paid quarterly (Chair from $1,250; members from $5,000) .

• Year-over-year structure change (through Dec 31, 2024): Committee membership retainers were lower (Audit/Compliance $30,000; Investment $20,000; Dividend/Nominating & Governance/Closed-End $20,000), indicating 2025 increases in fixed committee retainers .

• Actual compensation (last reported fiscal periods):

  Pay Item	Amount
  NUV (Municipal Value) – Aggregate paid to Boateng	$3,656
  Total compensation from Nuveen funds paid to Boateng	$464,250
  Deferred fees at NUV (Municipal Value) credited under Deferred Compensation Plan	$911

• Deferred Compensation Plan: Independent Board Members may defer fees into a book account notionally invested in eligible Nuveen funds; distributions can be lump sum or 2–20 years; no retirement/pension plans for directors .

Performance Compensation

• No performance-based or at-risk incentive metrics are disclosed for directors; compensation comprises fixed retainers, committee retainers, chair retainers, and meeting/special assignment fees .

Other Directorships & Interlocks

Expertise & Qualifications

• Institutional investing and fiduciary: CIO of a large institutional asset owner since 2007; prior corporate pension leadership at J&J .
• Financial and audit oversight: Designated “audit committee financial expert”; serves on Audit Committee .
• Education: B.S. (University of Ghana); M.B.A. (UCLA) .

Equity Ownership

• Governance principle: Each Board Member is expected to invest at least the equivalent of one year of compensation in the funds in the Fund Complex (identity-of-interests guideline) .
• Note: As of the reporting date, Boateng reported $0 beneficial ownership in NUV specifically, while reporting Over $100,000 across the complex .

Governance Assessment

• Strengths

  • Independent director with no employment ties to TIAA/Nuveen; designated audit committee financial expert; active roles on Audit and Nominating/Governance; Co-Chair of Investment Committee, indicating significant engagement in performance and risk oversight .
  • Attendance: Met or exceeded 75% threshold for Board/committee meetings in the last fiscal year; NUV’s Board/committee cadence is robust (e.g., 14 Audit Committee meetings), reflecting active oversight .
  • Compliance/controls: No Section 16(a) filing delinquencies reported for directors; no related-party security holdings disclosed for Boateng in Adviser-affiliated companies’ table .

• Watch items

  • Ownership alignment: Reported $0 beneficial ownership in NUV, though “Over $100,000” across the Nuveen complex; the Board’s guideline expects at least one year’s compensation invested across the complex, but the proxy does not disclose per-director compliance status—investors may prefer fund-specific holdings for tighter alignment .
  • Compensation structure: 2025 increases in committee membership retainers (e.g., Audit/Compliance to $35k) modestly shift more compensation into fixed cash retainers; there are no performance-based elements for directors, which is typical for investment company boards but provides limited pay-for-performance linkage .

• Overall: Boateng’s credentials (institutional CIO background), ACFE designation, and leadership as Investment Committee Co-Chair support board effectiveness in oversight of performance, valuation, and risk. Absence of NUV-specific ownership is balanced by aggregate complex holdings and a formal ownership principle, but fund-specific ownership could further strengthen perceived alignment .