Robert L. Young
About Robert L. Young
Robert L. Young is the Independent Chair of the Nuveen Funds, serving on the unitary board that oversees all funds in the complex. He joined the Board in 2017 and was elected Independent Chair in 2025; he was born in 1963 and holds a BBA in Accounting from the University of Dayton, and is a former Certified Public Accountant . Young has more than 30 years of investment management experience, including senior leadership roles at J.P. Morgan Investment Management and prior audit leadership at Deloitte & Touche LLP .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| J.P. Morgan Investment Management Inc. | Chief Operating Officer and Director | 2010–2016 | Led service, administration and platform support across domestic retail mutual funds and institutional accounts; co-led global platform support . |
| J.P. Morgan Funds | President and Principal Executive Officer | 2013–2016 | Facilitated fund-service provider relationships; established board agendas; addressed regulatory matters and policies . |
| J.P. Morgan affiliates (incl. JPMorgan Distribution Services, One Group entities) | Director and various officer positions | 1999–2017 | Senior operational oversight across distribution and administration . |
| Deloitte & Touche LLP (formerly Touche Ross LLP) | Senior Manager (Audit) | 1985–1996 | Created and led the firm’s midwestern mutual fund practice; former CPA . |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| University of Dayton | Investment Committee, Board of Trustees | 2008–2011 | Oversight of university investment matters . |
| Public company directorships (past five years) | — | — | None disclosed . |
Board Governance
| Committee | Role | Governance Focus |
|---|---|---|
| Board (unitary) | Independent Chair | Sets agendas, presides at Board and shareholder meetings, liaises among Board, officers, fund management, and counsel . |
| Executive Committee | Chair | Authorized to exercise all Board powers between regular meetings . |
| Nominating & Governance Committee | Chair | Oversees director nominations, governance processes, board/committee evaluations, continuing education, and director compensation policy . |
| Audit Committee | Member; designated “audit committee financial expert” | Oversees accounting, reporting, audits, auditor independence, and fund valuation policy; members meet NYSE/NASDAQ independence/experience requirements . |
| Investment Committee | Member | Oversees fund performance and investment risk relative to objectives, benchmarks, peers, leverage/hedging . |
| Closed-End Fund Committee | Member | Reviews closed-end fund premiums/discounts, leverage, distribution trends, buybacks/issuance strategies; conducts workshops on discount mitigation . |
- Independence: The Board Members (including Young) are not “interested persons” and have never been employees or directors of TIAA or Nuveen; they are deemed Independent Board Members .
- Attendance: During the last fiscal year, each Board Member attended at least 75% of Board and applicable committee meetings; Appendix C shows meeting volume by fund and committee .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual retainer (Independent Board Members) | $350,000 | Effective January 1, 2025 . |
| Chair of the Board fee | $150,000 | Annual fee for Board Chair . |
| Audit Committee membership retainer | $35,000 | Per member, annually . |
| Compliance, Risk Management & Regulatory Oversight Committee membership retainer | $35,000 | Per member, annually . |
| Investment Committee membership retainer | $30,000 | Per member, annually . |
| Dividend Committee membership retainer | $25,000 | Per member, annually . |
| Nominating & Governance Committee membership retainer | $25,000 | Per member, annually . |
| Closed-End Fund Committee membership retainer | $25,000 | Per member, annually . |
| Committee Chair fees (Audit; Compliance) | $35,000 | Per chair, annually . |
| Committee Chair fees (Investment) | $30,000 | Per chair/co-chair, annually . |
| Committee Chair fees (Dividend; Nominating & Governance; Closed-End) | $25,000 | Per chair, annually . |
| Ad hoc meeting fees | $1,000 or $2,500 | Based on meeting length/immediacy . |
| Special assignment committees | Chair/co-chair: quarterly from $1,250; members: quarterly from $5,000 | As needed . |
| Retirement/pension | None | Funds do not have retirement or pension plans . |
| Deferred compensation plan | Available | Elect to defer fees; accounts credited to book reserve and mirror investment in eligible Nuveen funds with lump sum or 2–20 year distribution options . |
- Historical structure: Prior to Jan 1, 2024, compensation relied heavily on per-meeting fees; prior to Jan 1, 2025, committee retainers were lower (Audit/Compliance $30k; Investment $20k; Dividend/Governance/Closed-End $20k; Chair $140k) .
Aggregate Compensation Paid (most recent fiscal periods)
| Measure | Amount | Period Reference |
|---|---|---|
| Total compensation from Nuveen Funds paid to Robert L. Young | $502,381 | Aggregated across listed funds; includes deferred fees (FY ended Oct 31, 2024 for most funds; FY ended Mar 31, 2025 for Taxable Income; “stub” periods for certain NY funds) . |
Performance Compensation
- No stock, RSU/PSU, or option awards are disclosed for directors; compensation is structured as cash-based retainers and fees, with optional deferral into Nuveen funds .
- No bonus, severance, or change-of-control provisions are disclosed for directors in the proxy .
Other Directorships & Interlocks
| Company/Institution | Type | Role | Interlock/Conflict Notes |
|---|---|---|---|
| Public company boards (past 5 years) | Public | — | None disclosed . |
| University of Dayton | Non-profit | Investment Committee | External oversight role; no related-party implications for Nuveen funds . |
- Related-party transactions: Proxy tables identify director holdings in companies advised by entities under common control with the Adviser; these disclosures pertain to Thomas J. Kenny, not Young. No related-party transactions are disclosed for Young .
Expertise & Qualifications
- Former CPA and audit leader, designated Audit Committee Financial Expert under SEC rules, with deep familiarity in fund financial controls and valuation oversight .
- Senior operating experience as COO/Director (JPMorgan Investment), and President/PEO (JPMorgan Funds), including board agenda-setting, regulatory matters, and policy establishment .
- Governance leadership as Independent Chair, emphasizing agenda setting, boardroom culture, and long-term shareholder focus .
Equity Ownership
| Fund | Dollar Range | Shares Beneficially Owned | Ownership Notes |
|---|---|---|---|
| Credit Income | Over $100,000 | 16,131 | Holdings as of May 31, 2025; individual holdings <1% of fund outstanding . |
| Quality Income | Over $100,000 | 32,727 | Holdings as of May 31, 2025; individual holdings <1% of fund outstanding . |
| Aggregate range in all Nuveen registered investment companies overseen | Over $100,000 | — | Board Member expected to invest at least one year of compensation (directly or deferred) per governance principle . |
- No share pledging is disclosed in the beneficial ownership appendices for Young .
Governance Assessment
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Strengths:
- Independent Chair role with robust governance responsibilities enhances board impartiality and agenda discipline .
- Designation as Audit Committee Financial Expert and service on Audit, Investment, and Closed-End Fund Committees indicates deep engagement with risk, valuation, and performance oversight .
- Attendance met or exceeded 75% threshold across Board/committee meetings; engagement level supported by high committee meeting cadence in Appendix C .
- Ownership alignment: Over $100,000 invested in Nuveen funds, including material stakes in Credit Income and Quality Income; board guideline expects at least one year of compensation invested (directly or deferred) .
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Compensation structure observations:
- Shift from per-meeting fees (pre-2024) to larger annual retainers and committee retainers (2025) suggests emphasis on ongoing oversight rather than attendance-linked pay, with clear chair premiums; ad hoc fees remain for emergent work .
- Deferred compensation mirrors fund performance, adding economic exposure to fund outcomes; balances are tracked per fund (illustrative amounts disclosed) .
-
Potential conflicts/red flags:
- No related-party transactions or external public company interlocks disclosed for Young in the past five years; independence explicitly affirmed, and he has no TIAA/Nuveen employment history .
- No hedging/pledging disclosed; beneficial holdings are small relative to outstanding shares, consistent with governance expectations for closed-end fund directors .
Overall investor confidence signal: Strong governance profile with independent leadership, audit expertise, solid attendance, and aligned fund exposure, with no disclosed conflicts or related-party transactions involving Young .