Thomas J. Kenny
About Thomas J. Kenny
Independent director of Nuveen Municipal Value Fund, Inc. (NUV) and member of the Nuveen funds’ unitary board, Thomas J. Kenny (born 1963) joined the Nuveen Funds Board in 2024 after a 20+ year career in institutional fixed income at Goldman Sachs Asset Management; he holds a B.A. from UC Santa Barbara, an M.S. from Golden Gate University, and is a CFA charterholder . He currently oversees 217 portfolios in the Nuveen fund complex and is deemed independent under the 1940 Act (not an “interested person” of the Adviser or its parents) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Goldman Sachs Asset Management | Advisory Director; Partner; Managing Director; Co-Head, Global Cash & Fixed Income PM | Advisory Director 2010–2011; Partner 2004–2010; MD 1999–2004; Co-Head 2002–2010 | Co-led global cash and fixed income portfolio management |
| College Retirement Equities Fund (CREF) | Trustee; Chairman | Trustee 2011–2023; Chairman 2017–2023 | Board leadership of TIAA-affiliated registered investment company |
| TIAA Separate Account VA-1 | Manager; Chairman | Manager 2011–2023; Chairman 2017–2023 | Management committee leadership of TIAA annuity separate account |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Aflac Incorporated (public) | Director; Chair, Finance & Investment Committee | Director since 2015; Committee Chair since 2018 | Oversees finance/investment policy at Aflac |
| ParentSquare (private) | Director | 2021–2022 | Board service at education technology platform |
| Sansum Clinic (non-profit) | Director; Finance Committee Chair | Director 2021–2022; Finance Chair 2016–2022 | Financial oversight at healthcare non-profit |
| B’Box (private) | Advisory Board Member | 2017–2019 | Advisory role |
| UC Santa Barbara Arts & Lectures | Advisory Council Member | 2011–2020 | Advisory role |
| Cottage Health System | Investment Committee Member | 2012–2020 | Investment oversight |
| Crane Country Day School | Board Member; Board President | Member 2009–2019; President 2014–2018 | Governance leadership |
Board Governance
- Independence: Classified as an Independent Board Member; not an employee or director of TIAA or Nuveen or affiliates; not an “interested person” under the 1940 Act .
- Board class and term (NUV): Class I nominee for election at Aug. 14, 2025 meeting; if elected, term runs to the 2028 annual meeting .
- Committees (member): Executive; Dividend; Compliance, Risk Management & Regulatory Oversight; Nominating & Governance; Investment; Closed-End Fund .
- Not on Audit Committee (members are Nelson (Chair), Boateng, Lancellotta, Starr, Thornton, Wolff, Young) .
- Board leadership: Independent Chair of the Board is Robert L. Young (since 2025); Kenny is not Chair .
- Attendance: Each Board Member attended at least 75% of Board and applicable committee meetings during the last fiscal year .
- Portfolios overseen: 217 .
NUV – Number of Board and Committee Meetings (last fiscal year)
| Category | Count |
|---|---|
| Regular Board Meetings | 4 |
| Special Board Meetings | 8 |
| Executive Committee | 4 |
| Dividend Committee | 10 |
| Compliance/Risk/Regulatory Oversight | 6 |
| Audit Committee | 14 |
| Nominating & Governance | 5 |
| Investment Committee | 4 |
| Closed-End Fund Committee | 4 |
Fixed Compensation
- Structure overview (cash-based; no fund retirement plan): The Funds pay cash retainers and committee fees; no retirement/pension; a Deferred Compensation Plan permits deferral into notional fund-linked accounts .
| Pay Element | 2023 Schedule | 2024 Schedule | 2025 Schedule |
|---|---|---|---|
| Annual retainer (Independent Board Member) | $210,000 | $350,000 | $350,000 |
| Audit Committee – membership retainer | $2,500 per meeting (no standing retainer) | $30,000 | $35,000 |
| Compliance/Risk – membership retainer | $5,000 per meeting (no standing retainer) | $30,000 | $35,000 |
| Investment Committee – membership retainer | $2,500 per meeting (no standing retainer) | $20,000 | $30,000 |
| Dividend, Nominating, Closed-End – membership retainer | Dividend $1,250/mtg; others $500/mtg | $20,000 each | $25,000 each |
| Board Chair stipend | $140,000 | $140,000 | $150,000 |
| Audit/Compliance Chair stipend | $20,000 | $30,000 | $35,000 |
| Investment Chair stipend | $20,000 | $20,000 | $30,000 |
| Dividend/Nominating/Closed-End Chair stipend | $20,000 | $20,000 | $25,000 |
| Regular Board meeting fee | $7,250 per day | Included in retainers; ad hoc $1,000–$2,500 | Included in retainers; ad hoc $1,000–$2,500 |
| Special Board meeting fee | $4,000 per meeting | Included in retainers; ad hoc $1,000–$2,500 | Included in retainers; ad hoc $1,000–$2,500 |
| Site visit fee (when no Board meeting) | $5,000 per day | Not specified separately | Not specified separately |
| Special assignment committees (quarterly) | Chair from $1,250; members from $5,000 | Same as 2023 | Chair/Co-Chair from $1,250; members from $5,000 |
- NUV-specific payment: Aggregate compensation from NUV to Kenny for FY ended Oct. 31, 2024 was $4,842 .
- Total Nuveen funds compensation: $610,000 (aggregate across funds; includes any deferred amounts) .
Performance Compensation
- No stock awards, option awards, PSUs/RSUs, or performance-based metrics are disclosed for Independent Board Members; director compensation consists of cash retainers/fees with optional deferred compensation elections .
Other Directorships & Interlocks
| Company | Type | Role | Committee Roles |
|---|---|---|---|
| Aflac Incorporated | Public | Director (since 2015) | Chair, Finance & Investment Committee (since 2018) |
- Additional recent boards (non-public/other): ParentSquare (Director 2021–2022); Sansum Clinic (Director 2021–2022; Finance Committee Chair 2016–2022) .
Expertise & Qualifications
- Fixed income and cash management: Co-Head of GSAM’s Global Cash and Fixed Income Portfolio Management team (2002–2010) .
- Governance/board leadership: Former Chairman of CREF and VA-1 (2017–2023) .
- Education and credentials: B.A. UC Santa Barbara; M.S. Golden Gate University; CFA charterholder .
- Not designated as an Audit Committee Financial Expert (designation held by Boateng, Nelson, Starr, Young) .
Equity Ownership
| Metric | NUV (Municipal Value) | Fund Complex Aggregate |
|---|---|---|
| Shares owned | 0 | N/A |
| Dollar range (NUV) | $0 | Over $100,000 across all funds overseen |
| Ownership as % of shares outstanding | <1% (individual) | N/A |
| Deferred comp credited (NUV) | $1,210 (Participating Funds’ deferred fees notionally invested) | Multiple deferred balances across funds (see per-fund table) |
- Ownership guideline: Board policy expects each member to invest, directly or on a deferred basis, at least one year of compensation in funds in the Fund Complex; disclosure shows Kenny’s aggregate fund holdings “Over $100,000” as of May 31, 2025, but does not provide sufficient detail to confirm adherence to the one-year compensation threshold .
Related-Party and Potential Conflicts
- Disclosed beneficial holdings in Adviser-affiliated private vehicles (entities whose advisers are under common control with Nuveen):
- Global Timber Resources LLC — Value: $37,455; 0.01% of class (held via Thomas Joseph Kenny 2021 Trust) .
- Global Timber Resources Investor Fund, LP — Value: $567,738; 6.01% of “amount committed” (held via KSHFO, LLC 4; Kenny owns 6.60% of KSHFO, LLC) .
- TIAA-CREF Global Agriculture II LLC — Value: $717,269; 0.05% (via KSHFO, LLC 4) .
- Global Agriculture II AIV (US) LLC — Value: $681,911; 0.17% (via KSHFO, LLC 4) .
- Note: The adviser to these companies is indirectly commonly controlled by Nuveen; values reflect 12/31/2024; percentages reflect commitment base, not current ownership percentages .
Insider Trades and Section 16 Compliance
| Period | Form 4 Transactions | Section 16(a) Compliance |
|---|---|---|
| Last fiscal year | Not disclosed in proxy | The Funds believe all applicable Section 16(a) filings were in compliance |
Governance Assessment
- Breadth of oversight/engagement: Kenny serves on six standing committees (Executive; Dividend; Compliance/Risk; Nominating & Governance; Investment; Closed-End), providing broad exposure to risk, distribution, investment performance, and closed-end fund market dynamics, while not serving on the Audit Committee .
- Independence and attendance: Classified as independent and met at least the 75% attendance threshold across Board and applicable committees; NUV’s Board/committee workload is substantial (e.g., 14 Audit, 10 Dividend meetings in the last fiscal year) .
- Pay structure shift and alignment: The Board moved from per-meeting fees to a primarily retainer-based model (2024), with higher committee membership/chair retainers in 2025 (e.g., Audit/Compliance membership from $30k to $35k; Board Chair stipend from $140k to $150k), increasing guaranteed compensation but maintaining a deferred compensation option and an explicit ownership expectation tied to one year of compensation; Kenny’s aggregate Nuveen funds ownership is “Over $100,000,” but specific compliance with the one-year threshold is not determinable from the range disclosure .
- Potential conflicts: Disclosed interests in Adviser-affiliated private investment vehicles (timber/agriculture) create a related-party nexus; values appear modest relative to director compensation, but the relationship warrants monitoring for conflict management and recusal protocols where relevant .
- External directorship: Current Aflac directorship (committee chair role) adds financial oversight expertise; no specific related-party transactions with NUV disclosed in the proxy .
Director-Level Compensation (Kenny) – Selected Figures
| Item | Amount/Detail |
|---|---|
| Aggregate compensation from NUV (FY 2024) | $4,842 |
| Total compensation from Nuveen funds (aggregate) | $610,000 |
| Deferred compensation credited from NUV (period shown) | $1,210 |
Notes on Board Structure
- Unitary board across the Nuveen Fund Complex intended to enhance efficiency and oversight; independent Board Chair (Young) coordinates agendas and serves as liaison; Nominating & Governance Committee oversees board composition, rotation, and compensation practices .
- All Board Members’ individual beneficial shareholdings in each Fund are below 1% of the Fund’s outstanding shares as of June 20, 2025 .