Joanne T. Medero
About Joanne T. Medero
Joanne T. Medero (born 1954) is an independent Board Member of the Nuveen closed-end fund complex, joining the Board in 2021 . She holds a B.A. from St. Lawrence University (1975) and a J.D. from George Washington University Law School (1978) . Her core credentials include more than 30 years in financial services, with senior roles in government relations, public policy, derivatives and financial markets regulation, and prior service as General Counsel of the CFTC .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| BlackRock, Inc. | Managing Director, Government Relations & Public Policy; Senior Advisor to Vice Chairman | 2009–2020; 2018–2020 | Led public policy and governance strategy |
| Barclays Group (IBIM) | Managing Director, Global Head of Government Relations & Public Policy | 2006–2009 | Directed legislative and regulatory advocacy for IB/IM/WM businesses |
| Barclays Global Investors (BGI) | Managing Director; Global General Counsel & Corporate Secretary | 1996–2006 | Oversaw legal, governance for global asset manager |
| Orrick, Herrington & Sutcliffe LLP | Partner | 1993–1995 | Specialized in derivatives and financial market regulation |
| CFTC | General Counsel | 1989–1993 | Led legal function of U.S. derivatives regulator |
| The White House (Office of Presidential Personnel) | Deputy Associate Director/Associate Director for Legal & Financial Affairs | 1986–1989 | Senior legal/financial policy roles |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| CFTC Global Markets Advisory Committee | Member | 2006–2010 | Industry/regulatory dialogue on global markets |
| SIFMA Asset Management Group | Chair, Steering Committee | 2016–2018 | Led industry policy for asset managers |
| Managed Funds Association | Chair, CTA/CPO & Futures Committee | 2010–2012 | Derivatives market policy leadership |
| Federalist Society (Corporations, Antitrust & Securities Practice Group) | Chair | 2010–2022; 2000–2002 | Governance/legal policy initiatives |
| Baltic-American Freedom Foundation | Director | Since 2019 | Education/professional exchanges in Baltics |
Board Governance
- Independence: The Board members, including Ms. Medero, are not “interested persons” under the 1940 Act and have never been employees/directors of TIAA or Nuveen; they are deemed Independent Board Members .
- Attendance: Each Board Member attended 75% or more of Board and committee meetings in the last fiscal year .
| Committee | Role | Chair? | Period |
|---|---|---|---|
| Nominating & Governance Committee | Member | No | 2024–2025 |
| Investment Committee | Member | No | 2023–2025 |
| Governance Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Portfolios overseen in Fund Complex | 139 | 216 | 217 |
| Board/Committee attendance | — | ≥75% | — |
Fixed Compensation
- Compensation has transitioned from meeting-based fees to larger fixed retainers plus committee membership retainers.
| Component | 2023 | 2024 | 2025 |
|---|---|---|---|
| Annual retainer (Independent Board Member) | $210,000 | $350,000 | $350,000 |
| Audit Committee membership | $2,500 per meeting (regular); $2,250 (if not in-person) | $30,000 annual retainer | $35,000 annual retainer |
| Compliance, Risk Mgmt & Regulatory Oversight (CRRO) membership | $5,000 per meeting | $30,000 annual retainer | $35,000 annual retainer |
| Investment Committee membership | $2,500 per meeting | $20,000 annual retainer | $30,000 annual retainer |
| Dividend Committee membership | $1,250 per meeting | $20,000 annual retainer | $25,000 annual retainer |
| Nominating & Governance Committee membership | $500 per meeting | $20,000 annual retainer | $25,000 annual retainer |
| Closed-End Funds Committee membership | $2,500 per meeting | $20,000 annual retainer | $25,000 annual retainer |
| Board Chair retainer | $140,000 | $140,000 | $150,000 |
| Audit/CRRO Chair retainer | $20,000 | $30,000 | $35,000 |
| Investment Chair/Co-Chair retainer | $20,000 | $20,000 | $30,000 |
| Nominating/Dividend/CEF Chair retainer | $20,000 | $20,000 | $25,000 |
| Ad hoc meetings | $500–$1,000 per meeting (varies) | $1,000 or $2,500 per meeting | $1,000 or $2,500 per meeting |
| Site visits (no regular Board meeting day) | $5,000/day | $5,000/day | $5,000/day |
| Deferred compensation plan availability | Yes (elective, book reserve, paid in lump sum or over 2–20 years) |
| Total Compensation from Nuveen Funds Paid to Ms. Medero | 2023 | 2024 |
|---|---|---|
| Aggregate across Fund Complex | $366,323 | $431,445 |
Performance Compensation
None disclosed for non-employee directors; compensation is cash retainers, committee retainers, ad hoc/meeting fees, and optional deferred compensation. No equity awards, options, PSUs/RSUs, or performance metrics are disclosed for directors .
Other Directorships & Interlocks
| Organization | Type | Role | Since |
|---|---|---|---|
| Baltic-American Freedom Foundation | Non-profit | Director | 2019 |
| Other public company boards | Public | None disclosed | — |
- Related-party/Interlocks: Disclosure of Board Members owning securities in companies under common control with the Adviser highlighted holdings for other directors (e.g., Mr. Kenny), with no entry for Ms. Medero in that table .
Expertise & Qualifications
- Financial regulatory and governance expert: Former CFTC General Counsel; senior legal/governance roles at BGI and Barclays; public policy leadership at BlackRock .
- Derivatives and market structure expertise from Orrick partnership and CFTC roles .
- Industry leadership: Chairs at SIFMA AMG and MFA committees; Federalist Society practice group chair .
- Education: B.A. St. Lawrence University (1975); J.D. George Washington University Law School (1978) .
Equity Ownership
- Individual beneficial holdings in each Fund are generally de minimis: proxy tables show $0 dollar range for Ms. Medero across the listed funds as of May 31, 2023 and May 31, 2024 . As of June 12, 2023, each Board Member’s individual beneficial shareholdings of each Fund were <1% of outstanding shares; Board Members and officers as a group owned <1% of outstanding shares of each Fund .
| Metric | 2023 | 2025 |
|---|---|---|
| Aggregate dollar range of equity securities in all registered investment companies overseen | Over $100,000 | Over $100,000 |
- Fund share counts tables show zeros for Medero across funds in 2023–2025 excerpts; no pledging or hedging of Fund shares is disclosed .
Governance Assessment
-
Strengths:
- Independence and regulatory depth enhance oversight of compliance, valuation, and policy matters; committee service on Nominating & Governance and Investment aligns with her background .
- Attendance ≥75% supports engagement .
- No related-party transactions or conflicts disclosed for Medero; no entries in adviser-related holdings tables .
-
Pay structure signals:
- Shift from meeting-based fees (2023) to larger fixed retainers and committee retainers (2024–2025) increases predictability and time-based compensation; overall aggregate compensation rose YoY ($366k in 2023 to $431k in 2024) .
- Deferred compensation available but elective; no tax gross-ups or pension plans; CCO compensation borne by Adviser with Board input .
-
RED FLAGS / Watch items:
- Low direct ownership in NUW and other funds may be viewed as weaker “skin-in-the-game,” though common for independent fund trustees; aggregate holdings across registered investment companies are “Over $100,000,” but NUW-specific holdings reported as $0 in the proxy tables .
- Compensation escalation (retainer increased to $350k; higher committee retainers in 2025) should be monitored for alignment with Board workload and outcomes across the fund complex .