Joseph A. Boateng
About Joseph A. Boateng
Independent Board Member of Nuveen AMT-Free Municipal Value Fund (NUW); Chief Investment Officer at Casey Family Programs since 2007, with prior service as Director of U.S. Pension Plans at Johnson & Johnson (2002–2006). Born in 1963; holds a B.S. from the University of Ghana and an M.B.A. from UCLA. Length of service in the Nuveen/TIAA fund complex since 2019; joined the Nuveen closed-end funds Board in 2024 and currently serves as a Class II Board Member for NUW with a term expiring at the 2026 annual meeting. Oversees 216 portfolios across the fund complex; designated as an Audit Committee financial expert.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Johnson & Johnson | Director of U.S. Pension Plans | 2002–2006 | Led U.S. pension plan oversight |
| Casey Family Programs | Chief Investment Officer | 2007–present | CIO for large philanthropic endowment |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Lumina Foundation | Board Member | Since 2018 | Governance oversight in education philanthropy |
| Waterside School | Board Member | Since 2021 | Non-profit school governance |
| Year Up Puget Sound | Board Member; Emeritus | 2012–2019; Emeritus since 2020 | Workforce development; continued emeritus engagement |
| Seattle City Employees' Retirement System | Investment Advisory Committee Member; Former Chair | Since 2007 | Public pension investment oversight |
| The Seattle Foundation | Investment Committee Member | Since 2012 | Endowment investment oversight |
| College Retirement Equities Fund (CREF) | Trustee | 2018–2023 | Mutual fund governance |
| TIAA Separate Account VA-1 | Manager | 2019–2023 | Variable annuity fund governance |
Board Governance
- Independence: All Nuveen fund Board Members, including Boateng, are “Independent Board Members” under the 1940 Act and have never been employees of TIAA/Nuveen or affiliates.
- Class/Term for NUW: Class II Board Member; term expires at the 2026 annual meeting (continuing Board Member).
- Attendance: Each Board Member attended at least 75% of Board and applicable committee meetings during the last fiscal year.
- Portfolios overseen: 216.
| Committee | Role | Notes |
|---|---|---|
| Audit Committee | Member; designated “audit committee financial expert” | Member list includes Boateng; financial expert designation noted. |
| Investment Committee | Co-Chair | Committee is composed of Independent Board Members; Boateng and Lancellotta are Co-Chairs. |
| Nominating & Governance Committee | Member | Committee is entirely Independent; Boateng listed as member. |
| Executive Committee | Not a member | Current members: Young (Chair), Kenny, Nelson, Toth. |
| Dividend Committee | Not a member | Current members: Thornton (Chair), Lancellotta, Kenny, Nelson, Starr. |
| Compliance, Risk Mgmt & Regulatory Oversight | Not a member | Current members: Wolff (Chair), Forrester, Kenny, Medero, Moschner, Toth. |
| Closed-End Fund Committee | Not a member | Current members: Moschner (Chair), Kenny, Nelson, Starr, Thornton, Wolff, Young. |
| NUW Board & Committee Meetings (last fiscal year) | Count |
|---|---|
| Regular Board Meetings | 4 |
| Special Board Meetings | 8 |
| Executive Committee Meetings | 4 |
| Dividend Committee Meetings | 10 |
| Compliance Committee Meetings | 6 |
| Audit Committee Meetings | 14 |
| Nominating & Governance Committee Meetings | 5 |
| Investment Committee Meetings | 4 |
| Closed-End Fund Committee Meetings | 4 |
Fixed Compensation
- Structure (effective Jan 1, 2025): Annual Board retainer $350,000; committee membership retainers—Audit $35,000, Compliance $35,000, Investment $30,000, Dividend $25,000, Nominating & Governance $25,000, Closed-End $25,000; Chair retainers—Board $150,000, Audit $35,000, Compliance $35,000, Investment $30,000, Dividend $25,000, Nominating & Governance $25,000, Closed-End $25,000. Ad hoc meeting fees $1,000 or $2,500; special assignment committee fees (chair/co-chair quarterly from $1,250; members quarterly from $5,000). Costs allocated across the fund complex.
| Component | Amount |
|---|---|
| Annual Board Retainer | $350,000 |
| Audit Committee Member Retainer | $35,000 |
| Compliance Committee Member Retainer | $35,000 |
| Investment Committee Member Retainer | $30,000 |
| Dividend Committee Member Retainer | $25,000 |
| Nominating & Governance Committee Member Retainer | $25,000 |
| Closed-End Fund Committee Member Retainer | $25,000 |
| Board Chair Retainer (if applicable) | $150,000 |
| Audit/Compliance Chair Retainer | $35,000 |
| Investment Chair Retainer | $30,000 |
| Dividend/Nominating/Closed-End Chair Retainer | $25,000 |
| Ad hoc meeting fees | $1,000 or $2,500 |
| Special assignment committee fees | Chair/co-chair quarterly ≥$1,250; members quarterly ≥$5,000 |
| Actual Compensation Paid | Amount |
|---|---|
| Total from Nuveen Funds (aggregate for Boateng) | $464,250 |
| NUW (AMT-Free Municipal Value Fund) allocation (fiscal year) | $517 |
| NUW deferred fees balance (indicative) | $129 |
- Deferred Compensation Plan: Independent Board Members may defer fees into notional accounts linked to Nuveen funds; distributions available lump-sum or over 2–20 years.
Performance Compensation
| Element | Status |
|---|---|
| Bonus/Target Bonus % | Not disclosed for Independent Board Members; compensation consists of retainers/fees. |
| Stock awards (RSUs/PSUs) | Not disclosed; proxy details cash retainers/fees and deferred compensation only. |
| Options | Not disclosed. |
| Performance metrics tied to compensation | Not disclosed; no metrics (TSR/EBITDA/ESG) cited for director pay. |
| Clawbacks / CoC / Severance | Not disclosed for Independent Board Members. |
Other Directorships & Interlocks
| Entity | Type | Role | Notes |
|---|---|---|---|
| Lumina Foundation | Non-profit | Board Member | Education philanthropy; no NUW supplier/customer linkage disclosed. |
| Waterside School | Non-profit | Board Member | Education non-profit. |
| Seattle City Employees’ Retirement System | Public pension | Investment Advisory Committee Member; Former Chair | Public pension oversight. |
| The Seattle Foundation | Non-profit | Investment Committee Member | Community foundation. |
| CREF | Registered investment company | Trustee (2018–2023) | Prior mutual fund governance. |
| TIAA Separate Account VA-1 | Registered investment company | Manager (2019–2023) | Prior variable annuity governance. |
No public operating company directorships disclosed for Boateng in the past five years; network appears focused on philanthropic and investment oversight organizations.
Expertise & Qualifications
- Designated Audit Committee financial expert; extensive investment oversight experience as CIO and pension governance leader.
- Educational credentials: B.S. (University of Ghana) and M.B.A. (UCLA).
- Oversees 216 portfolios across the fund complex, indicating broad fund governance exposure.
Equity Ownership
- Ownership policy: Board Members are expected to invest at least one year of compensation in Nuveen funds (direct or deferred).
- Beneficial ownership in NUW: Dollar range $0; shares owned 0.
- Aggregate beneficial ownership across the Nuveen fund complex: Over $100,000 (dollar range).
| Fund | Dollar Range | Shares Owned |
|---|---|---|
| NUW (AMT-Free Municipal Value Fund) | $0 | 0 |
| All Nuveen Funds overseen (aggregate dollar range) | Over $100,000 | N/A |
No pledging or hedging of NUW shares disclosed; Section 16(a) filings were in compliance in the last fiscal year.
Governance Assessment
- Board effectiveness: Boateng is a core contributor through co-chairing the Investment Committee and serving as an Audit Committee member/financial expert, aligning skill set with NUW’s credit and valuation oversight needs.
- Independence and conflicts: Classified independent; no employment ties to TIAA/Nuveen; no related-party holdings reported for Boateng in adviser-affiliated private vehicles (contrast table disclosed for another director only).
- Engagement and attendance: Met the ≥75% attendance threshold amid a high cadence of meetings (NUW: 4 regular, 8 special, 14 audit, etc.), signaling substantive engagement.
- Compensation mix and alignment: Cash retainers and committee fees dominate; deferred compensation available; NUW-specific allocation is modest due to complex-wide allocation, while aggregate compensation reflects multi-fund responsibilities. Policy expectation to invest a year’s compensation supports alignment.
- RED FLAGS: None disclosed regarding low attendance, related-party transactions, stock pledging, tax gross-ups, or option repricing.