Robert L. Young
About Robert L. Young
Independent Chair of the Board and Independent Director of Nuveen AMT-Free Municipal Value Fund (NUW); year of birth 1963; joined the Nuveen Funds Board in 2017 and has served as Chair since 2025. Former Chief Operating Officer and Director at J.P. Morgan Investment Management; former President and Principal Executive Officer of J.P. Morgan Funds; prior audit leadership at Deloitte; former CPA; B.B.A. in Accounting from University of Dayton . He is deemed an Independent Board Member (not an “interested person” and never employed by TIAA or Nuveen) overseeing 217 portfolios across the Nuveen fund complex .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| J.P. Morgan Investment Management Inc. | Chief Operating Officer and Director | 2010–2016 | Led service, administration and business platform support for mutual fund and institutional businesses; co-led global investment management operations . |
| J.P. Morgan Funds | President and Principal Executive Officer | 2013–2016 | Set board agendas, addressed regulatory matters, established policies/procedures; liaison to fund boards . |
| Deloitte & Touche LLP (formerly Touche Ross LLP) | Senior Manager (Audit) | 1985–1996 | Created and led midwestern mutual fund audit practice; former CPA . |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| None disclosed | — | — | No other public company directorships in past five years . |
Board Governance
- Independent Chair of the Board; responsibilities include coordinating board agendas, presiding meetings, and serving as liaison with management and counsel; elected as independent chair to enhance governance and independence .
- Committee assignments:
- Executive Committee: Chair; members Kenny, Nelson, Toth .
- Nominating & Governance Committee: Chair; all Independent Board Members serve .
- Audit Committee: Member; designated audit committee financial expert; chair is Nelson .
- Investment Committee: Member; co-chairs Boateng and Lancellotta .
- Closed-End Fund Committee: Member; chair is Moschner .
- Not on the Dividend Committee or the Compliance, Risk Management and Regulatory Oversight Committee .
- Independence: All board members (including Young) are Independent Board Members under the 1940 Act and have never been employees/directors of TIAA or Nuveen .
- Attendance: Each Board Member attended at least 75% of Board and applicable committee meetings in the last fiscal year .
NUW Meeting Activity (last fiscal year)
| Meeting Type | Count |
|---|---|
| Regular Board Meetings | 4 |
| Special Board Meetings | 8 |
| Executive Committee Meetings | 4 |
| Dividend Committee Meetings | 10 |
| Compliance, Risk Management & Regulatory Oversight Committee Meetings | 6 |
| Audit Committee Meetings | 14 |
| Nominating & Governance Committee Meetings | 5 |
| Investment Committee Meetings | 4 |
| Closed-End Fund Committee Meetings | 4 |
Fixed Compensation
| Component | Amount (USD) | Notes |
|---|---|---|
| Independent Board Member annual retainer | $350,000 | Effective Jan 1, 2025 . |
| Committee membership retainer – Audit; Compliance/Risk | $35,000 each | Effective Jan 1, 2025 . |
| Committee membership retainer – Investment | $30,000 | Effective Jan 1, 2025 . |
| Committee membership retainer – Dividend; Nominating & Governance; Closed-End Funds | $25,000 each | Effective Jan 1, 2025 . |
| Chair of the Board additional retainer | $150,000 | Effective Jan 1, 2025 . |
| Chair retainers – Audit; Compliance/Risk | $35,000 each | Effective Jan 1, 2025 . |
| Chair/Co-Chair – Investment | $30,000 | Effective Jan 1, 2025 . |
| Chair – Dividend; Nominating & Governance; Closed-End Funds | $25,000 each | Effective Jan 1, 2025 . |
| Ad hoc meeting fees | $1,000 or $2,500 | Based on meeting length/immediacy . |
| Total compensation from Nuveen Funds paid to Young (aggregate) | $502,381 | Latest table aggregate across funds . |
| Compensation paid by NUW to Young (fund-level) | $827 | Fund’s last fiscal year allocation . |
- Deferred compensation plan available; amounts credited track returns of elected Nuveen funds; distributions in lump sum or over 2–20 years; funds have no retirement or pension plans .
Deferred Compensation – NUW and selected funds (latest disclosed period)
| Fund | Deferred Fees Payable to Young (USD) |
|---|---|
| NUW (AMT-Free Value) | $545 |
| AMT-Free Credit Income | $9,299 |
| AMT-Free Quality | $12,063 |
| Municipal Value | $3,853 |
| Quality Municipal Income | $9,624 |
Performance Compensation
| Metric | Disclosure |
|---|---|
| Bonuses, stock awards (RSUs/PSUs), options | None disclosed for Independent Directors; compensation comprised of cash retainers/fees and optional deferred compensation . |
| Performance metrics tied to director pay | None disclosed . |
| Clawbacks, severance, CoC triggers | Not applicable to Independent Directors; not disclosed . |
Other Directorships & Interlocks
| Company | Role | Notes |
|---|---|---|
| None | — | No other public company directorships in past five years for Young . |
Expertise & Qualifications
- 30+ years investment management operating experience; ran mutual fund platforms and governance interfaces at J.P. Morgan .
- Audit and financial oversight expertise (former CPA; audit committee financial expert designation) .
- Board governance leadership as Independent Chair and Chair of Nominating & Governance Committee .
Equity Ownership
| Fund | Dollar Range | Shares Owned |
|---|---|---|
| NUW (AMT-Free Value) | $0 | 0 |
| Credit Income (NZF) | Over $100,000 | 16,131 |
| Quality Municipal Income (NAD) | Over $100,000 | 32,727 |
| Aggregate holdings across Nuveen fund complex | Over $100,000 | — |
- Board guideline: Each Board Member is expected to invest at least the equivalent of one year of compensation in Nuveen funds in the Fund Complex; individual compliance levels are not disclosed .
Governance Assessment
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Strengths:
- Independent Chair role centralizes agenda setting and elevates independent oversight; Young chairs Executive and Nominating & Governance, and serves on Audit, Investment, Closed-End committees, providing broad governance coverage .
- Audit committee financial expert designation and prior CPA background support financial reporting and valuation oversight quality .
- Attendance threshold met (≥75% of meetings), and NUW saw robust committee activity, indicating active governance processes .
-
Potential concerns and RED FLAGS:
- $0 personal holdings in NUW specifically may be viewed as weaker alignment for NUW shareholders, despite significant holdings in other Nuveen funds (aggregate “Over $100,000”) .
- Compensation is predominantly cash retainer-based with multiple chair/member retainers; absence of performance-linked components limits explicit pay-for-performance signals for director compensation .
- Concentration of chair roles (Board Chair; Executive; Nominating & Governance) can be efficient but increases reliance on independent checks through committee structure; mitigated by independent Audit chair and full committee membership breadth .
-
Conflicts/related-party exposure:
- Board disclosures identify certain holdings for other members in entities under common control with the adviser; no such holdings disclosed for Young; Section 16 filing compliance affirmed, and no related-party transactions for Young are disclosed .
- Adviser and audit firm independence monitored; PwC appointed as auditor for current fiscal year .
Overall, Young’s deep operations background and independent chairmanship support board effectiveness at NUW; alignment optics could be strengthened with explicit NUW share ownership, though fund-complex investment expectations and aggregate holdings provide some alignment signal .