Joseph A. Boateng
About Joseph A. Boateng
Independent Board Member for Nuveen AMT-Free Municipal Credit Income Fund (NVG) born 1963; joined the Nuveen closed‑end fund boards effective January 1, 2024. Chief Investment Officer of Casey Family Programs since 2007; previously Director of U.S. Pension Plans at Johnson & Johnson (2002–2006). Education: B.S. University of Ghana; M.B.A. UCLA. Listed among “Board Members/Nominees who are not ‘interested persons’,” overseeing 216 portfolios in the Nuveen fund complex .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Casey Family Programs | Chief Investment Officer | 2007–present | Institutional CIO with fiduciary oversight |
| Johnson & Johnson | Director, U.S. Pension Plans | 2002–2006 | Led corporate pension plan management |
| College Retirement Equities Fund (CREF) | Trustee | 2018–2023 | Governance for retirement investment products |
| TIAA Separate Account VA‑1 | Management Committee Member | 2019–2023 | Oversight of annuity separate account |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Lumina Foundation | Board Member | 2018–present | Postsecondary education philanthropy |
| Waterside School | Board Member | 2021–present | Education non‑profit governance |
| Year Up Puget Sound | Board Member; Emeritus | 2012–2019; Emeritus since 2020 | Workforce development |
| 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 |
Board Governance
- Independence: Listed as a Board Member “who is not an ‘interested person’” of the Funds .
- Committees:
- Audit Committee member; designated “audit committee financial expert” (with Nelson, Starr, Young) under SEC rules .
- Nominating & Governance Committee member; committee is entirely independent and oversees board composition, evaluation, governance processes, and compensation framework .
- Investment Committee Co‑Chair (with Lancellotta); committee oversees fund performance, investment risk, leverage/hedging, and reviews quarterly reports from Nuveen oversight teams .
- Not on Closed‑End Fund Committee (members: Moschner [Chair], Kenny, Nelson, Starr, Thornton, Wolff, Young) .
- Attendance: Each Board Member attended at least 75% of Board and applicable committee meetings in the last fiscal year .
- Board structure: Unitary board across the Nuveen fund complex, chaired by Independent Chair Robert L. Young, designed to strengthen independence and consistent oversight of common policies and service providers .
Fixed Compensation
| Component | NVG (FY ended Oct 31, 2024) | Nuveen Funds Complex Total |
|---|---|---|
| Aggregate compensation paid by the Fund | $8,858 | $464,250 (includes compensation from CREF and VA‑1 through 12/31/2023) |
- Compensation is presented as aggregate cash fees per fund; officers receive no compensation from the Funds; independent directors may optionally defer fees under the Deferred Compensation Plan .
Performance Compensation
- No performance‑based equity awards (RSUs/PSUs), stock options, or bonus metrics are disclosed for independent directors; compensation is retainer/meeting/committee‑based with optional deferral into Nuveen funds .
- Deferred Compensation Plan mechanics: Deferred amounts are treated as hypothetical investments in one or more participating Nuveen funds and accrue returns accordingly; amounts are payable per fund .
| Deferred Compensation Indicator | NVG (AMT‑Free Credit Income) | Plan Notes |
|---|---|---|
| Total deferred fees payable (incl. assumed investment return) | $2,208 | Deferred amounts mirror returns of selected participating funds; balances tracked per fund |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None disclosed in NVG proxy biography |
| Non‑profit/academic roles | Lumina Foundation; Waterside School; Year Up Puget Sound (emeritus); Seattle City Employees’ Retirement System; The Seattle Foundation |
| Potential interlocks | Prior roles at CREF and VA‑1 (TIAA affiliates); board affirms independence under NYSE/NASDAQ closed‑end fund standards |
| Related‑party holdings table | Boateng not listed among board members with disclosed holdings in companies advised by affiliates (example shown for Kenny); suggests no related‑party exposure disclosed for Boateng in that table |
Expertise & Qualifications
- Financial/investment expertise: Institutional CIO and pension plan leader; designated “audit committee financial expert” under SEC rules .
- Oversight breadth: Oversees 216 portfolios in the fund complex, supporting scale governance .
- Education: B.S. University of Ghana; M.B.A. UCLA .
Equity Ownership
| Item | Status |
|---|---|
| Beneficial ownership of NVG | Less than 1% of outstanding shares for each Board Member; group also <1% (as of June 20, 2025) |
| Ownership guidelines | Board Members are expected to invest at least one year of compensation in funds within the complex (directly or via deferral) |
| Pledging/hedging | Not disclosed in available proxy excerpts; no pledging entries for Boateng in related‑party holdings table |
Governance Assessment
- Strengths: Independent status; Audit Committee financial expert designation; Co‑Chair of Investment Committee; documented attendance compliance; unitary board structure with independent chair; optional fee deferral that ties director compensation to fund outcomes enhances alignment .
- Compensation and alignment: NVG paid Boateng $8,858 in FY2024; total complex fees $464,250 reflect broad oversight duties; deferred fees of $2,208 at NVG indicate use of alignment mechanism .
- Conflicts/RED FLAGS: No disclosed related‑party securities holdings for Boateng in the affiliates table; no stock awards/options or tax gross‑ups disclosed; independence affirmed; attendance threshold met. Overall, low conflict profile based on disclosed data .
- Monitoring items: Prior affiliations with CREF/VA‑1 (TIAA), while independence is affirmed, warrant routine review of continued independence; confirm ongoing compliance with ownership expectation and any updates in Appendices for precise NVG share counts at future filings .
Evidence of active engagement: Executed Power of Attorney for Nuveen closed‑end fund registration filings (including NVG) in July 2024, facilitating timely regulatory documentation .