Thomas J. Kenny
About Thomas J. Kenny
Independent director born in 1963; joined the NVG Board effective January 1, 2024. Former Co-Head of Goldman Sachs Asset Management’s Global Cash and Fixed Income Portfolio Management team, with roles including Managing Director (1999–2004), Partner (2004–2010), and Advisory Director (2010–2011). Holds a B.A. from UC Santa Barbara, an M.S. from Golden Gate University, and is a Chartered Financial Analyst; current external directorship at Aflac Incorporated, where he chairs the Finance and Investment Committee .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Goldman Sachs Asset Management | Co-Head, Global Cash & Fixed Income PM; Managing Director; Partner; Advisory Director | Co-Head 2002–2010; MD 1999–2004; Partner 2004–2010; Advisory Director 2010–2011 | Led large fixed income PM team; deep portfolio/risk oversight experience |
| College Retirement Equities Fund (CREF) | Trustee; Chairman | Trustee 2011–2023; Chairman 2017–2023 | Governance and investment oversight leadership |
| TIAA Separate Account VA-1 | Management Committee; Chairman | Member 2011–2023; Chairman 2017–2023 | Oversight of separate account governance and performance |
| Sansum Clinic | Director; Finance Committee Chair | Finance Chair 2016–2022; Director 2021–2022 | Financial stewardship in healthcare nonprofit |
| Cottage Health System | Investment Committee Member | Prior service (dates not specified) | Portfolio oversight, healthcare system investments |
| UC Santa Barbara Arts & Lectures | Advisory Council Member | 2011–2020 | Community/educational engagement |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Aflac Incorporated | Director; Chair, Finance & Investment Committee | Director since 2015; Chair since 2018 | Finance/investment oversight; public company board experience |
| ParentSquare | Director | 2021–2022 | EdTech governance |
| B’Box | Advisory Board Member | 2017–2019 | Advisory support |
| Crane Country Day School | President of the Board | Prior service (dates not specified) | Nonprofit leadership |
| Jewish Coalition Against Domestic Abuse (JCADA) | Board Member | Since 2020 | Community engagement (not a public company) |
Board Governance
- Independence: Listed among “Board Members/Nominees who are not ‘interested persons’” and serves on committees composed entirely of Independent Board Members as defined by NYSE/NASDAQ standards .
- Committee memberships (NVG Fund Complex):
- Executive Committee: Member; Chair is Robert L. Young .
- Dividend Committee: Member; Chair is Matthew Thornton III .
- Nominating & Governance Committee: Member; Chair is Robert L. Young .
- Investment Committee: Member; Co-Chairs are Joseph A. Boateng and Amy B. R. Lancellotta .
- Closed-End Fund Committee: Member; Chair is Albin F. Moschner .
- Attendance: Each Board Member attended 75% or more of Board and applicable committee meetings during the last fiscal year .
- Election/tenure: Appointed to Boards effective January 1, 2024; designated Class I or III Board Member for certain funds through the 2028 annual meeting cycle .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual Retainer (Independent Board Members) | $350,000 | Effective January 1, 2025 |
| Audit Committee membership | $35,000 | Per committee, annually |
| Compliance, Risk Management & Regulatory Oversight Committee membership | $35,000 | Per committee, annually |
| Investment Committee membership | $30,000 | Annually |
| Dividend Committee membership | $25,000 | Annually |
| Nominating & Governance Committee membership | $25,000 | Annually |
| Closed-End Fund Committee membership | $25,000 | Annually |
| Ad hoc Board/Committee meetings | $1,000–$2,500 | Per meeting, depending on length/immediacy |
| Special assignment committees fees | Chair quarterly starting at $1,250; Members quarterly starting at $5,000 | As applicable |
| Actual aggregate compensation paid from Nuveen funds (last fiscal year, per proxy table) | $610,000 | “Total Compensation from Nuveen Funds Paid to Board Members/Nominees” for Thomas J. Kenny |
| Deferred Compensation Plan availability | Available | Elect to defer; credited to book reserve; distributions lump sum or 2–20 years |
Performance Compensation
| Performance-linked element | Disclosed for Independent Directors? | Source |
|---|---|---|
| Annual/long-term incentive tied to financial metrics (e.g., revenue, EBITDA, TSR) | Not specified in proxy; director pay described as retainers and fees with optional deferral | |
| Equity awards (RSUs/PSUs), options, vesting schedules | Not specified in proxy; no equity/option plan described for directors | |
| Clawback provisions for directors | Not specified | |
| Change-in-control payments, tax gross-ups | Not specified |
The proxy details cash retainers, committee fees, and a deferred compensation mechanism; it does not outline equity awards, options, or performance metrics for Independent Board Members .
Other Directorships & Interlocks
| Entity | Relationship/Role | Potential Interlock/Conflict Consideration |
|---|---|---|
| Aflac Incorporated | Director; Chair Finance & Investment Committee | External public company; no disclosed direct business with NVG funds |
| KSHFO, LLC (Mr. Kenny owns 6.60%) via trust holdings | Holds interests in TIAA-CREF Global Agriculture II LLC and related vehicles | Advisers to these companies are indirectly commonly controlled by Nuveen; presents potential related-party alignment/perception risk |
Expertise & Qualifications
- Fixed income and cash management leadership at GSAM; co-led global PM team .
- CFA charterholder; M.S. in finance-related discipline; B.A. .
- Extensive fund governance leadership (Chair roles at CREF and TIAA VA-1) .
- Current chair of a public company Finance & Investment Committee (Aflac) .
Equity Ownership
| Measure | Value | Notes |
|---|---|---|
| Required ownership guideline | Expected to invest ≥ one year of compensation across Fund Complex | Governance principle adopted by Nuveen funds boards |
| Dollar range of equity securities in all Nuveen registered investment companies overseen | Over $100,000 | As of May 31, 2025 |
| Fund-specific holdings (selected funds in Appendix A) | $0 for listed funds | As of May 31, 2025; Appendix A subset shows $0 for Thomas J. Kenny in listed funds |
| Ownership concentration | <1% of outstanding shares (individual and group) | As of June 20, 2025, for each Fund and group |
| Holdings in companies under common control with Adviser (value, 12/31/2024) | Global Timber Resources LLC: $37,455; Global Timber Resources Investor Fund, LP: $567,738; TIAA-CREF Global Agriculture II LLC: $717,269; Global Agriculture II AIV (US) LLC: $681,911 | Held via Thomas Joseph Kenny 2021 Trust and KSHFO, LLC 4; Mr. Kenny owns 6.60% of KSHFO, LLC |
Governance Assessment
- Strengths: Independent status; multi-committee engagement (Executive, Dividend, Nominating & Governance, Investment, Closed-End); strong attendance; deep fixed income and portfolio oversight background augments board effectiveness .
- Alignment: Board guideline requires investing at least one year of compensation in Fund Complex; Kenny’s aggregate dollar range is “Over $100,000,” consistent with meaningful exposure, though Appendix A shows $0 in certain individual funds listed (not necessarily comprehensive of NVG) .
- Compensation: Transparent, cash-based retainer and committee fee structure with optional deferred compensation; aggregate total compensation from Nuveen funds reported at $610,000 for the last fiscal year .
- Potential RED FLAGS:
- Related-party exposure via trust/LLC interests in entities whose advisers are under common control with Nuveen; while disclosed, this may present perceived conflicts or alignment risks to impartial oversight, particularly around affiliate transactions and investment policies .
- Fund-specific ownership in selected Appendix A funds is $0, which may raise questions on fund-level “skin-in-the-game,” mitigated by aggregate ownership across the complex and the board guideline expectation .