John K. Nelson
About John K. Nelson
Independent director/trustee in the Nuveen closed‑end fund complex (including NZF), born 1962 (age ~63), serving since 2013 across 220 portfolios overseen by the Boards. Former CEO of ABN AMRO Bank N.V. North America and Global Head of the Financial Markets Division (2007–2008); Senior External Advisor to Deloitte Consulting’s Financial Services practice (2012–2014). Chair of the Audit Committee and designated “audit committee financial expert,” with independence affirmed under NYSE/Nasdaq standards for closed‑end funds.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| ABN AMRO Bank N.V. | CEO, North America; Global Head, Financial Markets Division | 2007–2008 | Senior leadership in markets and risk oversight |
| ABN AMRO Bank N.V. | Executive leadership roles | 1996–2007 | Broad financial markets and operations roles |
| Deloitte Consulting LLP | Senior External Advisor, Financial Services | 2012–2014 | Advisory expertise in consulting/accounting |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Core12 LLC (private) | Director | 2008–2023 | Branding/marketing firm |
| Fordham University | President’s Council member | 2010–2019 | University advisory body |
| Curran Center for Catholic American Studies | Director | 2009–2018 | Academic center governance |
| Marian University | Trustee and Chair of Board | 2011–2013 | Board leadership |
Board Governance
- Independence: Serves as an Independent Board Member/Trustee; Audit Committee composed entirely of independent trustees under NYSE/Nasdaq closed‑end fund standards.
- Committee leadership and memberships:
- Audit Committee Chair; designated “audit committee financial expert.”
- Dividend Committee member.
- Engagement cadence:
- Audit Committee met 14 times in FY 2024; Dividend Committee met 10 times.
- Term and tenure:
- Class II Board Member; term through the 2026 annual shareholder meeting; length of service since 2013.
- Scope of oversight: Oversees ~220 Nuveen portfolios across the fund complex.
Fixed Compensation
Director compensation is cash‑based with committee retainers; Nuveen funds do not grant equity awards to trustees.
| Component | Amount | Notes |
|---|---|---|
| Annual retainer (Independent Trustees) | $350,000 | Structure “prior to January 1, 2025” |
| Committee membership retainers | $30,000 (Audit; Compliance, Risk Mgmt & Regulatory Oversight); $20,000 (Dividend, Investment, Nominating & Governance, Open‑End Fund) | Per committee, “prior to Jan 1, 2025” |
| Committee chair retainers | $30,000 (Audit; Compliance); $20,000 (Dividend, Investment, Nominating & Governance, Closed‑End) | Additional for chairs |
| Board Chair retainer | $140,000 | Additional for Chair/Co‑Chair |
| Ad hoc meeting fees | $1,000–$2,500 per meeting | Based on length/immediacy |
| Special assignment committee fees | Chair: $1,250/quarter; Trustees: $5,000/quarter | As applicable |
Selected reported payments to Nelson:
- Total compensation from Nuveen fund complex (calendar 2024): $483,250.
- Example per‑fund aggregate compensation (various fiscal years):
- NKX (FY ended Aug 31, 2025): $2,792; deferred $0.
- NPV (FY ended May 31, 2025): $950; deferred $0.
- JGH (FY ended Dec 31, 2024): $1,226; deferred $0.
- NAN (12 months ended Aug 31, 2024): $1,890; deferred $0.
Performance Compensation
- No performance‑based incentives (no RSUs/PSUs/options) for Nuveen fund trustees; compensation is cash retainers plus optional deferred fee program. Funds do not have retirement or pension plans for trustees.
Performance metrics table (not applicable):
| Metric Type | Applies to Director Pay? | Notes |
|---|---|---|
| TSR/EBITDA/Revenue growth goals | No | Trustees paid fixed retainers; no equity awards disclosed |
| Clawbacks / change‑of‑control | Not applicable to trustee fees | Not disclosed for trustees in Nuveen funds |
Other Directorships & Interlocks
| Company | Type | Role | Potential Interlock/Conflict |
|---|---|---|---|
| Core12 LLC | Private | Director (former) | No disclosed Nuveen fund transactions with Core12; no interlock flagged |
| Academic/non‑profit boards | Non‑profit | Various roles (former) | No related‑party transactions disclosed |
Expertise & Qualifications
- Deep financial markets and banking leadership (ABN AMRO), plus advisory exposure at Deloitte—supports oversight of valuation, audit quality, and risk management.
- Designated audit committee financial expert (SEC definition).
Equity Ownership
Board policy encourages identity of interests by investing at least one year of compensation in Nuveen funds; reported holdings show aggregate range “Over $100,000” across Nuveen funds, with less than 1% ownership of any individual fund.
| Fund(s) | Shares Owned | Dollar Range | Notes |
|---|---|---|---|
| Specific Nuveen municipal funds (e.g., AZ, CA AMT‑Free, CA Value, MA Quality) | 0 | — | Per‑fund holdings zero as of Oct 22, 2025 |
| All Nuveen funds overseen (“Family of Investment Companies”) | — | Over $100,000 | Aggregate beneficial ownership; policy emphasizes alignment |
| Ownership vs. fund float | <1% of any fund | — | As of Sep 30, 2025 |
Governance Assessment
- Strengths:
- Independent director with substantial financial services leadership; chairs Audit Committee and is an SEC‑defined financial expert—positive for board effectiveness and investor confidence.
- High engagement indicated by frequent Audit (14) and Dividend (10) committee meetings in FY 2024.
- Reported aggregate fund holdings “Over $100,000” align with Nuveen’s principle to foster identity of interests (though not necessarily equal to one year’s compensation).
- Compensation and incentives:
- Cash‑heavy structure with clear committee retainers; no equity grants or performance metrics—reduces risk of misaligned short‑term incentives but offers limited pay‑for‑performance linkage.
- Total complex compensation of $483,250 (2024) commensurate with scope across ~220 funds; no deferred fees reported in sample funds—suggests current cash recognition rather than long‑dated deferrals.
- Conflicts/related‑party:
- No related‑party transactions disclosed for Nelson; per‑fund ownership <1% and aggregate “Over $100,000,” with no pledging or hedging disclosures flagged.
- Attendance/engagement:
- Committee meeting cadence is disclosed; individual attendance rates not itemized—no red flag disclosed.
RED FLAGS: None specifically disclosed for Nelson regarding related‑party transactions, pledging/hedging, option repricing, or low attendance. Monitoring recommended on evolving Nuveen board fee structures and any future changes to deferred compensation usage or committee workloads.