Joseph A. Boateng
About Joseph A. Boateng
Independent director born in 1963 with deep institutional investment oversight experience. He is Chief Investment Officer at Casey Family Programs (since 2007), previously Director of U.S. Pension Plans at Johnson & Johnson (2002–2006), and joined Nuveen fund boards in the Fund Complex in 2019; for NZF he is a current Class II director with a term expiring at the 2026 annual meeting. Credentials include MBA from UCLA, B.S. from University of Ghana, and designation as an audit committee financial expert.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Casey Family Programs | Chief Investment Officer | 2007–Present | Leads endowment and portfolio oversight; institutional governance experience |
| Johnson & Johnson | Director of U.S. Pension Plans | 2002–2006 | Pension investment governance; ERISA/DB plan oversight |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Lumina Foundation | Board Member | 2018–Present | Higher education policy; philanthropic oversight |
| Waterside School | Board Member | 2021–Present | Education nonprofit governance |
| Year Up Puget Sound | Board Member; Emeritus | Board: 2012–2019; Emeritus since 2020 | Workforce development; board governance continuity |
| Seattle City Employees’ Retirement System | Investment Advisory Committee Member; Former Chair | Since 2007 | Public pension investment policy oversight |
| The Seattle Foundation | Investment Committee Member | Since 2012 | Endowment investment oversight |
| College Retirement Equities Fund (CREF) | Trustee | 2018–2023 | Large RIC board; prior affiliation under TIAA umbrella |
| TIAA Separate Account VA-1 | Management Committee Member | 2019–2023 | Variable annuity account governance |
Board Governance
| Committee | Role | Notes |
|---|---|---|
| Investment Committee | Co-Chair | Oversees fund performance and investment risk; quarterly reporting; co-chairs with Amy Lancellotta |
| Audit Committee | Member; Audit Committee Financial Expert | Oversees financial reporting, auditor independence, valuation; designated “financial expert” |
| Nominating & Governance Committee | Member | Oversees board composition, performance, rotation, governance guidelines; all independent members |
- Class and term: For NZF (Nuveen Municipal Credit Income Fund), Boateng is a Class II director with term expiring at the 2026 annual meeting.
- Independence: Listed among “Board Members/Nominees who are not ‘interested persons’”; audit and nominating committees are entirely independent under NYSE/NASDAQ standards.
- Attendance: Each board member attended 75% or more of board and applicable committee meetings in the last fiscal year.
Board and Committee Activity for NZF (Credit Income) – Last Fiscal Year:
| Meeting Type | Count |
|---|---|
| Regular Board Meetings | 4 |
| Special Board Meetings | 8 |
| Executive Committee | 4 |
| Dividend Committee | 10 |
| Compliance, Risk Mgmt & Regulatory Oversight | 6 |
| Audit Committee | 14 |
| Nominating & Governance Committee | 5 |
| Investment Committee | 4 |
| Closed-End Fund Committee | 4 |
Fixed Compensation
Compensation structure evolution (Independent Directors):
| Component | 2023 | 2024 | 2025 |
|---|---|---|---|
| Annual Board Retainer | $210,000 | $350,000 | $350,000 |
| Audit Committee Member Retainer | $2,500 per meeting | $30,000 annual | $35,000 annual |
| Compliance Committee Member Retainer | $5,000 per meeting | $30,000 annual | $35,000 annual |
| Investment Committee Member Retainer | $2,500 per meeting | $20,000 annual | $30,000 annual |
| Dividend Committee Member Retainer | $1,250 per meeting | $20,000 annual | $25,000 annual |
| Nominating & Governance Member Retainer | $500 per meeting | $20,000 annual | $25,000 annual |
| Closed-End Funds Committee Member Retainer | $2,500 per meeting | $20,000 annual | $25,000 annual |
| Board Chair Retainer | $140,000 | $140,000 | $150,000 |
| Audit/Compliance Chair Retainer | $20,000 | $30,000 | $35,000 |
| Investment Committee Chair/Co-Chair Retainer | $20,000 | $20,000 | $30,000 |
| Dividend, N&G, Closed-End Chairs Retainer | $20,000 | $20,000 | $25,000 |
| Ad hoc meeting fees | N/A (Chair determined for unscheduled) | $1,000 or $2,500 per meeting | $1,000 or $2,500 per meeting |
| Deferred Compensation Plan availability | Yes (elective deferral into Nuveen fund equivalents) | Yes | Yes |
Boateng – Aggregate compensation received:
| Scope | Period | Amount |
|---|---|---|
| NZF (Credit Income) – Aggregate from fund | Fiscal year ended Oct 31, 2024 | $7,499 |
| Total from Nuveen funds (Fund Complex) | Latest disclosed | $464,250 |
Performance Compensation
- No equity awards, options, performance share units, or bonus metrics disclosed for independent directors; compensation is cash-based retainers/fees and optional deferred compensation.
Other Directorships & Interlocks
| Company/Entity | Type | Role | Tenure/Notes |
|---|---|---|---|
| Public company directorships | Public | None disclosed | — |
| College Retirement Equities Fund (CREF) | Registered Investment Company | Trustee | 2018–2023; prior affiliation under TIAA umbrella (Nuveen’s parent), not current |
| TIAA Separate Account VA-1 | Variable annuity account | Management Committee Member | 2019–2023; prior affiliation under TIAA umbrella, not current |
- Independence safeguard: Nominating & Governance Committee requires independence from the Adviser, sub-advisers, underwriters and affiliates for independent nominees.
Expertise & Qualifications
- Audit committee financial expert designation; deep experience in investment oversight, valuation, and auditor independence oversight.
- CIO background with long-tenured fiduciary leadership; pension and endowment investment governance.
- Broad nonprofit and public pension investment committee participation, adding risk and performance oversight skills.
Equity Ownership
| Item | Status |
|---|---|
| Board ownership guideline | Expected to invest at least 1 year of compensation in funds within the Fund Complex (direct or deferred) |
| Beneficial ownership % | Each Board Member individually held <1% of outstanding shares of each fund as of June 20, 2025; group also <1% |
| Pledging/Hedging disclosure | Not disclosed in proxy |
| Section 16(a) filings | Funds report full compliance in last fiscal year (no delinquencies) |
Insider Trades
| Date | Form | Transaction | Shares | Price | Notes |
|---|---|---|---|---|---|
| — | — | None disclosed in proxy materials | — | — | Funds report Section 16(a) compliance for directors in last fiscal year |
Governance Assessment
- Positive signals: Co-Chair of Investment Committee and audit committee financial expert designation strengthen board effectiveness in performance oversight, risk management, valuation, and reporting integrity; attendance at or above 75% indicates engagement.
- Compensation structure: Shift from per-meeting fees (2023) to higher fixed retainers and committee retainers (2024–2025) increases predictability; co-chair fee alignment reflects substantive committee leadership responsibilities.
- Alignment: Board guideline to invest one year of compensation and optional deferred compensation plan support alignment, though individual holdings are <1% and specific holdings by director are in Appendix A (not tabulated here).
- Conflicts/red flags: No related-party transactions disclosed for Boateng; prior roles with TIAA-affiliated entities ended by 2023 and independence is affirmed through committee compositions and 1940 Act standards. Section 16 compliance reported; no red flags noted.