Thomas J. Kenny

About Thomas J. Kenny

Independent director (non-interested person) of Nuveen Municipal Credit Income Fund (NZF), born 1963, appointed to the NZF Board effective January 1, 2024 as part of the Board consolidation across the Nuveen/TIAA fund complex. Former Co-Head of Goldman Sachs Asset Management’s Global Cash and Fixed Income Portfolio Management team; holds a B.A. from UC Santa Barbara, an M.S. from Golden Gate University, and is a CFA charterholder. Current external governance credentials include serving as Director of Aflac Incorporated and Chair of its Finance & Investment Committee; prior Board leadership at CREF and TIAA Separate Account VA-1. He is nominated as a Class I Board Member for a term expiring at the 2028 annual meeting.

Past Roles

External Roles

Board Governance

• Independence: Listed among “Board Members/Nominees who are not ‘interested persons’” of the Funds; thus independent under NYSE/NASDAQ closed-end standards.
• Committee memberships (NZF and fund complex):
  • Executive Committee (member): Young (Chair), Kenny, Nelson, Toth.
  • Dividend Committee (member): Thornton (Chair), Lancellotta, Kenny, Nelson, Starr.
  • Compliance, Risk Management & Regulatory Oversight Committee (member): Wolff (Chair), Forrester, Kenny, Medero, Moschner, Toth.
  • Nominating & Governance Committee (member): Young (Chair) plus Boateng, Forrester, Kenny, Lancellotta, Medero, Moschner, Nelson, Starr, Thornton, Toth, Wolff.
  • Investment Committee (member): Boateng and Lancellotta (Co-Chairs) plus Forrester, Kenny, Medero, Moschner, Nelson, Starr, Thornton, Toth, Wolff, Young.
  • Closed-End Fund Committee (member): Moschner (Chair), Kenny, Nelson, Starr, Thornton, Wolff, Young.
  • Audit Committee: Not listed as a member (current members are Nelson (Chair), Boateng, Lancellotta, Starr, Thornton, Wolff, Young).
• Attendance: Each Board Member attended 75% or more of Board and committee meetings in the last fiscal year.

Meeting cadence (NZF – “Credit Income” fund, FY ended Oct 31, 2024)

Fixed Compensation

• Structure (effective January 1, 2025):
  • Annual retainer: $350,000.
  • Annual retainers for committee memberships: Audit $35,000; Compliance $35,000; Investment $30,000; Dividend $25,000; Nominating & Governance $25,000; Closed-End $25,000.
  • Chair retainers: Board Chair $150,000; Audit Chair $35,000; Compliance Chair $35,000; Investment Chair/Co-Chair $30,000; Dividend Chair $25,000; Nominating & Governance Chair $25,000; Closed-End Chair $25,000.
  • Ad hoc meeting fees: $1,000 or $2,500 depending on length/immediacy; special assignment committees paid quarterly fees.
  • No retirement/pension; optional Deferred Compensation Plan available to Independent Board Members, with elections invested into eligible Nuveen funds for bookkeeping purposes and distributions over 2–20 years.

Aggregate Compensation (latest disclosed periods)

Performance Compensation

• Independent Board Members are paid fixed retainers and fees; there are no bonuses, stock awards (RSUs/PSUs), options, or performance-tied metrics disclosed for directors.
• Deferred Compensation Plan is elective and tracks the value as if invested in eligible Nuveen funds; it is not performance incentive pay linked to NZF outcomes.

Other Directorships & Interlocks

Expertise & Qualifications

• Fixed-income and cash management leadership at GSAM; deep portfolio and risk oversight experience.
• Education: B.A. UC Santa Barbara; M.S. Golden Gate University.
• Professional designation: Chartered Financial Analyst (CFA).

Equity Ownership

• Governance principle: Each Board Member is expected to invest at least the equivalent of one year of compensation in funds in the Fund Complex (directly or on a deferred basis).
• NZF-specific holdings: Kenny beneficially owned 0 NZF shares as of May 31, 2025.
• Aggregate holdings across the Fund Complex: “Over $100,000” dollar range; individual and group holdings of each Fund were less than 1% of outstanding shares as of June 20, 2025.

• Related-party/affiliated holdings: Through the Thomas Joseph Kenny 2021 Trust and KSHFO, LLC 4, Kenny holds interests in entities under common control with the Funds’ Adviser (Nuveen/TIAA), including TIAA‑CREF Global Agriculture II LLC and related vehicles; he owns 6.60% of KSHFO, LLC. Values as of Dec 31, 2024 shown below.

Governance Assessment

• Strengths: Independent status; deep fixed-income portfolio management background; broad committee engagement (Executive, Investment, Compliance, Dividend, Closed-End, Nominating & Governance), supporting robust risk and performance oversight; attendance met the Board’s 75% threshold; external public company board experience (Aflac) reinforces financial governance credibility.
• Compensation alignment: Transparent, fixed retainer and committee fee structure; optional deferral into Nuveen funds promotes long-term orientation; no pay-for-performance elements that could bias oversight.
• Ownership alignment: Aggregate holdings “Over $100,000” across the family, but zero direct NZF shares as of May 31, 2025; Board expects at least one year of compensation invested in the Fund Complex—compliance level for Kenny not explicitly disclosed. Potentially weaker alignment to NZF specifically.
• Potential conflicts (RED FLAG): Personal and LLC interests in entities under common control with the Funds’ Adviser (Nuveen/TIAA) could present perceived conflicts; percentages reflect committed capital, but affiliation warrants monitoring for related-party considerations.
• Committee coverage: Not on Audit Committee, which centralizes valuation and auditor oversight—mitigated by his roles on Compliance, Investment, and Closed-End committees that also address risk, performance, and discount strategies.
• Tenure signal: Appointed January 1, 2024 through Board consolidation; continuity across TIAA/CREF governance history indicates familiarity with Fund Complex processes; current nomination to 2028 provides medium-term governance stability.

Overall, Kenny brings strong fixed-income and governance expertise, broad committee participation, and independent oversight, but lack of NZF-specific share ownership and affiliated holdings with Adviser-controlled entities are watch points for alignment and conflicts.