Joseph Boateng
About Joseph A. Boateng
Independent Board Member of the Nuveen NASDAQ 100 Dynamic Overwrite Fund (QQQX) since 2024; Co‑Chair of the Investment Committee and member of the Audit and Nominating & Governance Committees. Chief Investment Officer of Casey Family Programs since 2007; previously Director of U.S. Pension Plans at Johnson & Johnson (2002–2006). Year of birth: 1963; education: B.S., University of Ghana; M.B.A., UCLA Anderson. Classified as an “Independent Board Member” (not an “interested person” of the Funds/TIAA/Nuveen) and oversees 213 portfolios in the fund complex.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Casey Family Programs | Chief Investment Officer | 2007–present | Leads investment program for a large U.S. foundation |
| Johnson & Johnson | Director, U.S. Pension Plans | 2002–2006 | Oversight of corporate pension investments |
| College Retirement Equities Fund (CREF) | Trustee | 2018–2023 | Board oversight of registered investment company |
| TIAA Separate Account VA-1 | Management Committee Member | 2019–2023 | Oversight of variable annuity separate account |
External Roles
| Organization | Role | Tenure |
|---|---|---|
| Lumina Foundation | Board Member | 2018–present |
| Waterside School | Board Member | 2021–present |
| Year Up Puget Sound | Board Member; Emeritus | 2012–2019; 2020–present |
| Seattle City Employees’ Retirement System | Investment Advisory Committee Member; Former Chair | Since 2007 |
| The Seattle Foundation | Investment Committee Member | Since 2012 |
Board Governance
- Independence: The Board determined all nominees and current Trustees, including Boateng, are not “interested persons” and are deemed Independent Board Members.
- QQQX service and term: Serves as a continuing Class II Trustee for QQQX with current term expiring at the 2026 annual meeting. Appointed to the Boards (including QQQX) effective May 15, 2024.
- Committee assignments (QQQX):
- Investment Committee — Co‑Chair
- Audit Committee — Member (independent); not designated an “audit committee financial expert”
- Nominating & Governance Committee — Member
- Not a member of Dividend, Compliance/Risk, Closed‑End, or Executive Committees.
- Attendance: Each Board Member attended at least 75% of Board and applicable committee meetings in the last fiscal year.
Committee summary (QQQX):
| Committee | Role | Chair? | Membership basis |
|---|---|---|---|
| Investment | Co‑Chair | Yes (Co‑Chair) | Independent trustees; Boateng co‑chairs for funds including QQQX |
| Audit | Member | No | Independent and exchange‑listing compliant |
| Nominating & Governance | Member | No | Independent members only |
| Dividend | Not a member | — | — |
| Compliance, Risk & Regulatory | Not a member | — | — |
| Closed‑End Fund | Not a member | — | — |
| Executive | Not a member | — | — |
QQQX meeting load (last fiscal year):
| Meeting Type | Count |
|---|---|
| Regular Board | 5 |
| Special Board | 9 |
| Executive Committee | 5 |
| Dividend Committee | 10 |
| Compliance/Risk Committee | 5 |
| Audit Committee | 14 |
| Nominating & Governance | 5 |
| Investment Committee | 4 |
| Closed‑End Fund Committee | 4 |
Fixed Compensation
Structure changes and retainers:
| Component | 2023 Structure | 2024 Structure | 2025 Structure |
|---|---|---|---|
| Independent Board Member annual retainer | $210,000 | $350,000 | $350,000 |
| Audit Committee membership retainer | Per‑meeting fees (e.g., $2,500 Audit) | $30,000 annual | $35,000 annual |
| Compliance/Risk membership retainer | $5,000 per meeting (Compliance) | $30,000 annual | $35,000 annual |
| Investment Committee membership retainer | $2,500 per meeting | $20,000 annual | $30,000 annual |
| Dividend, Nominating, Closed‑End membership retainer | $1,250 or $500 per mtg (varied) | $20,000 annual each | $25,000 annual each |
| Board Chair additional retainer | $140,000 | $140,000 | $150,000 |
| Committee Chair additional retainer (Audit; Compliance/Risk) | $20,000 | $30,000 | $35,000 |
| Investment Committee Chair additional retainer | $20,000 | $20,000 | $30,000 |
| Dividend, Nominating, Closed‑End Chair add’l retainer | $20,000 | $20,000 | $25,000 |
Actual amounts paid to Boateng (latest fiscal year):
| Pay Source | Amount |
|---|---|
| Aggregate compensation from QQQX | $2,493 |
| Total compensation from funds in the Nuveen Fund Complex | $464,250 |
Other features:
- Deferred Compensation Plan available; Board Members may defer fees into book accounts notionally invested in Nuveen funds.
- Boateng’s deferred fees attributable to QQQX: $621 (including investment return).
Performance Compensation
Independent Board Members receive cash retainers/fees; no stock awards, no option awards, and no performance‑metric‑based pay are disclosed. The Funds do not have retirement or pension plans for directors; a voluntary Deferred Compensation Plan is available.
| Category | Details |
|---|---|
| Stock awards (RSUs/PSUs) | None disclosed |
| Option awards | None disclosed |
| Performance metrics tied to pay | None disclosed |
| Deferred compensation (QQQX) | $621 deferred value attributed to QQQX |
Other Directorships & Interlocks
- Current public company directorships: None disclosed for Boateng.
- Notable fiduciary/industry boards and committees:
| Organization | Role | Notes |
|---|---|---|
| Lumina Foundation | Board Member | Non‑profit; education focus |
| Waterside School | Board Member | Non‑profit; education |
| Seattle City Employees’ Retirement System | Investment Advisory Committee Member; Former Chair | Public pension advisory |
| The Seattle Foundation | Investment Committee Member | Community foundation |
| CREF | Trustee (2018–2023) | Registered investment company (prior role) |
| TIAA Separate Account VA‑1 | Manager (2019–2023) | Variable annuity separate account (prior role) |
Interlocks/conflicts observed: None disclosed involving competitors/suppliers/customers of QQQX; directors have never been employees or directors of TIAA/Nuveen or affiliates.
Expertise & Qualifications
- Investment leadership: CIO of Casey Family Programs; prior leadership of corporate pension plans (J&J).
- Governance and oversight: Co‑Chair of the Board’s Investment Committee; member of Audit and Nominating & Governance Committees. Not designated an “audit committee financial expert.”
- Education: B.S. (University of Ghana), M.B.A. (UCLA).
Equity Ownership
| Item | Detail |
|---|---|
| QQQX shares held (beneficial) | 0 shares as of Dec 31, 2024 |
| Dollar range in QQQX | $0 |
| Aggregate dollar range across registered funds overseen | Over $100,000 (includes holdings in CREF/VA‑1 as applicable) |
| Ownership as % of QQQX outstanding | Each Board Member individually held <1% of any Fund; Boateng held 0 QQQX shares |
| Ownership guideline | Board expects each member to invest at least one year of compensation in funds in the Fund Complex (not fund‑specific) |
No pledging/hedging or related‑party share arrangements disclosed for Boateng.
Governance Assessment
-
Positives
- Independent director with deep institutional investment experience; serves as Co‑Chair of the Investment Committee (signal of influence on performance oversight).
- Multi‑committee engagement (Audit; Nominating & Governance); Board reported at least 75% attendance across meetings.
- Compensation is transparent and standardized; 2024–2025 retainers increased to reflect workload and market.
-
Areas to monitor
- RED FLAG: No personal beneficial ownership in QQQX disclosed as of 12/31/2024 (though Board guideline is framed at the Fund Complex level, where he shows >$100k aggregate).
- Not designated an “audit committee financial expert” (others on the Audit Committee hold that designation).
- Consulting arrangements exist for certain other Nuveen funds (not QQQX), with compensation pursuant to consulting agreements; continue monitoring for optics/independence, though the Board classifies him as independent.
-
Compliance and disclosures
- Section 16(a) filing compliance: Funds report compliance by Board Members during the last fiscal year.
Notes: QQQX is part of a unitary board overseeing many Nuveen funds; governance and committee structures, meeting loads, and compensation are complex‑wide and allocated by net assets or meeting relevance.