Robert Young
About Robert L. Young
Robert L. Young (born 1963) is the Independent Chair and a Board Member of the Nuveen NASDAQ 100 Dynamic Overwrite Fund (QQQX), serving since 2017, and is nominated as a Class I trustee for a term expiring at the 2028 annual meeting . He has over 30 years of investment management experience, including roles as COO and Director of J.P. Morgan Investment Management (2010–2016), President and Principal Executive Officer of the J.P. Morgan Funds (2013–2016), and earlier as a Senior Manager (Audit) at Deloitte & Touche; he is a former CPA and holds a BBA in Accounting from the University of Dayton . Young is designated an “audit committee financial expert” under SEC rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| J.P. Morgan Investment Management Inc. | Chief Operating Officer; Director | 2010–2016 | Led service, administration, and platform support; co-led global support for investment businesses |
| J.P. Morgan Funds | President and Principal Executive Officer | 2013–2016 | Board engagement, governance, regulatory, policies/procedures |
| J.P. Morgan Funds | Senior Vice President and Chief Operating Officer | 2005–2010 | Operations leadership for retail/institutional funds |
| Deloitte & Touche LLP | Senior Manager (Audit) | 1985–1996 | Led midwestern mutual fund audit practice; former CPA |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| University of Dayton | Board Investment Committee Member | 2008–2011 | Endowment oversight |
| Other directorships (past 5 years) | None | — | — |
Board Governance
- Independence: All nominees/current Board Members, including Young, are “Independent Board Members” and have never been employees/directors of TIAA or Nuveen .
- Board leadership: Young serves as Independent Chair; responsibilities include agenda setting, presiding at meetings, and liaison functions .
- Attendance: Each Board Member attended at least 75% of Board and committee meetings in the last fiscal year .
- Meeting volumes (QQQX, FY 2024): Regular Board 5, Special Board 9, Executive 5, Dividend 10, Compliance 5, Audit 14, Nominating & Governance 5, Investment 4, Closed-End 4 .
Committee Assignments (QQQX/Nuveen Fund Complex)
| Committee | Role | Notes |
|---|---|---|
| Executive Committee | Chair | Members: Young (Chair), Kenny, Nelson, Toth |
| Audit Committee | Member; Financial Expert | Young designated “audit committee financial expert”; committee oversees financial reporting, valuation; members include Nelson (Chair), Boateng, Lancellotta, Starr, Thornton, Wolff, Young |
| Nominating & Governance | Chair | Oversees board composition, performance, director compensation; members include full set of independent trustees |
| Investment Committee | Member | Oversees fund performance and risk; co-chairs Boateng/Lancellotta; Young is a member |
| Closed-End Fund Committee | Member | Reviews premiums/discounts, leverage, market dynamics |
| Dividend Committee | Not a member | Members: Thornton (Chair), Lancellotta, Kenny, Nelson, Starr |
| Compliance, Risk Mgmt & Regulatory Oversight | Not a member | Members: Wolff (Chair), Forrester, Kenny, Medero, Moschner, Toth |
Fixed Compensation
| Component | 2023 Structure | 2024 Structure | 2025 Structure |
|---|---|---|---|
| Annual Board retainer | $210,000 | $350,000 | $350,000 |
| Audit Committee member retainer | $2,500/meeting | $30,000 annually | $35,000 annually |
| Compliance Committee member retainer | $5,000/meeting | $30,000 annually | $35,000 annually |
| Investment Committee member retainer | $2,500/meeting | $20,000 annually | $30,000 annually |
| Dividend Committee member retainer | $1,250/meeting | $20,000 annually | $25,000 annually |
| Nominating & Governance member retainer | $500/meeting | $20,000 annually | $25,000 annually |
| Closed-End Fund Committee member retainer | $500/meeting | $20,000 annually | $25,000 annually |
| Board Chair additional retainer | $140,000 | $140,000 | $150,000 |
| Committee Chair additional retainer (Audit/Compliance) | $20,000 | $30,000 | $35,000 |
| Investment Committee Chair additional retainer | $20,000 | $20,000 | $30,000 |
| Other committee chairs (Dividend, Nominating, Closed-End) | $20,000 | $20,000 | $25,000 |
| Ad hoc Board/Committee meetings | — | $1,000 or $2,500 per meeting | $1,000 or $2,500 per meeting |
| Special assignment committees | — | Chair/co-chair quarterly fees start at $1,250; members start at $5,000 | Same |
| Pensions/retirement plans | None | None | None |
| Deferred compensation plan availability | Available (book reserve; fund share-linked returns) | Available | Available |
Fund-Level Compensation Received (Last Fiscal Year)
| Fund | Aggregate Compensation Paid to Robert L. Young | Deferred Fees Payable (Participating Funds) |
|---|---|---|
| QQQX (NASDAQ Dynamic Overwrite) | $3,791 | $2,470 |
| Total from funds in the Fund Complex | $502,381 | — |
Performance Compensation
- No performance-based incentives disclosed for directors (no bonus targets, no equity or options awards, no severance/change-of-control provisions, no pension/SERP, no tax gross-ups) .
- Directors may elect deferred compensation linked to eligible Nuveen fund share values; distributions can be lump sum or over 2–20 years .
- Board ownership alignment principle: each Board Member is expected to invest at least one year of compensation in funds within the Fund Complex, directly or on a deferred basis .
Other Directorships & Interlocks
| Category | Disclosure |
|---|---|
| Current public company boards | None (past five years) |
| Roles at other companies (committee positions) | None disclosed (outside of University of Dayton committee in 2008–2011) |
| Interlocks/related parties | Not an “interested person”; never employed by TIAA/Nuveen |
Expertise & Qualifications
- Designated “audit committee financial expert” .
- Senior leadership in mutual fund operations and governance (President/PEO of J.P. Morgan Funds; COO of J.P. Morgan Investment Management) .
- Former CPA with audit leadership experience at Deloitte .
- Education: BBA, University of Dayton .
Equity Ownership
| Fund | Dollar Range of Equity Securities | Shares Owned | Ownership as % of Shares Outstanding |
|---|---|---|---|
| QQQX (NASDAQ Dynamic Overwrite) | $0 | 0 | <1% for each Board Member; group <1% |
| Global High Income | Over $100,000 | 16,475 | <1% |
| Aggregate range in family of investment companies | Over $100,000 | — | — |
- Stock ownership guideline: expected to invest at least one year of compensation across Fund Complex .
- No pledging/hedging disclosed .
Governance Assessment
- Strengths: Independent Chair role, material committee leadership (Exec Chair; Nominating & Governance Chair), financial expertise (Audit Committee; SEC-designated expert), and documented attendance ≥75% support board effectiveness .
- Alignment: Formal expectation to invest one year of compensation in Fund Complex; Young holds a significant position in Global High Income, though no current QQQX holdings—acceptable under unitary board principle but investors may prefer fund-specific ownership .
- Compensation signals: 2024–2025 shift to higher fixed retainers and formalized committee retainers enhances predictability; no performance-linked pay limits pay-for-performance concerns but aligns with best practices for independent fund trustees .
- Conflicts/Red flags: None identified—no related-party transactions, no other public boards that create interlocks, no Section 16(a) delinquency; elimination of prior “control share” by-law provisions improves shareholder rights posture .