Long-term value, active stewardship: 2025 report

At Nuveen, responsible investing and long-term value creation are inseparable. Our 2025 Stewardship Code Report reflects our ongoing commitment to transparent, rigorous stewardship on behalf of the clients and beneficiaries who entrust us to manage assets across public and private markets globally. Grounded in our fiduciary duty and guided by decades of responsible investing experience, this report details how we integrate ESG considerations, engage with portfolio companies, exercise our shareholder rights, and contribute to well-functioning markets in an increasingly complex investment environment.

What's Inside

• Our Organization & Investment Beliefs An overview of Nuveen's history, purpose, and responsible investing philosophy, and how our dedicated RI professionals advance our ESG commitment across a globally diversified platform.
• Governance & Resources How we structure accountability for responsible investing from the board level through to day-to-day execution, including our centralized RI team, cross-functional oversight bodies, and the data and technology infrastructure that supports our work.
• Policies, Processes & Conflict Management Our proxy voting policies, internal review and assurance frameworks, and the processes through which we identify and manage conflicts of interest in the best interests of our clients.
• Integrating Stewardship & Investment How ESG factors are embedded across asset classes a from fixed income and equities to real estate, natural capital, infrastructure, and private capital a supported by case studies illustrating our approach in practice.
• Promoting Well-Functioning Markets Our climate risk management framework, public policy engagement, and active participation in industry initiatives designed to advance responsible investment standards globally.
• Engagement Our engagement activities across companies and sectors throughout the year, covering climate risk, nature and biodiversity, responsible artificial intelligence, executive compensation, and board governance — with examples of how these engagements have driven meaningful outcomes.
• Exercising Rights & Responsibilities How we exercise proxy voting and other shareholder rights to support accountability across our portfolio, and our approach to escalation where engagement alone has not achieved the desired outcomes.
• Monitoring Service Providers Our due diligence and ongoing oversight processes for the data vendors, proxy advisors, and operational partners that support our stewardship program.

Stewardship is a sustained practice that sits at the core of how Nuveen manages assets on behalf of our clients. As we look ahead, we are extending our stewardship activities further into private markets, broadening our climate risk engagement to incorporate physical risk alongside transition considerations, and deepening our focus on responsible artificial intelligence and people-related themes. We welcome your engagement with this report and invite your feedback as we continue to refine and advance our approach.