DEFA14A: Nuveen Funds Appoint PricewaterhouseCoopers as New Auditor for Fiscal Year 2025

Nuveen Funds have selected PricewaterhouseCoopers (PwC) as their new independent registered public accounting firm for the fiscal year ending in 2025, replacing KPMG.

Summary

• Nuveen Arizona Quality Municipal Income Fund, Nuveen California AMT-Free Quality Municipal Income Fund, Nuveen California Municipal Value Fund, Nuveen California Quality Municipal Income Fund, and Nuveen Massachusetts Quality Municipal Income Fund will hold their annual shareholder meeting on November 14, 2024.
• PricewaterhouseCoopers (PwC) has been appointed as the new independent registered public accounting firm for each of the Funds for the fiscal year ending in 2025.
• The appointment of PwC was made by the Audit Committee and ratified by the Board, including all Independent Trustees.
• PwC replaces KPMG, the Funds' previous independent registered public accounting firm.
• Representatives from both PwC and KPMG will be present at the Annual Meetings to answer shareholder questions.
• PwC has confirmed that it has no material financial interest in the Funds, Nuveen, or any related investment companies.
• KPMG's audit reports for the fiscal year ended in 2024 did not contain any adverse opinions, disclaimers, or qualifications.

Sentiment

Score: 7

Explanation: The document reflects a routine corporate governance process with a smooth transition to a new auditor. There are no indications of negative issues, and the presence of both auditors at the meeting suggests transparency. The sentiment is therefore positive.

Positives

• The transition to a new auditor, PwC, was conducted smoothly with no reported disagreements with the previous auditor, KPMG.
• PwC has confirmed no material financial interest in the Funds or related entities, ensuring auditor independence.
• Both PwC and KPMG will be available at the annual meeting to address shareholder questions, promoting transparency.

Risks

• The document does not explicitly mention any risks associated with the change of auditors, but any transition of this nature could potentially introduce unforeseen challenges.

Future Outlook

The Funds will be audited by PwC for the fiscal year ending in 2025.

Management Comments

• The Audit Committee and the Board ratified the selection of PwC as the new independent registered public accounting firm.
• Representatives from both PwC and KPMG will be present at the Annual Meetings to answer shareholders questions.

Industry Context

The change of auditors is a routine corporate governance matter. It is not uncommon for companies to periodically change auditors to ensure independence and fresh perspectives. The selection of PwC, a major accounting firm, is consistent with industry practice for large investment funds.

Comparison to Industry Standards

• The selection of a Big Four accounting firm like PwC is a common practice for large investment funds, aligning with industry standards.
• The smooth transition from KPMG to PwC, with no reported disagreements, is a positive sign of good corporate governance.
• Many similar funds, such as those managed by BlackRock or Vanguard, also use large, reputable accounting firms for their audits.

Corporate Governance

Stakeholder Impact

• Shareholders will have the opportunity to ask questions to both the previous and new auditors at the annual meeting.
• The change of auditor is not expected to have a significant impact on the day-to-day operations of the Funds.

Next Steps

• The annual meeting of shareholders will be held on November 14, 2024.
• PwC will audit the Funds' financial statements for the fiscal year ending in 2025.

Key Dates

Keywords

auditor, PricewaterhouseCoopers, PwC, KPMG, independent registered public accounting firm, audit, Nuveen, municipal funds, accounting