Loren Starr
AFFILIATED MANAGERS GROUPAbout Loren Starr
Loren M. Starr (age 63) is an independent director at Affiliated Managers Group (AMG), serving since September 2023 and currently Chair of the Audit Committee. He is a former long-tenured CFO in asset management (Invesco, Janus) and qualifies as an audit committee financial expert; he holds B.A. and B.S. degrees from Columbia University, an M.B.A. from Columbia Business School, and an M.S. from Carnegie Mellon University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Invesco Ltd. | Chief Financial Officer; later Vice Chair (executive advisory role) until retirement | CFO 2005–2020; Vice Chair 2020–Mar 2021 | Senior finance leadership, corporate strategy, M&A, capital management |
| Janus Capital Group Inc. | Chief Financial Officer | 2001–2005 | Principal financial officer; public company CFO experience |
| Putnam Investments; Lehman Brothers; Morgan Stanley | Senior corporate finance roles | Not disclosed | Capital markets and corporate finance expertise |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Nuveen Fund Complex (TIAA/Nuveen) | Board member/Trustee | Current | Oversight of registered funds; specific committees not disclosed |
Board Governance
| Item | Detail |
|---|---|
| Independence status | Independent director (NYSE standards) |
| AMG Board/Committee roles | Audit Committee Chair (all Audit members are independent and “financial experts”) |
| Committee meeting cadence (2024) | Audit Committee: 8 meetings; Compensation: 5; Nominating & Governance: 4; Full Board: 6 |
| Attendance | Directors averaged 100% attendance at Board and committee meetings in 2024 |
| Board leadership | Non‑executive, independent Board Chair (Dwight D. Churchill) |
| Overboarding policy | Adopted 2024; no director serves on >2 other public company boards; only one serves on additional boards |
Fixed Compensation (Director)
| Component | FY2024 Structure | FY2024 Amount (Starr) |
|---|---|---|
| Base annual cash fee | $100,000 (increased by $20,000 effective FY2024) | Included in cash fees total |
| Audit Committee membership fee | $20,000; Chair fee $35,000 (Chair fee in lieu of membership fee) | Included in cash fees total |
| Other committee fees | Comp Committee: $17,000 (Chair $20,000); Nominating & Governance: $17,000 (Chair $20,000) | N/A (not disclosed for Starr) |
| Cash fees earned (total) | Paid in cash; directors may defer to stock-tracking account, delivered in shares at end of service | $127,083 (FY2024) |
Performance Compensation (Director)
| Equity element | Grant design | Grant dates/values | Vesting |
|---|---|---|---|
| Annual RSU awards | Fixed-value equity retainer (time-based RSUs; no options) | Two grants in 2024 to independent directors then serving: Feb 5 ($100,109) and Jul 29 ($100,042) each; total $200,150 for Starr | Director equity awards vest over a one-year period starting in 2024 (previously longer) |
Note: Non-employee director equity is time-based only; there are no performance metrics attached to director awards .
Other Directorships & Interlocks
| Company/Entity | Nature | Potential interlock/conflict |
|---|---|---|
| Nuveen/TIAA-CREF Fund Complex Boards of Trustees | Public registered funds (multiple fund boards) | None disclosed by AMG; Audit Committee oversees related-person transactions; none requiring disclosure noted . |
Expertise & Qualifications
- Audit committee financial expert; all Audit members meet Sarbanes‑Oxley and NYSE audit independence standards .
- Deep financial reporting, capital allocation, M&A, and asset management industry expertise, including CFO roles at Invesco and Janus .
- Committee leadership experience (Audit Chair) and governance skills aligned with AMG’s board skills matrix (financial/accounting; corporate governance; risk management) .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding | Notes |
|---|---|---|---|
| Loren M. Starr | 741 | <1% | Beneficial ownership excludes unvested/settled RSUs; director ownership counted under company methods . |
| Ownership guidelines | — | — | Independent directors required to hold 5x base annual fees; company states all directors currently satisfy guidelines . |
| Hedging/pledging | — | — | Directors prohibited from hedging and pledging AMG stock . |
| Cash deferral | — | — | Directors may defer cash fees into AMG stock-tracking fund delivered in shares upon service end; Starr elected to defer cash fees in 2024 . |
Governance Assessment
-
Strengths
- Independent Audit Committee Chair with extensive public-company CFO experience; Audit Committee fully independent and composed entirely of financial experts, supporting robust financial oversight .
- Strong engagement/attendance culture (2024 average 100% at Board and committees); well-defined committee meeting cadence .
- Director compensation structure emphasizes equity alignment (annual $200k RSUs; one-year vest) and allows fee deferrals into stock units; anti‑hedging/pledging policy further aligns interests .
- No related-person transactions requiring disclosure; formal policy and Audit Committee oversight in place .
- Broader shareholder governance signals are positive (97% Say‑on‑Pay support in 2024), indicating investor confidence in pay practices and governance framework .
-
Watch items
- Reported beneficially owned share count (741 shares) appears modest, but company states all directors meet stringent 5x fee ownership guidelines and beneficial ownership excludes unvested/deferred equity—reducing concern on alignment .
- External board service at the Nuveen fund complex represents multiple fund boards; AMG overboarding policy adopted in 2024 and compliance noted (no director serves on >2 other boards), mitigating time-commitment risk .
-
Overall view
- Starr enhances AMG’s board effectiveness as an independent audit leader with deep industry finance expertise, strong independence posture, and alignment via equity and deferral features. No conflicts or red flags are disclosed, and governance structures (policies, attendance, independence) support investor confidence .