Albin Moschner
About Albin F. Moschner
Independent trustee across the Nuveen closed‑end fund complex, including Nuveen Dow 30SM Dynamic Overwrite Fund (DIAX); year of birth: 1952; joined the Nuveen Funds’ Board in 2016. Founder and CEO of Northcroft Partners (since 2012) with prior senior operating roles in telecom and consumer electronics; holds a B.E. in Electrical Engineering (City College of New York, 1974) and M.S. in Electrical Engineering (Syracuse University, 1979). For DIAX, he serves as a Class III Board Member with a term expiring at the 2027 annual meeting, and is designated an SEC “audit committee financial expert.” All Nuveen Funds trustees (including Moschner) are “Independent Board Members” under the 1940 Act and unaffiliated with TIAA/Nuveen .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Northcroft Partners, LLC | Founder & CEO | Since 2012 | Management consulting; operational and governance solutions |
| Leap Wireless International | COO; CMO; Consultant | COO 2008–2011; CMO 2004–2008; Consultant 2011–2012 | Consumer wireless operations and marketing leadership |
| Verizon Communications (Card Services) | President | 2000–2003 | Led card services division |
| One Point Communications | President, One Point Services | 1999–2000 | Telecom services leadership |
| Zenith Electronics Corporation | CEO; President & COO | CEO 1995–1996; President & COO 1994–1995; various exec roles 1991–1996 | Consumer electronics scaling and turnaround responsibilities |
| Diba, Incorporated | Vice Chairman of the Board | 1996–1997 | Internet technology provider board role |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| USA Technologies, Inc. | Chairman; Director | Chairman 2019; Director 2012–2019 | Electronic payments solutions for unattended retail |
| Wintrust Financial Corporation | Director | 1996–2016 | Regional financial services provider |
| Kellogg School of Management Advisory Board | Emeritus | Emeritus since 2018; Advisory Board 1995–2018 | Business school advisory engagement |
| Archdiocese of Chicago Financial Council | Emeritus | Emeritus since 2018; Advisory 2012–2018 | Financial oversight advisory |
Board Governance
- Independence: All nominees and continuing trustees, including Moschner, are “Independent Board Members” under the 1940 Act and have never been employees/directors of TIAA or Nuveen .
- Committee assignments and roles (Nuveen Funds):
- Closed‑End Fund Committee: Chair .
- Compliance, Risk Management & Regulatory Oversight Committee: Member .
- Nominating & Governance Committee: Member .
- Investment Committee: Member .
- Audit Committee: Not a member, but designated an “audit committee financial expert” .
- DIAX board class and term: Class III Board Member; term through 2027 annual meeting .
- Attendance: Each Board Member attended at least 75% of board and applicable committee meetings in the last fiscal year; DIAX meeting counts below .
| DIAX Governance Activity | Count (last fiscal year) |
|---|---|
| Regular Board Meetings | 5 |
| Special Board Meetings | 9 |
| Executive Committee Meetings | 5 |
| Dividend Committee Meetings | 10 |
| Compliance, Risk Mgmt & Regulatory Oversight Committee Meetings | 5 |
| Audit Committee Meetings | 14 |
| Nominating & Governance Committee Meetings | 5 |
| Investment Committee Meetings | 4 |
| Closed‑End Fund Committee Meetings | 4 |
Fixed Compensation
- Structure changes:
- Annual retainer increased from $210,000 (FY2023) to $350,000 (effective Jan 1, 2024) .
- Committee membership retainers instituted/raised effective Jan 1, 2024 and further increased Jan 1, 2025; chair retainers also increased Jan 1, 2025 .
| Component | FY 2023 | As of Jan 1, 2024 | As of Jan 1, 2025 |
|---|---|---|---|
| Independent Trustee Annual Retainer (cash) | $210,000 | $350,000 | $350,000 |
| Committee Membership – Audit | Per meeting: $2,500 (legacy) | $30,000 annual | $35,000 annual |
| Committee Membership – Compliance, Risk Mgmt & Regulatory Oversight | Per meeting: $5,000 (legacy) | $30,000 annual | $35,000 annual |
| Committee Membership – Investment | Per meeting: $2,500 (legacy) | $20,000 annual | $30,000 annual |
| Committee Membership – Dividend; Nominating & Governance; Closed‑End Funds | Per meeting: $1,250 (Dividend); $500 (others) | $20,000 annual each | $25,000 annual each |
| Board Chair Retainer | $140,000 | $140,000 | $150,000 |
| Chair Retainers – Audit; Compliance | $20,000 each (legacy across committees) | $30,000 each | $35,000 each |
| Chair Retainer – Investment | $20,000 | $20,000 | $30,000 |
| Chair Retainers – Dividend; Nominating & Governance; Closed‑End Funds | $20,000 each | $20,000 each | $25,000 each |
| Ad hoc Board/Committee Meetings | $4,000 (special board); $1,000–$5,000 committee per meeting (legacy) | $1,000 or $2,500 per ad hoc meeting | $1,000 or $2,500 per ad hoc meeting |
- DIAX-specific aggregate compensation paid to Moschner (last fiscal year): $1,667; total across the Nuveen Fund Complex: $481,250 .
| Compensation (last fiscal year) | Amount (USD) |
|---|---|
| DIAX (Dow Dynamic Overwrite) – Aggregate Compensation to Moschner | $1,667 |
| Fund Complex – Total Compensation to Moschner | $481,250 |
- Deferred Compensation: Participating funds offer a voluntary deferral program; Moschner shows no deferred fee balances across the displayed funds (zeros/blank entries for him) .
Performance Compensation
- No bonus, options, RSUs/PSUs, or performance‑linked director pay is disclosed for trustees; compensation is cash retainers, chair/membership retainers, and meeting/ad hoc fees; no retirement/pension plans for trustees .
- Deferred compensation is elective and mark‑to‑fund returns; Moschner shows no deferral elections in the table excerpted .
Other Directorships & Interlocks
| Company | Role | Tenure | Potential Interlock/Conflict Note |
|---|---|---|---|
| USA Technologies, Inc. | Chairman; Director | Chairman 2019; Director 2012–2019 | No DIAX disclosed related‑party transactions tied to Moschner |
| Wintrust Financial Corporation | Director | 1996–2016 | No DIAX disclosed related‑party transactions tied to Moschner |
Related-party/affiliation check: The proxy discloses outside holdings in entities advised by affiliates for certain trustees (e.g., Kenny) but none for Moschner; no Moschner-related party transactions are disclosed .
Expertise & Qualifications
- Audit/financial oversight: designated SEC audit committee financial expert (technical financial reporting experience) .
- Closed-end fund governance: Chair of the Closed‑End Fund Committee overseeing discounts/premiums, leverage, and distribution policies, directly relevant to DIAX’s market performance and shareholder outcomes .
- Sector experience: telecom operations (COO/CMO at Leap), consumer electronics CEO (Zenith), payments and financial services board experience (USA Technologies, Wintrust) .
- Education: B.E. Electrical Engineering (City College of New York, 1974); M.S. Electrical Engineering (Syracuse University, 1979) .
Equity Ownership
- Board principle: each trustee is expected to invest at least the equivalent of one year of compensation in Nuveen funds to align interests with shareholders .
- DIAX-specific: Moschner beneficially owns 0 DIAX shares; each trustee’s holdings are <1% of each fund’s outstanding shares .
| Fund | Dollar Range of Equity Owned | Shares Owned |
|---|---|---|
| DIAX (Dow Dynamic Overwrite) | $0 | 0 |
| Floating Rate Income (peer fund) | Over $100,000 | 34,519 |
| Real Estate Income (peer fund) | $1–$10,000 | 1,017 |
Section 16 compliance: Trustees/officers complied with all applicable beneficial ownership reporting in the last fiscal year .
Governance Assessment
- Board effectiveness: Moschner’s leadership as Chair of the Closed‑End Fund Committee is material for DIAX, which routinely faces market discount/premium dynamics; the committee’s remit includes leverage, distribution oversight, and actions to address discounts, indicating strong focus on shareholder value drivers .
- Independence and engagement: Independent of TIAA/Nuveen; attended ≥75% of meetings; serves on multiple governance/compliance committees; designated audit financial expert, signaling technical proficiency in valuation and reporting oversight .
- Compensation and incentives: Cash retainer‑heavy structure with 2024–2025 increases and chair/membership retainers; DIAX-specific compensation is modest given pro‑rata allocation across the complex; no performance‑linked pay or equity grants, reducing pay‑for‑performance signaling but standard for fund trustees .
- Ownership alignment: No DIAX shareholding is a potential alignment gap for DIAX specifically, although he holds significant interests in other Nuveen funds per disclosures; the Board’s guideline expects fund‑complex investments to align incentives broadly rather than fund‑specific .
- Conflicts/RED FLAGS:
- Related-party transactions: None disclosed for Moschner; no outside affiliate holdings table entries tied to him (positive) .
- Hedging/pledging, tax gross‑ups, repricing: No such director‑specific red flags disclosed (positive) .
- Attendance: Met ≥75% threshold (positive) .
- DIAX ownership: Lack of DIAX shares may be viewed as a mild alignment concern for DIAX‑only investors (RED FLAG) balanced by fund‑complex investment expectations .