Loren Starr
About Loren Starr
Loren M. Starr (born 1961) is an Independent Board Member of Nuveen Core Equity Alpha (JCE), classified as a Class III director with a term through the 2027 annual meeting. He joined the Boards (other than Multi-Market Income) in 2024 and has served in the Nuveen fund complex since 2022; he is also a consultant to the Board for Multi-Market Income since 2024. Starr is a former Vice Chair/Senior Managing Director (2020–2021) and CFO/Senior Managing Director (2005–2020) of Invesco Ltd., and holds a BA and BS from Columbia College, an MBA from Columbia Business School, and an MS from Carnegie Mellon University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Invesco Ltd. | CFO, Senior Managing Director | 2005–2020 | Led finance; qualifies as “audit committee financial expert” on JCE Board |
| Invesco Ltd. | Vice Chair, Senior Managing Director | 2020–2021 | Senior leadership experience |
| Georgia Leadership Institute for School Improvement (GLISI) | Chair & Board Member | 2014–2021 | Governance/education non-profit leadership |
| Georgia Council on Economic Education (GCEE) | Chair & Board of Trustees | 2014–2018 | Governance role in education economics |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Affiliated Managers Group, Inc. (AMG) | Director; Audit Committee Chair | Director since 2023; Audit Chair since 2024 | Public company board; financial oversight |
| College Retirement Equities Fund (CREF) | Trustee | 2022–2023 | Oversight of retirement investment products |
| TIAA Separate Account VA-1 | Manager/Management Committee | 2022–2023 | Oversight of annuity separate account |
Board Governance
- Independence: Starr is an Independent Board Member (as defined by NYSE/NASDAQ standards), serving on committees composed entirely of independent members, including Audit; Nominating & Governance; Investment; and Closed-End Fund Committees for all Funds other than Multi-Market Income .
- Financial expert: Designated an “audit committee financial expert” along with Messrs. Moschner, Nelson, Young; Audit Committee chaired by John K. Nelson .
- Committee assignments (JCE): Audit Committee; Nominating & Governance Committee; Investment Committee; Closed-End Fund Committee; not a committee chair at JCE (chairs noted below) .
• Audit Committee Chair: John K. Nelson
• Nominating & Governance Chair: Robert L. Young
• Investment Committee Co-Chairs: Joseph A. Boateng and Amy B.R. Lancellotta
• Closed-End Fund Committee Chair: Albin F. Moschner - Attendance: Each Board Member attended 75% or more of the Board and applicable committee meetings during the last fiscal year .
- Term/classification: Class III director for JCE with term expiring at the 2027 annual meeting .
Fixed Compensation
- Structure change: Effective Jan 1, 2024, Independent Board Members receive a $350,000 annual retainer plus committee retainers; effective Jan 1, 2025, committee and chair retainers increased (Audit/Compliance: $35,000; Investment: $30,000; Dividend/Nominating/Closed-End: $25,000; Board Chair/Co-Chair: $150,000; Audit/Compliance Chair: $35,000; Investment Chair: $30,000; Dividend/Nominating/Closed-End Chair: $25,000). Ad hoc meeting fees of $1,000 or $2,500 depending on length/immediacy; special assignment committee quarterly fees (chair from $1,250; members from $5,000) .
- Prior structure (2023): $210,000 annual retainer plus per-meeting fees (regular Board: $7,250/day; special Board: $4,000; Audit/Closed-End/Investment: $2,500; Compliance/Risk: $5,000; Dividend: $1,250; other committees: $500), Board Chair $140,000 and committee chairs $20,000; $5,000/day site visit fees .
- Aggregate compensation from JCE to Starr (last fiscal year): $479 .
- Total compensation from Nuveen fund complex to Starr (last fiscal year): $479,750 .
| Compensation Element | 2023 (Legacy) | 2024 | 2025 Adjusted |
|---|---|---|---|
| Annual Director Retainer (cash) | $210,000 | $350,000 | $350,000 |
| Audit Committee Member | $2,500 per meeting | $30,000 annual | $35,000 annual |
| Investment Committee Member | $2,500 per meeting | $20,000 annual | $30,000 annual |
| Nominating & Governance Member | $500 per meeting | $20,000 annual | $25,000 annual |
| Closed-End Fund Committee Member | $2,500 per meeting | $20,000 annual | $25,000 annual |
| Ad hoc meeting fee | $500–$5,000 per meeting | $1,000 or $2,500 per ad hoc meeting | $1,000 or $2,500 per ad hoc meeting |
| JCE Aggregate Paid to Starr | — | $479 | — |
Performance Compensation
- No performance-based compensation, equity awards (RSUs/PSUs), or options are disclosed for Board Members; Nuveen Funds have no retirement or pension plans, but certain funds permit deferral of cash fees in a Deferred Compensation Plan .
- Deferred fees credited as if invested in eligible Nuveen funds; Starr’s deferred fees (Participating Funds) include $165 attributable to Core Equity Alpha (JCE) .
| Performance Metric | Target/Definition | Outcome |
|---|---|---|
| None disclosed for directors | No TSR/EBITDA/ESG metrics tied to director pay | Not applicable |
Other Directorships & Interlocks
| Company | Type | Role | Committee | Notes |
|---|---|---|---|---|
| Affiliated Managers Group (AMG) | Public | Director (since 2023) | Audit Chair (since 2024) | External financial oversight role |
| CREF | Investment company | Trustee (2022–2023) | — | Under common control with Nuveen’s adviser; disclosed as board service |
| TIAA Separate Account VA-1 | Investment product | Manager/Management Committee (2022–2023) | — | Under TIAA umbrella |
Expertise & Qualifications
- Financial expertise: Designated SEC “audit committee financial expert”; extensive CFO tenure at a global asset manager (Invesco) .
- Education: BA and BS (Columbia College), MBA (Columbia Business School), MS (Carnegie Mellon) .
- Governance experience: Service on multiple fund boards and external public company board; deep familiarity with valuation, audit oversight, and investment risk governance for closed-end funds .
Equity Ownership
- JCE ownership: Starr reported $0 dollar range and 0 shares of JCE as of December 31, 2024; JCE had 16,833,768 common shares outstanding as of February 18, 2025, implying 0.000% ownership by Starr in JCE .
- Aggregate fund complex holdings: “Over $100,000” dollar range in registered investment companies overseen (inclusive of CREF/VA-1 holdings as applicable) .
- Group ownership: Board Members and officers as a group beneficially owned less than 1% of the outstanding shares of each Fund as of February 18, 2025 .
- Deferred compensation: Deferred fees attributed to JCE: $165 (book reserve credited as if invested in eligible Nuveen funds) .
| Fund | Starr Shares Owned | Dollar Range | Shares Outstanding | Ownership % |
|---|---|---|---|---|
| Core Equity Alpha (JCE) | 0 | $0 | 16,833,768 | 0.000% (computed from cited figures) |
Governance Assessment
- Strengths:
• Independent status and service across key committees (Audit, Nominating, Investment, Closed-End) enhance board effectiveness; designation as an SEC “audit committee financial expert” bolsters financial oversight credibility .
• External role as Audit Chair at AMG adds public company audit rigor and cross-industry perspective, valuable for oversight of NAV valuation, leverage, and risk in closed-end structures .
• Attendance threshold met (≥75% of meetings), supporting engagement and availability . - Alignment considerations:
• No direct ownership in JCE by Starr (0 shares; $0 dollar range), though he participates in the Deferred Compensation Plan and reports “Over $100,000” aggregate fund complex holdings via eligible fund deferrals/CREF/VA-1; however, alignment with JCE shareholders is primarily via cash/committee retainers rather than JCE equity . - Compensation signals:
• Migration from per-meeting fees (2023) to higher fixed retainers (2024/2025) increases guaranteed cash versus variable attendance-linked pay—potentially reducing at-risk components; committee chair/member retainers increased further in 2025, reflecting higher governance workload across the complex . - Conflicts/related-party exposure:
• Consulting arrangement for Multi-Market Income with compensation under a consulting agreement may present perceived conflict versus pure independence, though his committee work at JCE remains within independent structures; monitor scope/terms of consulting relative to adviser oversight .
• Historical service with entities under TIAA/CREF umbrella disclosed; no specific related-party transactions with JCE were disclosed beyond governance roles . - RED FLAGS:
• Zero direct JCE share ownership could be viewed as weak “skin-in-the-game” alignment despite deferred compensation participation .
• The fund complex experienced holdover situations in 2024 for certain funds (e.g., Core Plus Impact, Multi-Asset Income) due to failed elections—while not JCE-specific, it indicates investor engagement challenges; continue monitoring election outcomes and any governance responses .
• Consulting role for Multi-Market Income warrants ongoing scrutiny for independence perceptions and fee structure transparency .
Overall, Loren Starr brings deep financial leadership and audit oversight expertise, with robust committee participation and independence. Alignment to JCE is primarily via cash retainers and deferred compensation rather than fund share ownership, and the separate consulting role at another Nuveen fund should be monitored for perceived conflicts .