Loren M. Starr
About Loren M. Starr
Independent trustee of Nuveen Floating Rate Income Fund (JFR); born 1961; board service since 2022; current Class III term through the 2027 annual meeting . Former Vice Chair (2020–2021) and long-tenured CFO (2005–2020) of Invesco Ltd.; designated audit committee financial expert; degrees: BA and BS (Columbia College), MBA (Columbia Business School), MS (Carnegie Mellon) . All trustees, including Mr. Starr, are independent under the 1940 Act and have never been employees or directors of TIAA/Nuveen or affiliates .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Invesco Ltd. | Vice Chair, Sr. Managing Director | 2020–2021 | Senior leadership oversight |
| Invesco Ltd. | Chief Financial Officer, Sr. Managing Director | 2005–2020 | Led finance function of global asset manager |
| College Retirement Equities Fund (CREF) and TIAA Separate Account VA-1 | Trustee/Manager | 2022–2023 | Governance of large investment complexes |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| AMG | Director; Audit Committee Chair | Director since 2023; Chair since 2024 | Leads audit oversight |
| Georgia Leadership Institute for School Improvement (GLISI) | Former Chair/Director | 2014–2021 | Governance and education impact |
| Georgia Council on Economic Education (GCEE) | Former Chair/Trustee | 2014–2018 | Economic education advocacy |
Board Governance
- Independence: Independent trustee; not an “interested person” and no employment or director roles with TIAA/Nuveen or affiliates .
- Board class/tenure: Class III; term to 2027; served since 2022 across the fund complex .
- Attendance: Each trustee attended at least 75% of board and committee meetings during the last fiscal year .
- Committee memberships:
- Audit Committee member; designated audit committee financial expert .
- Dividend Committee member .
- Nominating & Governance Committee member .
- Investment Committee member .
- Closed-End Fund Committee member .
- Committee chairs (for governance context): Audit—John K. Nelson; Dividend—Matthew Thornton; Investment—Amy Lancellotta and Joseph Boateng (Co-Chairs); Nominating & Governance—Robert L. Young; Closed-End Fund—Albin Moschner .
Board and committee meeting counts (JFR last fiscal year):
| Meeting Type | Count |
|---|---|
| Regular Board | 5 |
| Special Board | 8 |
| Executive Committee | 8 |
| Dividend Committee | 8 |
| Compliance, Risk Mgmt & Regulatory Oversight | 6 |
| Audit Committee | 14 |
| Nominating & Governance | 5 |
| Investment Committee | 4 |
| Closed-End Fund Committee | 4 |
Fixed Compensation
- Structure (effective Jan 1, 2024):
- Annual retainer: $350,000 .
- Committee retainers: Audit and Compliance $30,000 ($35,000 from Jan 1, 2025); Investment $20,000 ($30,000 in 2025); Dividend/Nominating/Closed-End $20,000 ($25,000 in 2025) .
- Chair retainers (context): Board Chair $150,000 in 2025; Audit/Compliance Chairs $35,000 in 2025; Investment Chair $30,000 in 2025; Dividend/Nominating/Closed-End Chairs $25,000 in 2025 .
- Ad hoc meeting fees: $1,000 or $2,500 depending on length/immediacy; special assignment committees: chair quarterly fee ≥$1,250; members quarterly fee ≥$5,000 .
- Historical (2023 calendar year): $210,000 annual retainer plus per-meeting fees (Board, special Board, Audit/Closed-End/Investment, Compliance, Dividend, others) and chair add-ons ($140,000 Board Chair; $20,000 for committee chairs) .
- Deferred compensation plan available; deferrals notionally invested in eligible Nuveen funds with distributions in lump sum or 2–20 years .
Director-specific compensation amounts:
| Metric | JFR (Floating Rate Income) | Total Fund Complex |
|---|---|---|
| Aggregate compensation to Loren M. Starr (last fiscal year) | $2,656 | $479,750 |
| Deferred fees credited (JFR only) | $907 | See per-fund table; multiple deferrals across funds |
Performance Compensation
| Element | Disclosed? | Details |
|---|---|---|
| Performance metrics tied to director pay (e.g., TSR, EBITDA, ESG) | Not disclosed | Independent trustees compensated via fixed retainers/fees; no performance-linked metrics in proxy |
Other Directorships & Interlocks
| Company | Public? | Role | Committee | Tenure |
|---|---|---|---|---|
| AMG | Yes | Director | Audit Committee Chair | Director since 2023; Chair since 2024 |
| CREF / TIAA Separate Account VA-1 | Not applicable (investment complexes) | Trustee/Manager | — | 2022–2023 |
No related-party transactions involving Mr. Starr are disclosed; Section 16(a) compliance reported as timely for trustees and officers in the last fiscal year .
Expertise & Qualifications
- Finance and capital markets: 15 years as CFO of a global asset manager (Invesco), Vice Chair role, audit committee financial expert designation .
- Education: BA and BS (Columbia); MBA (Columbia Business School); MS (Carnegie Mellon) .
- Governance breadth: Service across 217 portfolios in the fund complex; multiple standing committees .
Equity Ownership
| Item | JFR (Floating Rate Income) | Complex-wide |
|---|---|---|
| Beneficial shares owned | 0 | Dollar range “Over $100,000” across registered investment companies overseen |
| Ownership as % of outstanding | <1% (each trustee individually) | Trustees and officers as a group: <1% per fund |
| Dollar range in JFR | $0 | |
| Pledging/hedging | Not disclosed | Not disclosed |
| Ownership guideline | Trustees expected to invest at least one year’s compensation in Nuveen funds (direct or deferred) | |
| Deferred plan note | Deferrals credited to fund accounts, invested notionally in eligible funds; Starr had JFR deferrals |
Governance Assessment
- Strengths: Independent status; multi-committee engagement (Audit, Dividend, Nominating & Governance, Investment, Closed-End) including audit financial expert designation; ≥75% attendance; substantial governance experience (Invesco CFO; AMG audit chair) .
- Alignment: Board guideline expects investing at least one year of compensation in complex funds; Starr’s complex-wide dollar range “Over $100,000” and use of deferred compensation indicate some alignment, though exact compliance status is not stated in the proxy .
- Potential concerns: No direct JFR share holdings disclosed ($0), which may be perceived as lower fund-specific alignment; however, trustees serve a unitary board across many funds with compensation allocated and investment expectations at complex level .
- Red flags: None disclosed on related-party transactions, pledging/hedging, legal proceedings, or delinquent Section 16 filings for trustees; say-on-pay not applicable to the fund structure .