Loren M. Starr
About Loren M. Starr
Independent Board Member of Nuveen Global High Income Fund (JGH). Year of birth: 1961; service with the Nuveen Funds Board since 2022. Former Vice Chair and long‑tenured CFO of Invesco Ltd., designated audit committee financial expert; degrees include BA/BS from Columbia College, MBA from Columbia Business School, and MS from Carnegie Mellon University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Invesco Ltd. | CFO, Senior Managing Director; later Vice Chair | CFO 2005–2020; Vice Chair 2020–2021 | Oversight of finance, controls, reporting at a global asset manager |
| College Retirement Equities Fund (CREF) | Trustee | 2022–2023 | Board oversight of large retirement funds |
| TIAA Separate Account VA‑1 | Management Committee Member/Manager | 2022–2023 | Oversight of variable annuity investment account |
| Georgia Leadership Institute for School Improvement (GLISI) | Board Chair & Member | 2014–2021 | Non‑profit governance leadership |
| Georgia Council on Economic Education (GCEE) | Board Chair & Member | 2014–2018 | Non‑profit governance leadership |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| AMG | Director (since 2023); Audit Committee Chair (since 2024) | 2023–present | Leads audit oversight at public company board |
| CREF | Trustee | 2022–2023 | Oversight of retirement investment complex |
| TIAA Separate Account VA‑1 | Manager | 2022–2023 | Product/account governance |
Board Governance
- Independence: The Nuveen Funds Board affirms all nominees and continuing trustees are Independent Board Members and have never been employees/directors of TIAA, Nuveen, or affiliates .
- Class/Term for JGH: Class III; current term expires at the 2027 annual meeting (continuing trustee) .
- Attendance: Each Board Member attended at least 75% of Board and committee meetings in the last fiscal year .
- Committee memberships (JGH): Dividend Committee (member), Audit Committee (member; designated audit committee financial expert), Nominating & Governance Committee (member), Investment Committee (member), Closed‑End Fund Committee (member). Committee chairs are not Starr (Audit Chair: Nelson; Dividend Chair: Thornton; Nominating Chair: Young; Investment Co‑Chairs: Boateng/Lancellotta; Closed‑End Chair: Moschner) .
| JGH Meeting Counts (FY ended Dec 31, 2024) | Number |
|---|---|
| Regular Board Meetings | 5 |
| Special Board Meetings | 9 |
| Executive Committee Meetings | 5 |
| Dividend Committee Meetings | 10 |
| Compliance 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 (Independent Board Members):
- Annual retainer: $350,000 (effective Jan 1, 2024) .
- Committee membership retainers (2024 → 2025 amounts): Audit $30,000 → $35,000; Investment $20,000 → $30,000; Dividend $20,000 → $25,000; Nominating & Governance $20,000 → $25,000; Closed‑End $20,000 → $25,000 .
- Chair premiums (not applicable to Starr): Board Chair $140,000 → $150,000; committee chairs $20,000–$35,000 depending on committee .
- Ad hoc meetings: $1,000 or $2,500 depending on urgency/duration; special assignment committees quarterly fees (chair starting at $1,250; members starting at $5,000) .
- Fees allocated pro‑rata among Nuveen Funds based on relative net assets .
| JGH Director Cash Paid (Last FY) | Amount ($) |
|---|---|
| Aggregate compensation paid by JGH to Loren M. Starr | 869 |
| Total compensation from funds in the Fund Complex paid to Loren M. Starr | 479,750 |
| Deferred Compensation (Participating Funds) | Amount ($) |
|---|---|
| JGH – deferred fees credited for Loren M. Starr (incl. assumed fund returns) | 299 |
Performance Compensation
| Component | Status |
|---|---|
| Annual bonus | Not applicable to independent directors; compensation is retainers/fees only |
| Equity grants (RSUs/PSUs) | None disclosed; program described includes cash retainers/fees and optional deferred compensation, not equity grants |
| Option awards | None disclosed |
| Performance metrics (TSR, EBITDA, ESG) tied to pay | None disclosed for directors |
| Clawbacks/Severance/Change‑of‑control | Not applicable to independent directors; funds do not have retirement/pension plans; compensation via retainers/fees |
Other Directorships & Interlocks
| Company/Entity | Role | Committee Roles | Potential Interlocks/Notes |
|---|---|---|---|
| AMG | Director; Audit Committee Chair | Audit (Chair) | Public company board; adds audit oversight exposure |
| CREF | Trustee (prior) | — | Large retirement investment complex (prior service) |
| TIAA Separate Account VA‑1 | Manager (prior) | — | Prior involvement with TIAA investment product governance |
- Independence confirmation: Not an “interested person” of Funds or Adviser; never employed by TIAA/Nuveen or affiliates .
Expertise & Qualifications
- Audit/Finance: Former CFO and Vice Chair at Invesco; designated audit committee financial expert by the Nuveen Funds Board .
- Education: BA and BS (Columbia College), MBA (Columbia Business School), MS (Carnegie Mellon University) .
- Fund governance: Service across 200+ portfolios in the Fund Complex; extensive committee participation .
Equity Ownership
| Measure | JGH (Fund‑specific) | Fund Complex (all Nuveen/TC/CREF/VA‑1) |
|---|---|---|
| Dollar range of equity securities beneficially owned | $0 | Over $100,000 (aggregate across registered investment companies overseen) |
| Shares beneficially owned | 0 | Group holdings for Board/Officers <1% of outstanding for each fund; individual <1% |
| Shares pledged as collateral | Not disclosed | Not disclosed |
- Board guideline: Each Independent Board Member is expected to invest at least the equivalent of one year of compensation in funds within the Fund Complex; individual compliance amounts are not precisely disclosed (aggregate dollar ranges provided) .
Governance Assessment
- Strengths
- Independence from the Adviser and parent (TIAA/Nuveen) formally affirmed; reduces conflict risk .
- Deep finance/audit credentials; audit committee financial expert; currently chairs a public company audit committee (AMG) .
- Active committee engagement across Dividend, Audit, Nominating, Investment, and Closed‑End; robust meeting cadence suggests regular oversight; Starr attended ≥75% of meetings .
- Potential Investor Alignment Watch‑items
- No disclosed direct ownership in JGH (0 shares; $0 dollar range), despite Board expectation to invest a year of compensation across the complex. Starr does report “Over $100,000” aggregate holdings in the family of investment companies, but precise compliance vs. the one‑year guideline cannot be determined from ranges; low fund‑specific ownership may be viewed as weaker alignment with JGH shareholders .
- Compensation mix is predominantly fixed cash retainers and committee fees; no performance‑linked equity or options—typical for closed‑end fund boards, but offers limited pay‑for‑performance linkage (deferred compensation option available) .
- Additional Context
- Section 16(a) reporting compliance: Funds report that Board Members complied with applicable filing requirements in the last fiscal year .
- Auditor for JGH: PwC appointed for current fiscal year; Audit Committee oversight in place .
Insider/Section 16 Compliance
| Item | Status |
|---|---|
| Section 16(a) Forms (ownership/changes) | Funds report compliance by Board Members (no delinquent filings) in the last fiscal year |