Loren Starr
About Loren M. Starr
Independent consultant/advisor since 2021; formerly Vice Chair (2020–2021) and Chief Financial Officer (2005–2020) at Invesco Ltd. Year of birth: 1961. Joined the Nuveen Funds boards (excluding Multi‑Market Income) in 2024; serves as a consultant to the Multi‑Market Income Fund (JMM) and is a Class III nominee for election at the April 17, 2025 annual meeting (term expiring at 2027 meeting if elected). Independent director status under the 1940 Act; designated an “audit committee financial expert.”
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Invesco Ltd. | Chief Financial Officer, Senior Managing Director | 2005–2020 | Led global finance; public‑company CFO experience; capital markets and governance depth |
| Invesco Ltd. | Vice Chair, Senior Managing Director | 2020–2021 | Senior executive oversight; strategic and governance responsibilities |
| Independent | Consultant/Advisor | 2021–present | Advises on finance and governance matters |
| College Retirement Equities Fund (CREF) | Trustee | 2022–2023 | Oversight of large retirement investment complex |
| TIAA Separate Account VA‑1 | Management Committee Member | 2022–2023 | Product governance for variable annuity separate account |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| AMG | Director; Chair of Audit Committee | Director since 2023; Audit Chair since 2024 | Leads audit oversight; strengthens financial reporting controls |
| Georgia Leadership Institute for School Improvement (GLISI) | Former Chair and Director | 2014–2021 | Non‑profit board leadership |
| Georgia Council on Economic Education (GCEE) | Former Chair and Trustee | 2014–2018 | Education and governance leadership |
Board Governance
- Status at JMM (Nuveen Multi‑Market Income Fund): Consultant to the Board since 2024; nominee for Class III trustee at the April 17, 2025 meeting (term to 2027 if elected). Repeated prior years lacked quorum, resulting in holdover trustees; 2025 proposes 12 nominees including Starr.
- Independence: All nominees and trustees, including Starr, are independent (never employees/directors of TIAA or Nuveen or affiliates).
- Committee assignments (current): Starr serves on key committees for all Nuveen Funds except JMM—Dividend; Audit; Nominating & Governance; Investment; Closed‑End Fund. Designated audit committee financial expert. If elected to JMM, committee assignments would be set by the Board.
- Attendance: Each Board Member attended at least 75% of Board and applicable committee meetings in the last fiscal year across the Funds.
- JMM meeting cadence (last fiscal year): 5 regular Board; 8 special Board; 9 Executive; 9 Dividend; 6 Compliance/Risk; 14 Audit; 5 Nominating & Governance; 4 Investment; 4 Closed‑End Fund Committee.
Fixed Compensation
| Item | Amount | Notes |
|---|---|---|
| Annual Independent Board retainer (effective Jan 1, 2024) | $350,000 | Structure revised from $210,000 for 2023 |
| Committee membership retainers (2025 levels) | Audit: $35,000; Compliance/Risk: $35,000; Investment: $30,000; Dividend: $25,000; Nominating & Governance: $25,000; Closed‑End: $25,000 | Annual retainers; increased Jan 1, 2025 |
| Committee chair retainers (2025 levels) | Audit/Compliance: $35,000; Investment: $30,000; Dividend/Nominating/Closed‑End: $25,000 | Chair premiums |
| Board Chair retainer | $150,000 | For Independent Chair (Robert L. Young) |
| Ad hoc meeting fees | $1,000–$2,500 per meeting | Based on length/immediacy |
| Special assignment committee fees | Chair/co‑chair quarterly from $1,250; members quarterly from $5,000 | New structure |
| Deferred Compensation Plan | Available | Elective deferral into book‑entry tied to Nuveen funds; distributions over 2–20 years |
| JMM aggregate compensation to Starr (last fiscal year) | $56 | Aggregate paid by JMM to Starr as Independent Board Member/nominee/consultant |
| Total compensation from Nuveen Fund Complex to Starr (last fiscal year) | $479,750 | Aggregate across all Funds; includes any deferred fees |
| Consulting agreement (JMM) | Disclosed | JMM compensates Starr under a Board consulting agreement (effective Jan 1, 2024) |
| Retirement/pension | None | Funds do not have retirement/pension plans for directors |
No equity grants, option awards, or bonuses are disclosed for Independent Board Members; compensation is cash‑based retainers/fees plus optional deferral.
Performance Compensation
- No performance‑based pay metrics (e.g., TSR, EBITDA growth, ESG goals) are disclosed for Independent Board Members at JMM or across the Nuveen Funds; compensation is not tied to operating or market performance.
Other Directorships & Interlocks
| Company | Role | Committee Roles |
|---|---|---|
| AMG | Director | Audit Committee Chair |
| CREF (prior) | Trustee (ended 2023) | — |
| TIAA Separate Account VA‑1 (prior) | Management Committee Member (ended 2023) | — |
No disclosure of Starr holding securities in companies advised by entities under common control with the Adviser (the only such holdings table lists Thomas J. Kenny, not Starr).
Expertise & Qualifications
- Education: BA and BS (Columbia College); MBA (Columbia Business School); MS (Carnegie Mellon University).
- Designations: Audit Committee Financial Expert (SEC definition, as designated by the Board).
- Domain expertise: Public‑company CFO experience; capital markets; financial reporting; audit oversight; closed‑end fund governance.
Equity Ownership
| Metric | JMM (Multi‑Market Income) | Fund Complex Aggregate |
|---|---|---|
| Dollar range of equity securities | $0 | Over $100,000 |
| Shares owned | 0 | Less than 1% of each Fund’s outstanding shares for all directors and officers as a group |
| Ownership guidelines | Governance principle expects directors to invest at least one year of compensation in Funds in the complex | Principle disclosed; individual compliance not specified |
As of the record date, each director’s individual beneficial ownership in each Fund was less than 1% of the Fund; Starr held 0 shares of JMM.
Governance Assessment
- Strengths: Independent status; deep finance background; designated audit committee financial expert; active service across key committees for the Nuveen Fund Complex (excluding JMM), signaling strong board‑level oversight capabilities.
- Alignment: Complex‑level investment holdings “Over $100,000,” and board principle encouraging one‑year compensation investment; however, no direct JMM holdings (0 shares) as of Dec 31, 2024.
- Engagement: Board reports at least 75% meeting attendance for directors; JMM maintained a robust meeting cadence last fiscal year; Starr’s committee involvement is substantial across the complex but does not apply to JMM until election.
- Independence & conflicts: No related‑party transactions or common‑control holdings disclosed for Starr; Section 16(a) filings compliant across the last fiscal year.
RED FLAGS
- No current committee membership at JMM due to consultant status; governance influence specific to JMM depends on election outcome.
- 0 direct share ownership in JMM may be viewed as weaker “skin‑in‑the‑game” for Fund‑specific alignment.
- JMM board elections have repeatedly lacked quorum in prior years, leading to holdover trustees—an investor confidence risk until successful elections occur.
Notes on JMM’s 2025 Election
- Starr is a Class III nominee to serve until the 2027 meeting if elected; the slate includes 12 nominees. Voting will occur at the virtual annual meeting on April 17, 2025.