Loren M. Starr
About Loren M. Starr
Loren M. Starr (born 1961) is an Independent Board Member within the Nuveen fund complex, serving as a Class III director with terms expiring at the 2027 annual meeting; he is also a consultant to the Board for Multi-Market Income . He joined the Boards of each Fund other than Multi-Market Income in 2024 and has served as an independent consultant/advisor since 2021, following senior roles at Invesco Ltd. (Chief Financial Officer 2005–2020; Vice Chair 2020–2021); he holds a B.A. and B.S. from Columbia College, an M.B.A. from Columbia Business School, and an M.S. from Carnegie Mellon University . He oversees 217 portfolios in the Fund Complex and is designated an audit committee financial expert; the Boards deem him “Independent” under the 1940 Act and exchange listing standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Invesco Ltd. | Chief Financial Officer, Senior Managing Director | 2005–2020 | Senior finance leadership for global asset manager |
| Invesco Ltd. | Vice Chair, Senior Managing Director | 2020–2021 | Executive oversight and transition leadership |
| Independent Consultant/Advisor | Consultant/Advisor | Since 2021 | Advises on finance and governance matters |
| Georgia Leadership Institute for School Improvement (GLISI) | Chair and Board Member | 2014–2021 | Board leadership for education non-profit |
| Georgia Council on Economic Education (GCEE) | Chair and Board of Trustees Member | 2014–2018 | Governance of state economic education initiatives |
| CREF (College Retirement Equities Fund) | Trustee | 2022–2023 | Investment oversight for retirement vehicle |
| TIAA Separate Account VA-1 | Management Committee Member | 2022–2023 | Oversight of variable annuity separate account |
External Roles
| Organization | Role | Start Date | Notes |
|---|---|---|---|
| AMG | Director | 2023 | Chair of Audit Committee since 2024 |
| GLISI | Chair & Board Member (former) | 2014 | Served through 2021 |
| GCEE | Chair & Board of Trustees Member (former) | 2014 | Served through 2018 |
| CREF | Trustee (former) | 2022 | Served through 2023 |
| TIAA Separate Account VA-1 | Management Committee Member (former) | 2022 | Served through 2023 |
Board Governance
- Class III Board Member with term expiring at the 2027 annual meeting across multiple Funds; consultant to the Board for Multi-Market Income .
- Independence: Not an “interested person” of the Funds or Adviser; deemed Independent under 1940 Act and exchange listing standards .
- Committee memberships: Audit Committee member (designated “audit committee financial expert”); Nominating & Governance Committee member; Investment Committee member; roles generally apply to all Funds other than Multi-Market Income .
- Attendance: Each Board Member attended 75% or more of Board and relevant committee meetings in the last fiscal year; meeting counts by Fund are in Appendix C .
- Election status signals: Multiple Funds recorded “holdover” terms for Class III trustees (including Starr) due to either majority vote thresholds not met or lack of quorum at May 2024 meetings; affected Funds include Core Plus Impact, Multi-Asset Income, Real Asset, and Variable Rate Preferred & Income .
Committee Assignments
| Committee | Role | Designations | Applicability |
|---|---|---|---|
| Audit Committee | Member | Audit committee financial expert (SEC definition) | For all Funds other than Multi-Market Income |
| Nominating & Governance | Member | Independent committee | For all Funds other than Multi-Market Income |
| Investment Committee | Member | Independent committee | For all Funds other than Multi-Market Income |
Fixed Compensation
| Component | 2023 Structure | 2024 Structure | 2025 Structure |
|---|---|---|---|
| Annual retainer (Independent Board Member) | $210,000 | $350,000 | $350,000 |
| Audit Committee membership | $2,500 per meeting | $30,000 annual retainer | $35,000 annual retainer |
| Compliance, Risk Mgmt & Regulatory Oversight membership | $5,000 per meeting | $30,000 annual retainer | $35,000 annual retainer |
| Investment Committee membership | $2,500 per meeting | $20,000 annual retainer | $30,000 annual retainer |
| Dividend Committee membership | $1,250 per meeting | $20,000 annual retainer | $25,000 annual retainer |
| Nominating & Governance membership | $500 per meeting | $20,000 annual retainer | $25,000 annual retainer |
| Closed-End Funds Committee membership | $2,500 per meeting | $20,000 annual retainer | $25,000 annual retainer |
| Board Chair/Co-Chair additional retainer | $140,000 | $140,000 | $150,000 |
| Audit Committee Chair retainer | $20,000 | $30,000 | $35,000 |
| Investment Committee Chair retainer | $20,000 | $20,000 | $30,000 |
| Dividend/Nominating/Closed-End Chair retainer | $20,000 | $20,000 | $25,000 |
- Ad hoc meeting fees: $1,000 or $2,500 depending on length/immediacy (effective Jan 1, 2024; continues in 2025) .
- Site visits (legacy): $5,000 per day in 2023 (not carried forward under 2024 retainer model) .
Performance Compensation
- Director compensation described consists of fixed cash retainers and committee retainers; the Funds do not have retirement or pension plans .
- Deferred Compensation Plan: Independent Board Members may elect to defer compensation; deferrals track eligible Nuveen fund shares, with distributions as lump sum or over 2–20 years (2025 proxy) .
- Consulting arrangements: Effective January 1, 2024, Mr. Starr is paid as a consultant for Multi-Market Income pursuant to a consulting agreement (Board-invited consultant role) .
Director Compensation (Aggregate Actuals)
| Metric | 2024 Proxy (last fiscal year) | 2025 Proxy (last fiscal year) |
|---|---|---|
| Total Compensation from funds in Fund Complex paid to Loren M. Starr | $425,000 | $479,750 |
(“Total Compensation” figures include deferred fees where applicable; 2024 footnote indicates inclusion of CREF and VA-1 board/committee compensation as applicable for that year .)
Other Directorships & Interlocks
| Company/Entity | Role | Committee/Chair | Tenure |
|---|---|---|---|
| AMG | Director | Audit Committee Chair | Director since 2023; Chair since 2024 |
| CREF | Trustee (former) | — | 2022–2023 |
| TIAA Separate Account VA-1 | Management Committee Member (former) | — | 2022–2023 |
- Independence note: Board members, including Starr, have never been employees or directors of TIAA or Nuveen or any affiliate as defined; thus classified “Independent” .
Expertise & Qualifications
- Financial expertise: Designated audit committee financial expert; deep CFO tenure at Invesco; independent valuation and financial oversight experience .
- Education: B.A. and B.S. (Columbia College), M.B.A. (Columbia Business School), M.S. (Carnegie Mellon University) .
- Fund oversight scale: Oversees 217 portfolios within the Fund Complex .
Equity Ownership
- Beneficial ownership: As of February 18, 2025, each Board Member’s individual beneficial shareholdings in each Fund were less than 1% of the Fund’s outstanding shares; the Board Members and officers as a group owned less than 1% for each Fund .
- Ownership guideline: Governance principle expects each Board Member to invest at least the equivalent of one year of compensation in Nuveen funds (directly or deferred) .
- Deferred compensation: Mechanics and distribution options under the Deferred Compensation Plan are disclosed; deferrals track eligible Nuveen fund shares .
Governance Assessment
-
Strengths:
- Independent status and audit committee financial expert designation support Board oversight of financial reporting and valuation; Starr serves on Audit, Nominating & Governance, and Investment Committees across Funds (excluding Multi-Market Income) .
- Strong finance background (Invesco CFO; Vice Chair) and broad education underpin risk oversight and capital markets literacy .
- Attendance threshold met (≥75% of Board and committee meetings), indicating engagement .
-
Watch items / RED FLAGS:
- Holdover trustee terms resulting from failed elections or insufficient quorum across several Funds in May 2024 (Core Plus Impact; Multi-Asset Income; Real Asset; Variable Rate Preferred & Income), which can signal governance friction and investor dissatisfaction with Board composition; Starr continues as holdover where applicable .
- Shift to higher fixed cash retainers (from $210,000 to $350,000 starting 2024, plus committee retainers), increasing guaranteed compensation; investors may scrutinize pay-for-performance alignment given limited variable elements for independent trustees .
- Consultant arrangement for Multi-Market Income (paid under consulting agreement) introduces a distinct compensation stream; while permitted, investors should assess scope and potential perceptions of role clarity .
-
Net view: Starr’s audit and finance expertise, independence, and committee presence bolster Board effectiveness; however, the 2024 election outcomes and compensation model changes merit continued monitoring for alignment with shareholder interests .