Albin Moschner

About Albin F. Moschner

Independent trustee of Nuveen Credit Strategies Income Fund (JQC) since 2016; born 1952; electrical engineer by training (B.E. Electrical Engineering, City College of New York, 1974; M.S. Electrical Engineering, Syracuse University, 1979). Founder/CEO of Northcroft Partners (management consulting) with prior C‑suite operating and marketing roles across telecom and consumer electronics; designated “audit committee financial expert.” Oversees 218 portfolios across the Nuveen/TIAA fund complex. Elected to JQC’s Board by holders of Preferred Shares (annual term) and stands for re‑election in 2025.

Past Roles

External Roles

Board Governance

• Independence and status: The Nuveen Funds’ trustees, including Moschner, are independent under the 1940 Act and exchange listing standards and have never been employees/directors of TIAA/Nuveen. He is a nominee elected annually by holders of Preferred Shares for JQC.
• Committee assignments (current):
  • Closed-End Fund Committee – Chair
  • Audit Committee – Member; designated Audit Committee Financial Expert
  • Compliance, Risk Management & Regulatory Oversight Committee – Member
  • Nominating & Governance Committee – Member
  • Investment Committee – Member
• Attendance and engagement: Each Board Member attended ≥75% of Board and applicable committee meetings in the last fiscal year; JQC’s Board held 5 regular, 8 special, and 14 Audit Committee meetings, among others (see Appendix C counts).
• Tenure: Board service since 2016 across the Nuveen fund complex.

Fixed Compensation

Compensation structure (independent trustees; cash retainers and committee fees; no salary/bonus like executives):

Actual amounts paid (latest fiscal year):

Additional plan features:

• Deferred compensation plan: Directors may defer fees into book accounts notionally invested in eligible Nuveen funds; distributions in lump sum or 2–20 years. (Moschner shows no deferred amounts in tables for the listed funds.)

Performance Compensation

Other Directorships & Interlocks

• Independence confirmation: Board states all nominees/trustees are not “interested persons” and have never been employees/directors of TIAA/Nuveen or affiliates.

Expertise & Qualifications

• Designated Audit Committee Financial Expert; deep experience in operations, marketing, and telecom; prior CEO and public-company chair.
• Engineering credentials (EE degrees) bolster technology and operational risk oversight; governance background across payments, banking, telecom hardware/services.

Equity Ownership

• Board policy expectation: each trustee expected to invest at least one year of compensation in the Fund Complex (not a strict guideline).

Governance Assessment

• Strengths

  • Independent trustee with C‑suite operating breadth; designated audit financial expert; serves on key risk/oversight committees and chairs the Closed‑End Fund Committee, which actively reviews discounts, leverage and market dynamics—relevant to JQC’s shareholder outcomes.
  • Engagement: Board/committee meeting cadence is robust (e.g., 14 Audit Committee meetings at JQC), and each trustee met the ≥75% attendance threshold, signaling baseline engagement.
  • Clear separation from adviser/parent (TIAA/Nuveen), reducing conflict risk.

• Watch items / potential red flags

  • No direct ownership of JQC shares as of year-end 2024; while the Board expects investment across the complex, lack of JQC-specific holding may be viewed as weaker alignment with JQC common shareholders.
  • Compensation level rose materially with the 2024/2025 retainer reset; while industry-aligned, higher guaranteed retainers vs. per‑meeting fees reduce “at‑risk” elements and could draw scrutiny if performance/discount management lags.
  • Elected by Preferred shareholders (annual term) rather than common—standard for Nuveen CEFs with preferreds, but can create perceived misalignment during contested situations.

• Related‑party/other risks

  • No related‑party transactions, pledging, loans or Section 16(a) delinquencies disclosed for trustees; the Funds reported compliance with Section 16(a) filings in the last fiscal year.
  • No current public company directorships disclosed for Moschner that would create interlocks with JQC’s adviser or service providers.

Notes on Compensation Structure Changes

• Structural shift from per‑meeting fees (pre‑2024) to higher fixed retainers in 2024, with further committee retainer increases in 2025 (notably Audit, Compliance, Investment, Dividend, Nominating, Closed‑End Committee retainers and chair differentials). This elevates fixed, non‑performance pay and could be interpreted as emphasizing stability/availability over per‑meeting activity.

Appendix: Committee Summary (Moschner)

All claims and data above are sourced from JQC’s Joint Proxy Statement (DEF 14A) filed March 4, 2025. Citations: