Loren Starr
About Loren M. Starr
Independent trustee of Nuveen Credit Strategies Income Fund (JQC) since 2022; Class III term through the 2027 annual meeting. Born 1961; background includes Vice Chair and long‑tenured CFO of Invesco Ltd., and current service across the Nuveen Fund complex. Education: B.A. and B.S., Columbia College; M.B.A., Columbia Business School; M.S., Carnegie Mellon University. Designated an “audit committee financial expert” under SEC rules.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Invesco Ltd. | Chief Financial Officer; Senior Managing Director (2005–2020); Vice Chair; Senior Managing Director (2020–2021) | 2005–2021 | Led global finance; extensive public markets, M&A, and controls experience |
| Janus Capital Group Inc. | Chief Financial Officer | 2001–2005 | Senior finance leadership at a public asset manager |
| Putnam Investments; Lehman Brothers; Morgan Stanley | Senior corporate finance roles (prior) | n/a | Capital markets and finance expertise |
External Roles
| Organization | Role | Since | Committees/Notes |
|---|---|---|---|
| Affiliated Managers Group, Inc. (AMG) | Director (proxy); Chair of Audit Committee (proxy); Board Chair (AMG website) | 2023 | Proxy lists Director and Audit Committee chair/member; AMG site lists Board Chair and member of Audit, Nominating & Governance, and Compensation committees |
| College Retirement Equities Fund (CREF) and TIAA Separate Account VA‑1 | Trustee/Manager (prior) | 2022–2023 | Prior fiduciary roles in retirement vehicles |
| Georgia Leadership Institute for School Improvement (GLISI) | Chair and Director (prior) | 2014–2021 | Non‑profit board leadership |
| Georgia Council on Economic Education (GCEE) | Chair and Trustee (prior) | 2014–2018 | Non‑profit board leadership |
Board Governance
- Independence and tenure: Independent Board Member; serving since 2022; Class III term through 2027.
- Attendance: Each Board Member attended at least 75% of board and committee meetings during the last fiscal year.
- Audit committee financial expert: Starr is designated an SEC “audit committee financial expert.”
| Committee | Role | Independent-only Committee? | Chair? | Notes |
|---|---|---|---|---|
| Audit Committee | Member (all Funds except Multi‑Market Income) | Yes | No | Oversees financial reporting, auditors, valuation; Starr is an SEC “audit committee financial expert” |
| Compliance, Risk Mgmt & Regulatory Oversight | Member (implied by fee schedule coverage for memberships) | Yes | No | Committee membership fees disclosed; committee exists as a standing committee |
| Investment Committee | Member (all Funds except Multi‑Market Income) | Yes | No | Oversees fund performance and risk; receives quarterly risk reports |
| Nominating & Governance | Member (all Funds except Multi‑Market Income) | Yes | No | Oversees board composition, evaluations, governance, and director education |
| Dividend Committee | Member (all Funds except Multi‑Market Income) | n/a | No | Authorized to declare distributions |
| Closed‑End Fund Committee | Member (all Funds except Multi‑Market Income) | n/a | No | Focus on premiums/discounts, leverage, buybacks; conducts workshops on discount management |
| Executive Committee | Not listed as member | n/a | n/a | Committee membership disclosed; Starr not listed |
Additional note: For the Nuveen Multi‑Market Income Fund, Starr serves as a consultant to the Board (compensated under a consulting agreement), rather than a trustee. This does not apply to JQC.
Fixed Compensation
| Component | 2023 (pre‑change) | 2024 | 2025 (effective Jan 1, 2025 where noted) |
|---|---|---|---|
| Annual retainer (Independent Board Members) | n/a | $350,000 | $350,000 (no change disclosed) |
| Audit Committee membership (per committee) | $2,500 per meeting (pre‑2024 schedule) | $30,000 annual retainer | $35,000 annual retainer |
| Compliance, Risk Mgmt & Regulatory Oversight membership | $5,000 per meeting (pre‑2024 schedule) | $30,000 annual retainer (same as Audit) | $35,000 annual retainer |
| Investment Committee membership | $2,500 per meeting (pre‑2024 schedule) | $20,000 annual retainer | $30,000 annual retainer |
| Dividend Committee membership | $1,250 per meeting (pre‑2024) | $20,000 annual retainer | $25,000 annual retainer |
| Nominating & Governance membership | $500 per meeting (pre‑2024) | $20,000 annual retainer | $25,000 annual retainer |
| Closed‑End Funds Committee membership | $2,500 per meeting (pre‑2024) | $20,000 annual retainer | $25,000 annual retainer |
| Board Chair retainer (if applicable) | $140,000 | $140,000 | $150,000 |
| Audit/Compliance Chair retainer (if applicable) | $20,000 | $30,000 | $35,000 |
| Investment Chair retainer (if applicable) | $20,000 | $20,000 | $30,000 |
| Other committee chair retainers (Dividend, N&G, CEF) | $20,000 | $20,000 | $25,000 |
| Ad hoc meeting fees | Chair set per meeting (pre‑2024) | $1,000–$2,500 per ad hoc meeting (length/immediacy) | $1,000–$2,500 per ad hoc meeting |
| Special assignment committee fees | Chair set pre‑2024 | Chair/co‑chair quarterly from $1,250; members quarterly from $5,000 | Same (from stated minimums) |
Notes:
- The Board eliminated per‑meeting fees in favor of annual retainers beginning Jan 1, 2024; amounts increased for 2025 in several categories.
- Deferred Compensation Plan available; independent trustees may defer fees indexed to selected Nuveen funds, with lump sum or 2–20 year distributions.
Performance Compensation
| Item | Disclosure |
|---|---|
| Equity awards (RSUs/PSUs), options | Not disclosed for independent trustees; proxy details only cash retainers, committee retainers, and meeting/assignment fees; no equity‑based awards described for trustees |
| Performance metrics tied to pay | None disclosed for trustees; compensation structure is fixed retainers/fees rather than performance‑conditioned awards |
| Clawback / tax gross‑ups | Not disclosed for trustees in proxy |
Other Directorships & Interlocks
| Company | Exchange/Type | Role | Committee Roles |
|---|---|---|---|
| Affiliated Managers Group, Inc. (AMG) | NYSE: AMG | Director (since 2023); Board Chair (AMG site) | Audit (chair/member per proxy), Nominating & Governance, Compensation (AMG site) |
No interlocks with direct competitors, suppliers, or customers of JQC are disclosed in the proxy.
Expertise & Qualifications
- Financial expertise: Former CFO of Invesco for 15 years; designated SEC “audit committee financial expert.”
- Governance experience: Multi‑committee service (Audit; Investment; Nominating & Governance; Dividend; Closed‑End Fund), and oversight of 217 portfolios in the Nuveen Fund complex.
- Education: B.A., B.S. (Columbia); M.B.A. (Columbia Business School); M.S. (Carnegie Mellon).
Equity Ownership
| Item | Status |
|---|---|
| Individual beneficial ownership in JQC | Less than 1% of outstanding shares (as of Feb 18, 2025, each Board Member’s holdings in each fund were <1%) |
| Group holdings (Board members and officers) | Less than 1% of each Fund’s outstanding shares (as of Feb 18, 2025) |
| Deferred compensation linked to JQC (proxy book account) | $585 total deferred fees payable for Credit Strategies (JQC) under the Deferred Compensation Plan (amount reflects assumed investment return mechanics) |
| Pledged shares / hedging | Not disclosed in proxy |
Insider Trades
| Scope | Last 18 months | Source |
|---|---|---|
| JQC insider transactions by Starr | 0 buys; 0 sales (no insider trades recorded) | |
| JQC (general insider feed) | Free feed reference; no detail shown |
Note: A separate Form 4 filed 8/18/2025 relates to AMG (Starr as a director) and reflects deferred director fee elections at AMG, not JQC.
Governance Assessment
-
Strengths
- Deep public markets finance background and SEC “audit committee financial expert” designation strengthen financial oversight and valuation governance.
- High committee engagement across Audit, Investment, Nominating & Governance, Dividend, and Closed‑End Fund committees; attendance met or exceeded 75% threshold.
- Compensation framework is transparent; 2024 shift to annual retainers reduces per‑meeting incentives; 2025 increases target heavier time commitments in key committees.
-
Potential Risks / RED FLAGS to monitor
- Workload and capacity: Oversees 217 portfolios in the Nuveen complex and serves on multiple committees, which may raise bandwidth considerations for deep engagement at each fund.
- Cross‑engagement optics: Serves as a consultant (paid) to the Multi‑Market Income Fund’s board while acting as an Independent Board Member for other funds; though permitted and disclosed, investors may scrutinize potential perceived conflicts. This consulting role does not apply to JQC.
- Ownership alignment: Individual holdings in each fund are <1% (typical for fund boards); while fees can be deferred into Nuveen funds, there is no explicit equity requirement for trustees.
-
Net view
- Starr’s audit and CFO pedigree, SEC financial expert status, and broad governance experience are positives for board effectiveness and investor confidence. Compensation and attendance disclosures are robust; no JQC insider trading activity reported. Continued monitoring of committee workload and any changes in external roles (e.g., AMG responsibilities) is warranted given time‑commitment considerations.