Loren M. Starr
About Loren M. Starr
Independent director of Nuveen Real Asset Income and Growth Fund (JRI); former Vice Chair and long-time CFO at Invesco Ltd. (CFO 2005–2020; Vice Chair 2020–2021). Year of birth: 1961; appointed to JRI’s board effective January 1, 2024; currently a Class III trustee with a term expiring at the 2027 annual meeting if re-elected. Designated an “audit committee financial expert” and serves across multiple key committees. Degrees: B.A. and B.S. from Columbia College, M.B.A. from Columbia Business School, and M.S. from Carnegie Mellon University.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Invesco Ltd. | Chief Financial Officer, Senior Managing Director | 2005–2020 | Led finance for a global asset manager; senior leadership on capital allocation and reporting. |
| Invesco Ltd. | Vice Chair, Senior Managing Director | 2020–2021 | Executive leadership and strategic oversight. |
| Georgia Leadership Institute for School Improvement (GLISI) | Board Chair and Director | 2014–2021 | Governance leadership at a non-profit. |
| Georgia Council on Economic Education (GCEE) | Board Chair and Trustee | 2014–2018 | Governance and education advocacy. |
| College Retirement Equities Fund (CREF) | Trustee | 2022–2023 | Oversight of investment products associated with TIAA. |
| TIAA Separate Account VA-1 | Manager (Management Committee) | 2022–2023 | Product governance for variable annuity separate account. |
External Roles
| Organization | Role | Status | Notes |
|---|---|---|---|
| Affiliated Managers Group, Inc. (AMG) | Director | Since 2023 | Chair of the Audit Committee since 2024. |
Board Governance
- Independence: The board confirms all nominees and current trustees (including Starr) are independent, not “interested persons” under the 1940 Act, and have never been an employee or director of TIAA or Nuveen.
- Committee assignments (JRI): Audit Committee (financial expert), Nominating & Governance Committee, Investment Committee, Closed-End Fund Committee, Dividend Committee; no chair roles disclosed for Starr.
- Attendance: Each trustee attended at least 75% of board and applicable committee meetings in the last fiscal year.
- Class/term: Class III; nominee to serve until 2027 annual meeting if elected.
- Portfolios overseen in the Nuveen fund complex: 217.
- Board leadership: Independent Chair (Robert L. Young).
Fixed Compensation
- Structure (independent trustees, effective Jan 1, 2024; increases noted for 2025):
- Annual board retainer: $350,000; Chair premium $140,000 (rising to $150,000 in 2025).
- Committee membership retainers (2024 → 2025): Audit $30,000 → $35,000; Compliance/Risk $30,000 → $35,000; Investment $20,000 → $30,000; Dividend $20,000 → $25,000; Nominating & Governance $20,000 → $25,000; Closed-End Funds $20,000 → $25,000.
- Ad hoc meetings: $1,000 or $2,500 depending on length/immediacy; special assignment committees: quarterly fees (chair/co-chair from $1,250; members from $5,000).
- Deferred Compensation Plan available; deferrals notionally invested in eligible Nuveen funds.
- JRI- and complex-level amounts for Loren M. Starr (last fiscal year):
- Aggregate compensation from JRI (Real Asset): $1,055.
- Total compensation from funds in the Nuveen fund complex: $479,750.
- Deferred compensation attributed to JRI (notional): $363.
| Item | Amount |
|---|---|
| JRI – Aggregate Compensation (last FY) | $1,055 |
| Complex – Total Compensation (last FY) | $479,750 |
| JRI – Deferred Compensation (notional) | $363 |
Performance Compensation
| Component | Terms/Notes |
|---|---|
| Bonuses/Target bonus | Not disclosed for directors; compensation is via retainers and meeting/committee fees. |
| Equity (RSUs/PSUs/Options) | None disclosed for directors. |
| Clawbacks/COC/Severance | Not applicable/disclosed for independent trustees. |
| Pensions/SERP | The Funds do not have retirement or pension plans; a voluntary Deferred Compensation Plan is available. |
Other Directorships & Interlocks
| Company/Entity | Nature | Potential Interlock/Conflict Notes |
|---|---|---|
| Affiliated Managers Group, Inc. (AMG) | Public company directorship; Audit Committee Chair | External role; no related-party transactions with JRI disclosed. |
| CREF; TIAA Separate Account VA-1 | Prior fund governance roles (2022–2023) | Board confirms trustees (including Starr) have never been an employee or director of TIAA or Nuveen; independence maintained. |
Expertise & Qualifications
- Financial leadership: 15 years as CFO at Invesco plus subsequent Vice Chair role; deep public company finance, capital allocation, and reporting expertise.
- Audit/Accounting: Designated “audit committee financial expert” for the funds; chairs AMG’s audit committee.
- Education: B.A. and B.S. (Columbia College), M.B.A. (Columbia Business School), M.S. (Carnegie Mellon University).
Equity Ownership
- Ownership guideline: Board governance principle expects each trustee to invest (directly or deferred) at least the equivalent of one year of compensation in the Nuveen fund complex.
- Individual holdings:
- JRI (Real Asset) dollar range: $0; shares owned: 0; ownership of JRI by each trustee, including Starr, was less than 1% as of the record/reference dates.
- Aggregate across “family of investment companies”: “Over $100,000.”
| Fund/Scope | Dollar Range | Shares | Ownership % |
|---|---|---|---|
| JRI (Real Asset) | $0 | 0 | <1% |
| All funds overseen (family) | Over $100,000 | N/A | N/A |
Governance Assessment
- Strengths
- Independence and breadth: Board affirms independence; no affiliations with TIAA/Nuveen; no delinquent Section 16 filings; no related-party transactions disclosed for Starr.
- Financial oversight: Audit Committee member and designated financial expert; extensive CFO background; external audit chair role at AMG enriches committee effectiveness.
- Engagement: Met ≥75% attendance threshold across board/committee meetings; participates on all key JRI committees (audit, investment, nominating, dividend, closed-end).
- Watch items
- Ownership alignment at the fund level: Disclosed as $0 in JRI and 0 shares; although aggregate complex holdings are “Over $100,000,” disclosure bands prevent confirming alignment with the board’s “one-year compensation” expectation on an individual basis.
- Workload/oversight span: Oversees 217 portfolios under the unitary board model, which can diffuse director attention; mitigated by committee structure and specialized roles. –
Overall implication for investors: Starr’s deep finance background and audit expertise, combined with independent status and broad committee engagement, are positives for JRI’s governance and financial oversight. The lack of disclosed JRI-specific share ownership is a potential alignment concern, though the deferred plan and aggregate complex investment provide partial offset; there are no disclosed conflicts or Section 16 compliance issues. –