Albin Moschner
About Albin F. Moschner
Independent Board Member of Nuveen California Quality Municipal Income Fund (NAC) since 2016; born 1952. Founder and CEO of Northcroft Partners, LLC (management consulting) since 2012; prior C-suite and senior operating roles in wireless telecom and consumer electronics, including Leap Wireless (COO, CMO), Verizon Communications (President, Card Services), One Point Communications (President, One Point Services), and Zenith Electronics (President & CEO; President & COO). Education: B.E. Electrical Engineering, The City College of New York (1974); M.S. Electrical Engineering, Syracuse University (1979). Deemed “Independent Board Member” (not an “interested person” under the 1940 Act; never employee/director of TIAA/Nuveen or affiliates) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Northcroft Partners, LLC | Founder & Chief Executive Officer | Since 2012 | Provides operational, management and governance solutions |
| Leap Wireless International, Inc. | Consultant; Chief Operating Officer; Chief Marketing Officer | Consultant 2011–2012; COO 2008–2011; CMO 2004–2008 | Senior operating leadership in consumer wireless services |
| Verizon Communications, Inc. | President, Verizon Card Services | 2000–2003 | Led card services division |
| One Point Communications | President, One Point Services | 1999–2000 | Operating leadership in telecom services |
| Zenith Electronics Corporation | Director; President & CEO; President & COO | CEO 1995–1996; President & COO 1994–1995; Director during tenure | Led consumer electronics company |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| USA Technologies, Inc. | Chairman; Director | Chairman 2019; Director 2012–2019 | Provider of electronic payment solutions |
| Wintrust Financial Corporation | Director | 1996–2016 | Regional financial services company |
| Kellogg School of Management (Advisory Board) | Advisory Board Member; Emeritus | Member 1995–2018; Emeritus since 2018 | Academic advisory role |
| Archdiocese of Chicago Financial Council | Advisory Board Member; Emeritus | Member 2012–2018; Emeritus since 2018 | Non‑profit/faith-based finance advisory |
Board Governance
- Independence: Classified as an Independent Board Member; not an “interested person” and never employed by TIAA/Nuveen or affiliates .
- Tenure on the Nuveen fund boards: Since 2016 .
- Election status: For NAC and other funds with Preferred Shares, nominee of Preferred shareholders for a term expiring at the next annual meeting (2026); for Nuveen California Municipal Value Fund (NCA), Class III term to 2027 .
- Committee assignments:
- Chair: Closed-End Fund Committee .
- Member: Compliance, Risk Management and Regulatory Oversight Committee ; Nominating & Governance Committee ; Investment Committee .
- Attendance: Each Board Member attended 75% or more of Board and committee meetings held during the last fiscal year .
- Board leadership: Unitary board across the Nuveen fund complex; Independent Chair is Robert L. Young .
Fixed Compensation
Compensation structure (effective January 1, 2025) for Independent Board Members (cash retainers and fees; allocated across the fund complex):
| Component | Amount (USD) | Notes |
|---|---|---|
| Annual Board retainer | $350,000 | Independent Board Members |
| Committee membership retainers | Audit: $35,000; Compliance/Risk: $35,000; Investment: $30,000; Dividend: $25,000; Nominating & Governance: $25,000; Closed-End Funds: $25,000 | Per committee |
| Committee Chair retainers | Audit: $35,000; Compliance/Risk: $35,000; Investment: $30,000; Dividend: $25,000; Nominating & Governance: $25,000; Closed-End Funds: $25,000 | Chair add-on |
| Board Chair retainer | $150,000 | Independent Chair |
| Ad hoc meeting fees | $1,000 or $2,500 per meeting | Based on length/immediacy |
| Special assignment committees | Chair quarterly fee starting at $1,250; members quarterly fee starting at $5,000 | As established |
Changes vs. prior structure: Membership retainers increased (e.g., Audit/Compliance from $30,000 to $35,000; Investment from $20,000 to $30,000; Dividend/Nom/Gov/Closed-End from $20,000 to $25,000). Chair retainers increased (e.g., Board Chair $140,000 → $150,000) .
Director deferral plan: Optional deferred compensation plan exists; distributions can be lump sum or over 2–20 years; value notionally linked to selected Nuveen funds . Moschner showed no deferred fees in the listed funds for the last fiscal year (“—” entries) .
FY 2025 compensation received (allocation and totals):
| Fund | Aggregate Compensation to Moschner (USD) |
|---|---|
| Nuveen California Quality Municipal Income Fund (NAC) | $7,985 |
| Nuveen California AMT-Free Quality Municipal Income Fund (NKX) | $2,723 |
| Nuveen California Municipal Value Fund (NCA) | $830 |
| Nuveen Arizona Quality Municipal Income Fund (NAZ) | $620 |
| Nuveen Massachusetts Quality Municipal Income Fund (NMT) | $508 |
| Total from Nuveen Funds in Fund Complex | $481,250 |
Performance Compensation
| Item | Disclosure |
|---|---|
| Performance-based cash/metrics | None described for Independent Board Members; compensation is structured as retainers and committee fees . |
| Equity/option awards | Not described; proxy outlines cash retainers/fees and optional deferred compensation, with no performance metrics specified for directors . |
| Clawbacks/COC/severance | Not applicable to Independent Board Members in the proxy . |
Other Directorships & Interlocks
| Company/Organization | Type | Role | Tenure |
|---|---|---|---|
| USA Technologies, Inc. | Public company | Chairman; Director | Chairman 2019; Director 2012–2019 |
| Wintrust Financial Corporation | Public company | Director | 1996–2016 |
| Kellogg School of Management Advisory Board | Academic | Advisory Board; Emeritus | 1995–2018; Emeritus since 2018 |
| Archdiocese of Chicago Financial Council | Non-profit | Advisory Board; Emeritus | 2012–2018; Emeritus since 2018 |
No current public company directorships disclosed in the past five years for Moschner; prior roles listed above . The proxy’s related-party/affiliate holdings table lists certain Board Members with securities in adviser-affiliated vehicles; Moschner is not listed in that table .
Expertise & Qualifications
- Operating leadership: COO/CMO at Leap Wireless; President roles at Verizon Card Services and One Point; CEO/COO at Zenith Electronics .
- Board leadership: Former Chairman of USA Technologies; long-standing public company directorship experience (Wintrust) .
- Domain: Telecom, wireless, consumer electronics, payments; governance and strategy via consulting practice .
- Education: B.E. (Electrical Engineering) CCNY (1974); M.S. (Electrical Engineering) Syracuse (1979) .
Equity Ownership
| Item | Value |
|---|---|
| NAC (California Quality) – Shares beneficially owned | 0 |
| All five funds in this proxy – Shares beneficially owned | 0 in each |
| Ownership as % of shares outstanding (per fund) | Each Board Member’s individual holdings in each Fund were <1% as of Oct 22, 2025 |
| Aggregate range of equity securities in all registered investment companies overseen (Nuveen fund complex) | Over $100,000 |
| Ownership guideline | Board principle expects each Board Member to invest at least one year of compensation in funds within the Fund Complex |
| Compliance with guideline | Not determinable from disclosed “Over $100,000” range vs. Moschner’s total compensation of $481,250; data insufficient to confirm compliance |
Governance Assessment
- Board effectiveness and engagement: Independent director with nearly a decade of service (since 2016), committee breadth (member of Compliance, Nominating & Governance, Investment), and leadership as Chair of the Closed-End Fund Committee that directly reviews discounts, leverage, and secondary market dynamics for closed-end funds—central issues for CEF investors .
- Independence and attendance: Deemed independent; not affiliated with adviser or parent; attended ≥75% of meetings; unitary board with an Independent Chair supports oversight quality .
- Compensation and alignment: Compensation is cash-based with committee/Chair modifiers; optional deferral exists; no performance metrics for director pay are disclosed—typical for fund boards. Moschner reported no deferred fees in the listed funds. He holds 0 shares in NAC specifically but reports “Over $100,000” aggregate exposure across the Nuveen fund complex; ownership guideline exists but compliance cannot be confirmed from the disclosed range .
- Conflicts/related-party exposure: Proxy’s affiliate holdings/related table identifies other directors but does not list Moschner; no related-party transactions or conflicts involving Moschner are disclosed .
- Signals for investors: Chairing the Closed-End Fund Committee signals direct engagement with discount management and capital structure oversight; independence and committee load are positives. Lack of NAC-specific ownership may be viewed as a minor alignment gap for some investors, partly offset by disclosed aggregate Nuveen complex exposure .
References: NAC DEF 14A, filed November 6, 2025 –.