Loren Starr
About Loren Starr
Independent director of Nuveen California Quality Municipal Income Fund (NAC) since 2022; Class III term runs through the 2027 annual meeting. Born 1961. Former Vice Chair and long‑tenured CFO of Invesco Ltd.; designated Audit Committee “financial expert.” Degrees: B.A. and B.S., Columbia College; M.B.A., Columbia Business School; M.S., Carnegie Mellon University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Invesco Ltd. | Vice Chair, Senior Managing Director | 2020–2021 | Senior oversight; preceded by 15 years as CFO |
| Invesco Ltd. | Chief Financial Officer, Senior Managing Director | 2005–2020 | Led global finance; capital allocation and reporting |
| Advisory/Consulting | Independent Consultant/Advisor | Since 2021 | Governance and finance advisory |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| AMG | Director; Chair of the Board | Director since 2023; Chair since 2025 | Former Chair of Audit Committee (2024–2025) |
| Georgia Leadership Institute for School Improvement (GLISI) | Chair and Board Member (former) | 2014–2021 | Governance leadership |
| Georgia Council on Economic Education (GCEE) | Chair and Trustee (former) | 2015–2018 | Program oversight |
| College Retirement Equities Fund (CREF) | Trustee (former) | 2022–2023 | Oversight within TIAA complex |
| TIAA Separate Account VA‑1 | Manager (former) | 2022–2023 | Investment oversight |
Board Governance
- Independence: The Board classifies all NAC Board Members, including Starr, as Independent; none have been employees or directors of TIAA, Nuveen, or affiliates .
- Committees: Starr serves on Dividend; Audit (financial expert designation); Nominating & Governance; Investment; Closed‑End Funds. He is not on Executive or Compliance committees .
- Attendance: Each Board Member attended 75% or more of Board and applicable committee meetings in the last fiscal year .
- Tenure/Classification: Class III Board Member; term expiring at the 2027 annual meeting .
| NAC Board/Committee Meetings (Last Fiscal Year) | Count |
|---|---|
| Regular Board Meetings | 6 |
| Special Board Meetings | 9 |
| Executive Committee | 3 |
| Dividend Committee | 8 |
| Compliance, Risk Management & Regulatory Oversight | 4 |
| Audit Committee | 13 |
| Nominating & Governance | 6 |
| Investment Committee | 3 |
| Closed‑End Funds Committee | 4 |
Fixed Compensation
- Structure (effective Jan 1, 2025): Annual retainer $350,000; committee membership retainers: Audit and Compliance $35,000; Investment $30,000; Dividend, Nominating & Governance, Closed‑End $25,000; Chair fees: Board $150,000; Audit/Compliance Chair $35,000; Investment Chair $30,000; Dividend/Nominating/Closed‑End Chair $25,000; ad hoc meeting fee $1,000–$2,500; special assignment committee quarterly fees: Chair ≥$1,250; members ≥$5,000 .
- Prior to 2025: Audit/Compliance membership $30,000; Investment $20,000; Dividend/Nominating/Closed‑End $20,000; Board Chair $140,000 – indicating fee increases in 2025 .
- Funds have no retirement or pension plans; a deferred compensation plan allows directors to defer fees into notional fund investments .
| Compensation Detail | Amount |
|---|---|
| Total compensation from Nuveen Funds paid to Loren Starr (Fund Complex) | $479,750 |
| Compensation allocated from NAC (California Quality) to Loren Starr | $8,049 |
| Deferred fees payable (NAC) – Loren Starr | $1,414 |
| Deferred fees payable (Other participating funds) – Loren Starr | AZ: $109; NKX: $480; NCA: $146; NMT: $132 |
Performance Compensation
- No performance‑based compensation disclosed for Independent Board Members (no bonus, stock options, PSUs/RSUs, or performance metrics). Compensation is fixed retainers and committee fees with optional fee deferral; no TSR or financial/ESG targets attached .
| Performance Metric | Status |
|---|---|
| Bonus/Variable Cash | Not disclosed/Not applicable for Independent Board Members |
| Equity awards (RSUs/PSUs/options) | None disclosed |
| TSR/Financial/ESG targets | None disclosed |
Other Directorships & Interlocks
| Company/Institution | Relationship to NAC ecosystem | Potential Interlock/Conflict Notes |
|---|---|---|
| AMG | External public company board; Chair | Noted leadership; no NAC‑specific related‑party transactions disclosed |
| CREF; TIAA VA‑1 | Prior roles within TIAA complex | Historic ties to TIAA/Nuveen ecosystem; Board still classifies Starr as Independent |
Expertise & Qualifications
- Finance leadership: 15 years as CFO of a global asset manager; senior governance experience as Vice Chair .
- Audit oversight: Designated Audit Committee financial expert at NAC .
- Education: B.A., B.S. (Columbia College); M.B.A. (Columbia Business School); M.S. (Carnegie Mellon University) .
Equity Ownership
- Beneficial ownership in NAC and sister funds: $0 in each listed fund as of Oct 22, 2025; aggregate dollar range across all Nuveen funds overseen: Over $100,000 .
- Ownership alignment: Board governance principle expects each Board Member to invest at least one year’s compensation in funds in the Fund Complex; group holdings for each fund are <1% of outstanding shares .
| Ownership Metric | Loren Starr |
|---|---|
| NAC shares beneficially owned | 0 |
| Aggregate dollar range across Fund Complex | Over $100,000 |
| Shares pledged/hedged | Not disclosed |
| Ownership guidelines | Expected to invest ≥1 year of compensation in Fund Complex |
| % of NAC outstanding | <1% (individual holdings for each Board Member) |
Insider Trades and Section 16 Compliance
| Item | Disclosure |
|---|---|
| Section 16(a) filings compliance (last fiscal year) | NAC believes Board Members/officers/adviser affiliates complied with all applicable filing requirements |
Governance Assessment
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Strengths:
- Deep finance expertise; audit committee “financial expert” designation supports robust financial oversight .
- Multi‑committee engagement (Audit, Dividend, Nominating & Governance, Investment, Closed‑End) indicates broad governance participation; Board reports full members met ≥75% attendance .
- Cash‑only compensation with transparent committee retainers; optional fee deferral into Nuveen funds aligns interests without equity complexity .
-
Watch items / potential conflicts:
- Prior governance roles within TIAA’s CREF/VA‑1 could be perceived as ecosystem ties; Board explicitly maintains independence classification .
- No disclosed equity ownership in NAC itself (beneficial shares $0), though aggregate Nuveen fund exposure is “Over $100,000”; investors may prefer visible NAC‑specific holdings for alignment .
-
Compensation structure signals:
- 2025 increases to committee retainers and chair fees (e.g., Audit/Compliance membership $30k→$35k; Investment $20k→$30k) suggest rising governance workload and complexity across the complex rather than pay inflation without basis .
-
Board leadership and effectiveness:
- Independent Chair (Robert Young) established in 2025; unitary board and structured committees with clear charters, frequent Audit Committee meetings (13) and closed‑end market oversight via the Closed‑End Fund Committee support investor confidence in process rigor .