Albin F. Moschner
About Albin F. Moschner
Independent Board Member of NAD (Nuveen closed-end funds complex). Born 1952; consultant and founder/CEO of Northcroft Partners, LLC since 2012 with prior senior operating roles in wireless, payments, and consumer electronics; NAD Board service since 2016 and nominated for a term through the 2026 annual meeting . Independent status per committee compositions; oversees 217 portfolios in the fund complex .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Northcroft Partners, LLC | Founder & Chief Executive Officer | 2012–present | Management consulting; governance solutions |
| Leap Wireless International, Inc. | Chief Operating Officer | 2008–2011 | Operations leadership in wireless services |
| Leap Wireless International, Inc. | Chief Marketing Officer | 2004–2008 | Commercial strategy in wireless |
| Leap Wireless International, Inc. | Consultant | 2011–2012 | Advisory role prior to founding Northcroft |
| Verizon Communications (Card Services) | President | 2000–2003 | Consumer payments operations |
| One Point Communications (One Point Services) | President | 1999–2000 | Telecom services leadership |
| Diba, Incorporated | Vice President of the Board | 1996–1997 | Internet technology governance |
| Zenith Electronics Corporation | Chief Executive Officer; various executive roles | 1991–1996 (CEO 1995–1996) | Consumer electronics turnaround/execution |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| USA Technologies, Inc. (electronic payments) | Chairman (2019); Director | 2012–2019 | Board leadership; payments industry exposure |
| Wintrust Financial Corporation | Director | 1996–2016 | Financial services governance |
Board Governance
- Committee assignments: Chair, Closed-End Fund Committee; Member, Investment Committee; Member, Compliance, Risk Management and Regulatory Oversight Committee; Member, Nominating and Governance Committee .
- Independence: Committees are composed entirely of Independent Board Members as defined by NYSE/NASDAQ closed-end fund listing standards .
- Attendance and engagement: Each Board Member attended at least 75% of Board and committee meetings in the last fiscal year; Quality Income (NAD) meeting cadence shows deep engagement (e.g., 4 regular Board, 8 special Board, 14 Audit, 5 Nominating & Governance, 4 Investment, 4 Closed-End) .
- Tenure and term: Service since 2016; current term through 2025 annual meeting and nominee for term through 2026 annual meeting; class assignments vary by fund (Class II/III across certain funds) .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual Board retainer (Independent Board Members) | $350,000 | Effective Jan 1, 2025 |
| Audit Committee membership retainer | $35,000 | Effective Jan 1, 2025 |
| Compliance Committee membership retainer | $35,000 | Effective Jan 1, 2025 |
| Investment Committee membership retainer | $30,000 | Effective Jan 1, 2025 |
| Dividend Committee membership retainer | $25,000 | Effective Jan 1, 2025 |
| Nominating & Governance Committee membership retainer | $25,000 | Effective Jan 1, 2025 |
| Closed-End Fund Committee membership retainer | $25,000 | Effective Jan 1, 2025 |
| Closed-End Fund Committee Chair retainer | $25,000 | Chair fee; Moschner is Chair |
| Ad hoc Board/Committee meetings | $1,000 or $2,500 | Based on meeting length/immediacy |
| Fund-Level Compensation (NAD) | Period | Amount |
|---|---|---|
| Quality Income (NAD) – Moschner | Fiscal year ended Oct 31, 2024 | $13,688 |
| Total compensation from Nuveen funds – Moschner | Aggregate | $481,250 |
Historical structure: In 2023, compensation included per-meeting fees (e.g., $7,250/day for regular Board meetings; $4,000 special Board; $2,500 Audit/Closed-End/Investment; $5,000 Compliance; $1,250 Dividend; $500 other committees) plus chair retainers ($20,000 per committee; $140,000 Board Chair) before the shift to committee retainers in 2024–2025 .
Performance Compensation
| Item | Disclosure |
|---|---|
| Bonus/annual incentive | Not applicable for Independent Directors; compensation is retainer/fees |
| Equity awards (RSUs/PSUs/options) | None disclosed; Independent Directors may elect to defer fees into a Deferred Compensation Plan invested in Nuveen funds (lump sum or over 2–20 years) |
| Performance metrics (TSR/EBITDA/ESG) | None disclosed for director compensation |
| Clawbacks/COC/severance | Not applicable; Independent Directors, no employment contracts disclosed |
Other Directorships & Interlocks
| Company | Sector | Role | Potential Interlock/Conflict |
|---|---|---|---|
| USA Technologies, Inc. | Payments | Chairman (2019); Director (2012–2019) | No NAD-specific transaction disclosed |
| Wintrust Financial Corporation | Banking | Director (1996–2016) | No NAD-specific transaction disclosed |
- The proxy discloses certain board member holdings in companies advised by affiliates; Moschner is not listed, indicating no such affiliated-advised company holdings disclosed for him .
Expertise & Qualifications
- Multi-decade operating leadership across telecom (Leap Wireless, One Point), payments (Verizon Card Services), and consumer electronics (Zenith Electronics CEO), plus governance consulting (Northcroft Partners), aligning with NAD’s oversight needs in risk, performance, and market structure .
- Serves as Chair of the Closed-End Fund Committee, directly engaged in discount/premium oversight, leverage, distributions, and potential actions (repurchases, leverage strategies) .
Equity Ownership
| Item | Value | As-of |
|---|---|---|
| Aggregate dollar range of Nuveen fund holdings (Moschner) | Over $100,000 | May 31, 2025 |
| NAD (Quality Income) shares owned (Moschner) | 0 | May 31, 2025 |
| Municipal High Income shares owned (Moschner) | 7,136 | May 31, 2025 |
| Dollar range – Municipal High Income (Moschner) | $50,000–$100,000 | May 31, 2025 |
| Ownership guideline | Expected to invest at least one year of compensation in funds across the Fund Complex | Governance principle |
| Compliance with guideline | Not determinable from dollar ranges provided; each individual fund holding <1% of outstanding shares | June 20, 2025 |
Governance Assessment
- Strengths: Independent status; Chair of Closed-End Fund Committee with active mandate to address discounts/premiums, leverage, and repurchases; consistent attendance (≥75%); extensive operating background in relevant industries .
- Alignment: Material investment across Nuveen funds (aggregate “Over $100,000”); however, no direct ownership in NAD as of May 31, 2025, which may slightly weaken fund-specific alignment while broader complex alignment remains .
- Compensation structure: Shift from per-meeting fees to higher fixed committee retainers in 2024–2025 increases predictability and may reduce pay-for-activity linkage; Moschner’s aggregate compensation from Nuveen funds was $481,250, with NAD allocation of $13,688 for FY2024 .
- Potential conflicts: Founder/CEO of a consulting firm and prior industry roles; the proxy does not disclose related-party transactions or affiliated-advised company holdings for Moschner; committees are independent by listing standards .
- Engagement signals: NAD held substantial numbers of Board and committee meetings (e.g., Audit 14; Nominating & Governance 5; Investment 4; Closed-End 4), indicating active oversight cadence .
RED FLAGS
- No direct NAD share ownership (0 shares), though broader Nuveen complex holdings are “Over $100,000” and Municipal High Income holdings are $50,000–$100,000; investors may prefer some NAD-specific ownership from a committee chair active in discount management .
- Compensation evolution toward fixed retainers may reduce variable alignment with workload; monitor future structure changes and ad hoc meeting fees usage .
Overall, Moschner brings seasoned operator expertise and leads the Closed-End Fund Committee with robust meeting cadence and independence. Alignment is stronger at the complex level than at the NAD fund level; no related-party or attendance issues are disclosed, supporting governance stability while leaving room to improve fund-specific ownership optics .