Loren M. Starr

About Loren M. Starr

Independent director of Nuveen Quality Municipal Income Fund (NAD); year of birth 1961. Former Vice Chair and CFO of Invesco Ltd. (2005–2021); currently an independent consultant/advisor and a Director and Audit Committee Chair at AMG . Joined the Nuveen funds board complex in 2024; his current term is Class II/III through the 2027 annual meeting, and he is designated an independent board member (not an “interested person”) . Education: BA and BS (Columbia College), MBA (Columbia Business School), MS (Carnegie Mellon) .

Past Roles

External Roles

Board Governance

• Independence: Not an “interested person”; has never been an employee or director of TIAA/Nuveen or affiliates .
• Committees (NAD/Nuveen funds complex):
  • Audit Committee member and designated audit committee financial expert; Chair is John K. Nelson .
  • Dividend Committee member; Chair is Matthew Thornton .
  • Nominating & Governance Committee member; Chair is Robert L. Young .
  • Investment Committee member; Co-Chairs are Joseph Boateng and Amy Lancellotta .
  • Closed-End Fund Committee member; Chair is Albin Moschner .
• Attendance: Each board member, including Starr, attended at least 75% of board and committee meetings in the last fiscal year .
• Term and tenure: Listed as Class II/III with term through 2027; joined the Board in 2024 .

Committee Meeting Load (NAD – last fiscal year)

Fixed Compensation

• Structural retainer framework:
  • Effective Jan 1, 2025: $350,000 annual retainer; committee membership retainers: Audit and Compliance $35,000 each, Investment $30,000, Dividend/Nominating/Closed-End $25,000 each; chair premiums: Board $150,000; Audit/Compliance $35,000; Investment $30,000; Dividend/Nominating/Closed-End $25,000; ad hoc meeting fees $1,000 or $2,500 .
  • 2024 framework: $350,000 annual retainer; committee membership retainers: Audit and Compliance $30,000; Investment $20,000; Dividend/Nominating/Closed-End $20,000; chair premiums: Board $140,000; Audit/Compliance $30,000; Investment $20,000; Dividend/Nominating/Closed-End $20,000; ad hoc meeting fees $1,000 or $2,500 .
  • 2023 framework (for context): $210,000 annual retainer plus per-meeting fees by committee; chair retainers $140,000 (Board) and $20,000 (most committees) .
• Deferred compensation: Directors may defer fees into a book-reserve account notionally invested in eligible Nuveen funds; distributions can be lump sum or 2–20 years; no retirement/pension plan .

Performance Compensation

• No performance-based bonuses, equity awards (RSUs/PSUs), or option grants disclosed for independent directors; compensation is retainers/fees and optional deferral .

Other Directorships & Interlocks

• Interlocks/conflicts: Proxy explicitly states all Nuveen fund board members (including Starr) are independent and have never been employees/directors of TIAA or Nuveen or affiliates . No related-party transactions disclosed for Starr; an example disclosure is provided for another director’s holdings in entities under common control, but none listed for Starr .

Expertise & Qualifications

• Capital markets and asset management CFO experience (Invesco) .
• Audit committee financial expert designation (SEC-defined) on Nuveen funds Audit Committee .
• Advanced degrees in business and quantitative disciplines (Columbia BA/BS, Columbia MBA, Carnegie Mellon MS) .

Equity Ownership

• NAD-specific holdings:
  • Dollar range of equity securities beneficially owned in NAD: $0 .
  • Shares beneficially owned in NAD: 0 .
• Aggregate holdings across Nuveen fund complex: Over $100,000 (aggregate dollar range) .
• Ownership guideline: Board principle expects each director to invest at least one year of compensation in Nuveen funds (directly or deferred) .

Governance Assessment

• Strengths:
  • High independence standard; explicitly not affiliated with TIAA/Nuveen; designated audit committee financial expert .
  • Deep finance background (Invesco CFO, AMG audit chair) enhances board effectiveness on valuation, audit and risk oversight .
  • Attendance meets threshold; heavy committee load signals active engagement (Audit 14 meetings; Dividend 10; etc.) .
• Compensation alignment:
  • Cash-based retainers with transparent committee/chair structure; optional fee deferral into Nuveen funds supports skin-in-the-game .
  • NAD aggregate pay to Starr in FY 2024 was $9,640; broader retainers increased in 2025, improving compensation clarity and standardization across committees .
• Potential red flags and conflicts:
  • None disclosed for Starr in related-party transactions; independence affirmed; no pledging/loans indicated in proxy .
  • No equity/option awards for independent directors—reduces misalignment risk but limits direct NAD exposure (Starr’s NAD dollar range is $0; aggregate Nuveen fund holdings exceed $100,000 per guideline) .
• Shareholder votes:
  • Current proxy solicits only board elections (no say‑on‑pay items), typical for closed‑end funds .

Overall, Starr’s audit expertise, independence, and committee engagement are positive signals for governance quality; lack of NAD-specific holdings is mitigated by aggregate Nuveen fund investments and the standing guideline to hold at least one year’s compensation across the complex .