Michael Forrester
About Michael A. Forrester
Independent Board Member of Nuveen New York Quality Municipal Income Fund (NAN), born 1967, with a B.A. from Washington & Lee University. He joined the Nuveen funds Board in 2024 and oversees 216 portfolios in the fund complex; he previously served as Trustee of College Retirement Equities Fund (CREF) and Manager of TIAA Separate Account VA‑1 from 2007–2023, and is designated an Independent Board Member (not an “interested person”). Prior roles include CEO (2014–2021) and COO (2007–2014) of Copper Rock Capital Partners; current external roles include Director at Aflac Incorporated (since 2025), Trustee at Dexter Southfield School (since 2019), and member of the Independent Directors Council Governing Council (since 2020). Independence affirmed for all Nuveen Fund Board Members, and he attended at least 75% of Board and committee meetings in the last fiscal year.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Copper Rock Capital Partners, LLC | Chief Executive Officer | 2014–2021 | Led firm operations and strategy |
| Copper Rock Capital Partners, LLC | Chief Operating Officer | 2007–2014 | Built and scaled operations |
| College Retirement Equities Fund (CREF) | Trustee | 2007–2023 | Governance of mutual fund complex |
| TIAA Separate Account VA‑1 | Manager (Management Committee) | 2007–2023 | Oversight of variable annuity account |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Aflac Incorporated | Director | Since 2025 | Public company board; potential interlock noted below |
| Dexter Southfield School | Trustee | Since 2019 | Non-profit education |
| Independent Directors Council (ICI) | Governing Council Member | Since 2020 | Fund governance community |
Board Governance
- Independence: Not an “interested person” of the Funds, Nuveen or TIAA; no employment/directorship with Adviser or parent companies; designated Independent Board Member.
- Committee memberships (current): Compliance, Risk Management & Regulatory Oversight Committee (member); Nominating & Governance Committee (member); Investment Committee (member). No chair roles.
- Non-memberships: Not on Audit, Executive, Dividend, or Closed-End Fund Committees.
- Attendance: Each Board Member attended 75% or more of Board and committee meetings in the last fiscal year.
- Board structure: Unitary board across Nuveen funds; independent Chair of the Board (Robert L. Young).
Fixed Compensation
| Component | Amount | Period/Applicability | Notes |
|---|---|---|---|
| Annual retainer (Independent Board Members) | $350,000 | Effective Jan 1, 2025 | Fixed cash retainer |
| Committee membership retainer – Audit | $35,000 | Effective Jan 1, 2025 | Not applicable to Forrester (not a member) |
| Committee membership retainer – Compliance | $35,000 | Effective Jan 1, 2025 | Applicable (member) |
| Committee membership retainer – Investment | $30,000 | Effective Jan 1, 2025 | Applicable (member) |
| Committee membership retainer – Dividend | $25,000 | Effective Jan 1, 2025 | Not applicable (not a member) |
| Committee membership retainer – Nominating & Governance | $25,000 | Effective Jan 1, 2025 | Applicable (member) |
| Committee membership retainer – Closed-End Fund | $25,000 | Effective Jan 1, 2025 | Not applicable (not a member) |
| Ad hoc meeting fees | $1,000 or $2,500 per meeting | Effective Jan 1, 2025 | Based on length/immediacy |
| Total compensation from Nuveen Funds (aggregate) | $480,750 | Last fiscal year | Includes fund complex allocations; may include deferred amounts |
| NAN compensation – Fiscal Year (Feb 29, 2024) | $0 | Fund fiscal year | Appointed Jan 1, 2024; FY changed to Aug 31 for NY funds |
| NAN compensation – Stub Period (Mar 1–Aug 31, 2024) | $789 | Fund stub period | Allocation to NAN over stub period |
The Nuveen funds allow deferral of director fees; deferred amounts are notionally invested in eligible Nuveen funds and paid per elected schedule.
Performance Compensation
| Performance-linked element | Disclosure | Notes |
|---|---|---|
| Stock awards (RSUs/PSUs) | Not disclosed / not applicable | Independent Board Members compensated via cash retainers and meeting/committee fees; no equity awards reported |
| Options awards | Not disclosed / not applicable | No options disclosed for directors |
| Performance metrics (e.g., Revenue/EBITDA/TSR/ESG) | Not disclosed / not applicable | No pay-for-performance metrics tied to director compensation |
| Clawback / Change-of-control provisions | Not disclosed | Not applicable to independent director compensation structure |
Other Directorships & Interlocks
| Company | Role | Tenure | Potential Interlock |
|---|---|---|---|
| Aflac Incorporated | Director | Since 2025 | Thomas J. Kenny (fellow Nuveen director) is also an Aflac Director and Chair of Finance & Investment Committee (since 2015), creating an interlock across boards |
- No related-party holdings or transactions disclosed for Forrester; a related holdings table highlights Mr. Kenny’s interests in entities under common control with the Adviser, but does not list Forrester.
Expertise & Qualifications
- Asset management operating leadership (CEO/COO) across public equities; governance experience across mutual fund complexes (CREF/VA‑1).
- Board oversight across 216 portfolios; member of IDC Governing Council (governance subject-matter credential).
- Education: B.A., Washington & Lee University.
Equity Ownership
| Metric | NAN (N.Y. Quality Income) | Fund Complex Aggregate |
|---|---|---|
| Dollar range of equity securities | $0 | Over $100,000 |
| Shares beneficially owned (NAN) | 0 | n/a |
| Ownership % of outstanding | <1% (each Board Member in each Fund) | n/a |
| Shares pledged/hedged | Not disclosed | Not disclosed |
| Board ownership expectation | Each Board Member expected to invest ≥ one year of compensation in Nuveen funds (directly or deferred) | — |
For NAN specifically, Forrester reports $0 holdings; aggregate across all Nuveen funds is “Over $100,000.” Compliance with the “one-year compensation” expectation cannot be determined from ranges.
Insider Trades and Section 16
| Item | Status | Notes |
|---|---|---|
| Section 16(a) compliance | Complied | Funds report Board Members and officers complied with all applicable Section 16 filing requirements in the last fiscal year and prior year; no delinquencies noted. |
Governance Assessment
- Independence and engagement: Forrester is independent with no ties to the Adviser/Nuveen/TIAA and attended ≥75% of meetings; strong committee presence (Compliance, N&G, Investment).
- Compensation structure: Cash-based retainers and committee fees; no equity grants or performance conditions—aligns with best practices for fund directors but limits direct pay-for-performance linkage. Aggregate compensation was $480,750; NAN allocation $789 in the stub period.
- Ownership alignment: Board expects investment equivalent to one year’s compensation in Nuveen funds; Forrester shows $0 in NAN and “Over $100,000” across the complex—insufficient disclosure to assess full compliance.
- Interlocks: Dual Aflac directorship with fellow Nuveen director Thomas J. Kenny introduces an interlock; monitor for potential information flow or influence, though no specific conflicts are disclosed.
- RED FLAGS: None disclosed regarding related-party transactions, pledging/hedging, legal proceedings, or delinquencies; audit, compliance, and valuation oversight structurally robust via committees.