Albin Moschner
About Albin F. Moschner
Independent Board Member of NAZ (Nuveen Arizona Quality Municipal Income Fund); year of birth 1952; Board service since 2016 across the Nuveen fund complex; Founder and CEO of Northcroft Partners, LLC (since 2012); prior operating leadership roles include COO and CMO at Leap Wireless, President at Verizon Card Services, President at One Point Services, Vice Chairman at Diba, and CEO of Zenith Electronics . Term: annual Board Member for funds with preferred shares through the 2025 meeting and nominee through 2026; Class III Board Member for California Value through 2027; oversees 220 portfolios in the complex (latest proxy) .
Past Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Northcroft Partners, LLC | Founder & Chief Executive Officer | Since 2012 | Management consulting; governance and operating solutions . |
| Leap Wireless International, Inc. | Chief Operating Officer; Chief Marketing Officer; Consultant | COO 2008–2011; CMO 2004–2008; Consultant 2011–2012 | Consumer wireless services . |
| Verizon Communications (Verizon Card Services) | President | 2000–2003 | Telecommunications services . |
| One Point Communications | President, One Point Services | 1999–2000 | Telecommunications services . |
| Diba, Incorporated | Vice Chairman of the Board | 1996–1997 | Internet technology provider . |
| Zenith Electronics Corporation | Chief Executive Officer; prior executive roles | CEO 1995–1996; executive roles 1991–1996 | Consumer electronics . |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| USA Technologies, Inc. | Chairman (2019); Director | 2012–2019 | Provider of electronic payments solutions . |
| Wintrust Financial Corporation | Director | 1996–2016 | Regional financial institution . |
Board Governance
- Committee assignments (current per 2025 proxy): Chair, Closed-End Fund Committee; member, Investment Committee; member, Compliance, Risk Management & Regulatory Oversight Committee; member, Nominating & Governance Committee; Audit Committee membership not listed in 2025 (was member and designated “audit committee financial expert” in 2024) .
- Independence: All standing committees are composed exclusively of Independent Board Members under NYSE/NASDAQ closed-end fund listing standards; Audit Committee members must be independent and free of relationships impairing judgment .
- Attendance: Each Board Member attended 75% or more of Board and applicable committee meetings in the last fiscal year .
- Term and service: Annual Board Member (funds with preferred shares) through 2025 and nominee through 2026; Class III term through 2027 (California Value); service since 2016; oversees 220 portfolios in the fund complex (latest proxy) .
Fixed Compensation
| Component | Amount (Annual) | Effective Date | Notes |
|---|---|---|---|
| Base annual retainer (Independent Board Members) | $350,000 | Jan 1, 2025 | Retainer for service across the Fund Complex . |
| Audit Committee membership | $35,000 | Jan 1, 2025 | Per member, annually . |
| Compliance Committee membership | $35,000 | Jan 1, 2025 | Per member, annually . |
| Investment Committee membership | $30,000 | Jan 1, 2025 | Per member, annually . |
| Dividend, Nominating & Governance, Closed-End Fund Committee membership | $25,000 (each) | Jan 1, 2025 | Per committee, annually . |
| Board Chair | $150,000 | Jan 1, 2025 | Annual chair retainer . |
| Audit/Compliance Committee Chair | $35,000 | Jan 1, 2025 | Annual chair retainer . |
| Investment Committee Chair/Co-Chair | $30,000 | Jan 1, 2025 | Annual chair/co-chair retainer . |
| Dividend/Nominating/Closed-End Committee Chair | $25,000 | Jan 1, 2025 | Annual chair retainer . |
| Ad hoc meeting fee | $1,000 or $2,500 | Ongoing | Based on meeting length/immediacy . |
| Special assignment committee fees | Chair: from $1,250/qtr; Member: from $5,000/qtr | Ongoing | Complexity/time-based . |
- Prior structures: On Jan 1, 2024, the complex moved to $350k retainer plus committee retainers ($30k Audit/Compliance; $20k others) replacing the earlier per-meeting fee-heavy model; effective Jan 1, 2025 committee retainers increased (e.g., Audit/Compliance to $35k; Investment to $30k; others to $25k) .
- Pension/retirement: Funds do not have retirement or pension plans; a Deferred Compensation Plan allows Independent Board Members to defer compensation into book accounts notionally invested in eligible Nuveen funds; distributions may be lump sum or over 2–20 years (2024 proxy) .
Performance Compensation
| Element | Disclosure | Notes |
|---|---|---|
| Stock awards (RSUs/PSUs), options | Not disclosed for Independent Board Members | Compensation described consists of cash retainers/fees and optional deferred compensation; no stock or option grants listed . |
| Performance metrics tied to director pay | None disclosed | No revenue/EBITDA/TSR metrics tied to director compensation are disclosed . |
| Clawbacks, gross-ups, change-in-control for directors | Not disclosed | These provisions relate to executives in operating companies; not applicable to fund Independent Board Members in provided materials . |
Director Compensation – Actuals
| Period | Total Compensation from Nuveen Funds Paid to Albin F. Moschner | Source |
|---|---|---|
| FY ended Feb 29, 2024 | $495,250 | |
| FY ended Dec 31, 2022 (reported in 2023 proxy totals) | $443,950 |
- The 2024 proxy also reports aggregate compensation by individual fund and a stub period after fiscal year-end changes; totals above reflect compensation across the Nuveen fund complex .
Other Directorships & Interlocks
| Company | Role | Years | Interlock/Conflict Notes |
|---|---|---|---|
| USA Technologies, Inc. | Chairman (2019); Director | 2012–2019 | No related-party transactions disclosed with NAZ/Nuveen funds . |
| Wintrust Financial Corporation | Director | 1996–2016 | No related-party transactions disclosed with NAZ/Nuveen funds . |
Expertise & Qualifications
- Prior CEO/COO/CMO experience in telecom and consumer electronics (Zenith; Leap; Verizon; One Point), aligning with operational and marketing expertise .
- Closed-end fund governance expertise, currently Chairs Closed-End Fund Committee overseeing discounts/premiums, leverage usage, distribution data, and secondary market dynamics .
- Audit expertise: Designated “audit committee financial expert” in 2024; Audit Committee member in 2024; not listed on Audit Committee in 2025 proxy .
Equity Ownership
| Item | Value/Disclosure | Source |
|---|---|---|
| Form 3 (initial) – NAZ | No securities beneficially owned (filed 2016-07-06/08 via POA) | |
| Form 3 (initial) – related Nuveen funds (NAC, NVG, NCA, NZF, NOM, JPC) | No securities beneficially owned | |
| Beneficial ownership concentration | Each Board Member’s individual beneficial shareholdings constituted less than 1% of outstanding shares for each Fund (as of Aug 14, 2023) | |
| Ownership alignment policy | Board Members expected to invest at least one year of compensation (direct or deferred) in Nuveen funds overseen |
Insider Trades
| Filing | Fund/Ticker | Date of Event | Key Note |
|---|---|---|---|
| Form 3 (Initial) | NAZ | 2016-07-01 (filed 2016-07-06/08) | No securities beneficially owned . |
| Form 3 (Initial) | NAC/NVG/NCA/NZF/NOM/JPC | 2016-07-01 | No securities beneficially owned . |
Governance Assessment
- Strengths: Independent director with multi-committee engagement and chair responsibilities (Closed-End Fund Committee), consistent attendance ≥75%, broad operating background, and prior audit “financial expert” designation supporting financial oversight quality .
- Alignment: No equity award program disclosed for directors, but Nuveen’s governance principle expects directors to invest at least one year’s compensation in complex funds; individual holdings remain below 1% per fund, limiting control risk while signaling alignment via deferred compensation .
- Compensation structure signals: Shift from per-meeting fees to higher fixed retainers and larger committee/chair retainers in 2024–2025 improves predictability and recognizes committee workload; however, it reduces variability tied to meeting cadence and is not performance-based, which is typical for fund boards .
- Conflicts/Red flags: No related-party transactions, pledging, loans, or hedging disclosures involving Moschner; committees composed entirely of independent members; Audit Committee independence and experience requirements are emphasized, mitigating risk .
RED FLAGS: None disclosed specific to Moschner. The compensation model is cash-based without performance metrics or equity, but the ownership expectation and deferred compensation mitigate alignment concerns .