Loren Starr
About Loren M. Starr
Independent director of NAZ (Nuveen Arizona Quality Municipal Income Fund). Born 1961; NAZ trustee since 2022 with a Class III term expiring at the 2027 annual meeting. Former Vice Chair and long-time CFO of Invesco Ltd.; currently an independent consultant/advisor. Education: BA and BS (Columbia College), MBA (Columbia Business School), MS (Carnegie Mellon) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Invesco Ltd. | Chief Financial Officer, Senior Managing Director | 2005–2020 | Led finance for global asset manager |
| Invesco Ltd. | Vice Chair, Senior Managing Director | 2020–2021 | Senior leadership and governance |
| Independent | Consultant/Advisor | 2021–present | Advisory work |
| College Retirement Equities Fund (CREF) | Trustee | 2022–2023 | TIAA fund governance |
| TIAA Separate Account VA-1 | Management Committee (Manager) | 2022–2023 | Insurance separate account oversight |
| Georgia Leadership Institute for School Improvement (GLISI) | Chair and Board Member | 2014–2021 | Nonprofit governance |
| Georgia Council on Economic Education (GCEE) | Chair and Trustee | 2015–2018 | Nonprofit governance |
External Roles
| Company/Institution | Role | Tenure | Committee Roles |
|---|---|---|---|
| AMG | Director (since 2023), Chair of the Board (since 2025) | 2023–present | Former Audit Committee Chair (2024–2025) |
| CREF | Trustee | 2022–2023 | Board governance |
| TIAA Separate Account VA-1 | Manager (Management Committee) | 2022–2023 | Portfolio oversight |
| GLISI | Chair and Board Member | 2014–2021 | Board leadership |
| GCEE | Chair and Trustee | 2015–2018 | Board leadership |
Board Governance
- Independence: All NAZ trustees, including Mr. Starr, are “Independent Board Members” under the 1940 Act and have not been employees or directors of TIAA/Nuveen or affiliates .
- Class/Term: Class III trustee; term to 2027 annual meeting; length of service since 2022 .
- Committee memberships (NAZ and fund complex):
- Audit Committee member; designated “audit committee financial expert” .
- Dividend Committee member .
- Nominating and Governance Committee member .
- Investment Committee member .
- Closed-End Funds Committee member .
- Board leadership: Independent Chair of the Board is Robert L. Young (since 2025) .
- Attendance: Each Board Member attended 75% or more of Board and committee meetings in the last fiscal year .
| NAZ Meeting Type (FY last year) | Count |
|---|---|
| Regular Board | 6 |
| Special Board | 9 |
| Executive Committee | 3 |
| Dividend Committee | 8 |
| Compliance, Risk Mgmt & 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 independent board retainer: $350,000 .
- Committee membership retainers: Audit ($35,000), Compliance/Risk ($35,000), Investment ($30,000), Dividend ($25,000), Nominating & Governance ($25,000), Closed-End ($25,000) .
- Chair retainers: Board Chair ($150,000); Audit/Compliance Chair ($35,000); Investment Chair ($30,000); Dividend/Nominating/Closed-End Chair ($25,000) .
- Ad hoc meeting fee: $1,000 or $2,500 depending on length/immediacy; special assignment committee quarterly fee: Chair from $1,250; members from $5,000 .
| Compensation Received (Last Fiscal Year) | Amount |
|---|---|
| Aggregate compensation from NAZ | $625 |
| Aggregate compensation across fund complex | $479,750 |
| Deferred fees credited (NAZ) | $109 |
| Deferred fees credited (NKX) | $480 |
| Deferred fees credited (NCA) | $146 |
| Deferred fees credited (NAC) | $1,414 |
| Deferred fees credited (NMT) | $132 |
Notes: Deferred compensation is notionally invested in eligible Nuveen funds; distributions are elected as lump sum or over 2–20 years .
Performance Compensation
No performance-based compensation is disclosed for independent trustees; compensation consists of fixed retainers, chair/membership fees, and meeting/ad hoc fees .
Other Directorships & Interlocks
| Company | Relationship to NAZ | Potential Interlock/Conflict |
|---|---|---|
| AMG | External public company directorship; Chair of the Board | No NAZ-disclosed related-party transactions with AMG |
Expertise & Qualifications
- Financial leadership: Former CFO and Vice Chair at a global asset manager (Invesco) .
- Audit/valuation oversight: Audit Committee member; SEC-defined “audit committee financial expert” .
- Capital markets/regulatory experience: Extensive fund complex governance; investment oversight committee membership .
- Education: BA, BS (Columbia), MBA (Columbia), MS (Carnegie Mellon) .
Equity Ownership
| Beneficial Ownership (as of Oct 22, 2025) | Shares |
|---|---|
| NAZ (Arizona Quality) | 0 |
| NKX (California AMT-Free) | 0 |
| NCA (California Value) | 0 |
| NAC (California Quality) | 0 |
| NMT (Massachusetts Quality) | 0 |
| Aggregate dollar range across fund complex | Over $100,000 |
- Ownership guidelines: Trustees are expected to invest at least one year of compensation in funds within the Fund Complex; individual holdings in each Fund are less than 1% outstanding .
- Pledging/hedging: No pledging or hedging of NAZ shares disclosed .
- Section 16 compliance: Funds report compliance with all applicable Section 16(a) filing requirements in the last fiscal year .
Governance Assessment
- Strengths:
- Independence and multi-committee engagement (Audit, Investment, N&G, Dividend, Closed-End) support board effectiveness .
- Audit committee financial expert designation enhances oversight of valuation and financial reporting, a critical function for leveraged closed-end funds .
- Attendance at or above 75% indicates engagement; robust committee cadence (13 Audit meetings; 8 Dividend; 6 N&G) provides oversight touchpoints .
- Alignment:
- Board principle expects at least one year’s compensation invested across the Nuveen fund complex; Mr. Starr’s aggregate dollar range is “Over $100,000,” but disclosure ranges prevent verification of full compliance with the one-year standard—monitor for updated ranges or explicit compliance statements .
- Conflicts/Red flags:
- No related-party transactions or Section 16(a) delinquencies disclosed; auditor independence and pre-approval processes in place .
- NAZ-specific share ownership is 0, which can be viewed as neutral given the unitary-board guideline focuses on complex-wide investment rather than fund-specific holdings; confirm complex-level investment over time to assess alignment trend .
Overall signal: Deep finance and audit expertise from a former global asset-management CFO, broad committee participation, and independent status bolster investor confidence; alignment appears satisfactory at the complex level but not directly in NAZ—continued monitoring of ownership disclosures advisable .