Albin Moschner
About Albin F. Moschner
Albin F. Moschner (born 1952) is an Independent Board Member of Nuveen Taxable Municipal Income Fund (NBB), serving since 2016; he is designated a Class III Board Member for NBB and is deemed an Independent Board Member under the Investment Company Act . He founded Northcroft Partners, LLC in 2012 and previously held senior operating and marketing roles in telecom and consumer electronics; he holds a B.E. in Electrical Engineering from The City College of New York (1974) and an M.S. in Electrical Engineering from Syracuse University (1979) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Leap Wireless International, Inc. | Chief Operating Officer; Chief Marketing Officer; Consultant | COO (2008–2011); CMO (2004–2008); Consultant (2011–2012) | Senior operating leadership in wireless services |
| Verizon Communications, Inc. | President, Verizon Card Services division | 2000–2003 | Led card services segment |
| One Point Communications | President, One Point Services | 1999–2000 | Led telecom services business |
| Zenith Electronics Corporation | CEO; President & COO; various executive roles | CEO (1995–1996); President & COO (1994–1995); exec roles (1991–1996) | Led consumer electronics manufacturer |
| Diba, Incorporated | Vice President of the Board | 1996–1997 | Board leadership in internet technology |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| USA Technologies, Inc. | Chairman (2019); Director | 2012–2019 | Electronic payments solutions; chaired board in 2019 |
| Wintrust Financial Corporation | Director | 1996–2016 | Regional financial services company |
| Kellogg School of Management (Advisory Board) | Emeritus | Advisory board member 1995–2018; emeritus since 2018 | Business school advisory capacity |
| Archdiocese of Chicago Financial Council | Emeritus | Advisory council member 2012–2018; emeritus since 2018 | Financial council advisor |
Board Governance
- Independence: Nuveen funds boards state that all current/continuing Board Members, including Moschner, are not “interested persons” and are deemed Independent Board Members .
- Tenure/classification: Moschner serves as Class III Board Member for NBB (Taxable Income), which has no Preferred Shares outstanding .
- Committee assignments:
- Closed-End Fund Committee: Chair (oversees premiums/discounts, leverage, repurchases) .
- Compliance, Risk Management and Regulatory Oversight Committee: Member .
- Nominating & Governance Committee: Member .
- Investment Committee: Member .
- Not on Audit Committee or Dividend Committee based on disclosed rosters .
- Attendance: During the last fiscal year, each Board Member attended ≥75% of Board and committee meetings; NBB’s FY ended March 31, 2025 for this assessment .
- Board leadership: The Board uses a unitary board structure across the fund complex with an independent Chair (Robert L. Young) .
Board and Committee Meetings – NBB (FY ended March 31, 2025)
| Meeting Type | Count |
|---|---|
| Regular Board Meeting | 4 |
| Special Board Meeting | 7 |
| Executive Committee Meeting | 3 |
| Dividend Committee Meeting | 8 |
| Compliance, Risk Management & Regulatory Oversight Committee Meeting | 4 |
| Audit Committee Meeting | 14 |
| Nominating & Governance Committee Meeting | 6 |
| Investment Committee Meeting | 4 |
| Closed-End Fund Committee | 4 |
Fixed Compensation
Director Fee Schedule (Effective January 1, 2025)
| Component | Amount | Notes |
|---|---|---|
| Annual retainer (Independent Board Member) | $350,000 | Paid across fund complex |
| Audit Committee membership retainer | $35,000 | Per member |
| Compliance Committee membership retainer | $35,000 | Per member |
| Investment Committee membership retainer | $30,000 | Per member |
| Dividend Committee membership retainer | $25,000 | Per member |
| Nominating & Governance membership retainer | $25,000 | Per member |
| Closed-End Fund Committee membership retainer | $25,000 | Per member |
| Board Chair additional retainer | $150,000 | Independent Chair |
| Audit/Compliance Committee Chair additional retainer | $35,000 | Per chair |
| Investment Committee Chair/Co-Chair additional retainer | $30,000 | Per chair/co-chair |
| Dividend/Nominating/Closed-End Committee Chair additional retainer | $25,000 | Per chair |
| Ad hoc Board/Committee meetings | $1,000 or $2,500 | Based on length/immediacy |
| Special assignment committees (Chair/Co-Chair quarterly) | Starting at $1,250 | Per quarter |
| Special assignment committees (Member quarterly) | Starting at $5,000 | Per quarter |
NBB Fund-Specific Aggregate Compensation (FY ended March 31, 2025)
| Fund | Period | Albin F. Moschner – Aggregate Compensation |
|---|---|---|
| Nuveen Taxable Municipal Income Fund (NBB) | Fiscal Year | $1,836 |
Total Compensation Across Nuveen Funds (All Funds overseen)
| Metric | Amount |
|---|---|
| Total compensation from Nuveen funds paid to Moschner | $481,250 |
Deferred Compensation Program
| Feature | Disclosure |
|---|---|
| Availability | Independent Board Members may elect to defer all or part of fees into a book reserve account of participating funds |
| Valuation | Account value equals value as if invested/reinvested in eligible Nuveen funds |
| Distribution | Lump sum or over 2–20 years at commencement |
| Plan obligations | Each participating fund liable only for its obligations |
Performance Compensation
- No equity awards (RSUs/PSUs) or options for directors; compensation consists of cash retainers/fees with optional deferred compensation; no performance-based bonus metrics are disclosed for directors .
- The fund boards expect each Board Member to invest at least the equivalent of one year of compensation in funds in the complex to align interests, though this is a governance principle rather than a performance-pay metric .
Other Directorships & Interlocks
| Company | Role | Years | Potential Interlock/Conflict with NBB |
|---|---|---|---|
| USA Technologies, Inc. | Chairman (2019), Director | 2012–2019 | No NBB-related related-party transactions disclosed |
| Wintrust Financial Corporation | Director | 1996–2016 | No NBB-related related-party transactions disclosed |
- Related-party exposure: The proxy disclosed a table of securities owned in companies under common control with the Adviser for certain board members; Moschner is not listed, and no related-party transactions involving Moschner are disclosed .
Expertise & Qualifications
- Operating executive with telecom and wireless domain expertise (Leap Wireless COO/CMO; Verizon Card Services President; One Point Services President) .
- Consumer electronics leadership (Zenith Electronics CEO/President) .
- Board governance experience (Closed-End Fund Committee Chair; member of multiple oversight committees) .
- Technical education (B.E., CCNY; M.S., Syracuse) supporting risk and technology oversight .
Equity Ownership
| Holding | Dollar Range (as of May 31, 2025) | Shares Owned |
|---|---|---|
| NBB (Taxable Income) | $0 | 0 |
| Municipal High Income (NMZ) | $50,000–$100,000 | 7,136 |
| Aggregate in all Nuveen registered investment companies overseen | Over $100,000 | N/A |
- Ownership guideline: Board members are expected to invest at least one year of compensation in funds within the complex to align interests .
- Section 16 compliance: Funds believe Board Members and officers complied with applicable Section 16(a) filing requirements in the last fiscal year .
- Insider filings: A search for Form 4s naming “Moschner” for NBB from 2020-01-01 to 2025-11-20 returned no records; together with proxy disclosure, this indicates no reported NBB insider transactions for Moschner in this period (tool query, and Section 16 compliance noted) .
Governance Assessment
-
Strengths:
- Independent status and multi-committee engagement, including Chair role on the Closed-End Fund Committee—relevant for discount control, leverage oversight, and market-facing actions in closed-end funds .
- Documented attendance at or above the 75% threshold; robust committee meeting cadence for NBB suggests active governance processes .
- Clear, transparent fee schedule with standardized retainers/chair fees; availability of a deferred compensation program with investment-like tracking in eligible funds .
-
Potential issues/RED FLAGS:
- No direct NBB share ownership as of May 31, 2025, which may be viewed as weaker “skin-in-the-game” for NBB specifically, despite aggregate complex exposure and the governance guideline to invest one year of compensation across funds .
- No disclosed related-party transactions or conflicts involving Moschner; no pledging/hedging disclosures specific to Moschner were found—absence of red flags in filings, but also limited transparency beyond the broad Section 16 compliance statement .
-
Implications for investor confidence:
- Moschner’s closed-end fund discount and leverage oversight as committee chair is directly relevant to NBB’s market discount dynamics and distribution policies, supporting board effectiveness in market-oriented actions .
- Independent status, attendance, and broad committee participation indicate strong governance involvement; however, the lack of NBB-specific share ownership could be noted by stewardship-focused investors prioritizing per-fund alignment .