Loren Starr
About Loren M. Starr
Independent director of NBB (Nuveen Build America Bond Fund) with finance and audit oversight credentials. Former Vice Chair and CFO at Invesco Ltd. (2005–2020 CFO; 2020–2021 Vice Chair), now an independent consultant/advisor since 2021. Year of birth 1961; appointed to the Fund’s Board effective January 1, 2024; director and Audit Committee member at AMG; prior board roles at GLISI and GCEE; prior trustee roles at CREF and TIAA VA-1. Degrees: BA and BS (Columbia College), MBA (Columbia Business School), MS (Carnegie Mellon University) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Invesco Ltd. | Chief Financial Officer, Senior Managing Director | 2005–2020 | Senior finance leadership across global asset manager |
| Invesco Ltd. | Vice Chair, Senior Managing Director | 2020–2021 | Executive leadership and strategic finance oversight |
| Self-employed | Independent Consultant/Advisor | Since 2021 | Advisory work post-Invesco |
| College Retirement Equities Fund (CREF) | Trustee | 2022–2023 | Oversight of retirement fund operations |
| TIAA Separate Account VA-1 | Management Committee member | 2022–2023 | Product oversight at TIAA, adds insurance/annuity governance exposure |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| AMG | Director; Audit Committee member (Chair referenced elsewhere) | Director since 2023; Audit member since 2024 | External public-company audit oversight experience |
| Georgia Leadership Institute for School Improvement (GLISI) | Chair and Board Director | 2014–2021 | Nonprofit governance leadership |
| Georgia Council on Economic Education (GCEE) | Chair and Board of Trustees | 2015–2018 | Education-focused nonprofit governance |
Board Governance
- Independence: The proxy lists Mr. Starr among “Board Members/Nominees who are not ‘interested persons’ of the Funds,” and he serves on committees composed entirely of Independent Board Members .
- Committee assignments (NBB board complex):
- Audit Committee: Member; designated “audit committee financial expert.” Chair is John K. Nelson .
- Dividend Committee: Member; Chair is Matthew Thornton III .
- Investment Committee: Member; Co-Chairs are Joseph A. Boateng and Amy B. R. Lancellotta .
- Nominating & Governance Committee: Member; Chair is Robert L. Young .
- Closed-End Funds Committee: Member; Chair is Albin F. Moschner .
- Compliance, Risk Management & Regulatory Oversight Committee: Not listed as a member (Chair is Margaret L. Wolff) .
- Executive Committee: Not a member (Chair is Robert L. Young) .
- Attendance: Each Board Member attended at least 75% of Board and applicable committee meetings in the last fiscal year; meeting counts by fund show robust cadence (e.g., 14 Audit Committee meetings; 4 regular quarterly Board meetings) .
- Tenure: Appointed as Board Member of the Fund effective January 1, 2024 .
Fixed Compensation
| Component | Amount ($) | Effective Date | Notes |
|---|---|---|---|
| Annual retainer (Independent Board Member) | 350,000 | Jan 1, 2025 | Replaces prior meeting-fee structure |
| Audit Committee membership retainer | 35,000 | Jan 1, 2025 | Per committee (Audit) |
| Compliance Committee membership retainer | 35,000 | Jan 1, 2025 | Not applicable to Starr (not a member) |
| Investment Committee membership retainer | 30,000 | Jan 1, 2025 | Per committee (Investment) |
| Dividend Committee membership retainer | 25,000 | Jan 1, 2025 | Per committee (Dividend) |
| Nominating & Governance membership retainer | 25,000 | Jan 1, 2025 | Per committee (Nominating & Governance) |
| Closed-End Funds membership retainer | 25,000 | Jan 1, 2025 | Per committee (Closed-End Funds) |
| Ad hoc meeting fees | 1,000–2,500 per meeting | Jan 1, 2025 | Based on meeting length/immediacy |
| Special assignment committees (member) | Starting at 5,000 per quarter | Jan 1, 2025 | Chair/co-chair starts at 1,250 per quarter |
| Prior structure (2023) | 210,000 base + per-meeting fees | Dec 31, 2023 | Meeting-fee heavy; chairs received 20,000 |
| Prior structure (2024) | 350,000 base + lower committee retainers | Jan 1, 2024 | Committee retainers were lower than 2025 amounts |
Aggregate paid by Nuveen funds: Loren M. Starr received $479,750 for the period disclosed (includes deferred fees), with per-fund details tabulated in the proxy .
Performance Compensation
| Element | Disclosure | Notes |
|---|---|---|
| Performance-based cash bonus | None disclosed | Director pay is structured as retainers and fees; no bonus metrics disclosed |
| Equity awards (RSUs/PSUs/options) | None disclosed | Funds do not grant stock; directors may defer fees into fund equivalents |
| Compensation metrics (TSR/EBITDA/ESG) | None disclosed | No targets or metric frameworks disclosed for director pay |
Other Directorships & Interlocks
| Entity | Role | Overlap/Interlock | Notes |
|---|---|---|---|
| AMG | Director; Audit Committee | External board | Provides independent audit oversight experience |
| CREF | Trustee (2022–2023) | Prior role with TIAA complex | Retirement plan governance |
| TIAA Separate Account VA-1 | Management Committee (2022–2023) | Prior role within TIAA | Insurance/annuity product oversight |
| GLISI | Chair; Director (2014–2021) | Nonprofit | Education sector governance |
| GCEE | Chair; Board of Trustees (2015–2018) | Nonprofit | Education/economic literacy focus |
- Related-party/affiliate exposure: The proxy’s related-company holdings table lists Thomas J. Kenny’s interests in companies under common control with the Adviser; no entries for Mr. Starr appear in that table .
Expertise & Qualifications
- Financial leadership: Former CFO and Vice Chair at a global asset manager (Invesco), brings capital markets, reporting, and strategic finance experience .
- Audit oversight: Designated “audit committee financial expert” at NBB; audit committee member; external audit committee board experience at AMG .
- Education: BA/BS (Columbia), MBA (Columbia Business School), MS (Carnegie Mellon University) .
- Prior TIAA/CREF experience indicates strong familiarity with investment products, governance, and regulatory environments .
Equity Ownership
| Measure | Value | As of | Notes |
|---|---|---|---|
| Dollar range of equity securities in Fund Complex overseen | Over $100,000 | May 31, 2025 | Aggregate across Nuveen/TIAA fund complex |
| Fund-specific shares owned (enumerated funds) | 0 | May 31, 2025 | Reported 0 across listed funds in Appendix A |
| Board guideline | Expected to invest ≥ one year of compensation in Fund Complex | Governance principle | Expectation, not an enforced requirement; disclosure does not confirm full compliance status |
Note: As of June 20, 2025, each Board Member’s individual beneficial holdings in each Fund were <1% of shares outstanding; Board/exec officers as a group also <1% per Fund .
Governance Assessment
-
Strengths
- Independent director with deep finance background and audit oversight credentials; designated audit committee financial expert .
- Heavy committee engagement across Audit, Investment, Dividend, Nominating & Governance, and Closed-End; broad risk/performance oversight exposure .
- Attendance threshold met (≥75% of Board and committee meetings), with committees meeting frequently (e.g., 14 Audit Committee meetings per fund, 4 regular Board meetings), signaling active governance cadence .
- Ability to defer fees aligns compensation with fund performance via the Deferred Compensation Plan .
-
Watch items
- Ownership alignment: Appendix shows “Over $100,000” aggregate range across the fund complex and 0 shares in enumerated funds; the Board’s guideline expects investing at least one year of compensation—disclosure does not confirm compliance level; monitor alignment versus guideline over time .
- Committee fee inflation: Structural shift from meeting-fee model (2023) to higher fixed retainers and increased committee retainers (2024–2025) raises guaranteed cash elements; assess incentives versus at-risk alignment for long-term shareholders .
- Related-party transactions: The proxy’s related-company holdings table shows entries for another director (Kenny), not Starr; continue monitoring future filings for any Starr-related transactions .
-
Compensation summary and mix
- 2025 pay structure emphasizes fixed retainer ($350k) plus committee retainers ($25k–$35k per committee) and ad hoc/special assignments; no performance-based awards disclosed .
- Aggregate Nuveen funds compensation reported for Starr: $479,750 (includes deferred amounts) .
-
Overall implication
- Starr’s financial expertise and audit committee role support board effectiveness, especially on valuation, audit quality, and risk oversight; ensure continued tracking of ownership alignment relative to the board’s investment guideline and the impact of higher guaranteed fee structures on engagement quality .