Michael Forrester
About Michael A. Forrester
Independent Board Member of Nuveen Taxable Municipal Income Fund (NBB). Year of birth: 1967 . Tenure in the Nuveen Fund Complex since 2007; appointed to NBB’s Board effective January 1, 2024; currently a Class I nominee for a term expiring at the 2028 annual meeting if elected . Former CEO (2014–2021) and COO (2007–2014) of Copper Rock Capital Partners; B.A. from Washington and Lee University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Copper Rock Capital Partners, LLC | Chief Executive Officer | 2014–2021 | Led investment firm operations and strategy |
| Copper Rock Capital Partners, LLC | Chief Operating Officer | 2007–2014 | Built operating infrastructure; board member (2007–2021) |
| College Retirement Equities Fund (CREF) | Trustee | 2007–2023 | Governance/oversight in large retirement fund complex |
| TIAA Separate Account VA-1 | Management Committee Member | 2007–2023 | Oversight of insurance-related investment products |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Aflac Incorporated | Director | Since 2025 | Board oversight at public insurance company |
| Independent Directors Council (IDC), Investment Company Institute | Governing Council Member | Since 2020 | Industry governance leadership for fund directors |
| Dexter Southfield School | Trustee | Since 2019 | Non-profit board service |
Interlock note: Thomas J. Kenny, also an Independent Board Member at NBB, is a Director at Aflac (Chair of the Finance & Investment Committee) while Forrester joined Aflac’s board in 2025, creating an external board interlock with a fellow NBB director .
Board Governance
- Independence: All Nuveen funds Board Members (including Forrester) are “Independent Board Members” (not “interested persons” under the 1940 Act and never employees/directors of TIAA/Nuveen) .
- Committee assignments (NBB and fund complex):
- Compliance, Risk Management and Regulatory Oversight Committee: Member; Chair is Margaret L. Wolff .
- Nominating and Governance Committee: Member; Chair is Robert L. Young .
- Investment Committee: Member; Co-Chairs are Joseph A. Boateng and Amy B.R. Lancellotta .
- Not on Audit, Executive, Dividend, Closed-End Fund Committees per current rosters .
- Attendance: Each Board Member attended 75% or more of Board and committee meetings during the last fiscal year .
- NBB meeting cadence (FY ended March 31, 2025): Regular Board 4; Special Board 7; Executive 3; Dividend 8; Compliance 4; Audit 14; Nominating & Governance 6; Investment 4; Closed-End Fund 4 .
Fixed Compensation
| Element | Amount | Period | Notes |
|---|---|---|---|
| Annual Board Retainer (Independent Board Member) | $350,000 | Effective Jan 1, 2025 | Paid across fund complex; cash compensation |
| Audit Committee Membership Retainer | $35,000 | Effective Jan 1, 2025 | Per membership (not applicable to Forrester) |
| Compliance Committee Membership Retainer | $35,000 | Effective Jan 1, 2025 | Forrester is a member |
| Investment Committee Membership Retainer | $30,000 | Effective Jan 1, 2025 | Forrester is a member |
| Nominating & Governance Membership Retainer | $25,000 | Effective Jan 1, 2025 | Forrester is a member |
| Closed-End Fund Committee Membership Retainer | $25,000 | Effective Jan 1, 2025 | Not a member |
| Ad hoc meeting fees | $1,000–$2,500 per meeting | Effective Jan 1, 2025 | Based on length/immediacy |
| NBB aggregate paid to Forrester | $1,798 | FY ended Mar 31, 2025 | NBB-specific payout |
| Total compensation across Nuveen funds paid to Forrester | $480,750 | Latest aggregate shown | Fund complex total |
| Deferred compensation (NBB) – Forrester | $1,798 | FY ended Mar 31, 2025 | Book account invests in designated Nuveen funds |
Deferred Compensation Plan: Independent Board Members may elect to defer fees; the value is tracked to selected Nuveen funds, paid in lump sum or over 2–20 years; NBB has no retirement/pension plans .
Performance Compensation
| Performance-linked pay element | Metric | Vesting/Trigger | Notes |
|---|---|---|---|
| None disclosed | — | — | Independent directors receive cash retainers/fees; no stock, options, PSUs, or performance-based awards disclosed for NBB directors . |
Other Directorships & Interlocks
| Company | Role | Overlap/Interlock | Notes |
|---|---|---|---|
| Aflac Incorporated | Director (Forrester) | Interlock with Thomas J. Kenny (Director; Chair of Finance & Investment Committee) | External board; insurance industry |
| CREF / TIAA VA-1 | Prior Trustee/Manager (Forrester) | None current | Ended in 2023 |
| IDC Governing Council | Member (Forrester) | None | Industry governance role |
| Dexter Southfield School | Trustee (Forrester) | None | Non-profit service |
Expertise & Qualifications
- Investment management operating leadership (CEO/COO at Copper Rock Capital Partners) .
- Mutual fund governance expertise via long service in Nuveen fund complex since 2007 .
- Industry governance leadership as IDC Governing Council member .
- Public company board experience (Aflac director) .
- Education: B.A., Washington and Lee University .
Equity Ownership
| Holding dimension | NBB (Taxable Income) | Fund Complex Aggregate |
|---|---|---|
| Dollar range of equity securities | $0 | Over $100,000 |
| Shares owned | 0 | n/a |
| Ownership as % of shares outstanding | <1% (individual) | n/a |
| Pledged shares | Not disclosed | Not disclosed |
Board principle: Each Board Member is expected to invest, directly or on a deferred basis, at least the equivalent of one year of compensation in Nuveen funds; disclosure shows Forrester’s aggregate holdings in the fund complex are “Over $100,000,” but this category is not granular enough to confirm full compliance with the “one-year” guideline .
Governance Assessment
-
Strengths
- Independent status; no TIAA/Nuveen employment; strong governance experience .
- Committee roles emphasize oversight in compliance, risk, regulatory matters; and board/committee effectiveness via nominating & governance; plus investment oversight via Investment Committee .
- Attendance threshold met (≥75% of meetings); robust NBB meeting cadence supports active engagement .
- Section 16 compliance: no delinquent filings reported for the last fiscal year .
-
Watch items / potential red flags
- No NBB share ownership as of May 31, 2025, which may limit direct alignment with NBB common shareholders; mitigated by a deferred compensation election and aggregate Nuveen fund holdings .
- External interlock with fellow NBB director Thomas J. Kenny at Aflac could create perceived network influence; no direct related-party transactions disclosed with NBB .
- Compensation increases in 2025 (committee retainers modestly higher) are standard for fund governance workloads; no equity or performance-based elements that would tie pay to NBB-specific outcomes .
-
Related-party transactions / conflicts
- None disclosed for Forrester; Board affirms independence from Adviser and parent companies .
-
Summary implication for investors
- Forrester brings seasoned fund governance and investment management operations expertise to NBB, with meaningful committee roles in compliance/risk and investment oversight. The absence of NBB-specific share ownership merits monitoring for alignment, but deferred compensation participation and complex-wide holdings provide partial identity-of-interest. External Aflac interlock with Kenny is an informational flag rather than a disclosed conflict at NBB .