Loren Starr
About Loren M. Starr
Independent director since 2022 (Class III; term runs until the 2027 annual shareholder meeting). Born 1961. Former Vice Chair and CFO of Invesco Ltd.; currently an independent consultant/advisor. Designated Audit Committee Financial Expert; oversees 219 portfolios across the Nuveen/TIAA fund complex. 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 transition oversight |
| Independent | Consultant/Advisor | Since 2021 | Advisory work post-Invesco |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| AMG | Director (since 2023), Chair of the Board (since 2025); formerly Audit Committee Chair | 2024–2025 (AC Chair); Chair since 2025 | Governance leadership and audit oversight |
| College Retirement Equities Fund (CREF) | Trustee | 2022–2023 | Oversight of TIAA-affiliated mutual fund |
| TIAA Separate Account VA-1 | Manager; Management Committee | 2022–2023 | Variable annuity oversight |
| GLISI | Chair and Director | 2014–2021 | Non-profit board leadership |
| GCEE | Chair and Trustee | 2015–2018 | Non-profit governance |
Board Governance
- Independence: The Board and all nominees, including Mr. Starr, are not “interested persons” and have never been employees or directors of TIAA/Nuveen or affiliates; committees are composed of Independent Board Members .
- Committees: Member, Audit Committee (Audit Chair: John K. Nelson; Mr. Starr designated as an SEC “audit committee financial expert”) . Member, Nominating & Governance Committee (Chair: Robert L. Young) . Member, Investment Committee (Co-Chairs: Joseph Boateng and Amy Lancellotta) . Member, Dividend Committee (Chair: Matthew Thornton III) . Member, Closed-End Fund Committee (Chair: Albin F. Moschner) .
- Attendance: Each Board Member attended at least 75% of Board and relevant committee meetings in the last fiscal year .
- Board leadership: Independent Chair of the Board (Robert L. Young) to enhance independence and agenda-setting; seven standing committees with periodic rotation to broaden perspectives .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual Board Retainer (Independent Board Members) | $350,000 | Effective Jan 1, 2025 |
| Audit Committee membership retainer | $35,000 | Effective Jan 1, 2025 |
| Compliance, Risk Mgmt & Regulatory Oversight Committee retainer | $35,000 | Effective Jan 1, 2025 |
| Investment Committee membership retainer | $30,000 | Effective Jan 1, 2025 |
| Dividend Committee membership retainer | $25,000 | Effective Jan 1, 2025 |
| Nominating & Governance Committee membership retainer | $25,000 | Effective Jan 1, 2025 |
| Closed-End Funds Committee membership retainer | $25,000 | Effective Jan 1, 2025 |
| Chair premiums: Board Chair | $150,000 | Effective Jan 1, 2025 |
| Chair premiums: Audit, Compliance | $35,000 each | Effective Jan 1, 2025 |
| Chair premiums: Investment | $30,000 | Effective Jan 1, 2025 |
| Chair premiums: Dividend, Nominating & Governance, Closed-End | $25,000 each | Effective Jan 1, 2025 |
| Ad hoc meeting fee | $1,000 or $2,500 | Based on length/immediacy |
| Special assignment committees | Chair quarterly ≥$1,250; members quarterly ≥$5,000 | As needed |
| Aggregate compensation from California Municipal Value Fund (NCA) | $837 | Last fiscal year |
| Total compensation from Nuveen funds paid to Loren M. Starr | $479,750 | Last fiscal year; includes CREF/VA-1 |
The Funds do not have retirement or pension plans; officers are uncompensated by the Funds (CCO compensation paid by Adviser with Board input) .
Performance Compensation
| Mechanism | Terms | Metrics/Triggers |
|---|---|---|
| Deferred Compensation Plan (Participating Funds) | Directors may elect to defer fees; credited to a book reserve as if invested in eligible Nuveen funds; distributions in lump sum or over 2–20 years; Fund not liable for other funds’ obligations | No performance metrics; deferrals track investment returns of selected funds |
No equity grants, options, severance/change-in-control provisions, or tax gross-ups disclosed for directors; compensation is cash-based with optional deferral .
Other Directorships & Interlocks
| Company | Type | Role/Committee | Potential Interlock |
|---|---|---|---|
| AMG | Public | Chair of the Board; ex-Audit Chair | External public company governance role (no disclosed conflict with NCA) |
| CREF; TIAA Separate Account VA-1 | Registered investment companies | Trustee; Manager/Management Committee | Advisers under common control with Nuveen/TIAA; independence affirmed (not employee/director of TIAA/Nuveen) |
Expertise & Qualifications
- Financial leadership: Former CFO and Vice Chair at Invesco; designated SEC “audit committee financial expert” .
- Education: BA/BS (Columbia College), MBA (Columbia Business School), MS (Carnegie Mellon University) .
- Oversight scope: Oversees 219 portfolios across the Fund Complex, reflecting broad governance exposure .
Equity Ownership
| Fund | Shares Beneficially Owned | Dollar Range in Fund | Aggregate Dollar Range across all registered investment companies overseen |
|---|---|---|---|
| Nuveen California Municipal Value Fund (NCA) | 0 | $0 | Over $100,000 (as of Oct 22, 2025) |
- Director investment guideline: Board expects each member to invest (directly or deferred) at least one year of compensation in funds in the Fund Complex; individual compliance not specifically disclosed .
- Pledging/Hedging: No pledging or hedging disclosures for Mr. Starr in NCA documents .
- Section 16 compliance: Funds believe Board Members and officers complied with all applicable Section 16(a) filing requirements in the last fiscal year .
Governance Assessment
- Strengths: Deep financial expertise (ex-CFO), Audit Committee Financial Expert designation, and multi-committee participation (Audit, Investment, Nominating & Governance, Dividend, Closed-End) support robust oversight and internal control scrutiny .
- Independence and engagement: Explicit independence from Adviser and affiliates; attendance at or above 75% threshold indicates baseline engagement; independent Board Chair structure reinforces checks and balances .
- Compensation alignment: Cash retainers with optional deferral pair with a board principle encouraging meaningful personal investment in fund complex; however, disclosure of “Over $100,000” aggregate ownership is insufficient to confirm one-year compensation guideline compliance (Mr. Starr’s total fund complex compensation was $479,750) .
- Interlocks/Conflicts: Prior service on TIAA-advised vehicles (CREF/VA-1) represents proximity to the Adviser’s parent ecosystem but not employment/directorship; independence standards are affirmed. External public company chair role (AMG) enhances governance credentials; no direct related-party transactions or loans disclosed for Mr. Starr at NCA .
- RED FLAGS: None disclosed on related-party transactions, pledging/hedging, legal proceedings, or say-on-pay at NCA. Monitoring point: quantify actual fund complex investment versus the one-year compensation guideline as data becomes available .