Albin F. Moschner
About Albin F. Moschner
Independent Board Member of Nuveen Dynamic Municipal Opportunities Fund (NDMO) and broader Nuveen fund complex; born 1952; serving since 2016. Founder and CEO of Northcroft Partners, LLC (management consulting) since 2012; prior executive roles at Leap Wireless (CMO, COO, Consultant), Verizon Card Services, One Point Communications, and Zenith Electronics. Education: B.E. Electrical Engineering, City College of New York (1974); M.S. Electrical Engineering, Syracuse University (1979) .
Past Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Leap Wireless International, Inc. | Chief Marketing Officer; Chief Operating Officer; Consultant | 2004–2008; 2008–2011; 2011–2012 | Wireless services operator |
| Verizon Communications, Inc. (Verizon Card Services) | President | 2000–2003 | Consumer telecommunication services |
| One Point Communications (One Point Services) | President | 1999–2000 | Telecom services |
| Zenith Electronics Corporation | Director, President & COO; Director, President & CEO | 1994–1995; 1995–1996 | Consumer electronics; various executive positions 1991–1996 |
| Diba, Incorporated | Vice President of the Board | 1996–1997 | Internet technology provider |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| USA Technologies, Inc. | Director; Chairman | 2012–2019; Chairman in 2019 | Electronic payments; board leadership |
| Wintrust Financial Corporation | Director | 1996–2016 | Financial services board experience |
| Kellogg School of Management Advisory Board | Emeritus | Since 2018 (service 1995–2018) | Advisory capacity |
| Archdiocese of Chicago Financial Council | Emeritus | Since 2018 (service 2012–2018) | Financial oversight advisory |
Board Governance
- Independence: Not an “interested person” of the Funds or Nuveen/TIAA; never an employee/director of TIAA, Nuveen, or affiliates; deemed an Independent Board Member .
- Election class: For NDMO and other funds with preferred shares outstanding, Moschner is a nominee elected by preferred shareholders for a term expiring at the next annual meeting .
- Attendance: Each Board Member attended 75% or more of Board and applicable committee meetings in the last fiscal year .
- Board structure: Unitary board across the Nuveen fund complex with an Independent Chair (Robert L. Young) .
| Committee | Role | Charter highlights | NDMO FY meeting count |
|---|---|---|---|
| Closed-End Fund Committee | Chair | Oversees premiums/discounts, leverage, repurchases; workshops on actions to address discounts | 4 |
| Compliance, Risk Management and Regulatory Oversight Committee | Member | Oversees compliance, liquidity/derivatives, leverage, enterprise risks; quarterly CCO reporting | 6 |
| Nominating and Governance Committee | Member | Board/committee composition, governance guidelines, performance evaluation, continuing education, compensation recommendations | 5 |
| Investment Committee | Member | Performance oversight, risk assessment, leverage/hedging review, quarterly reporting by investment oversight/risk groups | 4 |
| Audit Committee | Not a member | Audit oversight; members listed and do not include Moschner | 14 |
| Executive Committee | N/A | Authorized to exercise Board powers between meetings | 4 |
| Dividend Committee | N/A | Declares distributions; operates under charter | 10 |
Fixed Compensation
| Component (Effective Jan 1, 2025) | Amount (USD) |
|---|---|
| Annual retainer (Independent Board Member) | $350,000 |
| Committee membership retainer – Audit; Compliance | $35,000 (each) |
| Committee membership retainer – Investment | $30,000 |
| Committee membership retainer – Dividend; Nominating & Governance; Closed-End Fund | $25,000 (each) |
| Committee Chair stipends – Audit; Compliance | $35,000 (each) |
| Committee Chair/Co-Chair – Investment | $30,000 |
| Committee Chair – Dividend; Nominating & Governance; Closed-End Fund | $25,000 (each) |
| Ad hoc Board/Committee meeting fees | $1,000 or $2,500 per meeting |
| Special assignment committees (quarterly fees) | Chair from $1,250; Member from $5,000 |
| Fund | Period | Aggregate Compensation Paid to Moschner (USD) |
|---|---|---|
| NDMO (Dynamic Municipal) | Fiscal year ended Oct 31, 2024 | $2,538 |
| All Nuveen Funds (Total) | Last fiscal year | $481,250 |
- Deferred Compensation Plan available; Moschner had $0 deferred amounts reported across Participating Funds in the disclosed table for the last fiscal periods shown .
Performance Compensation
| Item | Disclosure |
|---|---|
| Stock awards (RSUs/PSUs) | None disclosed for Independent Board Members; compensation comprised of cash retainer and committee fees |
| Option awards | None disclosed |
| Performance metrics tied to pay | None disclosed |
| Vesting schedules | None disclosed |
| Clawbacks / Change-of-control / Severance | Not applicable/not disclosed for Board Members |
Other Directorships & Interlocks
| Company | Type | Role | Tenure | Potential interlock/conflict with NDMO |
|---|---|---|---|---|
| USA Technologies, Inc. | Public | Director; Chairman | 2012–2019; 2019 | None indicated with Nuveen funds |
| Wintrust Financial Corporation | Public | Director | 1996–2016 | None indicated with Nuveen funds |
- The proxy affirms Moschner is independent of Nuveen/TIAA and affiliates; no related-party transactions involving Moschner are disclosed in the document .
Expertise & Qualifications
| Category | Details |
|---|---|
| Education | B.E. EE, City College of New York (1974); M.S. EE, Syracuse University (1979) |
| Industry/functional experience | Wireless telecom operations/marketing (Leap Wireless); consumer card services (Verizon); telecom (One Point); consumer electronics (Zenith); management consulting (Northcroft Partners) |
| Board governance | Chair of Closed-End Fund Committee; member of multiple oversight committees (Compliance, Nominating/Governance, Investment) |
Equity Ownership
| Fund | Shares Owned | Dollar Range |
|---|---|---|
| NDMO (Dynamic Municipal) | 0 | $0 |
| Aggregate across all Nuveen registered funds overseen | — | Over $100,000 |
- Governance principle: Each Board Member is expected to invest, directly or on a deferred basis, at least the equivalent of one year of compensation in funds in the Fund Complex (disclosure does not confirm individual compliance status; Moschner’s aggregate range is “Over $100,000” as of May 31, 2025) .
Governance Assessment
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Independence and engagement: Moschner is explicitly independent, chairs the Closed-End Fund Committee, and serves on three other core committees; he met the attendance requirement (≥75%) and the committee suite suggests strong engagement in discount management, risk/compliance, governance, and performance oversight .
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Alignment: No NDMO share ownership disclosed (0 shares; $0 dollar range), which may be viewed as a modest alignment gap at the fund level; however, aggregate Nuveen complex ownership is “Over $100,000.” The board’s governance principle expects investment equivalent to one year of compensation, but the disclosure does not definitively indicate whether Moschner meets the guideline .
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Compensation structure: Pay is entirely cash-based and committee-driven with defined chair stipends; no equity or performance-tied awards are disclosed—reducing pay-for-performance alignment but limiting potential conflicts from equity-linked incentives .
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Audit oversight: Moschner is not an Audit Committee member; audit oversight is handled by a separate slate (with designated audit committee financial experts), which concentrates financial reporting and valuation responsibilities away from him .
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Election mechanics: For NDMO and other funds with preferred shares outstanding, Moschner’s seat is subject to preferred shareholder election, which can signal accountability to preferred holders and focus on leverage and discount dynamics relevant to closed-end fund capital structure .
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RED FLAGS:
- Zero direct ownership in NDMO (fund-level alignment risk) .
- Ambiguity on meeting the “one-year compensation investment” governance principle based on “Over $100,000” aggregate range (insufficient detail to confirm compliance) .
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Mitigants:
- Strong committee leadership on Closed-End Fund policy, discounts, and leverage—highly relevant to market confidence in a closed-end vehicle .
- Clear independence from Nuveen/TIAA; no related-party transactions involving Moschner are disclosed in the proxy .