Loren Starr
About Loren M. Starr
Loren M. Starr (born 1961) is an independent Board Member of Nuveen AMT‑Free Quality Municipal Income Fund (NEA), with a finance-heavy background as former CFO and later Vice Chair at Invesco Ltd. He has served as an Independent Consultant/Advisor since 2021, joined the NEA Board in 2024, and is designated an “audit committee financial expert.” He holds a B.A. and B.S. from Columbia College, an M.B.A. from Columbia Business School, and an M.S. from Carnegie Mellon University . His current NEA Board term is shown as Class II/III through the 2027 annual meeting in the fund complex materials .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Invesco Ltd. | Chief Financial Officer, Senior Managing Director | 2005–2020 | Global finance leadership; core credential for Audit oversight . |
| Invesco Ltd. | Vice Chair, Senior Managing Director | 2020–2021 | Senior executive leadership . |
| College Retirement Equities Fund (CREF) | Trustee; also Manager on TIAA Separate Account VA‑1 | 2022–2023 | Board of Trustees and VA‑1 Management Committee . |
| Georgia Leadership Institute for School Improvement (GLISI) | Chair and Board Member | 2014–2021 | Non‑profit governance leadership . |
| Georgia Council on Economic Education (GCEE) | Chair and Trustee | 2015–2018 | Non‑profit governance leadership . |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Affiliated Managers Group (AMG) | Director | Since 2023 | Audit Committee member (since 2024); Chair of the Audit Committee in 2025 disclosure . |
| CREF / TIAA Separate Account VA‑1 | Trustee / Manager | 2022–2023 | Prior roles ended 2023 (reduces potential related‑party overlap) . |
Board Governance
| Governance Dimension | Status / Details | Source |
|---|---|---|
| Independence | Independent Board Member (serves only on committees composed entirely of Independent Directors) | |
| Audit Committee | Member; Chair is John K. Nelson; Starr designated an “audit committee financial expert” | |
| Nominating & Governance Committee | Member; Chair is Robert L. Young | |
| Investment Committee | Member; Co‑Chairs are Joseph A. Boateng and Amy B.R. Lancellotta | |
| Closed‑End Fund Committee | Member; Chair is Albin F. Moschner | |
| Meeting Attendance | Each Board Member attended ≥75% of Board and committee meetings in the last fiscal year |
Committee/Meeting Load (NEA last fiscal year)
| Committee | Meetings Held |
|---|---|
| Regular Board Meetings | 4 |
| Special Board Meetings | 8 |
| Audit Committee | 14 |
| Nominating & Governance | 5 |
| Investment Committee | 4 |
| Closed‑End Fund Committee | 4 |
| Dividend Committee | 10 |
| Compliance, Risk Mgmt & Regulatory Oversight | 6 |
| Executive Committee | 4 |
Fixed Compensation
| Item | 2024 Structure (Effective Jan 1, 2024) | 2025 Structure (Effective Jan 1, 2025) |
|---|---|---|
| Annual Board Retainer | $350,000 | $350,000 |
| Audit Committee membership retainer | $30,000 | $35,000 |
| Compliance, Risk Mgmt & Regulatory Oversight membership | $30,000 | $35,000 |
| Investment Committee membership | $20,000 | $30,000 |
| Dividend Committee membership | $20,000 | $25,000 |
| Nominating & Governance membership | $20,000 | $25,000 |
| Closed‑End Fund Committee membership | $20,000 | $25,000 |
| Board Chair additional retainer | $140,000 | $150,000 |
| Audit/Compliance Committee Chair add’l retainer | $30,000 | $35,000 |
| Investment Committee Chair add’l retainer | $20,000 | $30,000 |
| Nominating/Dividend/Closed‑End Comm. Chair add’l retainer | $20,000 | $25,000 |
| Ad hoc meetings (Board/Committees) | $1,000 or $2,500 per meeting | $1,000 or $2,500 per meeting |
| Special assignment committees | Chair $1,250/quarter; Members $5,000/quarter | Chair $1,250+/quarter; Members $5,000+/quarter |
| Deferred Compensation Plan availability | Yes (elective deferral, credited to hypothetical fund shares; lump sum or 2–20 year payout) | Yes (same terms) |
| Starr – Total Compensation from Nuveen Funds (Fund Complex) | $425,000 (CY2023 basis as presented in 2024 proxy) | $479,750 (latest proxy) |
Notes:
- Prior to 2024, structure was $210,000 base plus mostly per‑meeting fees; 2024 shifted materially toward a higher fixed retainer, and 2025 further raised committee and chair retainers (more guaranteed vs. variable pay) .
Performance Compensation
| Category | 2024 | 2025 |
|---|---|---|
| Stock awards (RSUs/PSUs) | None disclosed for Independent Board Members; compensation is cash retainers/fees with elective deferral only | None disclosed; same structure |
| Option awards | None disclosed | None disclosed |
| Performance metrics tied to comp (revenue/EBITDA/TSR/ESG) | None disclosed for directors | None disclosed |
| Clawback, severance, CoC provisions | Not applicable to Independent Board Members (no employment contracts) | Not applicable |
Other Directorships & Interlocks
| Company/Institution | Role | Timing | Potential Interlock/Notes |
|---|---|---|---|
| Affiliated Managers Group (AMG) | Director; Audit Committee member (’24), Chair (’25) | Dir since 2023; Audit roles since 2024/2025 | External public company governance; enhances audit oversight credibility . |
| CREF and TIAA Separate Account VA‑1 | Trustee (CREF) and Manager (VA‑1) | 2022–2023 | Ended 2023; prior ties to TIAA complex (Nuveen’s parent), but no current related‑party holdings by Starr disclosed . |
| GLISI; GCEE (non‑profits) | Chair/Trustee | GLISI 2014–2021; GCEE 2015–2018 | Non‑profit leadership . |
Expertise & Qualifications
- Deep finance and public company reporting expertise: long‑tenured CFO of Invesco (2005–2020) and later Vice Chair (2020–2021) .
- Recognized as an “audit committee financial expert” at NEA (SEC definition) .
- Academic credentials: B.A./B.S. Columbia College, M.B.A. Columbia Business School, M.S. Carnegie Mellon University .
- Active external governance: Director and Audit Committee Chair at AMG (adds cross‑board audit insight) .
Equity Ownership
| Ownership Metric | As of May 31, 2024 | As of May 31, 2025 |
|---|---|---|
| NEA fund shares beneficially owned by Starr | 0 | 0 |
| Dollar range in NEA | $0 | $0 |
| Aggregate dollar range across all Nuveen funds overseen (Fund Complex) | Over $100,000 (range disclosure) | Over $100,000 (range disclosure) |
| Ownership as % of NEA outstanding | Not individually specified; Board members and officers as a group <1% in each Fund (as of June 20, 2025) | <1% (group basis) |
Note: The Board’s governance principle expects each Director to invest at least the equivalent of one year’s compensation across the Fund Complex; the range disclosure (“Over $100,000”) does not provide sufficient granularity to confirm Starr’s compliance against the ~$350,000+ annual retainer level .
Governance Assessment
-
Strengths
- Finance and audit depth: former public‑company CFO; designated audit committee financial expert; member of NEA’s Audit Committee; Chair of AMG’s Audit Committee, reinforcing oversight credentials .
- Engagement: Serves on four key NEA committees (Audit; Nominating & Governance; Investment; Closed‑End Fund), with a heavy meeting cadence (e.g., 14 Audit Committee meetings in the last fiscal year); attendance threshold met (≥75%) .
- Independence: All cited committees composed of Independent Directors under NYSE/NASDAQ standards .
-
Alignment and Pay Structure
- Compensation shifted in 2024 toward a larger fixed retainer, with 2025 increasing committee/chair retainers—improves predictability but reduces variable meeting‑based pay signals; Starr’s total fund‑complex compensation rose from $425,000 (2024 proxy) to $479,750 (2025 proxy) .
- Equity ownership in NEA is disclosed as $0 (and 0 shares as of May 31, 2025), with aggregate fund‑complex holdings “Over $100,000”; range reporting limits verification of the “1x annual pay” guideline .
-
Conflicts and Red Flags
- Related‑party or pledged‑share concerns: None disclosed for Starr; the only detailed affiliate holdings table in 2025 cites another director (Thomas J. Kenny), not Starr .
- Legal or regulatory issues: None disclosed in the proxies reviewed.
- RED FLAG watch: Low direct NEA ownership ($0) may be viewed as a weaker “skin‑in‑the‑game” signal, though elective deferral into Nuveen funds is available; lack of granularity on aggregate holdings prevents a definitive assessment of the one‑year pay ownership guideline .
Overall: Starr brings strong finance and audit oversight capabilities with broad committee engagement and independent status—positives for investor confidence. The compensation structure is increasingly fixed‑retainer‑oriented, and direct NEA ownership is $0; investors may prefer clearer disclosure regarding compliance with the board’s 1x pay ownership guideline across the Fund Complex .