Albin Moschner
About Albin F. Moschner
Independent Board Member of Nuveen Select Maturities Municipal Fund (NIM); born 1952; board service since 2016 across the Nuveen Fund Complex (oversees 217 portfolios). Founder and CEO of Northcroft Partners, LLC since 2012; prior senior operating roles in telecom and consumer electronics. Education: B.E. in Electrical Engineering, The City College of New York (1974); M.S. in Electrical Engineering, Syracuse University (1979). Independence: designated an Independent Board Member under the 1940 Act and Nuveen/TIAA affiliation rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Northcroft Partners, LLC | Founder & CEO | 2012–present | Management consulting, operational/governance solutions |
| Leap Wireless International, Inc. | COO; CMO; Consultant | COO: 2008–2011; CMO: 2004–2008; Consultant: 2011–2012 | Scaled consumer wireless operations and marketing |
| Verizon Communications, Inc. (Card Services) | President | 2000–2003 | Led card services division |
| One Point Communications | President, One Point Services | 1999–2000 | Telecom services leadership |
| Diba, Incorporated | Vice President of the Board | 1996–1997 | Internet technology governance |
| Zenith Electronics Corporation | Director, President & COO; then CEO | COO/President: 1994–1995; CEO: 1995–1996 | Turnaround/executive leadership in consumer electronics |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| USA Technologies, Inc. | Chairman (2019); Director | 2012–2019 | Electronic payments solutions; no current role |
| Wintrust Financial Corporation | Director | 1996–2016 | Regional financial institution; service concluded 2016 |
| Kellogg School of Management (Advisory Board) | Emeritus | Since 2018 (Advisory 1995–2018) | Academic advisory; emeritus status |
| Archdiocese of Chicago Financial Council | Emeritus | Since 2018 (Advisory 2012–2018) | Non-profit financial governance |
Board Governance
- Board class and term at NIM (no Preferred Shares): Class III; current term expires at the 2027 annual meeting .
- Committee roles:
- Closed-End Fund Committee: Chair (oversees discount/premium dynamics, leverage, repurchases/workshops) .
- Compliance, Risk Management & Regulatory Oversight Committee: Member .
- Nominating & Governance Committee: Member .
- Investment Committee: Member .
- Independence: All Nuveen fund Board Members (including Moschner) are “Independent Board Members” (not “interested persons” under the 1940 Act; no affiliation with TIAA/Nuveen) .
- Attendance: Each Board Member attended at least 75% of Board and applicable committee meetings in the last fiscal year .
- NIM meeting activity (engagement proxy): Regular Board (4); Special Board (7); Executive Committee (3); Dividend Committee (8); Compliance Committee (4); Audit Committee (14); Nominating & Governance (6); Investment Committee (4); Closed-End Fund Committee (4) .
Fixed Compensation
| Component | Amount | Effective Date | Notes |
|---|---|---|---|
| Annual retainer (Independent Board Members) | $350,000 | Jan 1, 2025 | Cash retainer; paid across Fund Complex |
| Audit Committee membership retainer | $35,000 | Jan 1, 2025 | Per committee (Audit) |
| Compliance Committee membership retainer | $35,000 | Jan 1, 2025 | Per committee (Compliance/Risk) |
| Investment Committee membership retainer | $30,000 | Jan 1, 2025 | Per committee |
| Dividend; Nominating & Governance; Closed-End membership retainers | $25,000 each | Jan 1, 2025 | Per committee |
| Board Chair additional retainer | $150,000 | Jan 1, 2025 | Paid to Independent Chair (not Moschner) |
| Committee Chair fees (Audit; Compliance) | $35,000 | Jan 1, 2025 | Per chair |
| Committee Chair fee (Investment) | $30,000 | Jan 1, 2025 | Per chair/co-chair |
| Committee Chair fees (Dividend; Nominating; Closed-End) | $25,000 | Jan 1, 2025 | Per chair (Moschner chairs Closed-End) |
| Ad hoc meeting fee | $1,000 or $2,500 | Jan 1, 2025 | Based on length/immediacy |
| Special assignment committees | Chair/co-chair quarterly ≥$1,250; member quarterly ≥$5,000 | Jan 1, 2025 | As constituted |
| Aggregate compensation from NIM (fund-level) | $334 | FY ended Mar 31, 2025 | Allocation by relative net assets |
| Total compensation across Nuveen funds (Moschner) | $481,250 | Latest table | Includes deferred amounts where applicable |
Year-over-year changes: Committee membership and chair fees increased versus the 2024 schedule (e.g., Audit/Compliance membership went from $30,000 to $35,000; Board Chair from $140,000 to $150,000), signaling higher fixed cash components and potential pay inflation risk at the board level .
Performance Compensation
| Item | Disclosure |
|---|---|
| Equity awards (RSUs, PSUs), options | Not applicable; Independent Board Members compensated via cash retainers/fees; no equity award programs disclosed . |
| Performance metrics linked to pay (e.g., TSR, revenue, ESG) | None disclosed for directors; compensation not tied to operating/market metrics . |
| Deferred compensation | Optional plan; deferrals notionally invested in eligible Nuveen funds; distributions lump sum or 2–20 years; fund-level liability limited to its own obligations . |
Other Directorships & Interlocks
| Company | Role | Overlap/Interlock Risk |
|---|---|---|
| USA Technologies, Inc. | Director; Chairman (2019) | No disclosed related-party ties to NIM/Nuveen/TIAA; prior role only . |
| Wintrust Financial Corporation | Director (1996–2016) | No disclosed related-party ties to NIM/Nuveen/TIAA; historical . |
Expertise & Qualifications
- Operating executive background in telecom and electronics (COO/CMO, division president), plus consulting CEO; brings commercial, operational, and governance experience to closed-end fund oversight .
- Technical credentials (EE degrees) support risk and technology-informed perspectives; long-standing advisory involvement with Kellogg and Archdiocese finance councils .
- Oversees 217 portfolios across the Fund Complex, indicating breadth of fund governance exposure .
Equity Ownership
| Fund | Dollar Range | Shares Held | Notes |
|---|---|---|---|
| Nuveen Select Maturities Municipal Fund (NIM) | $0 | 0 | No NIM-specific holdings disclosed . |
| Nuveen Municipal High Income Opportunity Fund (NMZ) | $50,000–$100,000 | 7,136 | Direct beneficial ownership; <1% of outstanding . |
| Aggregate across Nuveen funds overseen | Over $100,000 | N/A | Board guideline expects investment equivalent to one year of compensation; individual compliance not determinable from ranges . |
- Guideline: Each Board Member is expected to invest at least the equivalent of one year’s compensation in funds within the Fund Complex (directly or via deferral) .
- Concentration/pledging: No pledging or hedging disclosures; each Board Member’s holdings are <1% of outstanding shares of any Fund .
Governance Assessment
- Strengths:
- Independent status; no TIAA/Nuveen affiliation; robust committee load including Chair of Closed-End Fund Committee, positioning him to influence discount/leverage strategies central to closed-end fund investor outcomes .
- Documented engagement: Board-wide 75%+ attendance; NIM registered high committee cadence (e.g., 14 Audit meetings; 4 Closed-End meetings), which underscores active oversight frameworks .
- Alignment considerations:
- No NIM-specific share ownership (0 shares; $0 range), which may be viewed as a skin-in-the-game gap at the fund level, although aggregate Nuveen Complex ownership is “Over $100,000” via direct or deferred mechanisms .
- Compensation structure shifts increased fixed cash retainers and chair fees in 2025 vs 2024, potentially heightening pay inflation risk without performance linkage; compensation remains fee-based rather than at-risk equity .
- Conflicts/Related Parties:
- No related-party transactions or Section 16(a) delinquencies reported; no disclosed holdings in adviser-affiliated companies for Moschner (contrast: holdings table only lists Kenny) .
- RED FLAGS:
- NIM-specific ownership shortfall (0 shares) may be a perception risk for investor alignment at the fund-level despite complex-wide holdings .
- Increased guaranteed compensation components year-over-year (committee fees and chair retainers) without performance pay features .
Director Compensation Detail (Reference)
| Period | Key Elements | Amounts |
|---|---|---|
| Pre-2024 (FY 2023) | Annual retainer; per-meeting fees; chair adders; site visit fees | Retainer $210,000; meeting fees varied ($7,250 Board; $2,500 Audit/Investment; $5,000 Compliance; etc.); Chair adders up to $140,000 . |
| 2024 (before Jan 1, 2025) | Annual retainer; annual committee membership retainers; chair adders; ad hoc fees | Retainer $350,000; Audit/Compliance membership $30,000; Investment $20,000; Dividend/Nominating/Closed-End $20,000; Chair adders $20,000–$140,000; ad hoc $1,000/$2,500 . |
| 2025 (effective Jan 1, 2025) | Adjusted committee membership/chair retainers; ad hoc fees | Retainer $350,000; Audit/Compliance membership $35,000; Investment $30,000; Dividend/Nominating/Closed-End $25,000; Chair adders $25,000–$150,000; ad hoc $1,000/$2,500 . |
Insider Trades and Section 16
- Compliance: Funds report Board Members and officers complied with Section 16(a) filing requirements in the last fiscal year and prior year; no delinquencies noted .
Notes on Voting and Board Structure
- Unitary board overseeing multiple Nuveen funds; independent Chair (Robert L. Young) coordinates agendas and governance culture .
- Moschner’s nomination for Preferred-shareholder elections applies to certain funds with Preferred Shares; NIM (Select Maturities) has no Preferred Shares .
Overall, Moschner contributes operational depth and closed-end market oversight as committee chair, but lacks NIM-specific share ownership. Compensation is entirely fee-based, with increases in committee retainers in 2025 and no performance linkage—investors should weigh oversight activity and independence against fund-level alignment signals .