Loren Starr

About Loren M. Starr

Independent Board Member of Nuveen Select Maturities Municipal Fund (NIM); born 1961; business address 333 West Wacker Drive, Chicago, IL 60606; length of service in the Nuveen fund complex since 2022. Prior roles include Vice Chair and Senior Managing Director (2020–2021) and Chief Financial Officer, Senior Managing Director (2005–2020) at Invesco Ltd.; education includes B.A. and B.S. from Columbia College, M.B.A. from Columbia Business School, and M.S. from Carnegie Mellon University; currently designated an audit committee financial expert and serves across multiple Nuveen board committees as an Independent Board Member under the 1940 Act and NYSE/NASDAQ standards .

Past Roles

External Roles

Board Governance

• Independence: All Nuveen funds Board Members, including Loren Starr, are not “interested persons” and have never been an employee or director of TIAA or Nuveen; deemed Independent Board Members .
• Term/class designation: Class II or III; term running until the 2027 annual meeting; service in fund complex since 2022 .
• Committee memberships:
  • Audit Committee: Member; designated as an “audit committee financial expert” .
  • Dividend Committee: Member .
  • Nominating & Governance Committee: Member .
  • Investment Committee: Member .
  • Closed-End Fund Committee: Member .
  • Not a member of Executive Committee or Compliance, Risk Management & Regulatory Oversight Committee .
• Attendance: Each Board Member attended at least 75% of Board and relevant committee meetings during the last fiscal year .
• Board leadership: Robert L. Young is Independent Chair since 2025 .
• Meeting volume (Select Maturities – last fiscal year ended Mar 31, 2025): 4 regular Board; 7 special Board; 3 Executive Committee; 8 Dividend Committee; 14 Audit; 6 Nominating & Governance; 4 Investment; 4 Closed-End Fund Committee .

Fixed Compensation

• Structure effective January 1, 2025:
  • Annual Board retainer: $350,000; Committee retainers: Audit $35,000; Compliance, Risk Management & Regulatory Oversight $35,000; Investment $30,000; Dividend $25,000; Nominating & Governance $25,000; Closed-End Funds $25,000; Committee Chairs: Audit/Compliance $35,000; Investment $30,000; Dividend/Nominating/Closed-End $25,000; Board Chair $150,000; ad hoc meeting fees $1,000–$2,500; special assignment fees per charter .
• Deferred compensation plan available to Independent Board Members; deferrals are credited to book reserve accounts tied to eligible Nuveen funds; distributions can be lump sum or over 2–20 years .
• Aggregate compensation paid by funds (last periods):
  • Select Maturities (fiscal year ended Mar 31, 2025): Loren M. Starr $333 .
  • Total compensation from Nuveen funds paid to Board Member/nominee: Loren M. Starr $479,750 .
  • Deferred fees example: Select Maturities deferred amount attributed to Loren M. Starr $115 (Participating Funds) .

Performance Compensation

Other Directorships & Interlocks

• Current public company boards: AMG – Director; Audit Committee Chair .
• Prior affiliated governance: CREF and VA-1 roles (TIAA-related funds); note TIAA is parent of Nuveen, NIM’s adviser; however, the proxy affirms independence from TIAA/Nuveen for all Board Members .

Expertise & Qualifications

• Capital markets and asset management finance: Former CFO of Invesco; Vice Chair; extensive senior finance leadership .
• Audit and financial reporting: Audit Committee member; designated audit committee financial expert .
• Governance experience: Chairs and board roles in multiple organizations; broad nonprofit and fund governance exposure .
• Education: B.A., B.S. (Columbia College); MBA (Columbia Business School); M.S. (Carnegie Mellon University) .

Equity Ownership

Governance Assessment

• Strengths:
  • Independence: Clear 1940 Act and exchange listing independence; no employment/directorship with TIAA/Nuveen; audit committee financial expert designation .
  • Engagement: Member of five key committees (Audit, Dividend, Nominating & Governance, Investment, Closed-End Funds); Board reports strong attendance (≥75% of meetings) .
  • Oversight: Participation in committees that directly monitor valuation, financial reporting, fund performance, and closed-end market discount/premium dynamics .
• Alignment and incentives:
  • Compensation is fee-based with optional deferral tied to fund returns; no equity awards/options; Select Maturities-specific compensation modest ($333) within large complex-wide service ($479,750) .
  • Ownership: $0 direct dollar range in NIM; aggregate “Over $100,000” across Nuveen funds; guideline expects ≥1 year compensation invested but ranges do not allow compliance verification .
• Conflicts and related-party exposure:
  • No related-party transactions disclosed for Starr; Section 16(a) compliance confirmed; prior service at TIAA-affiliated funds noted but independence affirmed; current external board at AMG is a separate asset manager with no disclosed dealings with NIM .
• RED FLAGS:
  • Zero direct ownership in NIM may be perceived as weaker fund-specific alignment, though aggregate complex ownership is “Over $100,000”; compliance with one-year ownership guideline cannot be verified from categorical ranges .
  • No performance-linked pay elements; while typical for closed-end fund directors, this limits pay-for-performance signaling .

Overall implication: Starr brings deep finance and audit oversight expertise and is highly engaged across governance committees; independence is strong and attendance is adequate. Ownership alignment is evidenced at the complex level but not specifically in NIM; absence of performance-linked pay is standard for fund boards and does not indicate misalignment per se .