Michael Forrester
About Michael A. Forrester
Independent Board Member of Nuveen Select Maturities Municipal Fund (NIM); year of birth 1967; B.A., Washington and Lee University. Former CEO (2014–2021) and COO (2007–2014) of Copper Rock Capital Partners; currently serves on the Independent Directors Council (IDC) Governing Council, is a Trustee of Dexter Southfield School, and Director at Aflac Incorporated. Joined the Nuveen funds Board in 2024; part of the broader Nuveen/TIAA fund complex boards since 2007; nominated as a Class I Board Member for a term expiring at the 2028 annual meeting. He is classified as an Independent Board Member (not an “interested person”).
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Copper Rock Capital Partners, LLC | Chief Executive Officer | 2014–2021 | Led investment firm operations and strategy |
| Copper Rock Capital Partners, LLC | Chief Operating Officer | 2007–2014 | Built operating capabilities as founding COO |
| College Retirement Equities Fund (CREF) | Trustee | 2007–2023 | Governance oversight in TIAA fund complex |
| TIAA Separate Account VA-1 | Management Committee/Manager | 2007–2023 | Oversight of separate account governance |
External Roles
| Organization | Role | Start | Notes |
|---|---|---|---|
| Aflac Incorporated | Director | 2025 | Public company directorship; board-level finance/insurance exposure |
| Dexter Southfield School | Trustee | 2019 | Non-profit governance |
| Independent Directors Council (IDC), ICI | Governing Council Member | 2020 | Governance standards and fund oversight community |
Board Governance
- Independence: All nominees (including Forrester) are Independent Board Members (never employees/directors of TIAA/Nuveen or affiliates) .
- Term/Classification: Class I nominee for Select Maturities (NIM) with term to 2028 if elected .
- Attendance: Each Board Member attended at least 75% of Board and relevant committee meetings in the last fiscal year .
- Board leadership: Independent Chair is Robert L. Young; unitary board structure across Nuveen funds for consistent oversight .
| Committee | Role | Members (excerpt) | Key Mandate |
|---|---|---|---|
| Compliance, Risk Management and Regulatory Oversight | Member | Wolff (Chair), Forrester, Kenny, Medero, Moschner, Toth | Compliance and enterprise risk oversight, including liquidity, derivatives, leverage |
| Nominating and Governance | Member | Young (Chair), Forrester, Boateng, Kenny, Lancellotta, Medero, Moschner, Nelson, Starr, Thornton, Toth, Wolff | Board composition, evaluation, governance guidelines, director education |
| Investment | Member | Co-Chairs Boateng & Lancellotta; Forrester among all Independent Members | Performance and investment risk oversight; leverage/hedging discussion |
Not on Audit, Dividend, Executive, or Closed-End Fund Committees (no chair roles) .
Fixed Compensation
- Structure (effective Jan 1, 2025): Annual retainer $350,000; committee membership retainers: Audit $35,000; Compliance $35,000; Investment $30,000; Dividend/Nominating/Closed-End $25,000; chair adders: Board Chair $150,000; Audit/Compliance Chairs $35,000; Investment Chair $30,000; Dividend/Nominating/Closed-End Chair $25,000; ad hoc meeting fees $1,000–$2,500 .
- Deferred Compensation Plan: optional deferral into book reserve accounts tracking Nuveen funds; distributions lump sum or over 2–20 years .
| Item | Amount/Detail |
|---|---|
| Annual retainer (Independent Board Members) | $350,000 |
| Committee membership retainers | Audit $35,000; Compliance $35,000; Investment $30,000; Dividend/Nominating/Closed-End $25,000 |
| Chair retainers (if applicable) | Board $150,000; Audit/Compliance $35,000; Investment $30,000; Dividend/Nominating/Closed-End $25,000 |
| Ad hoc Board/Committee meeting fees | $1,000 or $2,500 per meeting |
| Deferred Compensation Plan availability | Yes; fund-linked deferral accounts; elective payout schedules |
| Actual Compensation (latest reported) | Period | Michael A. Forrester |
|---|---|---|
| Aggregate compensation from NIM (Select Maturities) | FY ended Mar 31, 2025 | $325 |
| Total compensation from Nuveen funds (fund complex) | Latest reported (table total) | $480,750 |
| Deferred fees payable from NIM (Select Maturities) | FY ended Mar 31, 2025 | $325 |
Performance Compensation
| Component | Status | Notes |
|---|---|---|
| Annual bonus/target bonus | None disclosed | Directors receive fixed retainers and committee fees; no bonus program |
| Stock awards (RSUs/PSUs), options | None disclosed | No equity grants; compensation is cash; optional deferred comp plan |
| Performance metrics (EBITDA, TSR, ESG) | None disclosed | No performance-linked pay for directors |
| Clawback/COC provisions | Not applicable | Not disclosed for directors |
Other Directorships & Interlocks
| Company | Type | Role | Interlock/Notes |
|---|---|---|---|
| Aflac Incorporated | Public | Director (Forrester) | Thomas J. Kenny is also Aflac Director and Chairs Finance & Investment Committee; boardroom network overlap |
Expertise & Qualifications
- Asset management operations and leadership (CEO/COO of Copper Rock) .
- Fund governance experience across TIAA/Nuveen complex since 2007 .
- Industry governance and independent director advocacy via IDC Governing Council .
- Education: B.A., Washington and Lee University .
Equity Ownership
- Governance principle: each Board Member is expected to invest at least one year of compensation (directly or deferred) in funds within the Fund Complex .
- Beneficial ownership ranges and shares:
| Fund | Dollar Range (Forrester) | Shares Owned (Forrester) |
|---|---|---|
| Nuveen Select Maturities Municipal Fund (NIM) | $0 | 0 |
| Aggregate across Nuveen/TIAA fund complex | Over $100,000 | N/A (range disclosure) |
As of June 20, 2025, each Board Member’s individual shareholdings in any single fund were <1% of outstanding shares; group ownership also <1% per fund .
Governance Assessment
- Committee engagement: Active member on Compliance, Nominating & Governance, and Investment committees; these roles directly touch risk oversight, board effectiveness, and performance monitoring—positive for board effectiveness .
- Independence and attendance: Independent status with 75%+ attendance; independent Chair structure enhances oversight—supportive of investor confidence .
- Compensation and alignment: Cash-based retainers with optional deferral; no equity grants; governance principle expects one-year comp invested across complex. Forrester discloses “Over $100,000” aggregate fund holdings but $0 in NIM—alignment across complex present, fund-specific alignment limited; cannot conclude guideline compliance from ranges alone (data constraint) .
- Conflicts and related parties: No related-party exposure disclosed for Forrester; Section 16(a) filings compliant in last fiscal year—no red flags .
- Interlocks: Aflac board overlap with Thomas Kenny creates external network interlock; no direct conflict with NIM identified, but noteworthy for information flow and potential influence patterns .
RED FLAGS (none material disclosed):
- No related-party transactions involving Forrester .
- No hedging/pledging, legal proceedings, or say-on-pay concerns disclosed for directors (closed-end funds context) .