Albin F. Moschner
About Albin F. Moschner
Independent Board Member of Nuveen California AMT-Free Quality Municipal Income Fund (NKX); year of birth 1952; joined the Nuveen fund complex Board in 2016, currently serving annual terms elected by Preferred Shareholders for NKX and a Class III term for California Value (NCA) through the 2027 annual meeting . Founder and CEO of Northcroft Partners, LLC; prior senior operating roles in wireless and consumer electronics, including COO and CMO at Leap Wireless, President roles at Verizon Card Services and One Point Communications, and CEO of Zenith Electronics . The Board classifies him as an Independent Board Member (not an “interested person”) under the Investment Company Act of 1940 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Northcroft Partners, LLC | Founder & CEO (management consulting) | Since 2012 | Provides operational, management, and governance solutions |
| Leap Wireless International, Inc. | COO; CMO; Consultant | COO 2008–2011; CMO 2004–2008; Consultant 2011–2012 | Oversaw consumer wireless operations and marketing |
| Verizon Communications, Inc. | President, Verizon Card Services division | 2000–2003 | Led card services business |
| One Point Communications | President, One Point Services | 1999–2000 | Led service operations |
| Diba, Incorporated | Vice Chairman of the Board | 1996–1997 | Internet technology provider governance role |
| Zenith Electronics Corporation | CEO; President & COO; Director | CEO 1995–1996; President & COO 1994–1995; various exec roles 1991–1996 | Led consumer electronics turnaround/execution |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| USA Technologies, Inc. | Director; Chairman (2019) | Director 2012–2019 | Electronic payments solutions; served as Chair in 2019 |
| Wintrust Financial Corporation | Director | 1996–2016 | Regional financial services firm |
| Kellogg School of Management (Advisory Board) | Emeritus | 2018 (Board 1995–2018) | Advisory Board emeritus since 2018 |
| Archdiocese of Chicago Financial Council | Advisory Board Emeritus | Since 2018 (Board 2012–2018) | Finance council service |
Board Governance
- Independence: Classified as “Independent Board Member” (not an interested person of the Funds or Nuveen/TIAA or affiliates) .
- Elections/terms: For NKX and other funds with Preferred Shares, Moschner is a nominee elected by holders of Preferred Shares annually; for California Value (NCA), designated as Class III with term to 2027 .
- Committee assignments:
- Closed-End Fund Committee: Chair .
- Compliance, Risk Management and Regulatory Oversight Committee: Member .
- Nominating and Governance Committee: Member .
- Investment Committee: Member .
- Not on Executive, Dividend, or Audit Committees (membership lists do not include him) .
- Attendance: Met the threshold—attended 75% or more of Board and applicable committee meetings in the last fiscal year .
- Board/committee meeting cadence (last fiscal year):
- Regular Board: 6; Special Board: 9; Executive Committee: 3; Dividend Committee: 8; Compliance Committee: 4; Audit Committee: 13; Nominating & Governance: 6; Investment: 3; Closed-End Funds: 4 .
Fixed Compensation
| Component | Amount (USD) | Applicability to Moschner |
|---|---|---|
| Annual Board retainer (Independent Board Members) | $350,000 | Receives as Independent Board Member |
| Compliance, Risk Management and Regulatory Oversight Committee membership retainer | $35,000 | Member; receives membership retainer |
| Investment Committee membership retainer | $30,000 | Member; receives membership retainer |
| Nominating & Governance Committee membership retainer | $25,000 | Member; receives membership retainer |
| Closed-End Fund Committee Chair fee | $25,000 | Chair; receives chair fee |
| Ad hoc meeting fees | $1,000 or $2,500 per meeting | As applicable based on meeting length/immediacy |
| Special assignment committee fees | Chair quarterly starting at $1,250; members quarterly starting at $5,000 | As applicable |
| Fund | Aggregate Compensation Paid to Moschner (last fiscal year) |
|---|---|
| NKX (Nuveen California AMT-Free Quality Municipal Income Fund) | $2,723 |
| All Nuveen Funds (Total compensation from Fund Complex) | $481,250 |
- Deferred compensation: Independent Board Members may elect to defer fees; NKX indicates deferred amounts are treated as though invested in Nuveen funds, with flexible distribution elections; the Funds have no retirement/pension plans .
Performance Compensation
- No equity grants, options, PSUs/RSUs, performance-based bonuses or explicit performance metric-linked director compensation are disclosed for Independent Board Members; compensation is structured as retainers and fees (cash) per Board/committee roles and meetings .
- No severance, change-of-control, clawbacks, tax gross-ups, or perquisites disclosed for directors in NKX’s proxy .
Other Directorships & Interlocks
| Company | Relationship | Potential Interlock/Conflict Commentary |
|---|---|---|
| USA Technologies, Inc. | Former Chairman/Director | No direct linkage disclosed with NKX/Nuveen/TIAA; no related-party transactions disclosed . |
| Wintrust Financial Corporation | Former Director | Financial services experience; no related-party transactions or advisory linkages to the Funds disclosed . |
- Independence safeguards: All Board Members, including Moschner, have not been employees/directors of TIAA/Nuveen or affiliates, supporting independence from the Adviser .
- Related-party exposure: NKX’s proxy discloses a table of Board Members who own securities in companies advised by entities under common control with the Adviser—no holdings for Moschner are listed; only Mr. Kenny’s vehicles appear, reducing conflict concerns for Moschner .
Expertise & Qualifications
- Education: B.E. in Electrical Engineering (City College of New York, 1974); M.S. in Electrical Engineering (Syracuse University, 1979) .
- Technical/industry expertise: Senior operating roles in wireless telecom (Leap Wireless), consumer electronics (Zenith), and payments/financial services governance; founder/operator experience as consultant CEO .
- Board qualification: Deep operating and governance background; serves as Chair of the Closed-End Fund Committee, which oversees discounts/premiums, leverage, and secondary market dynamics of Nuveen closed-end funds .
Equity Ownership
| Item | NKX (Fund-level) | Fund Complex (Aggregate across Nuveen funds) |
|---|---|---|
| Beneficial ownership (shares) | 0 | Dollar range: Over $100,000 |
| % of shares outstanding (NKX) | 0% (individual <1%; group <1%) | |
| Vested vs. unvested shares | Not applicable/disclosed for directors | |
| Pledged shares | None disclosed | |
| Ownership guideline | Board expects each Independent Board Member to invest at least the equivalent of one year of compensation in funds within the Fund Complex |
Governance Assessment
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Strengths
- Independent status and no TIAA/Nuveen employment or affiliate ties; strong committee coverage including Chair of Closed-End Fund Committee—key for discount/leverage oversight affecting shareholder value .
- Attendance met threshold (≥75%) across Board and committee meetings in a year with high meeting cadence, signaling engagement .
- Compensation structure is transparent and predominantly fixed cash retainer with defined committee fees; optional deferral aligns director economics to fund performance through deemed investments .
-
Areas to monitor
- Fund-level ownership shows $0 in NKX specifically; while aggregate holdings across the complex are “Over $100,000,” investors may prefer visible NKX-specific ownership for stronger alignment; Board guideline emphasizes aggregate complex investment rather than per-fund .
- No explicit performance-linked director pay or equity, consistent with investment company norms, but limits direct pay-for-performance signals .
-
Conflicts/Red Flags
- No related-party transactions, loans, hedging/pledging, or delinquent Section 16 filings disclosed; no legal proceedings flagged .
- Committee composition places Moschner outside Audit, which concentrates financial reporting oversight elsewhere; however, his chair role on Closed-End Fund Committee is directly relevant to market discount management and leverage strategy oversight .