Loren M. Starr
About Loren M. Starr
Loren M. Starr (born 1961) is an Independent Board Member of Nuveen California AMT‑Free Quality Municipal Income Fund (NKX), serving since 2022, and is a Class III trustee with a term running until the 2027 annual meeting . He is an “audit committee financial expert” and serves on multiple board committees; professionally, he is an Independent Consultant/Advisor (since 2021) and previously served as Vice Chair/Senior Managing Director (2020–2021) and Chief Financial Officer/Senior Managing Director (2005–2020) of Invesco Ltd.; he oversees 219 portfolios across the Nuveen fund complex .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Invesco Ltd. | Chief Financial Officer, Senior Managing Director | 2005–2020 | — |
| Invesco Ltd. | Vice Chair, Senior Managing Director | 2020–2021 | — |
| College Retirement Equities Fund (CREF) | Trustee | 2022–2023 | — |
| TIAA Separate Account VA‑1 | Management Committee Member | 2022–2023 | — |
| Georgia Leadership Institute for School Improvement (GLISI) | Chair and Board Member | 2014–2021 | — |
| Georgia Council on Economic Education (GCEE) | Chair and Board of Trustees Member | 2015–2018 | — |
External Roles
| Organization | Role | Tenure | Committees/Notes |
|---|---|---|---|
| AMG | Director | Since 2023 | Former Chair, Audit Committee (2024–2025) |
| AMG | Chair of the Board | Since 2025 | — |
| CREF | Trustee | 2022–2023 | — |
| TIAA Separate Account VA‑1 | Manager/Committee Member | 2022–2023 | — |
| GLISI | Chair/Director | 2014–2021 | — |
| GCEE | Chair/Trustee | 2015–2018 | — |
Board Governance
- Independence and financial expertise: Starr is an Independent Board Member and is designated an “audit committee financial expert” under SEC rules .
- Tenure and term: Joined the Nuveen funds board complex in 2022; Class III trustee with term to the 2027 annual shareholder meeting .
- Committees and roles (NKX board complex):
- Audit Committee: Member; Chair – John K. Nelson .
- Nominating & Governance Committee: Member; Chair – Robert L. Young .
- Investment Committee: Member; Co‑Chairs – Joseph A. Boateng and Amy B. R. Lancellotta .
- Closed‑End Fund Committee: Member; Chair – Albin F. Moschner .
- Dividend Committee: Member; Chair – Matthew Thornton III .
- Compliance, Risk Management & Regulatory Oversight Committee: Not listed as a member .
- Executive Committee: Not listed as a member .
- Attendance: Each Board Member attended 75% or more of the board and applicable committee meetings in the last fiscal year .
- Independent board leadership: The boards have an independent Chair (Robert L. Young), separate from management .
Meeting Cadence (last fiscal year; NKX shown explicitly)
| Meeting Type | Count |
|---|---|
| Regular Board Meetings | 6 |
| Special Board Meetings | 9 |
| Executive Committee | 3 |
| Dividend Committee | 8 |
| Compliance, Risk Mgmt & Reg. Oversight Committee | 4 |
| Audit Committee | 13 |
| Nominating & Governance Committee | 6 |
| Investment Committee | 3 |
| Closed‑End Fund Committee | 4 |
Fixed Compensation
- Director fee structure (effective Jan 1, 2025): Annual base retainer $350,000; committee membership retainers – Audit and Compliance/Risk $35,000 each; Investment $30,000; Dividend, Nominating & Governance, and Closed‑End $25,000 each; additional Chair retainers – Board Chair $150,000; Audit and Compliance/Risk Chairs $35,000; Investment Chair/Co‑Chair $30,000; Dividend, Nominating & Governance, and Closed‑End Chairs $25,000; ad hoc meeting fees $1,000 or $2,500; special assignment committees – Chair/Co‑Chair quarterly from $1,250; members quarterly from $5,000 .
- Prior year baseline (pre‑Jan 1, 2025): Same $350,000 base; committee membership retainers – Audit and Compliance/Risk $30,000; Investment $20,000; Dividend, Nominating & Governance, and Closed‑End $20,000; corresponding Chair retainers $140,000 (Board), $30,000 (Audit/Compliance), $20,000 (Investment), $20,000 (Dividend/Nom/Gov/CEF); ad hoc and special assignment terms as above .
Director Compensation Received (last fiscal year)
| Measure | Amount |
|---|---|
| Total compensation from all Nuveen funds (Starr) | $479,750 |
| NKX (California AMT‑Free) portion (Starr) | $2,745 |
- Deferred compensation: Independent Board Members may defer fees into a book‑entry account notionally invested in eligible Nuveen funds; distributions can be lump sum or over 2–20 years; no retirement/pension plan is maintained by the funds .
Performance Compensation
| Component | Details |
|---|---|
| Equity awards (RSUs/PSUs) | None disclosed for fund trustees; fees are cash with optional deferral linked to fund shares’ value . |
| Options | None disclosed . |
| Bonus/Performance metrics | None disclosed for independent Board Members . |
| Clawbacks/COC/Severance | Not applicable/disclosed for independent Board Members . |
Other Directorships & Interlocks
| Company/Organization | Status | Role/Committee | Dates |
|---|---|---|---|
| AMG | Public company | Director | Since 2023 |
| AMG | Public company | Chair of the Board | Since 2025 |
| AMG | Public company | Chair, Audit Committee (former) | 2024–2025 |
| CREF | Registered investment company | Trustee | 2022–2023 |
| TIAA Separate Account VA‑1 | Insurance separate account | Manager/Committee Member | 2022–2023 |
No related‑party holdings table lists Starr; the only such holdings disclosed pertain to another trustee (Thomas J. Kenny), suggesting no disclosed related‑party investments for Starr in adviser‑affiliated companies as of the dates shown .
Expertise & Qualifications
- Financial leadership: Former Invesco CFO (2005–2020) and Vice Chair (2020–2021), bringing deep public‑company finance and capital markets oversight to NKX .
- Audit proficiency: Designated “audit committee financial expert” under SEC rules .
- Education: B.A. and B.S. from Columbia College, M.B.A. from Columbia Business School, and M.S. from Carnegie Mellon University .
- Current occupation: Independent Consultant/Advisor (since 2021) .
Equity Ownership
| Measure | Value/Status |
|---|---|
| NKX shares beneficially owned (Oct 22, 2025) | 0 |
| Aggregate dollar range in all Nuveen registered funds overseen | Over $100,000 |
| Ownership as % of NKX outstanding | Less than 1% for each Board Member |
| Ownership guideline (Nuveen funds boards) | Expectation to invest at least the equivalent of one year of compensation in the fund complex (direct or deferred) |
Governance Assessment
- Strengths: Independent status, SEC “financial expert” designation, and service on Audit, Investment, Nominating & Governance, Closed‑End Fund, and Dividend Committees indicate strong governance engagement and financial oversight capabilities .
- Attendance and workload: The NKX board held 6 regular and 9 special meetings, with extensive committee activity (e.g., 13 Audit Committee meetings), and each director met the ≥75% attendance threshold, signaling active oversight in a high‑cadence environment .
- Pay structure and incentives: Compensation is entirely fee‑based (cash) with optional deferral; no equity/options are granted by NKX, which limits direct equity alignment at the single‑fund level but permits market‑linked exposure via deferrals across Nuveen funds .
- Potential watch items: Starr reported 0 NKX shares as of Oct 22, 2025 while the board encourages at least one year’s compensation invested across the complex; aggregate “Over $100,000” complex‑wide ownership is disclosed, but compliance with the one‑year level cannot be determined from the range disclosure .
- Conflicts: No Starr‑specific related‑party transactions or adviser‑affiliated company holdings are disclosed in the proxy excerpts reviewed, reducing perceived conflict risk .
References: All information above is sourced from NKX’s Joint Proxy Statement (DEF 14A) filed November 6, 2025, as cited in brackets.