Loren M. Starr

About Loren M. Starr

Independent Board Member of Nuveen Multi-Asset Income Fund (NMAI), born 1961, serving in the Nuveen fund complex since 2022; appointed to NMAI’s Board effective January 1, 2024 as a Class III Trustee with a term expiring at the 2027 annual meeting if elected . Former CFO and Senior Managing Director of Invesco Ltd. (2005–2020), later Vice Chair and Senior Managing Director (2020–2021), now an independent consultant/advisor (since 2021) with deep financial oversight credentials; designated an “audit committee financial expert” by the Board . All Nuveen fund Board Members/nominees, including Starr, are deemed Independent Board Members (not “interested persons” under the 1940 Act) .

Past Roles

External Roles

Board Governance

• Independence: Board confirms all nominees and continuing Board Members, including Starr, are Independent Board Members (not “interested persons”) .
• Unitary board: Governance is overseen by a unitary Board across the Nuveen fund complex to enhance consistency and oversight leverage .
• Attendance: During the last fiscal year, each Board Member attended 75%+ of Board and applicable committee meetings (Starr included) .
• Committee memberships (NMAI):
  • Audit Committee (member; designated audit committee financial expert)
  • Dividend Committee (member)
  • Nominating & Governance Committee (member)
  • Investment Committee (member)
  • Closed-End Fund Committee (member)

Fixed Compensation

• Cash-based structure (effective Jan 1, 2024 and updated Jan 1, 2025):
  • Board annual retainer: $350,000 (since 2024)
  • Committee membership annual retainers (2024 → 2025):
    • Audit: $30,000 → $35,000
    • Compliance: $30,000 → $35,000
    • Investment: $20,000 → $30,000
    • Dividend: $20,000 → $25,000
    • Nominating & Governance: $20,000 → $25,000
    • Closed-End Funds: $20,000 → $25,000
  • Chair retainers (selected): Board Chair $140,000 → $150,000; Audit/Compliance Chairs $30,000 → $35,000; Investment Chair $20,000 → $30,000; Dividend/Nominating/Closed-End Chairs $20,000 → $25,000 .
  • Ad hoc/special assignment fees: $1,000 or $2,500 per ad hoc meeting; special assignment quarterly fees for chairs start at $1,250 and members at $5,000 .
  • Deferred Compensation Plan available; amounts tracked as if invested in Nuveen funds .

Performance Compensation

• No performance-based metrics, stock awards, or option awards are disclosed for Independent Board Members; the program is cash retainers plus committee/chair retainers, with optional deferred compensation .

Other Directorships & Interlocks

• Related-party exposure: The appendix lists certain Board Member holdings in companies advised by affiliates under common control; no entries for Starr, indicating no such related holdings disclosed for him .

Expertise & Qualifications

• Designated “audit committee financial expert” by the Board (SEC definition), signaling depth in financial reporting/controls .
• Degrees: B.A. and B.S. from Columbia College; M.B.A. from Columbia Business School; M.S. from Carnegie Mellon University .
• Senior public company finance leadership (Invesco CFO and Vice Chair), plus external audit leadership (AMG Audit Chair) .

Equity Ownership

• Board principle: each Board Member is expected to invest at least the equivalent of one year of compensation in funds within the Nuveen fund complex, on either a direct or deferred basis .

Note: The proxy discloses a range (“Over $100,000”) for aggregate complex holdings; exact amounts are not provided, so formal compliance with the one-year compensation guideline cannot be independently verified from the disclosed ranges .

Governance Assessment

• Strengths:

  • Independence affirmed; no affiliation with TIAA/Nuveen or their affiliates; not an “interested person” under the 1940 Act .
  • Significant financial oversight credentials (public company CFO; audit committee financial expert; external Audit Chair at AMG) supporting robust Audit Committee effectiveness .
  • Active committee participation across Audit, Dividend, Nominating & Governance, Investment, and Closed-End Fund Committees; Board-level attendance at or above 75% threshold, indicating engagement .

• Alignment and incentives:

  • Compensation structure is transparent, cash-retainer driven with committee/chair retainers; optional deferred compensation creates indirect exposure to fund performance .
  • Board principle expects one year of compensation invested in the complex; Starr’s disclosed aggregate complex holdings exceed $100,000, but exact compliance cannot be confirmed due to range disclosure; NMAI-specific holdings are $0 and 0 shares, which could be perceived as weaker NMAI-specific alignment despite broader complex participation .

• Conflicts/Red Flags:

  • No related-party transactions or affiliate-advised company holdings disclosed for Starr in the proxy’s conflict appendix; Section 16(a) compliance affirmed for Board Members in the last fiscal year .
  • No evidence of hedging/pledging, repricing of equity awards, or tax gross-ups for directors; equity awards/options not disclosed for Independent Board Members (compensation is cash-based) .

• Overall implication for investor confidence:

  • Starr’s deep finance background and audit expertise, combined with active committee roles and satisfactory attendance, support Board oversight quality at NMAI .
  • The absence of NMAI-specific share ownership may be viewed as an alignment gap at the fund level, partially mitigated by complex-wide holdings and the deferred compensation program; ongoing monitoring of adherence to the Board’s investment principle is advisable given disclosure ranges .