Loren Starr
About Loren M. Starr
Independent trustee of Nuveen Municipal Credit Opportunities Fund (NMCO), born 1961; appointed to NMCO’s board effective January 1, 2024, serving as a Class III trustee with a term expiring at the 2027 annual meeting . Former Vice Chair and long-tenured CFO of Invesco Ltd., with deep public company finance, audit, and capital markets expertise; designated an “audit committee financial expert” for the Nuveen Funds boards . Education: B.A. and B.S. (Columbia College), M.B.A. (Columbia Business School), and M.S. (Carnegie Mellon University) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Invesco Ltd. | Chief Financial Officer, Senior Managing Director | 2005–2020 | Led global finance; extensive public company reporting and capital markets execution . |
| Invesco Ltd. | Vice Chair, Senior Managing Director | 2020–2021 | Executive oversight post-CFO; strategic and governance continuation . |
| Self | Independent Consultant/Advisor | 2021–present | Independent advisory work following Invesco tenure . |
| College Retirement Equities Fund (CREF) / TIAA Separate Account VA‑1 | Trustee / Management Committee Member | 2022–2023 | Board service at TIAA-affiliated fund complex prior to Nuveen appointment . |
External Roles
| Organization | Role | Since | Notes |
|---|---|---|---|
| Affiliated Managers Group (AMG) | Director | 2023 | Chair of the Audit Committee since 2024; enhances audit oversight credentials . |
| Georgia Leadership Institute for School Improvement (GLISI) | Chair and Board Member (former) | 2014–2021 | Non-profit governance experience . |
| Georgia Council on Economic Education (GCEE) | Chair and Trustee (former) | 2014–2018 | Non-profit governance experience . |
Board Governance
- Independence: Board classifies Starr and all Nuveen Funds trustees as independent (not “interested persons”) and never employees/directors of TIAA/Nuveen or affiliates .
- Committee assignments (NMCO):
- Audit Committee (member; designated audit committee financial expert)
- Nominating & Governance Committee (member)
- Investment Committee (member)
- Dividend Committee (member)
- Closed-End Fund Committee (member)
- Not on Executive Committee; not on Compliance Committee .
| Committee | Member/Chair | Notes |
|---|---|---|
| Audit | Member | Designated audit committee financial expert . |
| Nominating & Governance | Member | Oversees board composition, evaluations, and governance policy . |
| Investment | Member | Reviews performance and risk, leverage/hedging oversight . |
| Dividend | Member | Oversees distributions and related policies . |
| Closed-End Fund | Member | Monitors premiums/discounts, leverage, buybacks; market workshops . |
- Attendance: The board discloses that each trustee attended 75%+ of board and committee meetings in the last fiscal year; NMCO held 5 regular and 7 special board meetings, and 14 audit committee meetings, among others .
- Board leadership: Independent Chair (Robert L. Young); unitary board structure across Nuveen Funds .
Fixed Compensation
Structure (board-wide; allocated across funds by relative net assets):
- Base annual retainer (Independent Board Members): $350,000 starting Jan 1, 2024 .
- Committee membership retainers (annual):
- 2024: Audit $30,000; Compliance $30,000; Investment $20,000; Dividend $20,000; Nominating & Governance $20,000; Closed-End Funds $20,000 .
- 2025 increases: Audit $35,000; Compliance $35,000; Investment $30,000; Dividend $25,000; Nominating & Governance $25,000; Closed-End Funds $25,000 .
- Chair retainers (annual): Board Chair $150,000 (increased from $140,000 in 2024); Committee chairs (Audit, Compliance $35,000; Investment $30,000; Dividend, Nominating & Governance, Closed-End Funds $25,000) .
- Ad hoc/special assignments: $1,000–$2,500 per ad hoc meeting; special assignment quarterly fees (chair/co-chair $1,250; members $5,000) .
NMCO and Fund Complex compensation paid to Starr (latest fiscal-year tables):
| Item | Amount | Period/Basis |
|---|---|---|
| Aggregate compensation from NMCO paid to Starr | $2,140 | Last fiscal year (allocated share) . |
| Total compensation from funds in the Nuveen Fund Complex paid to Starr | $479,750 | Last fiscal year (includes deferred amounts where elected) . |
| Prior-year total (Fund Complex) | $425,000 | Calendar year 2023 structure pre-2024 increases . |
Deferred Compensation Plan available: trustees may defer fees into notional investments in eligible Nuveen funds; distributions in lump sum or 2–20 years; fund is liable only for its own obligations .
Performance Compensation
| Performance-linked Element | Disclosure |
|---|---|
| Annual/long-term bonus | None for independent trustees (compensation is retainers/fees) . |
| Equity awards (RSUs/PSUs/options) | None disclosed for independent trustees . |
| Performance metrics (TSR, EBITDA, ESG, etc.) | None disclosed/applicable to trustee pay . |
| Clawbacks/COC severance | Not applicable to independent trustees; none disclosed . |
Other Directorships & Interlocks
| Company/Entity | Type | Role | Tenure/Notes |
|---|---|---|---|
| Affiliated Managers Group (AMG) | Public company | Director; Audit Committee Chair | Director since 2023; Audit Chair since 2024 . |
| CREF / TIAA Separate Account VA‑1 | Investment funds (TIAA-affiliated) | Trustee / Management Committee | 2022–2023; prior to Nuveen appointment; not currently serving . |
Independence note: The Nuveen Funds board affirms Starr is not an “interested person” and has never been an employee/director of TIAA/Nuveen; prior service at TIAA-affiliated funds ended in 2023 .
Expertise & Qualifications
- Financial expertise: Former CFO and Vice Chair of a global asset manager; designated “audit committee financial expert” on the Nuveen Funds Audit Committee .
- Board oversight: Audit chair experience at AMG reinforces audit quality and risk oversight credentials .
- Education: B.A. and B.S. (Columbia College), M.B.A. (Columbia Business School), M.S. (Carnegie Mellon) .
Equity Ownership
| Measure (as of 12/31/2024 unless noted) | NMCO | Fund Complex Aggregate |
|---|---|---|
| Dollar range of beneficial ownership | $0 | Over $100,000 (aggregate across registered investment companies overseen) . |
| Shares owned | 0 | N/A |
| Ownership as % of shares outstanding | <1% for each trustee (board-wide disclosure) | N/A |
| Pledging/hedging | None disclosed . | N/A |
| Ownership guideline | Board expects each trustee to invest at least one year’s compensation in Nuveen funds (directly or deferred) . | Guideline applies across Nuveen funds . |
Governance Assessment
-
Positives
- Strong finance/audit pedigree; designated audit committee financial expert and current Audit Chair at AMG; enhances oversight of valuation, financial reporting, and auditor independence .
- Independent status and no related-party transactions disclosed; no Section 16(a) filing delinquencies reported; supports investor confidence .
- Active committee load (Audit, Nominating & Governance, Investment, Dividend, Closed-End Fund) aligns with expertise and engagement; attendance thresholds met (≥75%) .
-
Watch items
- Cash-heavy director fee structure meaningfully increased in 2024 and again in 2025 (higher retainers for committee roles), which may raise pay inflation optics if fund performance or discounts are under pressure; however, structure is standard for large fund complexes and paid pro rata by funds .
- Low direct NMCO share ownership (zero) may raise “skin-in-the-game” questions at the individual fund level, though board policy focuses on aggregate Nuveen fund holdings and Starr’s aggregate range is “Over $100,000” across the complex .
-
RED FLAGS
- None identified: no related-party transactions, pledging, hedging, or option repricings disclosed; independence affirmed; meeting attendance thresholds satisfied .
Appendix: NMCO Meeting Volumes (context)
- Last fiscal year, NMCO held 5 regular and 7 special board meetings; 14 Audit; 7 Nominating & Governance; 3 Investment; 8 Dividend; 4 Closed-End Fund Committee meetings—supporting adequate cadence for oversight .