Loren M. Starr
About Loren M. Starr
Independent director of Nuveen Municipal Income Fund, Inc. (NMI), Class II, appointed effective January 1, 2024, with a term expiring at the 2027 annual meeting; designated an audit committee financial expert. Former Vice Chair and long-time CFO of Invesco Ltd.; currently an independent consultant/advisor. Year of birth: 1961; education: BA and BS (Columbia College), MBA (Columbia Business School), MS (Carnegie Mellon). Independent under the 1940 Act and fund exchange listing standards; attended at least 75% of board and relevant committee meetings in the last fiscal year.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Invesco Ltd. | Vice Chair; Senior Managing Director | 2020–2021 | Senior leadership of global asset manager |
| Invesco Ltd. | Chief Financial Officer; Senior Managing Director | 2005–2020 | Led finance; capital allocation and reporting for large-cap asset manager |
| Independent Consultant/Advisor | Consultant | Since 2021 | Advisory capacity, governance/finance expertise |
| Georgia Leadership Institute for School Improvement (GLISI) | Chair and Director | 2014–2021 | Board leadership in education-focused non-profit |
| Georgia Council on Economic Education (GCEE) | Chair and Trustee | 2015–2018 | Governance and program oversight |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| AMG | Director | Since 2023 | Audit Committee member since 2024 |
| College Retirement Equities Fund (CREF) | Trustee | 2022–2023 | Governance at major retirement fund |
| TIAA Separate Account VA-1 | Management Committee Member | 2022–2023 | Oversight of annuity separate account |
Board Governance
- Independence: The NMI board members, including Mr. Starr, are “Independent Board Members” (not “interested persons”) under the 1940 Act and have never been employees or directors of TIAA or Nuveen or affiliates.
- Board class and term: NMI Class II director, term to 2027 annual meeting; appointed to NMI’s board effective January 1, 2024.
- Attendance: Each board member attended at least 75% of board and committee meetings in the last fiscal year.
- Committee assignments (member unless noted): Audit (financial expert), Dividend, Nominating & Governance, Investment, Closed‑End Fund; not on Executive Committee.
| Committee | Role | Evidence |
|---|---|---|
| Audit Committee | Member; designated “audit committee financial expert” | |
| Dividend Committee | Member | |
| Nominating & Governance Committee | Member | |
| Investment Committee | Member | |
| Closed‑End Fund Committee | Member | |
| Executive Committee | Not a member |
| NMI Board/Committee Meetings (last fiscal year) | Count |
|---|---|
| Regular Board Meetings | 4 |
| Special Board Meetings | 8 |
| Executive Committee Meetings | 4 |
| Dividend Committee Meetings | 10 |
| Compliance, Risk Management & Regulatory Oversight Committee Meetings | 6 |
| Audit Committee Meetings | 14 |
| Nominating & Governance Committee Meetings | 5 |
| Investment Committee Meetings | 4 |
| Closed‑End Fund Committee Meetings | 4 |
Fixed Compensation
- Structure (effective January 1, 2025): Annual base retainer $350,000; committee membership retainers: Audit $35,000, Compliance $35,000, Investment $30,000, Dividend $25,000, Nominating & Governance $25,000, Closed‑End $25,000; chair fees: Board $150,000, Audit $35,000, Compliance $35,000, Investment $30,000, Dividend $25,000, Nominating & Governance $25,000, Closed‑End $25,000; ad hoc meeting fees $1,000–$2,500; special assignment quarterly fees (Chair from $1,250; members from $5,000).
| Component | Amount ($) | Notes |
|---|---|---|
| Base annual retainer | 350,000 | Effective Jan 1, 2025 |
| Audit Committee membership | 35,000 | Annual retainer |
| Compliance Committee membership | 35,000 | Annual retainer |
| Investment Committee membership | 30,000 | Annual retainer |
| Dividend Committee membership | 25,000 | Annual retainer |
| Nominating & Governance membership | 25,000 | Annual retainer |
| Closed‑End Fund Committee membership | 25,000 | Annual retainer |
| Board Chair fee | 150,000 | Not applicable to Starr (not Chair) |
| Audit/Compliance Chair fee | 35,000 | Not applicable to Starr (not Chair) |
| Investment Chair fee | 30,000 | Not applicable to Starr (not Chair) |
| Dividend/Nom/Gov/Closed‑End Chair fee | 25,000 | Not applicable to Starr (not Chair) |
| Ad hoc meeting fee | 1,000–2,500 | Per meeting |
| Special assignment quarterly fee (Chair) | From 1,250 | Per quarter |
| Special assignment quarterly fee (Member) | From 5,000 | Per quarter |
| Cash Paid by NMI (FY ended Oct 31, 2024) | Amount ($) |
|---|---|
| Aggregate compensation to Loren M. Starr from NMI | 203 |
| Total Compensation Across Nuveen Funds (last fiscal periods per table) | Amount ($) |
|---|---|
| Total compensation paid to Loren M. Starr | 479,750 |
| Deferred Compensation (NMI) | Amount ($) |
|---|---|
| Deferred fees credited (Loren M. Starr) | 70 |
- Retirement/pension: The funds do not have retirement or pension plans for directors.
- Deferred compensation plan: Directors may elect to defer fees into deemed investments in eligible Nuveen funds; distributions by lump sum or 2–20 years; NMI value shown above.
Performance Compensation
- Independent directors receive fixed retainers and committee fees; no performance metric-based pay disclosed for directors. The Nominating & Governance Committee periodically reviews director compensation and governance processes; no performance targets are specified for director pay.
| Performance Metric | Weight/Target | Outcome/Notes |
|---|---|---|
| Not disclosed for independent directors | N/A | Compensation set via retainers/committee roles; no performance metrics reported |
Other Directorships & Interlocks
| Company | Role | Committee | Potential Interlock/Conflict Note |
|---|---|---|---|
| AMG | Director | Audit Committee | External public company directorship; no related‑party transactions with NMI disclosed |
| CREF | Trustee (prior) | — | Prior role in TIAA fund complex; board independence from TIAA/Nuveen affirmed |
| TIAA Separate Account VA‑1 | Management Committee (prior) | — | Prior role in TIAA fund complex; independence maintained |
Expertise & Qualifications
- Financial leadership: Former CFO and Vice Chair of Invesco; designated audit committee financial expert (SEC definition) on Nuveen funds.
- Education: BA and BS (Columbia College), MBA (Columbia Business School), MS (Carnegie Mellon University).
- Governance experience: Service across large fund complexes and public company board (AMG).
Equity Ownership
- Stock ownership guidelines: Board principle expects each member to invest at least the equivalent of one year of compensation in funds in the Fund Complex.
- NMI-specific ownership: Dollar range in NMI: $0; shares beneficially owned in NMI: 0.
- Aggregate ownership across Nuveen fund complex: “Over $100,000” dollar range.
| Ownership Measure | NMI | Fund Complex Aggregate |
|---|---|---|
| Dollar range of equity securities | $0 | Over $100,000 |
| Shares beneficially owned | 0 | Not applicable (aggregate reported in dollar range) |
| Pledged shares | Not disclosed | Not disclosed |
| Compliance with ownership guideline | Expectation disclosed; individual compliance not specified | Aggregate holdings shown; compliance status not determined |
Governance Assessment
- Strengths: Deep finance expertise (former CFO, Invesco); designated audit committee financial expert; broad committee engagement (Audit, Dividend, Nominating & Governance, Investment, Closed‑End); documented independence and strong attendance. These support board effectiveness and risk oversight.
- Alignment: The board expects members to hold at least one year of compensation in funds; Mr. Starr reports aggregate “Over $100,000” holdings across the complex, with NMI-specific holdings at $0; directors may direct ownership across funds rather than every fund. Monitoring alignment over time is prudent.
- Compensation signals: Fixed retainer structure with increased committee retainers effective 2025 indicates expectations for higher workload and oversight (no performance metrics disclosed for director pay).
- RED FLAGS/Watch items:
- No NMI share ownership (0 shares, $0 range) may be viewed as a modest alignment gap at the fund level, though aggregate complex holdings exist; consider ongoing disclosure for guideline compliance.
- Time commitment: External board role at AMG plus multiple Nuveen fund committee memberships—ensure continued high attendance and engagement (last year ≥75%).
- Other risk indicators: No delinquent Section 16 filings reported; no related‑party transactions for Mr. Starr disclosed; all directors independent under 1940 Act.