Loren Starr
About Loren M. Starr
Loren M. Starr (born 1961) is an Independent Board Member across Nuveen funds, including NMS, and serves as a consultant to the Board for Multi-Market Income; his current Class III term runs to the 2027 annual shareholder meeting and his service began in 2022 . He previously served as CFO and Senior Managing Director (2005–2020) and then Vice Chair/Senior Managing Director (2020–2021) at Invesco Ltd.; since 2021 he has worked as an independent consultant/advisor . Starr holds a B.A. and B.S. from Columbia College, an M.B.A. from Columbia Business School, and an M.S. from Carnegie Mellon University; he has been designated an “audit committee financial expert” under SEC rules for the Nuveen Funds .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Invesco Ltd. | Chief Financial Officer, Senior Managing Director | 2005–2020 | Senior finance leadership for a global asset manager |
| Invesco Ltd. | Vice Chair, Senior Managing Director | 2020–2021 | Executive leadership following CFO tenure |
| Self | Independent Consultant/Advisor | Since 2021 | Advisory work post-Invesco |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| AMG | Director | Since 2023 | Chair of Audit Committee since 2024 |
| TIAA CREF / VA-1 | Trustee (CREF) and Manager (VA-1) | 2022–2023 | Board/management committee participation |
| GLISI | Chair and Board Member | 2014–2021 | Education-focused nonprofit leadership |
| GCEE | Chair and Board of Trustees | 2014–2018 | Economic education nonprofit governance |
Board Governance
| Committee | Role | Chair | Independence | Notes |
|---|---|---|---|---|
| Audit Committee | Member (all Funds except Multi-Market Income) | John K. Nelson | Committee composed entirely of Independent Board Members; Starr designated “audit committee financial expert” | Oversees accounting, reporting, auditor independence, and valuation oversight |
| Dividend Committee | Member (all Funds except Multi-Market Income) | Matthew Thornton III | Independent Board Members | Authorized to declare distributions subject to Board ratification |
| Nominating & Governance Committee | Member (all Funds except Multi-Market Income) | Robert L. Young | Independent Board Members under NYSE/NASDAQ standards | Board evaluation, structure, committee rotations, governance guidelines |
| Investment Committee | Member (all Funds except Multi-Market Income) | Co-Chairs: Joseph A. Boateng & Amy Lancellotta | Independent Trustees | Oversees fund performance and investment risk management |
- Independence status: Starr is treated as an Independent Board Member in compensation and committee disclosures .
- Tenure on Nuveen Funds: Service since 2022; consultant to Multi-Market Income since 2024 .
- Election status: Nominated Class III director for several Nuveen funds in the April 17, 2025 meeting .
Fixed Compensation
| Component | 2024 Amount | 2025 Amount | Notes |
|---|---|---|---|
| Annual retainer (Independent Board Member) | $350,000 | $350,000 | Effective Jan 1, 2024 |
| Audit Committee membership retainer | $30,000 | $35,000 | Effective Jan 1, 2025 increase |
| Compliance, Risk Mgmt & Regulatory Oversight Committee membership | $30,000 | $35,000 | Effective Jan 1, 2025 increase |
| Investment Committee membership | $20,000 | $30,000 | Effective Jan 1, 2025 increase |
| Dividend Committee membership | $20,000 | $25,000 | Effective Jan 1, 2025 increase |
| Nominating & Governance Committee membership | $20,000 | $25,000 | Effective Jan 1, 2025 increase |
| Closed-End Fund Committee membership | $20,000 | $25,000 | Effective Jan 1, 2025 increase |
| Ad hoc Board/Committee meeting fee | $1,000 or $2,500 | $1,000 or $2,500 | Based on meeting length/immediacy |
| Special assignment committee fees | Chair: from $1,250/quarter; Members: from $5,000/quarter | Chair: from $1,250/quarter; Members: from $5,000/quarter | As applicable |
| Total compensation from Nuveen Fund Complex (last fiscal year) | $479,750 | — | Amount paid to Starr across funds |
| NMS (Minnesota Municipal) aggregate compensation to Starr (last fiscal year) | $82 | — | Fund-level disclosure |
- The Funds have no retirement or pension plans; officers serve without compensation from the Funds .
Performance Compensation
| Performance-linked element | Details |
|---|---|
| Performance equity awards (RSUs/PSUs), options, or TSR-linked pay | Not disclosed for Independent Board Members; compensation comprises fixed retainers, committee fees, ad hoc/special assignments, and a deferred compensation program |
| Deferred Compensation Plan | Independent Board Members may defer fees into notional accounts tracked to eligible Nuveen funds; distributions can be lump sum or 2–20 years; fund not liable for other funds’ obligations |
No explicit revenue/EBITDA/TSR/ESG performance metrics, vesting schedules, clawbacks, or change-of-control terms are described for directors; compensation is structured as cash retainers/fees with optional deferral .
Other Directorships & Interlocks
| Company/Entity | Relationship to NMS/Adviser | Role | Tenure |
|---|---|---|---|
| AMG | External, not Nuveen/TIAA | Director; Audit Committee Chair | Director since 2023; Chair since 2024 |
| TIAA CREF / VA-1 | Under common control with Nuveen’s adviser (TIAA/Nuveen complex) | Trustee (CREF) and Manager (VA-1) | 2022–2023 |
| GLISI | Unrelated nonprofit | Chair and Board Member | 2014–2021 |
| GCEE | Unrelated nonprofit | Chair and Board of Trustees | 2014–2018 |
- Appendix notes exist for board members owning securities of companies advised by affiliates of the Funds’ adviser; specific holdings/details are in Appendix A (not excerpted here) .
Expertise & Qualifications
- Designated audit committee financial expert (SEC definition) for Nuveen Funds .
- Deep financial leadership from CFO/Vice Chair roles at Invesco; current independent advisory experience .
- Advanced education in finance/economics/computation: B.A./B.S. (Columbia College), M.B.A. (Columbia Business School), M.S. (Carnegie Mellon University) .
Equity Ownership
| Item | Value | Notes |
|---|---|---|
| Beneficial ownership of NMS shares | <1% | As of Feb 18, 2025, each Board Member’s individual holdings in each Fund were <1% |
| Deferred compensation account (NMS) | $27 | Total deferred fees attributed to NMS in Starr’s book reserve account |
| Deferred compensation methodology | Notional investment in eligible Nuveen funds; paid per elected schedule | Lump sum or 2–20 years; fund-level non-recourse to other funds |
Governance Assessment
- Strengths: Independence; designation as audit committee financial expert; extensive financial leadership; broad committee engagement across Audit, Dividend, Nominating & Governance, and Investment committees enhances board effectiveness .
- Alignment: Optional deferred compensation tracks fund performance, modest direct NMS pay ($82 last fiscal year), and <1% beneficial ownership reduce conflict risks while providing some exposure via deferral .
- Potential conflicts: Prior service on CREF/VA-1 (affiliates within TIAA/Nuveen complex) could present perceived interlocks; however, Starr is disclosed and treated as independent in committees and compensation structures .
- RED FLAGS: None disclosed regarding related-party transactions, pledging/hedging, loans, or attendance issues; compensation is standardized via retainers and committee fees with transparent increases effective Jan 1, 2025 .