Loren M. Starr
About Loren M. Starr
Loren M. Starr (born 1961) is an Independent Board Member (Class III) of Nuveen Massachusetts Quality Municipal Income Fund (NMT), serving since 2022 with a current term expiring at the 2027 annual meeting . He is designated an “Independent Board Member” under the 1940 Act, and is an Audit Committee Financial Expert; his background includes serving as CFO (2005–2020) and Vice Chair (2020–2021) of Invesco Ltd., and he 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 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Invesco Ltd. | Chief Financial Officer; Senior Managing Director | 2005–2020 | Led finance at a global asset manager; core financial stewardship credentials |
| Invesco Ltd. | Vice Chair; Senior Managing Director | 2020–2021 | Senior leadership/strategy role post-CFO |
| Independent Consultant/Advisor | Advisor | Since 2021 | Ongoing advisory work in finance/asset management |
| Georgia Leadership Institute for School Improvement (GLISI) | Chair & Director (past) | 2014–2021 | Board leadership in nonprofit governance |
| Georgia Council on Economic Education (GCEE) | Chair & Trustee (past) | 2015–2018 | Board leadership in nonprofit governance |
| College Retirement Equities Fund (CREF) | Trustee (past) | 2022–2023 | Oversight in large retirement investment complex |
| TIAA Separate Account VA‑1 | Management Committee Member (past) | 2022–2023 | Oversight of variable annuity separate account |
External Roles
| Company/Institution | Role | Since | Committee roles / Notes |
|---|---|---|---|
| AMG (Affiliated Managers Group, Inc.) | Director | 2023 | Public company directorship |
| AMG (Affiliated Managers Group, Inc.) | Chair of the Board | 2025 | Elevation to independent board chair |
| AMG (Affiliated Managers Group, Inc.) | Chair, Audit Committee (past) | 2024–2025 | Oversight of audit/financial reporting |
Board Governance
- Classification and tenure: Class III; term to 2027 annual meeting; service on Nuveen fund boards since 2022 .
- Independence: Not an “interested person” of the Funds, the Adviser, TIAA, or Nuveen; deemed Independent Board Member .
- Committee assignments:
- Audit Committee member; designated Audit Committee Financial Expert .
- Dividend Committee member .
- Nominating & Governance Committee member .
- Investment Committee member .
- Closed‑End Fund Committee member .
- Attendance: Each Board Member attended at least 75% of Board and applicable committee meetings in the last fiscal year .
- Meeting cadence (NMT last fiscal year):
| Meeting Type (NMT) | Count |
|---|---|
| Regular Board | 5 |
| Special Board | 10 |
| Executive Committee | 4 |
| Dividend Committee | 8 |
| Compliance, Risk Mgmt & Regulatory Oversight | 4 |
| Audit Committee | 13 |
| Nominating & Governance Committee | 6 |
| Investment Committee | 4 |
| Closed‑End Funds Committee | 4 |
Fixed Compensation
- Structure (effective Jan 1, 2025):
- Annual retainer: $350,000; Audit and Compliance Committee membership retainers: $35,000 each; Investment Committee: $30,000; Dividend, Nominating & Governance, and Closed‑End Funds Committees: $25,000 each; Chair fees: Board Chair $150,000; Audit and Compliance Chairs $35,000; Investment Chair $30,000; Dividend, Nominating & Governance, Closed‑End Chairs $25,000; ad hoc meeting fees of $1,000 or $2,500 depending on length/immediacy; special assignment committee fees as stated .
- Deferred compensation: Optional deferral with accounts notionally invested in eligible Nuveen funds; distributions elected lump sum or over 2–20 years .
| Compensation (Last Fiscal Year) | Amount |
|---|---|
| NMT (Massachusetts Quality) – Aggregate paid to Starr | $506 |
| Arizona Quality – Aggregate paid to Starr | $625 |
| California AMT‑Free – Aggregate paid to Starr | $2,745 |
| California Value – Aggregate paid to Starr | $837 |
| California Quality – Aggregate paid to Starr | $8,049 |
| Total from Nuveen Funds complex – Starr | $479,750 |
| Deferred fees balance (NMT) – Starr | $132 |
| Deferred fees balance (AZ Quality) – Starr | $109 |
| Deferred fees balance (CA AMT‑Free) – Starr | $480 |
| Deferred fees balance (CA Value) – Starr | $146 |
| Deferred fees balance (CA Quality) – Starr | $1,414 |
Performance Compensation
| Element | Status |
|---|---|
| Annual bonus / target bonus | Not described for Independent Board Members; compensation consists of retainers and committee fees |
| Equity/option awards | Not described for Independent Board Members; a deferred fee plan exists (not an equity award) |
| Performance metrics (TSR, EBITDA, ESG) | Not applicable for Independent Board Members; no performance‑tied metrics disclosed |
Other Directorships & Interlocks
| Company | Sector | Role | Interlock/Notes |
|---|---|---|---|
| AMG (Affiliated Managers Group, Inc.) | Asset Management | Director (2023– ), Chair of Board (since 2025), prior Audit Chair | Public company in asset management; separate from TIAA/Nuveen; Starr remains “Independent Board Member” of Nuveen funds |
- The proxy’s “Other Directorships” listing for Starr includes AMG, GLISI (past), GCEE (past), and prior CREF/VA‑1 roles; no related‑party transactions for Starr are disclosed in the proxy .
Expertise & Qualifications
- Financial leadership: 15 years as CFO at Invesco; audit oversight credentials; designated Audit Committee Financial Expert .
- Education: B.A. and B.S., Columbia College; M.B.A., Columbia Business School; M.S., Carnegie Mellon University .
- Industry: Asset management operations, public company audit governance, investment fund oversight .
Equity Ownership
| Measure | Value |
|---|---|
| NMT shares beneficially owned by Starr | 0 |
| Ownership as % of NMT shares outstanding | <1% (for each Board Member) |
| Aggregate range of equity securities held across all Nuveen funds (complex) | Over $100,000 |
| Ownership/skin‑in‑the‑game policy | Governance principle expects each Board Member to invest at least one year’s compensation in Nuveen funds (directly or deferred) |
| Pledged or hedged shares | Not disclosed in proxy |
Governance Assessment
-
Strengths
- Independence and breadth: Independent director with deep public company CFO experience and designated Audit Committee Financial Expert; serves on key oversight committees (Audit, Dividend, Nominating & Governance, Investment, Closed‑End) enhancing board coverage .
- Engagement: Board‑wide attendance at or above 75% with a substantial meeting load at NMT (13 Audit Committee meetings; 5 regular and 10 special board meetings) signals active governance .
- Compensation alignment mechanisms: Deferred fee plan allows economic alignment with Nuveen fund performance; governance principle encourages meaningful ownership in the fund complex .
-
Watch items / potential conflicts
- External chair role at AMG (asset management) creates industry overlap; while independence from TIAA/Nuveen is affirmed, continued monitoring for any service‑provider, distribution, or market‑competitive interlocks is prudent .
- NMT‑specific ownership is zero (common for fund trustees), though aggregate Nuveen fund complex exposure is “Over $100,000”; the proxy does not disclose individual compliance status with the “one‑year compensation” ownership expectation .
-
Compliance and disclosures
- Section 16(a) reporting: Funds report compliance by Board Members and officers during the last fiscal year .
- No Starr‑specific related‑party holdings reported in the proxy’s disclosure table (separate example cites Mr. Kenny) .
RED FLAGS: None explicit in the proxy for Starr (no low attendance, no related‑party transactions, no pledge disclosures). Maintain vigilance around industry interlocks (AMG role) and confirm ongoing independence and absence of Nuveen/TIAA affiliations .