Loren Starr
About Loren Starr
Independent director of Nuveen Municipal High Income Opportunity Fund (NMZ), born 1961, with tenure in the Nuveen fund complex since 2022 and serving on the Nuveen closed-end funds boards since 2024; his current NMZ term is Class II/III through the 2027 annual meeting . Former Vice Chair and long-time CFO of Invesco Ltd. (CFO 2005–2020; Vice Chair 2020–2021), and designated an “audit committee financial expert” on the Nuveen funds’ Audit Committee, underscoring deep finance and reporting oversight credentials . Education: B.A. and B.S. from Columbia College, M.B.A. from Columbia Business School, and M.S. from Carnegie Mellon University . The Nuveen closed-end funds board affirms all current members, including Starr, are independent and not “interested persons” under the 1940 Act, with no employment history at TIAA or Nuveen .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Invesco Ltd. | Chief Financial Officer; Senior Managing Director | 2005–2020 | Led global finance; CFO oversight of reporting and controls |
| Invesco Ltd. | Vice Chair; Senior Managing Director | 2020–2021 | Executive leadership; strategic oversight |
| College Retirement Equities Fund (CREF) | Trustee | 2022–2023 | Oversight of retirement investment products |
| TIAA Separate Account VA-1 | Management Committee Member | 2022–2023 | Governance of annuity separate account |
| Georgia Leadership Institute for School Improvement (GLISI) | Board Chair and Director (former) | 2014–2021 | Nonprofit governance; education impact |
| Georgia Council on Economic Education (GCEE) | Board Chair and Trustee (former) | 2015–2018 | Economic education governance |
External Roles
| Organization | Role | Since |
|---|---|---|
| Affiliated Managers Group (AMG) | Director; Audit Committee member | Director since 2023; Audit Committee since 2024 |
| CREF; TIAA Separate Account VA-1 | Trustee / Manager (prior) | 2022–2023 (prior service) |
Board Governance
- Independence: All Nuveen closed-end fund board members, including Starr, are independent under the 1940 Act and not affiliated with TIAA/Nuveen .
- Committee memberships (Nuveen closed-end funds unitary board):
- 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
- Attendance: Each board member attended at least 75% of board and committee meetings during the last fiscal year .
- NMZ meeting load (FY ended Oct 31, 2024): Regular board (4), special board (8), executive (4), dividend (10), compliance (6), audit (14), nominating & governance (5), investment (4), closed-end fund (4) .
Fixed Compensation
Program evolution and structure (Independent Board Members; allocated across Nuveen funds):
| Item | 2023 Structure | 2024 Structure (effective prior to Jan 1, 2025) | 2025 Structure (effective Jan 1, 2025) |
|---|---|---|---|
| Annual retainer | $210,000 | $350,000 | $350,000 |
| Board meeting fee (regular) | $7,250 per day | N/A (moved to annual committee retainers) | N/A |
| Special board meeting fee | $4,000 per meeting | Ad hoc Board/Committee: $1,000 or $2,500 depending on length/immediacy | Ad hoc Board/Committee: $1,000 or $2,500 depending on length/immediacy |
| Audit Committee membership | $2,500 per meeting | $30,000 annual retainer | $35,000 annual retainer |
| Compliance, Risk & Regulatory membership | $5,000 per meeting | $30,000 annual retainer | $35,000 annual retainer |
| Investment Committee membership | $2,500 per meeting | $20,000 annual retainer | $30,000 annual retainer |
| Dividend Committee membership | $1,250 per meeting | $20,000 annual retainer | $25,000 annual retainer |
| Nominating & Governance membership | $500 per meeting | $20,000 annual retainer | $25,000 annual retainer |
| Closed-End Fund Committee membership | $500 per meeting | $20,000 annual retainer | $25,000 annual retainer |
| Chair premium (Board) | $140,000 | $140,000 | $150,000 |
| Committee chair premiums | $20,000 (most committees); Audit & Compliance unspecified in 2023 | Audit/Compliance chair $30,000; Investment chair $20,000; Dividend/NomGov/Closed-End $20,000 | Audit/Compliance chair $35,000; Investment chair $30,000; Dividend/NomGov/Closed-End $25,000 |
| Deferred Compensation Plan | Available; deferral mirrors investment in fund shares; distributions lump sum or 2–20 years | Available | Available |
NMZ-specific aggregate compensation earned (FY ended Oct 31, 2024):
| Director | NMZ Aggregate Compensation ($) |
|---|---|
| Loren M. Starr | $4,323 |
Total Nuveen fund complex compensation (all funds; last fiscal year or stub period):
| Director | Total Compensation from Nuveen Funds ($) |
|---|---|
| Loren M. Starr | $479,750 |
Performance Compensation
- No stock awards, options, or performance-tied metrics are disclosed for independent directors of the Nuveen closed-end funds; compensation is cash-based via annual retainers and committee retainers, with optional deferral under the Deferred Compensation Plan .
- Deferred compensation snapshot (Participating Funds; FY ended Oct 31, 2024): | Fund | Deferred Fees Payable (Starr) | |---|---| | Nuveen Municipal High Income Opportunity Fund (NMZ) | $1,116 |
Other Directorships & Interlocks
| Company | Role | Potential Interlock/Conflict Assessment |
|---|---|---|
| Affiliated Managers Group (AMG) | Director; Audit Committee member | No Nuveen/TIAA-related party exposure disclosed; standard external board role |
| CREF; TIAA Separate Account VA-1 (prior) | Trustee / Manager (prior) | Service within broader TIAA/Nuveen ecosystem (prior years), common among Nuveen fund board members; no current conflict disclosed |
Expertise & Qualifications
- Capital markets and asset management finance leader: CFO and Senior MD at Invesco; Vice Chair; seasoned in SEC reporting, controls, valuation oversight .
- Formally designated “audit committee financial expert” for Nuveen funds, signaling technical proficiency in accounting and reporting oversight .
- Degrees: B.A., B.S. (Columbia College); M.B.A. (Columbia Business School); M.S. (Carnegie Mellon) .
Equity Ownership
- Ownership guidelines: Board members expected to invest at least one year’s compensation in funds within the Nuveen complex .
- NMZ direct ownership: Dollar range $0; shares owned 0 .
- Aggregate dollar range across all registered investment companies overseen: Over $100,000 .
| Fund | Dollar Range (Starr) | Shares Owned (Starr) |
|---|---|---|
| NMZ | $0 | 0 |
| Fund Complex (aggregate range) | Over $100,000 | N/A |
Note: Aggregate dollar range “Over $100,000” does not confirm compliance with the “one year of compensation” guideline for an individual director; specific amounts by fund are reported as ranges .
Insider Filings & Trades
| Item | Status | Period |
|---|---|---|
| Section 16(a) filings compliance (Forms 3/4/5) | Funds report all Board Members/officers complied with applicable filing requirements in the last fiscal year | Last fiscal year |
| Specific insider trades disclosed in proxy | Not disclosed in proxy statement | N/A |
Governance Assessment
- Board effectiveness: Strong committee engagement with Starr on Audit (as financial expert), Nominating & Governance, Investment, Dividend, and Closed-End Fund committees; high meeting cadence and >75% attendance supports active oversight .
- Independence & conflicts: Affirmed independent status; no TIAA/Nuveen employment history; no related-party transactions or affiliate holdings disclosed for Starr (contrast: affiliate holdings disclosure appears for another director) .
- Compensation signals: Shift from per-meeting fees (2023) to larger fixed retainers and higher committee retainers (2024–2025) may enhance predictability but could reduce at-risk, activity-linked pay; chair premiums increased in 2025, with committee chair retainers stepped up, aligning compensation with leadership responsibilities .
- Alignment: NMZ-specific ownership is $0 and 0 shares, while aggregate fund complex ownership is “Over $100,000”; given the guideline to invest one year’s compensation, the reported range leaves uncertainty on full compliance—monitor for increased holdings over time .
- RED FLAGS: None disclosed for Starr regarding related-party transactions, pledging/hedging, legal proceedings, tax gross-ups, or option repricing; attendance threshold met; Section 16 compliance reported .