Michael Forrester
About Michael A. Forrester
Independent director (non-interested) of the Nuveen closed-end funds complex, appointed to the Funds’ Boards effective January 1, 2024 and nominated as a Class I director for a term expiring at the 2028 annual meeting; year of birth 1967. Former CEO (2014–2021) and COO (2007–2014) at Copper Rock Capital Partners; member of the Independent Directors Council Governing Council (Investment Company Institute); Director at Aflac Incorporated; Trustee of Dexter Southfield School; B.A., Washington and Lee University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Copper Rock Capital Partners, LLC | Chief Executive Officer | 2014–2021 | Led investment manager; prior COO and Board Member |
| Copper Rock Capital Partners, LLC | Chief Operating Officer | 2007–2014 | Operations leadership; later CEO |
| Copper Rock Capital Partners, LLC | Board Member | 2007–2021 | Governance role |
| College Retirement Equities Fund (CREF) | Trustee | 2007–2023 | Oversight for large fund complex |
| TIAA Separate Account VA-1 | Management Committee Member | 2007–2023 | Oversight/management committee |
External Roles
| Organization | Role | Dates | Notes |
|---|---|---|---|
| Aflac Incorporated | Director | Since 2025 | Public company board service |
| Independent Directors Council (Investment Company Institute) | Governing Council Member | Since 2020 | Industry governance body |
| Dexter Southfield School | Trustee | Since 2019 | Non-profit board |
Board Governance
- Board classification/term: Appointed Jan 1, 2024; standing for election as Class I director (term to 2028 annual meeting) across the Nuveen funds in this joint proxy .
- Independence: Listed among “Board Members/Nominees who are not interested persons”; committees noted below are composed entirely of independent members under NYSE/NASDAQ standards .
- Committee memberships (no chair roles disclosed for Forrester):
- Compliance, Risk Management and Regulatory Oversight Committee (member) .
- Nominating and Governance Committee (member) .
- Investment Committee (member) .
- Attendance: “During the last fiscal year, each Board Member attended 75% or more of each Fund’s Board meetings and committee meetings (if a member thereof)” .
- Scope of oversight: Oversees 216 portfolios in the Fund Complex .
NMZ board/committee workload context (last fiscal year):
| Meeting Type | Count |
|---|---|
| Regular Board Meetings | 4 |
| Special Board Meetings | 8 |
| Executive Committee | 4 |
| Dividend Committee | 10 |
| Compliance, Risk Mgmt & Regulatory Oversight Committee | 6 |
| Audit Committee | 14 |
| Nominating & Governance Committee | 5 |
| Investment Committee | 4 |
| Closed-End Fund Committee | 4 |
Fixed Compensation
Director retainer framework (effective Jan 1, 2025):
| Component | Amount |
|---|---|
| Annual base retainer (Independent Board Member) | $350,000 |
| Committee member retainer – Audit | $35,000 |
| Committee member retainer – Compliance, Risk Mgmt & Regulatory Oversight | $35,000 |
| Committee member retainer – Investment | $30,000 |
| Committee member retainer – Dividend | $25,000 |
| Committee member retainer – Nominating & Governance | $25,000 |
| Committee member retainer – Closed-End Funds | $25,000 |
| Board Chair premium | $150,000 |
| Audit Chair premium | $35,000 |
| Compliance Chair premium | $35,000 |
| Investment Chair/Co-Chair premium | $30,000 |
| Dividend, N&G, Closed-End Chairs premium | $25,000 |
| Ad hoc meeting fees | $1,000–$2,500 per meeting |
| Special assignment committee fees | Chair/Co-Chair: quarterly from $1,250; Members: quarterly from $5,000 |
Compensation (most recent disclosed aggregate across Nuveen funds):
| Person | Total Compensation from Nuveen Funds |
|---|---|
| Michael A. Forrester | $480,750 |
Context on evolution:
- 2024 structure used lower committee retainers (Audit/Compliance $30k; Investment/Dividend/N&G/Closed-End $20k) and Board Chair $140k; prior to 2024, fees were primarily per-meeting with a $210k base retainer .
Performance Compensation
- No performance-based metrics, stock awards, or option awards are disclosed for independent directors; compensation consists of cash retainers/fees with an optional deferred compensation plan .
- Deferred Compensation Plan: Directors may defer fees into book accounts notionally invested in eligible Nuveen funds; distributions in lump sum or over 2–20 years; plan obligations allocated to participating funds .
Deferred compensation credits (Forrester; deferred fees including returns, payable by fund):
| Fund (Period) | Amount |
|---|---|
| AMT-Free Credit Income (FY) | $9,214 |
| AMT-Free Quality (FY) | $11,833 |
| Credit Income (FY) | $7,801 |
| Municipal High Income (FY) | $3,162 |
| Municipal Value (FY) | $3,802 |
| Quality Income (FY) | $9,406 |
| Taxable Income (FY) | $1,798 |
| New York AMT-Free (“Stub” period) | $2,247 |
| New York Quality Income (“Stub” period) | $789 |
| Select Maturities (FY) | $325 |
Other Directorships & Interlocks
| Company/Body | Role | Dates | Interlocks/Notes |
|---|---|---|---|
| Aflac Incorporated | Director | Since 2025 | Network tie: fellow NMZ trustee Thomas J. Kenny is also an Aflac director and chairs Aflac’s Finance & Investment Committee |
| Independent Directors Council (ICI) | Governing Council Member | Since 2020 | Industry policy/governance |
| Dexter Southfield School | Trustee | Since 2019 | Non-profit board |
| CREF; TIAA Separate Account VA-1 | Trustee; Management Committee Member | 2007–2023 | Prior fund governance roles |
Expertise & Qualifications
- Asset management leadership: CEO and COO experience at Copper Rock Capital Partners (2007–2021) .
- Broad fund governance exposure: service across 216 Nuveen portfolios; prior CREF/VA-1 oversight .
- Risk/compliance oversight: member of Compliance, Nominating & Governance, and Investment Committees .
- Education: B.A., Washington and Lee University .
Equity Ownership
| Measure | Forrester Status | As-of |
|---|---|---|
| NMZ (Nuveen Municipal High Income Opportunity) – shares owned | 0 | May 31, 2025 |
| NMZ – dollar range of equity securities | $0 | May 31, 2025 |
| Aggregate dollar range in all Nuveen registered investment companies overseen | Over $100,000 | May 31, 2025 |
| Individual ownership % of each fund | Less than 1% (each Board Member) | June 20, 2025 |
| Ownership guideline (Board principle) | Expected to invest ≥1x annual compensation in funds in the Fund Complex (direct or deferred) | Policy in effect |
Governance Assessment
- Strengths: Independent director with deep asset management operating experience; sits on key oversight committees (Compliance; Nominating & Governance; Investment); meets attendance threshold (≥75%); broad governance scope across the complex supports informed oversight .
- Alignment: Optional deferred compensation plan aligns director economics with fund performance; Board principle expects each director to invest at least one year of compensation across funds in the complex (direct or deferred) .
- Watch items:
- Direct NMZ ownership is $0 and beneficial shares in NMZ are 0 (common across many Nuveen trustees), which may appear as low “skin-in-the-game” at the individual-fund level despite aggregate complex exposure via deferrals .
- Network interlock: External Aflac directorship, with another NMZ trustee (Thomas J. Kenny) also on Aflac’s board, creates a director-network tie (not necessarily a conflict, but relevant to information flow and group dynamics) .
- Compensation structure shift: Move from per-meeting fees (2023) to higher fixed retainers and larger committee retainers (2024–2025) increases guaranteed pay vs. variable meeting-driven pay; monitor for potential impact on perceived at‑risk engagement incentives .
- Conflicts/related-party exposure: No Forrester-specific related-party holdings disclosed in the proxy’s “companies advised by affiliates” table (example provided pertains to another trustee), and no Forrester-specific related-party transactions are identified in the materials reviewed .