Loren Starr
About Loren M. Starr
Independent Board Member at Nuveen New York municipal funds complex (NNY), born 1961; appointed January 1, 2024, with term currently running to the 2027 annual shareholder meeting and oversight of 216 portfolios in the fund complex . Former Vice Chair and long-tenured CFO of Invesco Ltd., now an independent consultant/advisor; designated an “audit committee financial expert” by the Board . Education includes B.A. and B.S. from Columbia College, MBA from Columbia Business School, and M.S. from Carnegie Mellon University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Invesco Ltd. | Vice Chair, Sr. Managing Director; CFO, Sr. Managing Director | Vice Chair 2020–2021; CFO 2005–2020 | Led finance for global asset manager; positioned as financial expert on boards |
| College Retirement Equities Fund (CREF) | Trustee | 2022–2023 | Oversight of retirement fund products |
| TIAA Separate Account VA-1 | Management Committee member | 2022–2023 | Product governance for variable annuity separate account |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Affiliated Managers Group (AMG) | Director; Audit Committee member | Director since 2023; Audit Committee since 2024 | Public company board; audit oversight responsibilities |
| Georgia Leadership Institute for School Improvement (GLISI) | Chair & Director | 2014–2021 | Non-profit leadership and governance |
| Georgia Council on Economic Education (GCEE) | Chair & Trustee | 2015–2018 | Education non-profit governance |
Board Governance
- Independence: Serves as an Independent Board Member; Audit Committee composed entirely of independent directors under NYSE/NASDAQ and SEC rules .
- Audit Committee: Member; designated by the Board as an “audit committee financial expert.” Current members include John K. Nelson (Chair), Joseph A. Boateng, Amy B. R. Lancellotta, Loren M. Starr, Matthew Thornton III, Margaret L. Wolff, and Robert L. Young .
- Closed-End Fund Committee: Member; committee monitors premiums/discounts, leverage, repurchases/issuances, and market dynamics; chaired by Albin F. Moschner .
- Dividend Committee: Member; committee declares distributions subject to Board ratification; chaired by Matthew Thornton III .
- Attendance: Each Board Member attended at least 75% of Board and committee meetings during the last fiscal year .
- Term & Service: Term to 2027 annual shareholder meeting; appointed January 1, 2024; oversees 216 portfolios in the Nuveen fund complex .
Fixed Compensation
Current independent director fee structure (effective January 1, 2025):
| Component | Amount (USD) |
|---|---|
| Annual Board retainer | $350,000 |
| Audit Committee membership retainer | $35,000 |
| Compliance, Risk Management & Regulatory Oversight Committee membership retainer | $35,000 |
| Investment Committee membership retainer | $30,000 |
| Dividend Committee membership retainer | $25,000 |
| Nominating & Governance Committee membership retainer | $25,000 |
| Closed-End Funds Committee membership retainer | $25,000 |
| Chair of Board additional retainer | $150,000 |
| Chair – Audit or Compliance Committee | $35,000 |
| Chair – Investment Committee | $30,000 |
| Chair – Dividend, Nominating, Closed-End Funds | $25,000 |
| Ad hoc meeting fees | $1,000–$2,500 per meeting |
| Special assignment committees (quarterly) | Chair from $1,250; Members from $5,000 |
Historical structure (for context):
- Calendar 2023 included per-meeting fees (e.g., $7,250 per day for regular Board meetings; $2,500 Audit/Closed-End/Investment; $5,000 Compliance; $1,250 Dividend; etc.) and smaller chair retainers ($20,000), replaced by the current all-retainer model beginning 2024 and adjusted 2025 .
Aggregate compensation actually paid (Nuveen funds) – Loren M. Starr:
| Metric | Amount (USD) |
|---|---|
| Total compensation from Nuveen Funds paid to Loren M. Starr | $479,750 |
Deferred compensation elections (specific Nuveen “Participating Funds”):
| Fund | Period | Deferred fees – Loren M. Starr (USD) |
|---|---|---|
| New York AMT-Free | Fiscal Year | $0 |
| New York AMT-Free | Stub Period (Mar 1–Aug 31, 2024) | $775 |
| New York Quality Income | Fiscal Year | $0 |
| New York Quality Income | Stub Period | $272 |
| New York Value | Fiscal Year | $0 |
| New York Value | Stub Period | $77 |
Notes:
- Deferred amounts are credited to book reserve accounts and notionally invested in designated Nuveen funds; distributions elected in lump sum or over 2–20 years .
Performance Compensation
- No performance-linked compensation (e.g., RSUs/PSUs, options, revenue/EBITDA/TSR metrics) is disclosed for Independent Board Members; compensation is structured as fixed retainers and committee fees with ad hoc/special assignment fees .
Other Directorships & Interlocks
| Company | Type | Role | Potential Interlock Consideration |
|---|---|---|---|
| Affiliated Managers Group (AMG) | Public asset manager | Director; Audit Committee member | Industry adjacency to Nuveen’s asset management activities; no related-party transactions disclosed in NNY proxy . |
Expertise & Qualifications
| Attribute | Details |
|---|---|
| Financial expertise | SEC-designated audit committee financial expert |
| Executive experience | Invesco CFO (2005–2020); Vice Chair (2020–2021) |
| Education | B.A., B.S. – Columbia College; MBA – Columbia Business School; M.S. – Carnegie Mellon University |
| Board scope | Oversees 216 portfolios in Nuveen fund complex |
Equity Ownership
Dollar range of equity securities (as of May 31, 2025):
| Fund | Dollar Range |
|---|---|
| New York Quality Income | $0 |
| Quality Income | $0 |
| Select Maturities | $0 |
| Taxable Income | $0 |
| Aggregate range across all Nuveen registered investment companies | Over $100,000 |
Beneficial ownership by fund (as of May 31, 2025):
| Fund | Shares Owned |
|---|---|
| AMT-Free Credit Income | 0 |
| AMT-Free Value | 0 |
| AMT-Free Quality | 0 |
| Dynamic Municipal | 0 |
| Credit Income | 0 |
| Municipal High Income | 0 |
| Municipal Income | 0 |
| Municipal Value | 0 |
| New York AMT-Free | 0 |
| New York Value | 0 |
| New York Quality Income | 0 |
| Quality Income | 0 |
| Select Maturities | 0 |
| Taxable Income | 0 |
Notes:
- Aggregate “Over $100,000” reflects total dollar range across all Nuveen registered investment companies overseen; specific NNY-related funds show zero direct holdings by Starr .
Governance Assessment
- Board effectiveness and expertise: Starr brings deep public-company finance leadership (ex-CFO, Invesco) and serves as an SEC-designated audit committee financial expert—aligned with robust audit oversight needs for closed-end funds .
- Committee engagement: Active roles on Audit, Closed-End Fund, and Dividend Committees indicate substantive involvement in financial reporting, valuation/premium-discount strategy, leverage, and distribution policies .
- Independence and attendance: Independent status affirmed; attendance at or above 75% threshold during the last fiscal year supports baseline engagement expectations .
- Compensation mix: Cash retainer plus committee fees (no performance equity) minimize pay-for-performance conflicts but can reduce direct alignment with NNY price/NAV outcomes; deferred compensation notionally tracks Nuveen fund performance .
- Ownership alignment: Zero direct holdings disclosed in specific NNY-related funds while aggregate Nuveen family exposure exceeds $100,000 via fund complex investments, suggesting broad platform alignment rather than NNY-specific alignment; no pledging disclosed .
- Interlocks/conflicts: External directorship at AMG (public asset manager) creates industry adjacency but no related-party transactions or conflicts disclosed in the proxy .
- Tenure and continuity: Appointment Jan 1, 2024; term running to 2027 supports continuity; rotation among committees is used by the Board to broaden oversight perspectives .
Red flags and risk indicators: No director-specific related-party transactions, hedging/pledging disclosures, or attendance shortfalls disclosed; compensation structure shows no option repricing or performance metric manipulation—low governance red flags in the proxy .