Loren M. Starr
About Loren M. Starr
Independent director (Class III) of the Nuveen Missouri Quality Municipal Income Fund (NOM), appointed effective January 1, 2024, with a current term expiring at the 2027 annual meeting unless a successor is elected; year of birth: 1961 . Former Vice Chair/Senior Managing Director (2020–2021) and long‑tenured CFO/Senior Managing Director (2005–2020) of Invesco Ltd.; currently serves as a director and Audit Committee Chair at AMG; academic credentials include B.A. and B.S. from Columbia College, M.B.A. from Columbia Business School, and M.S. from Carnegie Mellon University . Designated an “audit committee financial expert,” supporting board oversight of financial reporting and valuation .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Invesco Ltd. | Chief Financial Officer, Senior Managing Director | 2005–2020 | Led global finance; public‑company CFO experience informs audit/valuation oversight . |
| Invesco Ltd. | Vice Chair, Senior Managing Director | 2020–2021 | Executive leadership/transition responsibilities . |
| Independent Consultant/Advisor | Consultant | Since 2021 | Ongoing advisory work; non‑executive . |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| AMG | Director (since 2023); Audit Committee Chair (since 2024) | 2023–present | Chairs Audit; adds active public‑company audit oversight experience . |
| College Retirement Equities Fund (CREF) | Trustee | 2022–2023 | Served on TIAA fund complex governance . |
| TIAA Separate Account VA‑1 | Manager (Management Committee) | 2022–2023 | Oversight of separate account governance . |
| Georgia Leadership Institute for School Improvement (GLISI) | Chair and Director (former) | 2014–2021 | Non‑profit board leadership . |
| Georgia Council on Economic Education (GCEE) | Chair and Trustee (former) | 2014–2018 | Non‑profit board leadership . |
Board Governance
- Independence: The board confirms Starr is not an “interested person” under the 1940 Act; all current/continuing directors and nominees are Independent Board Members .
- Committee assignments (NOM/Nuveen Funds):
- Audit Committee member; designated “audit committee financial expert” (committee chaired by John K. Nelson) .
- 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 .
- Tenure/terms: Appointed to NOM board effective January 1, 2024; currently a Class III director with term expiring at the 2027 annual meeting (or until successor qualified) .
- Context: The October 2023 board consolidation aligned membership across the broader Fund Complex; Starr was added via that process; he also serves as a consultant to the Multi‑Market Income fund board (separate agreement) .
Fixed Compensation
| Component | 2023 (through Dec 31, 2023) | 2024 | 2025 |
|---|---|---|---|
| Base annual retainer | $210,000 | $350,000 | $350,000 |
| Board Chair retainer (if applicable) | $140,000 | $140,000 | $150,000 |
| Committee membership – Audit | Per‑meeting $2,500 | $30,000 annual | $35,000 annual |
| Committee membership – Compliance/Risk/Regulatory | $5,000 per meeting | $30,000 annual | $35,000 annual |
| Committee membership – Investment | $2,500 per meeting | $20,000 annual | $30,000 annual |
| Committee membership – Dividend | $1,250 per meeting | $20,000 annual | $25,000 annual |
| Committee membership – Nominating & Governance | $500 per meeting | $20,000 annual | $25,000 annual |
| Committee membership – Closed‑End Fund | $2,500 per meeting | $20,000 annual | $25,000 annual |
| Committee Chair adders – Audit & Compliance | $20,000 | $30,000 | $35,000 |
| Committee Chair adder – Investment | $20,000 | $20,000 | $30,000 |
| Committee Chair adders – Dividend, N&G, Closed‑End | $20,000 | $20,000 | $25,000 |
| Meeting fees (Board) | $7,250/day regular; $4,000 special | Ad hoc meetings: $1,000 or $2,500 per meeting depending on length/immediacy | Same as 2024 |
| Other | Site visit fee $5,000/day (no Board meeting) | Special assignment committees: quarterly fee starting $1,250 (chair), $5,000 (members) | Same as 2024 |
- No retirement/pension plans for directors; a Deferred Compensation Plan allows deferral of fees into deemed investments in eligible Nuveen funds; distributions can be lump sum or 2–20 years; liabilities rest with participating funds (not cross‑fund) .
Performance Compensation
- No performance‑based pay, equity grants (RSUs/PSUs), or option awards are disclosed for independent directors; compensation is cash retainers/fees with optional deferral; no performance metrics tied to director pay are described .
Other Directorships & Interlocks
| Company/Entity | Role | Committee roles | Notes |
|---|---|---|---|
| AMG | Director; Audit Committee Chair | Chairs Audit | Public company board; enhances audit expertise/interlocks; no related‑party ties to NOM disclosed . |
| CREF; TIAA Separate Account VA‑1 | Trustee/Manager (prior) | — | Prior roles in TIAA/CREF ecosystem before joining Nuveen funds in 2024 . |
| GLISI; GCEE | Chair/Director (prior) | — | Non‑profit leadership roles (governance experience) . |
- Related‑party/Conflicts: Appendix shows certain board members’ outside holdings in companies advised by affiliates of the adviser; no such holdings are listed for Starr in that disclosure extract; no Starr‑specific related‑party transactions are disclosed in the cited sections .
Expertise & Qualifications
- Public‑company CFO for 15 years and later Vice Chair at Invesco; deep capital markets, accounting/controls, and valuation experience .
- Designated “audit committee financial expert” under SEC rules; serves on NOM Audit Committee .
- Education: B.A., B.S. (Columbia College), M.B.A. (Columbia Business School), M.S. (Carnegie Mellon University) .
Equity Ownership
| Measure | Value |
|---|---|
| Dollar range of NOM equity beneficially owned (as of Dec 31, 2024) | $0 |
| Individual ownership as % of NOM outstanding | Each director’s stake <1% (as of Feb 18, 2025) |
| NOM shares outstanding (context, Feb 18, 2025) | 2,350,752 Common; 180 Preferred (MFP Series A) |
- Ownership alignment: Dollar‑range disclosure indicates no direct personal holding in NOM; board members may use the Deferred Compensation Plan to mirror fund exposure, but no Starr‑specific elections are disclosed here .
Governance Assessment
-
Strengths
- Financial oversight: Former Invesco CFO and current AMG Audit Chair; designated audit committee financial expert; sits on NOM’s Audit Committee, bolstering financial reporting, valuation, and auditor oversight .
- Independence and engagement: Classified independent; attended at least 75% of board/committee meetings; serves on multiple key committees (Audit, N&G, Investment, Closed‑End) .
- Complex‑wide perspective: Oversees 217 portfolios across the fund complex, aiding consistency of governance standards across related vehicles .
-
Risks / Watch‑items
- Ownership alignment: $0 reported NOM holding as of 12/31/2024; while common for fund directors, lack of personal stake can be perceived as weaker alignment with common shareholders’ outcomes (mitigated partially by optional deferred comp) .
- Compensation structure shift: Post‑2023 changes increased fixed retainers (from $210k to $350k) and introduced committee membership retainers, raising guaranteed pay vs. per‑meeting fees; could reduce marginal pay‑for‑attendance incentives even as ad hoc fees remain .
- Board consolidation/holdovers: Complex‑wide board alignment led to multiple funds with “holdover” directors due to quorum/election issues in 2024 (e.g., Core Plus Impact, Multi‑Asset Income, Real Asset, Variable Rate Preferred & Income); while not specific to NOM, it is a governance optics consideration for the complex .
- Potential perceived conflict: Serves as a paid consultant to the Multi‑Market Income fund board under a separate consulting agreement; not a NOM engagement but within the same complex .
RED FLAGS: $0 personal ownership in NOM ; complex‑level “holdover” election dynamics in 2024 at certain sister funds . No Starr‑specific related‑party transactions disclosed in the cited sections .
Notes and Sources
- Appointment/tenure and board consolidation: 8‑K dated Oct 13, 2023 (effective Jan 1, 2024) .
- Class/term details for NOM: 2025 DEF 14A .
- Committee memberships, charters, and “audit committee financial expert” designation: 2025 DEF 14A .
- Independence and attendance: 2025 DEF 14A .
- Compensation schedules and deferred comp plan: 2025 DEF 14A .
- Biography, education, external roles (AMG/CREF/VA‑1): 2025 DEF 14A .
- Ownership: Appendix A (dollar ranges) and <1% statement; shares outstanding context: 2025 DEF 14A .