Michael A. Forrester
About Michael A. Forrester
Independent director (not an “interested person”) born 1967, serving on Nuveen funds’ unitary board since 2007; appointed to current Class I term expiring at the 2028 annual meeting for funds including NOM (Nuveen Missouri Quality Municipal Income Fund). Former CEO (2014–2021) and COO (2007–2014) of Copper Rock Capital Partners, and prior trustee/manager of CREF and TIAA Separate Account VA‑1 (2007–2023). Current roles include member of the Independent Directors Council (IDC) Governing Council (since 2020) and trustee of Dexter Southfield School (since 2019). Education: B.A., Washington and Lee University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Copper Rock Capital Partners, LLC | Chief Executive Officer | 2014–2021 | Senior leadership of investment manager |
| Copper Rock Capital Partners, LLC | Chief Operating Officer | 2007–2014 | Operations leadership |
| College Retirement Equities Fund (CREF) | Trustee | 2007–2023 | Oversight of mutual fund complex |
| TIAA Separate Account VA‑1 | Management Committee Member | 2007–2023 | Governance/oversight of variable annuity separate account |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Independent Directors Council (IDC), Investment Company Institute | Governing Council Member | Since 2020 | Industry governance body |
| Dexter Southfield School | Board of Trustees | Since 2019 | Nonprofit education governance |
Board Governance
- Unitary board model across the Nuveen fund complex; Forrester is classified as an Independent Board Member (not an “interested person”) and serves broadly across funds, including NOM, with consultant status on certain funds (not NOM) beginning Jan 1, 2024 .
- Committee memberships (NOM and other funds): Compliance, Risk Management and Regulatory Oversight Committee (member; chair is Ms. Wolff; Forrester excluded for certain funds where he is a consultant), Nominating & Governance Committee (member; chair Mr. Young), and Investment Committee (member; co‑chairs Mr. Boateng and Ms. Lancellotta). He is not listed on the Executive, Dividend, or Closed‑End Fund Committees .
- Attendance: Each Board Member, including Forrester, attended at least 75% of board and relevant committee meetings in the last fiscal year .
- Current board term/election: Forrester is a Class I nominee with term expiring at the 2028 annual meeting across relevant funds; proxy card explicitly lists Michael A. Forrester among Class I nominees (including for NOM) .
Fixed Compensation
| Component | Amount (USD) | Effective Date |
|---|---|---|
| Annual retainer for Independent Board Members | $350,000 | Jan 1, 2024 |
| Audit Committee membership retainer | $30,000 → $35,000 | Increased Jan 1, 2025 |
| Compliance Committee membership retainer | $30,000 → $35,000 | Increased Jan 1, 2025 |
| Investment Committee membership retainer | $20,000 → $30,000 | Increased Jan 1, 2025 |
| Dividend Committee membership retainer | $20,000 → $25,000 | Increased Jan 1, 2025 |
| Nominating & Governance Committee membership retainer | $20,000 → $25,000 | Increased Jan 1, 2025 |
| Closed‑End Funds Committee membership retainer | $20,000 → $25,000 | Increased Jan 1, 2025 |
| Board Chair (independent) retainer | $140,000 → $150,000 | Increased Jan 1, 2025 |
| Audit/Compliance Chair retainer | $30,000 → $35,000 | Increased Jan 1, 2025 |
| Investment Committee Chair retainer | $20,000 → $30,000 | Increased Jan 1, 2025 |
| Dividend/Nom & Gov/Closed‑End Chairs retainer | $20,000 → $25,000 | Increased Jan 1, 2025 |
| Ad hoc meeting fee | $1,000 or $2,500 (length/immediacy) | Ongoing |
| Special assignment committee fees | Chair: quarterly from $1,250; Members: quarterly from $5,000 | Ongoing |
| Prior structure (2023) | $210,000 annual retainer plus per‑meeting fees per committee (varied by committee) | Through Dec 31, 2023 |
Total compensation from the Nuveen fund complex paid to Forrester in the last fiscal year: $480,750 .
Performance Compensation
- No disclosed performance‑based bonuses, RSUs/PSUs, stock options, or pension plans for directors; funds do not have retirement or pension plans for directors .
- Deferred Compensation Plan: Forrester may elect to defer fees; deferred amounts are notionally invested in Nuveen funds (book reserve) and paid out per elected schedule; selected fund‑level deferred balances shown below .
| Fund (sample) | Forrester Deferred Fees Payable (USD) |
|---|---|
| Core Equity Alpha | $467 |
| Core Plus Impact | $1,042 |
| Credit Strategies | $1,695 |
| Floating Rate Income | $2,628 |
| NASDAQ Dynamic Overwrite | $2,594 |
| Preferred & Income Opportunities | $5,382 |
| S&P 500 Buy‑Write Income | $3,016 |
| Variable Rate Preferred & Income | $1,002 |
Note: Deferred balances include investment return equivalents; they are not equity grants and carry no voting or actual share ownership rights .
Other Directorships & Interlocks
| Company/Entity | Type | Role | Tenure |
|---|---|---|---|
| CREF | Mutual fund complex | Trustee | 2007–2023 |
| TIAA Separate Account VA‑1 | Variable annuity account | Management Committee Member | 2007–2023 |
- No disclosure for Forrester of securities ownership in non‑investment companies advised by affiliates; Appendix A examples provided pertain to another trustee (Kenny), not Forrester .
Expertise & Qualifications
- Investment management leadership (CEO/COO at Copper Rock Capital Partners) .
- Extensive governance across large fund complexes (Nuveen unitary board, CREF/VA‑1) .
- Industry body engagement (IDC Governing Council) .
- Education: B.A., Washington and Lee University .
Equity Ownership
| Fund | Dollar Range of Equity Securities (as of Dec 31, 2024) |
|---|---|
| NOM (Nuveen Missouri Quality Municipal Income) | $0 |
| Other enumerated funds in Appendix A (examples) | $0 across listed funds |
| Aggregate Dollar Range in Family of Investment Companies | Value |
|---|---|
| Aggregate range across all registered investment companies overseen | Over $100,000 (includes CREF/VA‑1 holdings) |
- As of Feb 18, 2025, individual beneficial shareholdings of each fund by each Board Member (including Forrester) constituted less than 1% of the outstanding shares; group ownership also less than 1% .
- Beneficial shares by fund show Forrester at 0 across listed funds as of Dec 31, 2024 .
Governance Assessment
- Independence and committee engagement: Forrester is an independent director with active roles on Compliance, Nominating & Governance, and Investment Committees—key levers for fund risk oversight, board composition, and performance monitoring. He is not a committee chair, which reduces concentration of influence but suggests collaborative, non‑dominant governance participation .
- Attendance meets threshold: 75%+ attendance supports baseline engagement expectations across board and committee obligations .
- Pay structure evolution: Shift from per‑meeting fees (pre‑2024) to higher fixed retainers and committee retainers (2024–2025) increases guaranteed cash compensation and predictability; chair premiums increased in 2025. Total complex compensation for Forrester was $480,750—consistent with the expanded unitary oversight scope .
- Ownership alignment: Direct fund shareholdings are reported as $0 in enumerated Nuveen funds, but aggregate holdings in the broader family of investment companies exceed $100,000 (including CREF/VA‑1). While fund directors are not typically expected to hold material fund shares, the lack of direct NOM ownership could be viewed as neutral to weak alignment depending on investor preference; offset by deferred fee elections notionally tied to fund performance .
- Potential conflicts and mitigations: Forrester serves as a compensated consultant to specific funds (Core Plus Impact, Multi‑Asset Income, Multi‑Market Income, Real Asset, Variable Rate Preferred & Income) effective Jan 1, 2024, and is excluded from certain committee memberships for those funds—an explicit structural mitigation to preserve committee independence. No related‑party transactions or affiliate company securities holdings are disclosed for Forrester in Appendix A conflict tables (examples shown pertain to another trustee) .
- Overall signal: Long governance tenure, industry body involvement, and core committee participation are positives for board effectiveness. Fixed compensation increases and limited direct fund ownership are common in fund complexes; the consultant arrangement warrants ongoing monitoring but is accompanied by governance safeguards via committee exclusions .