Loren Starr
About Loren M. Starr
Independent Board Member of Nuveen Core Plus Impact Fund (NPCT), born in 1961, with service in the Nuveen fund complex since 2022 and appointed to NPCT’s Board effective January 1, 2024 . Previously Vice Chair and CFO at Invesco Ltd. (senior managing director roles 2005–2021) and currently serves as Director and Audit Committee Chair at AMG; he holds BA and BS from Columbia College, an MBA from Columbia Business School, and an MS from Carnegie Mellon University . All Board Members (including Starr) are deemed independent under the Investment Company Act and have never been employees or directors of TIAA/Nuveen or affiliates .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Invesco Ltd. | Vice Chair; Senior Managing Director; CFO | CFO 2005–2020; Vice Chair 2020–2021 | Led finance and reporting functions at global asset manager |
| Georgia Leadership Institute for School Improvement (GLISI) | Chair & Board Member (former) | 2014–2021 | Governance leadership in education non-profit |
| Georgia Council on Economic Education (GCEE) | Chair & Board Member (former) | 2014–2018 | Oversight and strategy in economic education |
| College Retirement Equities Fund (CREF) | Trustee (former) | 2022–2023 | Oversight of TIAA-affiliated investment products |
| TIAA Separate Account VA-1 | Management Committee Member (former) | 2022–2023 | Oversight and governance of annuity separate account |
External Roles
| Organization | Role | Tenure | Committee Positions |
|---|---|---|---|
| AMG | Director; Audit Committee Chair | Director since 2023; Chair since 2024 | Audit Committee Chair |
Board Governance
- Class III Trustee for NPCT; appointed January 1, 2024; continues as a holdover director after the 2024 annual meeting where no Class III candidate achieved the required majority; standing for election again in 2025 .
- Committee memberships (NPCT and fund complex): Audit Committee (designated “audit committee financial expert”), Dividend Committee, Investment Committee, Nominating & Governance Committee, and Closed-End Fund Committee (for all funds other than Multi-Market Income) .
- Attendance: Each Board Member attended 75% or more of Board and applicable committee meetings in the last fiscal year; NPCT’s meeting load is shown below .
| NPCT Board and Committee Meetings – Last Fiscal Year | Count |
|---|---|
| Regular Board Meetings | 5 |
| Special Board Meetings | 9 |
| Executive Committee | 5 |
| Dividend Committee | 10 |
| Compliance, Risk Mgmt & Regulatory Oversight Committee | 5 |
| Audit Committee | 14 |
| Nominating & Governance Committee | 5 |
| Investment Committee | 4 |
| Closed-End Fund Committee | 4 |
Fixed Compensation
- Structure (effective January 1, 2024): $350,000 annual retainer plus committee membership retainers; Chair fees for specific committees; ad hoc meeting fees ($1,000 or $2,500) and special assignment committee stipends; increases on January 1, 2025 noted below. Deferred compensation plan available; no pension plan .
| Component | 2023 | 2024 | 2025 |
|---|---|---|---|
| Annual retainer (Independent Board Members) | $210,000 | $350,000 | $350,000 |
| Audit Committee member retainer | $2,500 per meeting (old structure) | $30,000 | $35,000 |
| Compliance, Risk Mgmt & Regulatory Oversight Committee member retainer | $5,000 per meeting (old structure) | $30,000 | $35,000 |
| Investment Committee member retainer | $2,500 per meeting (old structure) | $20,000 | $30,000 |
| Dividend, Nominating & Governance, Closed-End Funds Committee member retainer | $1,250 per meeting (Dividend under old structure) | $20,000 each | $25,000 each |
| Board Chair additional retainer | $140,000 | $140,000 | $150,000 |
| Committee Chair add’l retainer (Audit; Compliance) | $20,000 | $30,000 | $35,000 |
| Committee Chair add’l retainer (Investment) | $20,000 | $20,000 | $30,000 |
| Committee Chair add’l retainer (Dividend; Nominating & Gov; Closed-End) | $20,000 | $20,000 | $25,000 |
| Ad hoc Board/Committee meetings | N/A | $1,000–$2,500 per meeting | $1,000–$2,500 per meeting |
| Special assignment committee stipends | N/A | Chair: from $1,250/quarter; Members: from $5,000/quarter | Chair: from $1,250/quarter; Members: from $5,000/quarter |
| Deferred Compensation Plan | Available; book-reserve invested in eligible Nuveen funds | Available | Available |
| Pension/retirement plan | None | None | None |
- NPCT-specific amounts: Aggregate compensation paid by NPCT to Loren Starr in the last fiscal year: $1,068; deferred fees credited: $368 .
- Fund complex total: Loren Starr’s total compensation from funds in the Nuveen/TIAA fund complex: $479,750 (includes any deferred fees) .
Performance Compensation
- No performance-based incentive structure is disclosed for Independent Board Members; compensation is comprised of fixed retainers, committee retainers, ad hoc fees, and optional deferred compensation credits tracking Nuveen funds; there are no stock option awards or performance-share awards for directors, and the funds have no pension plans .
Other Directorships & Interlocks
| Company | Role | Committee | Overlap/Interlock Notes |
|---|---|---|---|
| AMG | Director; Audit Committee Chair | Audit (Chair) | External public board; leadership in financial reporting oversight |
| CREF (former) | Trustee | — | TIAA-affiliated fund governance; prior role only (ended 2023) |
| TIAA Separate Account VA-1 (former) | Management Committee Member | — | TIAA-affiliated annuity governance; prior role only (ended 2023) |
All NPCT Trustees, including Starr, are independent and have never been employees or directors of TIAA or Nuveen, mitigating core conflicts at the Adviser level .
Expertise & Qualifications
- Designated “Audit Committee Financial Expert”; serves on Audit, Dividend, Investment, Nominating & Governance, and Closed-End Fund committees (for all funds other than Multi-Market Income) .
- Senior finance leadership at Invesco (CFO and Vice Chair), bringing deep public company reporting, controls, and capital markets experience; academic credentials include Columbia (BA/BS, MBA) and Carnegie Mellon (MS) .
Equity Ownership
| Measure | NPCT | Fund Complex (aggregate) |
|---|---|---|
| Dollar range beneficially owned | $0 | Over $100,000 (includes CREF/VA-1 holdings during prior service) |
| Shares owned | 0 | Board Members and officers as a group own <1% of any Fund |
| Ownership guidelines | Expected to invest, directly or on a deferred basis, at least one year’s compensation in funds in the complex | Not determinable from ranges; Starr reported “Over $100,000” aggregate |
| Pledged shares | Not disclosed | Not disclosed (no pledge disclosure identified) |
Governance Assessment
- Committee coverage and expertise: Strong finance competency (audit committee financial expert) with broad committee participation enhances board effectiveness in valuation, compliance, and performance oversight .
- Independence and attendance: Independent under 1940 Act and Nuveen criteria; attendance ≥75% across Board/committees improves governance continuity .
- Shareholder voting signal: NPCT’s 2024 annual meeting adjournment and failure to elect Class III Trustees (including Starr) indicates shareholder dissent dynamics; Starr continues as a holdover pending 2025 election, a potential confidence flag until resolved .
- Alignment: NPCT-specific ownership shows $0 and 0 shares; while aggregate holdings across the fund family are “Over $100,000,” the proxy’s expectation is one year of compensation invested across funds—compliance cannot be confirmed from reported ranges, suggesting monitoring is warranted .
- Conflicts and related-party safeguards: By-laws prohibit self-dealing and related-party transactions except under specified limited circumstances, reducing conflict risk; all Board Members (including Starr) are independent of Nuveen/TIAA employment, mitigating adviser-level conflicts .
RED FLAGS
- Holdover status after failed Class III election (May 31, 2024) indicates contested governance dynamics and may impact investor confidence until a successful election occurs .
- No NPCT-specific share ownership (0 shares; $0 range) could be viewed as weaker “skin-in-the-game” at the individual fund level despite aggregate family holdings; monitor progress versus board investment guideline expectations .