Loren M. Starr
About Loren M. Starr
Born 1961, Loren M. Starr is an Independent Board Member of Nuveen Virginia Quality Municipal Income Fund (NPV), serving as a Class III trustee with a term expiring at the 2027 annual meeting; he was last elected April 12, 2024 and has served in the Nuveen fund complex since 2022, joining the boards of each fund other than Multi-Market Income in 2024 . He is designated an “audit committee financial expert” and is independent under the Investment Company Act—never an employee or director of TIAA/Nuveen or affiliates . Education includes B.A. and B.S. from Columbia College, M.B.A. from Columbia Business School, and M.S. from Carnegie Mellon University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Invesco Ltd. | Vice Chair, Senior Managing Director | 2020–2021 | Executive leadership and oversight; relevant to financial governance |
| Invesco Ltd. | Chief Financial Officer, Senior Managing Director | 2005–2020 | CFO experience strengthens audit/finance oversight; “audit committee financial expert” designation at NPV |
| College Retirement Equities Fund (CREF) | Trustee | 2022–2023 | Board and management committee experience in regulated funds |
| TIAA Separate Account VA-1 | Management Committee Member | 2022–2023 | Governance of insurance separate account; fund complex experience |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Affiliated Managers Group (AMG) | Director; Chair of Audit Committee | Director since 2023; Audit Chair since 2024 | Cross-industry audit leadership; enhances financial oversight at NPV |
| Georgia Leadership Institute for School Improvement (GLISI) | Chair and Board Member (former) | 2014–2021 | Non-profit governance; strategic oversight experience |
| Georgia Council on Economic Education (GCEE) | Chair and Board Member (former) | 2014–2018 | Economic education governance; stakeholder engagement |
Board Governance
| Attribute | Details |
|---|---|
| Independence | Not an “interested person” of the Funds or Nuveen/TIAA; deemed Independent Board Member |
| Board Class & Term | Class III; term expires at 2027 annual meeting; last elected April 12, 2024 |
| Committee Assignments | Dividend Committee (member); Audit Committee (member, audit committee financial expert); Nominating & Governance Committee (member); Investment Committee (member); Closed-End Fund Committee (member) |
| Committee Chair Roles | None (current committee chairs: Dividend—Thornton; Audit—Nelson; Nominating—Young; Investment—Boateng/Lancellotta; Closed-End—Moschner) |
| Attendance | Each Board Member attended at least 75% of Board and committee meetings during the last fiscal year for each Fund |
| NPV Meeting Load (last fiscal year) | Regular Board: 5; Special Board: 8; Executive Committee: 8; Dividend: 10; Compliance: 6; Audit: 15; Nominating & Governance: 5; Investment: 4; Closed-End: 4 |
Fixed Compensation
| Component | Amount (effective dates) | Notes |
|---|---|---|
| Annual Board Retainer | $350,000 (effective Jan 1, 2024) | Paid to Independent Board Members; allocated across funds |
| Committee Membership Retainers | Audit: $30,000 → $35,000 (as of Jan 1, 2025); Compliance: $30,000 → $35,000 (as of Jan 1, 2025); Investment: $20,000 → $30,000 (as of Jan 1, 2025); Dividend: $20,000 → $25,000 (as of Jan 1, 2025); Nominating & Governance: $20,000 → $25,000 (as of Jan 1, 2025); Closed-End: $20,000 → $25,000 (as of Jan 1, 2025) | |
| Chair Retainers | Board Chair: $140,000 → $150,000 (as of Jan 1, 2025); Audit/Compliance Chair: $30,000 → $35,000 (as of Jan 1, 2025); Investment Chair: $20,000 → $30,000 (as of Jan 1, 2025); Dividend/Nominating/Closed-End Chairs: $20,000 → $25,000 (as of Jan 1, 2025) | |
| Ad hoc Meeting Fees | $1,000 or $2,500 per ad hoc Board/Committee meeting (depending on length/immediacy) | |
| Special Assignment Committees | Chair/co-chair: quarterly fee starting at $1,250; members: quarterly fee starting at $5,000 | |
| Deferred Compensation Plan | Permits deferral of Board compensation; account valued as if invested in eligible Nuveen funds; distributions lump sum or over 2–20 years |
| Fund | Loren M. Starr Aggregate Compensation (last fiscal year) | Deferred Fees (incl. assumed returns) |
|---|---|---|
| NPV (Virginia Municipal) | $233 | $78 |
| Total across Nuveen Fund Complex | $479,750 | See fund-level deferred amounts; aggregate plan governs distributions |
The Funds do not have retirement or pension plans for directors; compensation is cash-based retainers and fees; expenses allocated across funds .
Performance Compensation
| Performance-linked element | Disclosure |
|---|---|
| Annual/Target Bonus | None disclosed for Independent Board Members (compensation is retainer and meeting/committee fees) |
| Equity Awards (RSUs/PSUs/Options) | None disclosed for Independent Board Members |
| Performance Metrics (TSR, revenue, EBITDA, ESG) | None disclosed/applicable to director compensation |
| Clawbacks/COC/Severance | Not applicable to Independent Board Members in proxy |
Other Directorships & Interlocks
| Company | Sector | Role | Committee Roles | Potential Interlock/Conflict |
|---|---|---|---|---|
| Affiliated Managers Group (AMG) | Asset Management | Director | Audit Committee Chair | Industry overlap (asset management) but no Nuveen/TIAA employment history; independence maintained |
| CREF / TIAA VA-1 | Investment Funds / Insurance SA | Trustee / Management Committee Member | Board/management governance | Prior roles in related fund complex; not Nuveen/TIAA employee; independence noted |
Expertise & Qualifications
- Financial leadership: 15+ years as CFO and senior executive at Invesco; designated “audit committee financial expert” at NPV .
- Board governance: Multi-committee service at NPV (Audit, Dividend, Investment, Nominating & Governance, Closed-End) .
- Education: BA/BS Columbia; MBA Columbia Business School; MS Carnegie Mellon .
Equity Ownership
| Fund | Dollar Range (as of Dec 31, 2024) | Shares Owned | Ownership % of Outstanding |
|---|---|---|---|
| NPV (Virginia Municipal) | $0 | 0 | <1% (all Board Members individually) |
| Aggregate in Family of Investment Companies Overseen | Dollar Range |
|---|---|
| Across Nuveen/TC/CREF/VA-1 family | Over $100,000 (includes CREF/VA-1 holdings) |
- Stock ownership guideline: Board principle expects each Board Member to invest at least one year of compensation in funds in the Nuveen Fund Complex; compliance status disclosed via dollar ranges, not specific fund targets .
Governance Assessment
-
Strengths
- Financial oversight: Audit Committee member and designated financial expert; Chair of AMG’s Audit Committee—strong audit and controls background .
- Engagement: Member of five key committees (Audit, Dividend, Investment, Nominating & Governance, Closed-End) supporting board effectiveness across performance, risk, governance, and market discount management .
- Independence: Not affiliated with TIAA/Nuveen; independent unitary board structure with an independent Chair enhances oversight of the Adviser .
- Attendance: Met the ≥75% attendance threshold across Board and committees during the last fiscal year .
-
Compensation & Alignment
- Cash-based director pay with meaningful board/committee retainers; no performance-linked or equity awards; optional deferred compensation aligns director interests with Nuveen fund performance .
- NPV-specific pay allocation to Starr was de minimis ($233) reflecting allocation by fund assets; total across fund complex substantial ($479,750) .
-
RED FLAGS / Watch items
- NPV-specific ownership is $0 and 0 shares; while board guidance targets investment across the fund complex (and aggregate holdings are >$100k), lack of NPV-specific ownership could be viewed as weaker alignment with NPV shareholders .
- No related-party transactions or Section 16(a) delinquencies disclosed; continue monitoring for interlocks given external board at AMG, though independence from Nuveen/TIAA mitigates conflict risk .
Overall, Starr’s deep CFO background and audit leadership materially strengthen NPV’s audit and valuation oversight; his broad committee participation and independence support board effectiveness, with alignment primarily via deferred compensation across the fund complex rather than NPV-specific share ownership .