Michael A. Forrester
About Michael A. Forrester
Independent trustee of Nuveen Virginia Quality Municipal Income Fund (NPV) with fund-complex service dating to 2007 via prior roles at CREF/VA-1; appointed to the Nuveen Funds’ boards (including NPV) effective May 15, 2024 and nominated as a Class I trustee through the 2028 annual meeting. Year of birth: 1967; B.A., Washington and Lee University; former CEO and COO at Copper Rock Capital Partners; currently serves on the IDC Governing Council. Independent (not an “interested person”) and part of the complex’s unitary independent board.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Copper Rock Capital Partners, LLC | Chief Executive Officer | 2014–2021 | Led firm operations and strategy |
| Copper Rock Capital Partners, LLC | Chief Operating Officer | 2007–2014 | Built operating infrastructure |
| Copper Rock Capital Partners, LLC | Board Member | 2007–2021 | Governance/oversight |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Aflac Incorporated | Director | Since 2025 | Public company board; note interlock with Nuveen trustee Thomas J. Kenny (also Aflac director) |
| Independent Directors Council (ICI) | Governing Council Member | Since 2020 | Fund governance body |
| Dexter Southfield School | Trustee | Since 2019 | Education nonprofit board |
| College Retirement Equities Fund (CREF) | Trustee | 2007–2023 | Investment company board (TIAA complex) |
| TIAA Separate Account VA-1 | Management Committee Member | 2007–2023 | Investment company governance (TIAA complex) |
Board Governance
- Independence: All nominees and current trustees (including Forrester) are not “interested persons” and are deemed Independent Board Members.
- Years of service on this board: Appointed May 15, 2024; Class I nominee to serve until the 2028 annual meeting if elected.
- Committee memberships (NPV/Closed-End Funds):
- Compliance, Risk Management & Regulatory Oversight Committee (member).
- Nominating & Governance Committee (member).
- Investment Committee (member).
- Not on the Audit Committee (members listed exclude Forrester).
- Not on the Closed-End Fund Committee (members listed exclude Forrester).
- Attendance/Engagement: Each trustee attended at least 75% of board and applicable committee meetings in the last fiscal year.
- Board Chair/leadership: Independent Chair Robert L. Young (since Jan 1, 2025).
- Meeting cadence (NPV last fiscal year): 5 regular board, 8 special board, 8 executive committee, 10 dividend, 6 compliance, 15 audit, 5 nominating/governance, 4 investment, 4 closed-end fund meetings.
Fixed Compensation
Compensation structure (effective Jan 1, 2024; changes as of Jan 1, 2025)
| Component | 2024 | 2025 |
|---|---|---|
| Annual retainer (independent trustee) | $350,000 | $350,000 |
| Audit Committee membership retainer | $30,000 | $35,000 |
| Compliance, Risk Mgmt & Regulatory Oversight membership retainer | $30,000 | $35,000 |
| Investment Committee membership retainer | $20,000 | $30,000 |
| Dividend, Nominating & Governance, Closed-End membership retainer | $20,000 | $25,000 |
| Board Chair retainer | $140,000 | $150,000 |
| Audit/Compliance Chair retainer | $30,000 | $35,000 |
| Investment Chair retainer | $20,000 | $30,000 |
| Dividend/Nom-Gov/Closed-End Chair retainer | $20,000 | $25,000 |
| Ad hoc meeting fee | $1,000 or $2,500 per meeting (length/immediacy) | $1,000 or $2,500 |
| Special assignment committee fees | Chair: quarterly from $1,250; Members: quarterly from $5,000 | Same |
| Deferred Compensation Plan | Available; deferrals track designated Nuveen funds | Available |
Actual fees paid to Forrester (NPV-specific and fund complex)
| Metric | FY 2024 (FY end 5/31/2024) | FY 2025 (FY end 5/31/2025) |
|---|---|---|
| Aggregate compensation from NPV | $223 | $929 |
| Amount deferred from NPV fees | $223 | $929 |
| Total compensation from Nuveen fund complex (calendar 2024) | $480,750 | — |
Notes:
- Funds do not have retirement or pension plans; compensation may be deferred into designated Nuveen funds per the plan.
- For certain other Nuveen funds (not NPV), Forrester is compensated as a consultant pursuant to consulting agreements (Core Plus Impact, Multi-Asset Income, Real Asset, Multi-Market Income, Variable Rate Preferred & Income).
Performance Compensation
| Element | Disclosure |
|---|---|
| Annual/target bonus | Not applicable to independent trustees; only retainers/fees disclosed. |
| Stock awards (RSUs/PSUs) | None disclosed for trustees of the Funds. |
| Option awards | None disclosed for trustees of the Funds. |
| Performance metrics (revenue/EBITDA/TSR/ESG) | None disclosed for trustee compensation. |
| Clawbacks / CoC / severance | Not applicable to independent trustees of the Funds. |
Other Directorships & Interlocks
| Company/Organization | Role | Since | Committee/Notes |
|---|---|---|---|
| Aflac Incorporated | Director | 2025 | Public company; interlock with Nuveen trustee Thomas J. Kenny (Aflac director; Chair of Aflac’s Finance & Investment Committee). |
| Independent Directors Council (ICI) | Governing Council Member | 2020 | Fund governance body. |
| Dexter Southfield School | Trustee | 2019 | Nonprofit. |
| CREF | Trustee | 2007–2023 | Investment company (TIAA). |
| TIAA Separate Account VA-1 | Management Committee | 2007–2023 | Investment company (TIAA). |
Expertise & Qualifications
- Asset management leadership (CEO/COO/board member at Copper Rock, 2007–2021).
- Fund governance expertise (IDC Governing Council; long-standing trustee roles at CREF/VA-1).
- Education: B.A., Washington and Lee University.
Equity Ownership
| Item | NPV | Fund Complex |
|---|---|---|
| Dollar range of beneficial ownership | None (NPV) | Over $100,000 across registered investment companies overseen (family of investment companies) |
| Shares beneficially owned | 0 shares (NPV) | Officers/Trustees as group: <1% in any class |
| Ownership guidelines | Board expects each trustee to invest at least one year of compensation in funds in the complex (direct or deferred). | |
| Deferred comp elections (NPV) | $223 (FY 2024); $929 (FY 2025) | Deferrals tracked to designated Nuveen funds per plan |
| Pledging/hedging | No pledging or hedging disclosures identified for Forrester; none of the independent trustees (or immediate family) owned securities of the adviser or its affiliates as of June 30, 2025. |
Governance Assessment
-
Strengths
- Independent trustee with deep asset management operating experience; sits on Compliance, Nominating & Governance, and Investment Committees—aligns with risk, governance, and performance oversight mandates.
- Strong engagement: at least 75% attendance; board operates robust committee schedule with frequent meetings, indicating active oversight.
- Compensation structure is transparent and primarily fixed-fee retainers; availability of deferred compensation aligns trustee economic exposure with fund family performance.
-
Watch items / potential red flags
- Zero direct ownership in NPV; while common in fund complexes, some investors may prefer fund-specific “skin in the game” despite complex-level ownership guideline and deferral framework.
- External interlock: Forrester joined Aflac’s board in 2025 where Nuveen trustee Thomas J. Kenny also serves; not a direct NPV conflict but worth monitoring for information flow or influence dynamics.
- Consulting arrangements at certain Nuveen funds (not NPV) could raise independence optics if expanded; currently, Forrester remains an independent trustee for NPV and is not on Audit.
-
Compliance/other
- Section 16(a) compliance: Funds report trustees and officers complied with filing requirements in the last fiscal year.
- No related-party holdings with the adviser/affiliates for independent trustees; no related-party transactions disclosed for Forrester.