Loren M. Starr
About Loren M. Starr
Independent Board Member of NRK (Nuveen New York AMT‑Free Municipal Income Fund). Born 1961; tenure on the Nuveen funds boards since 2022. Current principal occupation: Independent Consultant/Advisor (since 2021). Formerly Vice Chair and Senior Managing Director (2020–2021), and Chief Financial Officer, Senior Managing Director (2005–2020) at Invesco Ltd. . He is classified as an Independent Board Member under the 1940 Act and NYSE/NASDAQ standards, having never been an employee or director of TIAA or Nuveen or their affiliates . For NRK, he was last elected as a Class III Board Member at the August 15, 2024 annual meeting; his term runs until the 2027 annual meeting .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Invesco Ltd. | Chief Financial Officer; Senior Managing Director | 2005–2020 | Executive finance leadership for a global asset manager |
| Invesco Ltd. | Vice Chair; Senior Managing Director | 2020–2021 | Oversight and senior leadership |
| Independent Consultant/Advisor | Consultant/Advisor | 2021–Present | Advisory services post-Invesco |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Affiliated Managers Group (AMG) | Director | Since 2023 | Audit Committee member since 2024 |
| Georgia Leadership Institute for School Improvement (GLISI) | Chair and Board Member | 2014–2021 | Non-profit governance leadership |
| Georgia Council on Economic Education (GCEE) | Chair and Board Member | 2015–2018 | Non-profit governance |
| College Retirement Equities Fund (CREF) / TIAA Separate Account VA‑1 | Board/Management Committee | 2022–2023 | Compensation disclosure notes service as of Dec 31, 2023 |
Board Governance
- Independence: Classified as an Independent Board Member under the 1940 Act; meets NYSE/NASDAQ independence definitions; has never been an employee/director of TIAA/Nuveen or affiliates .
- Term/Classification: Class III Board Member for NRK; elected Aug 15, 2024; term to 2027 annual meeting .
- Committee memberships (current):
- Audit Committee (member; committee chaired by John K. Nelson)
- Dividend Committee (member; chaired by Matthew Thornton III)
- Nominating & Governance Committee (member; chaired by Robert L. Young)
- Investment Committee (member; co-chaired by Joseph A. Boateng and Amy B. R. Lancellotta)
- Closed‑End Fund Committee (member; chaired by Albin F. Moschner)
- Attendance: During the last fiscal year, each Board Member attended at least 75% of Board and applicable committee meetings .
- NRK Board/Committee meeting counts (last fiscal year):
Meeting Type Count Regular Board 4 Special Board 7 Executive Committee 3 Dividend Committee 10 Compliance, Risk Mgmt & Regulatory Oversight 4 Audit Committee 14 Nominating & Governance Committee 6 Investment Committee 3 Closed‑End Fund Committee 4
Fixed Compensation
-
Annual Retainers and Committee Fees:
Component Pre‑2024 Structure (calendar year 2023) Effective Jan 1, 2025 Board Retainer $210,000 $350,000 Audit Committee member $2,500 per meeting $35,000 annual retainer Compliance Committee member $5,000 per meeting $35,000 annual retainer Investment Committee member $2,500 per meeting $30,000 annual retainer Dividend Committee member $1,250 per meeting $25,000 annual retainer Nominating & Governance Committee member $500 per meeting $25,000 annual retainer Closed‑End Fund Committee member $500 per meeting $25,000 annual retainer Board Chair $140,000 (additional) $150,000 (additional) Audit/Compliance Chair $30,000 (additional) $35,000 (additional) Investment Chair/Co‑Chair $20,000 (additional) $30,000 (additional) Dividend/Nom‑Gov/Closed‑End Chair $20,000 (additional) $25,000 (additional) Ad hoc meetings $1,000 or $2,500 per meeting $1,000 or $2,500 per meeting -
Aggregate Compensation from Nuveen Funds (latest disclosed):
Individual Total Compensation from Fund Complex Loren M. Starr $463,750 -
Deferred Compensation Plan: Directors may elect to defer fees; value tracked to selected Nuveen funds; distributions can be lump sum or over 2–20 years; no pensions/retirement benefits for directors .
Performance Compensation
| Element | Disclosed Terms |
|---|---|
| Equity awards (RSUs/PSUs) | Not disclosed; director compensation comprises retainers/committee fees and optional fee deferral into fund‑linked accounts |
| Options | Not disclosed for Independent Board Members |
| Performance metrics (e.g., TSR, EBITDA) | Not disclosed for Independent Board Members; compensation not described as performance‑based |
| Clawback provisions | Not disclosed for director fees |
| Change‑of‑control/severance | Not applicable/not disclosed for Independent Board Members |
Other Directorships & Interlocks
| Company | Role | Committee | Potential Interlock/Comment |
|---|---|---|---|
| Affiliated Managers Group (AMG) | Director | Audit Committee member | Asset‑management industry overlap with Nuveen/TIAA ecosystem; monitor for any conflicts (none disclosed) |
| CREF / TIAA Separate Account VA‑1 | Board/Management Committee | — | Prior service within TIAA complex; compensation footnote cites involvement as of Dec 31, 2023 |
| GLISI | Chair/Director | — | Non‑profit (no competitive conflict) |
| GCEE | Chair/Director | — | Non‑profit (no competitive conflict) |
Expertise & Qualifications
- Senior finance executive (former CFO and Vice Chair at Invesco), indicating deep capital markets, financial reporting, and asset management expertise .
- Serves on NRK’s Audit Committee; Audit Committee members meet independence and experience requirements under NYSE/NASDAQ, Section 10A of the Exchange Act, and SEC rules .
- Broad committee engagement across portfolio oversight (Investment, Closed‑End), governance (Nominating & Governance), distribution policy (Dividend), and financial reporting (Audit) .
Equity Ownership
| Measure | NRK (New York AMT‑Free) | Fund Family Aggregate |
|---|---|---|
| Beneficial shares owned (as of May 31, 2025) | 0 shares | Dollar range “Over $100,000” across all Nuveen registered funds overseen |
| Ownership as % of outstanding | Individual holdings <1% of each fund; Board/EOs as a group <1% of each fund (as of June 20, 2025) | — |
| Deferred compensation linked to NRK | Deferred fees credited: $775 for the NRK stub period (Mar 1–Aug 31, 2024) | Deferred plan allows investment tracking to selected Nuveen funds; distributions over 2–20 years |
Insider Trades (Form 4)
| Date Range | Person | Findings |
|---|---|---|
| 2024‑01‑01 to 2025‑11‑20 (filing date) | Loren M. Starr | No insider trades found for NRK in the period (per insider‑trades skill query) |
Governance Assessment
- Strengths: Deep CFO experience in global asset management and broad committee participation (Audit, Investment, Dividend, Nominating & Governance, Closed‑End) support board effectiveness and risk oversight; Audit Committee independence and experience standards are explicitly affirmed .
- Alignment considerations: Beneficial ownership in NRK specifically is 0 shares, while aggregate family holdings are “Over $100,000.” The board’s guideline expects investment equivalent to one year of compensation across the fund complex, but range disclosure prevents precise compliance assessment—monitor for disclosure updates and actual values over time .
- Interlocks/conflicts: Current directorship at AMG (audit committee) is within asset management industry; no related‑party transactions disclosed in NRK proxy, but continued monitoring is prudent for potential information flow or competitive conflicts .
- Attendance and engagement: Meets minimum attendance threshold (≥75% of meetings/committees), and NRK’s committee cadence is robust (e.g., 14 Audit Committee meetings), suggesting substantive engagement; still, absence of more granular attendance metrics limits precision in evaluating comparative engagement .
RED FLAGS to watch
- Fund‑specific ownership: 0 shares in NRK may be viewed as weaker alignment with NRK shareholders despite aggregate Nuveen complex exposure; consider investor sentiment on fund‑specific ownership expectations .
- Industry overlap: AMG board seat in asset management—no conflicts disclosed, but monitor for any transactions or consultant relationships that could trigger related‑party considerations .