Albin F. Moschner
About Albin F. Moschner
Albin F. Moschner (born 1952) serves as an Independent Board Member of Nuveen Municipal Value Fund, Inc. (NUV) and joined the Nuveen funds board complex in 2016, with current nomination periods depending on fund share class structures . He is the Founder and Chief Executive Officer of Northcroft Partners, LLC (since 2012) and previously held senior operating roles in telecom and consumer electronics, including COO and CMO at Leap Wireless and CEO at Zenith .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Northcroft Partners, LLC | Founder and CEO | 2012–Present | Governance, operational and management consulting |
| Leap Wireless International, Inc. | COO; CMO; Consultant | COO 2008–2011; CMO 2004–2008; Consultant 2011–2012 | Wireless operations and marketing leadership |
| Verizon Communications, Inc. | President, Verizon Card Services | 2000–2003 | Consumer card services leadership |
| One Point Communications | President, One Point Services | 1999–2000 | Telecom operations |
| Diba, Incorporated | Vice President of the Board | 1996–1997 | Internet technology oversight |
| Zenith Electronics Corporation | CEO; various executive roles | CEO 1995–1996; executive roles 1991–1996 | Consumer electronics leadership |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| USA Technologies, Inc. | Chairman; Director | Chairman 2019; Director 2012–2019 | Electronic payments company |
| Wintrust Financial Corporation | Director | 1996–2016 | Financial services |
Board Governance
- Independence: Moschner is listed among Board Members who are not “interested persons” and serves on committees composed entirely of Independent Board Members under NYSE/NASDAQ standards .
- Committee assignments: Chair, Closed-End Fund Committee; Member, Investment Committee; Member, Compliance, Risk Management and Regulatory Oversight Committee; Member, Nominating and Governance Committee .
- Attendance: During the last fiscal year, each Board Member attended 75% or more of Board and committee meetings for the period served .
- Tenure: Joined the Fund Complex board in 2016; current class terms vary by fund/share class .
| Committee | Role | Responsibilities Snapshot |
|---|---|---|
| Closed-End Fund Committee | Chair | Oversight of Nuveen closed-end funds’ premiums/discounts, leverage, distribution data, and market dynamics; workshops on actions to address discounts and leverage strategies . |
| Investment Committee | Member | Oversight of fund performance vs. objectives/benchmarks/peers; reviews investment risks (exposures, sectors, leverage, hedging) with quarterly reports from oversight/risk groups . |
| Compliance, Risk Management & Regulatory Oversight Committee | Member | Oversight of compliance policies, regulatory reviews, liquidity/derivatives risk, product structure risks (leverage), and operational risks; private sessions with CCO each quarter . |
| Nominating & Governance Committee | Member | Composed entirely of Independent Board Members; oversees nominations and governance matters . |
Fixed Compensation
- Structure change: Effective January 1, 2025, independent board compensation moved to higher fixed retainers with committee membership and chair retainers (replacing meeting-fee-heavy 2023 structure and increasing 2024 retainers) .
- Moschner aggregate compensation: $481,250 total compensation from Nuveen funds paid to Board Members/Nominees (fund complex) for last reported fiscal year periods in the proxy table .
| Component | Rate / Amount | Period |
|---|---|---|
| Annual Board Retainer (Independent Board Members) | $350,000 | Effective Jan 1, 2025 |
| Audit Committee Membership Retainer | $35,000 | Effective Jan 1, 2025 |
| Compliance, Risk Mgmt & Regulatory Oversight Committee Membership Retainer | $35,000 | Effective Jan 1, 2025 |
| Investment Committee Membership Retainer | $30,000 | Effective Jan 1, 2025 |
| Dividend Committee Membership Retainer | $25,000 | Effective Jan 1, 2025 |
| Nominating & Governance Committee Membership Retainer | $25,000 | Effective Jan 1, 2025 |
| Closed-End Funds Committee Membership Retainer | $25,000 | Effective Jan 1, 2025 |
| Closed-End Funds Committee Chair Retainer | $25,000 | Effective Jan 1, 2025 |
| Ad hoc meeting fees | $1,000 or $2,500 per meeting depending on length/immediacy | Effective Jan 1, 2025 |
| Special assignment committees | Chair/co-chair quarterly fee from $1,250; members quarterly fee from $5,000 | Effective Jan 1, 2025 |
| Aggregate compensation (Fund Complex) – Moschner | $481,250 | Last fiscal periods per proxy table |
Historical structure: 2023 included meeting-based fees and lower retainer ($210,000), with discrete fees per committee type; 2024 moved to higher retainers ($350,000) with lower meeting-fee emphasis prior to 2025 increases in committee membership/chair rates .
Performance Compensation
| Performance Metric | Plan Feature | Disclosure |
|---|---|---|
| Revenue/EBITDA/TSR metrics | Not applicable | Independent Board Members compensated via fixed retainers and committee/chair fees; no performance-based equity or bonus metrics disclosed . |
| Equity awards (RSUs/PSUs) | Not applicable | No director equity awards disclosed; only deferred compensation plan exists . |
| Options awards | Not applicable | No director option awards disclosed . |
Other Directorships & Interlocks
| Company | Role | Overlap/Interlock Considerations |
|---|---|---|
| USA Technologies, Inc. | Chairman (2019); Director (2012–2019) | No interlocks with NUV or adviser disclosed . |
| Wintrust Financial Corporation | Director (1996–2016) | No interlocks with NUV or adviser disclosed . |
- Related-party holdings disclosure example in proxy shows companies under common control with the adviser for Mr. Kenny; no such holdings listed for Moschner in that table .
Expertise & Qualifications
- Operating executive experience in telecom and consumer electronics (Leap Wireless COO/CMO; Verizon Card Services President; Zenith CEO), aligning with complex operations, marketing, and turnaround skill sets .
- Governance and oversight experience as consulting firm CEO and prior public company chair/director roles; oversees 217 portfolios in the Fund Complex, indicating broad fund governance exposure .
Equity Ownership
| Holding Metric | Value | Notes |
|---|---|---|
| NUV (Municipal Value Fund) shares owned | 0 | Direct beneficial ownership as of May 31, 2025 . |
| Municipal High Income shares owned | 7,136 | Direct beneficial ownership as of May 31, 2025 . |
| Dollar range – Municipal High Income | $50,000–$100,000 | As of May 31, 2025 . |
| Aggregate dollar range in all registered investment companies overseen | Over $100,000 | As of May 31, 2025 . |
| Ownership % of fund outstanding shares | <1% for each fund (individual and group) | As of June 20, 2025 . |
| Deferred compensation outstanding (selected funds) | $0 across listed participating funds for Moschner in proxy table | Deferred fees tracked to fund NAV; Moschner shows “$0” entries . |
Stock ownership guideline: Nuveen funds boards expect each Board Member to invest, either directly or on a deferred basis, at least the equivalent of one year of compensation in funds within the Fund Complex .
Governance Assessment
- Board effectiveness: Moschner chairs the Closed-End Fund Committee, which actively monitors discounts/premiums, leverage strategies, distributions, and market dynamics; his leadership role and multi-committee membership signal strong engagement in fund performance and governance oversight .
- Independence and attendance: Classified as not an “interested person” and serves on all-independent committees; attendance meets at least the 75% threshold across Board and committee meetings .
- Compensation structure: Movement to higher fixed retainers and role-based committee/chair fees in 2025 reduces meeting-fee variability and increases guaranteed pay, potentially decreasing at-risk elements and emphasizing ongoing time commitment; Moschner’s aggregate compensation was $481,250 in last reported periods .
- Alignment: Holds no NUV shares but maintains fund-complex exposure (Over $100,000 aggregate range), with a specific position in Municipal High Income ($50,000–$100,000; 7,136 shares), and the board-level guideline expects one-year-compensation investment in the fund complex .
- Conflicts and related parties: No related-party transactions or adviser-common-control holdings disclosed for Moschner in the proxy’s examples; committees include robust compliance and risk oversight mechanisms with private CCO sessions .
RED FLAGS / Watch items
- Shift toward higher guaranteed retainers in 2025 (and elevated committee/chair retainers) may reduce performance sensitivity of director pay and increase expense run-rate; monitor for continued increases and rationale tied to Board consolidation benefits .
- No direct NUV share ownership as of May 31, 2025; while aggregate fund-complex holdings exist, absence of NUV-specific holdings could be viewed as a weaker alignment signal for the specific fund by some investors .