Albin F. Moschner

About Albin F. Moschner

Independent Board Member of Nuveen AMT-Free Municipal Value Fund (NUW); year of birth 1952; joined the Nuveen funds Board in 2016. Founder and CEO of Northcroft Partners, LLC (since 2012) with prior C-suite and senior operating roles in wireless and electronics (Leap Wireless: CMO 2004–2008, COO 2008–2011, consultant 2011–2012; Verizon Card Services: President 2000–2003; One Point Communications: President 1999–2000; Zenith Electronics: Director/President/CEO 1995–1996 and Director/President/COO 1994–1995). Education: B.E. in Electrical Engineering (City College of New York, 1974) and M.S. in Electrical Engineering (Syracuse University, 1979). For NUW specifically, he serves as a Class III Board Member; last elected August 8, 2024, with term expiring at the 2027 annual meeting; he is deemed an Independent Board Member under the 1940 Act and exchange listing standards.

Past Roles

External Roles

Board Governance

• Independence: All current Board Members, including Moschner, are not “interested persons” under the 1940 Act and are independent under NYSE/NASDAQ standards.
• Class and term (NUW): Class III; last elected August 8, 2024; term runs to 2027 annual meeting (no preferred shares for NUW).
• Committee assignments:
  • Closed-End Fund Committee: Chair (focuses on discounts, leverage strategy, repurchases, market dynamics).
  • Compliance, Risk Management and Regulatory Oversight Committee: Member.
  • Investment Committee: Member.
  • Nominating & Governance Committee: Member.
  • Not on Audit, Dividend, Executive Committees per current roster.
• Attendance: Each Board Member attended ≥75% of Board and committee meetings during the last fiscal year.

Fixed Compensation

• Structure (effective Jan 1, 2025): Annual retainer $350,000; committee membership retainers—Audit $35,000, Compliance $35,000, Investment $30,000, Dividend $25,000, Nominating & Governance $25,000, Closed-End $25,000; chair retainers—Board Chair $150,000, Audit Chair $35,000, Compliance Chair $35,000, Investment Chair/Co-Chair $30,000, Dividend Chair $25,000, Nominating & Governance Chair $25,000, Closed-End Chair $25,000; ad hoc meeting fees $1,000 or $2,500 depending on length/immediacy; special assignment committee fees (Chair/Co-Chair quarterly starting at $1,250; members quarterly starting at $5,000).

• Prior structures:

  • Prior to Jan 1, 2025: Annual retainer $350,000; membership retainers Audit $30,000, Compliance $30,000, Investment $20,000, Dividend $20,000, Nominating & Governance $20,000, Closed-End $20,000; chair retainers—Board Chair/Co-Chair $140,000, Audit Chair/Co-Chair $30,000, Compliance Chair/Co-Chair $30,000, Investment Chair/Co-Chair $20,000, Dividend Chair/Co-Chair $20,000, Nominating & Governance Chair/Co-Chair $20,000, Closed-End Chair/Co-Chair $20,000; ad hoc fees $1,000 or $2,500; special assignment quarterly fees (Chair start $1,250; members start $5,000).
  • Calendar year 2023 (pre-2024 policy): Annual retainer $210,000; meeting fees varied by committee and whether regular/special (e.g., Board day $7,250; special Board $4,000; Audit/Closed-End/Investment $2,500; Compliance $5,000; Dividend $1,250; other committees $500; IPO pricing $100). Additional retainers: Board Chair $140,000; committee chairs (Audit, Dividend, Compliance, Nominating & Governance, Closed-End, Investment) $20,000; site visit fee $5,000/day; allocations by fund assets.

• Deferred Compensation Plan: Available to Independent Board Members; Moschner reported $0 deferred fees across Participating Funds in the latest period.

Performance Compensation

Other Directorships & Interlocks

• No disclosed shared directorships with NUW’s adviser or service providers for Moschner; related-party exposure table in proxy illustrates holdings for another Board Member (Kenny) in Adviser-related companies, not Moschner.

Expertise & Qualifications

• Deep operating experience in wireless telecom and consumer electronics; founder/operator of a consulting firm specializing in governance and operations.
• Technical credentials: B.E. and M.S. in Electrical Engineering.
• Governance credentials: Prior public company board chairmanship and long-tenured directorship; service on academic and financial advisory boards.

Equity Ownership

• Ownership guideline: Board Members are expected to invest at least the equivalent of one year of compensation in funds within the Fund Complex (directly or on a deferred basis).
• Ownership concentration: Individual beneficial holdings in each Fund are <1% of outstanding; group holdings of Board Members and officers are <1% per Fund.

• Pledging/hedging: No pledging or hedging disclosures for Moschner; none indicated.

Governance Assessment

• Strengths:
  • Independent director with substantial operating and governance experience; chairs the Closed-End Fund Committee overseeing discount remediation, leverage strategy, and repurchases—a critical lever for shareholder value in closed-end funds.
  • Meets attendance threshold; active participation across multiple committees (Compliance, Investment, Nominating & Governance).
  • Board-wide expectation to invest one year of compensation in Fund Complex; Moschner reports “Over $100,000” aggregate fund ownership and $50,000–$100,000 in NMZ, supporting alignment, albeit not specifically in NUW.
• Watch items / potential red flags:
  • No NUW share ownership reported (as of May 31, 2025), which may modestly dilute direct alignment with NUW shareholders even though alignment is pursued at the complex level.
  • Compensation has shifted to higher fixed retainers and structured committee retainers (2024–2025), increasing guaranteed cash versus meeting-based fees; investors should monitor whether the Closed-End Fund Committee’s discount actions and capital allocation policies robustly tie to outcomes despite lack of performance-linked director pay.
• Conflicts/related party exposure:
  • No Moschner-specific related-party transactions or Adviser-affiliate investments disclosed; independence affirmed.

Overall, Moschner’s chairmanship of the Closed-End Fund Committee is a positive governance signal for discount management and market-facing actions; the absence of NUW-specific share ownership and a purely fixed-fee director pay framework warrant continued monitoring of committee effectiveness and fund-specific alignment.