Loren M. Starr
About Loren M. Starr
Independent Board Member of Nuveen AMT‑Free Municipal Value Fund (NUW); born 1961; oversees 216 portfolios in the Nuveen Fund Complex; service “Length of Service: Since 2022” and narrative “joined the Board in 2024.” Former Vice Chair and longstanding CFO of Invesco Ltd.; currently a Director and Audit Committee Chair at AMG. Education: BA and BS (Columbia College), MBA (Columbia Business School), MS (Carnegie Mellon University) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Invesco Ltd. | Vice Chair, Senior Managing Director | 2020–2021 | Senior leadership overseeing finance |
| Invesco Ltd. | Chief Financial Officer, Senior Managing Director | 2005–2020 | Led global finance function; public markets, capital allocation |
| Independent | Independent Consultant/Advisor | Since 2021 | Advisory assignments post-Invesco |
| College Retirement Equities Fund (CREF) | Trustee | 2022–2023 | Governance of TIAA-affiliated funds |
| TIAA Separate Account VA‑1 | Management Committee Member | 2022–2023 | Oversight of variable annuity account |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| AMG (Affiliated Managers Group) | Director; Audit Committee Chair | Director since 2023; Audit Chair since 2024 | Financial oversight at a public asset manager |
| Georgia Leadership Institute for School Improvement (GLISI) | Chair & Director (former) | 2014–2021 | Board leadership at education nonprofit |
| Georgia Council on Economic Education (GCEE) | Chair & Trustee (former) | 2015–2018 | Education policy governance |
Board Governance
- Independence: The NUW board members, including Starr, are “not interested persons” and have never been employees or directors of TIAA/Nuveen or affiliates; deemed Independent Board Members .
- Committee memberships and roles: Starr serves on Audit (designated “audit committee financial expert”), Dividend, Nominating & Governance, Investment, and Closed‑End Fund Committees .
- Attendance: Each Board Member attended at least 75% of board and committee meetings in the last fiscal year .
- Class/term context: For AMT‑Free Value (NUW), Starr is designated Class III with term expiring at the 2027 annual meeting .
- Board structure: Unitary board across Nuveen funds; independent Chair (Robert L. Young) .
Committee Assignments
| Committee | Membership | Role |
|---|---|---|
| Audit Committee | Nelson (Chair), Boateng, Lancellotta, Starr, Thornton, Wolff, Young | Member; Audit Committee Financial Expert |
| Dividend Committee | Thornton (Chair), Lancellotta, Kenny, Nelson, Starr | Member |
| Nominating & Governance | Young (Chair) + Boateng, Forrester, Kenny, Lancellotta, Medero, Moschner, Nelson, Starr, Thornton, Toth, Wolff | Member |
| Investment Committee | Boateng & Lancellotta (Co‑Chairs) + Forrester, Kenny, Medero, Moschner, Nelson, Starr, Thornton, Toth, Wolff, Young | Member |
| Closed‑End Fund Committee | Moschner (Chair), Kenny, Nelson, Starr, Thornton, Wolff, Young | Member |
Fixed Compensation
- Structure evolution:
- 2023: $210,000 annual retainer; per‑meeting fees (Board $7,250/day; Special $4,000; Audit/CEF/Investment $2,500; Compliance/Risk $5,000; Dividend $1,250; other committees $500); Chair adders (Board $140k; committee chairs $20k); site‑visit fees $5,000/day .
- 2024 (pre‑Jan 1, 2025): $350,000 annual retainer; annual committee retainers—Audit & Compliance $30,000; Investment $20,000; Dividend/Nominating/Closed‑End $20,000; chair adders—Board $140,000; Audit/Compliance $30,000; Investment $20,000; Dividend/Nom/CEF $20,000; ad hoc $1,000/$2,500 .
- Effective Jan 1, 2025: $350,000 annual retainer; annual committee retainers—Audit & Compliance $35,000; Investment $30,000; Dividend/Nominating/Closed‑End $25,000; chair adders—Board $150,000; Audit/Compliance $35,000; Investment $30,000; Dividend/Nom/CEF $25,000; ad hoc $1,000/$2,500 .
| Item | 2023 | 2024 (pre‑2025) | Effective Jan 1, 2025 |
|---|---|---|---|
| Annual Retainer (Independent Director) | $210,000 | $350,000 | $350,000 |
| Audit Committee Membership Retainer | $2,500/meeting | $30,000 | $35,000 |
| Compliance/Risk Committee Membership Retainer | $5,000/meeting | $30,000 | $35,000 |
| Investment Committee Membership Retainer | $2,500/meeting | $20,000 | $30,000 |
| Dividend/Nominating/Closed‑End Membership Retainer | $1,250 per meeting (Dividend); $500 other | $20,000 each | $25,000 each |
| Board Chair Adder | $140,000 | $140,000 | $150,000 |
| Committee Chair Adders (Audit/Compliance/Investment/Dividend/Nom/CEF) | $20,000 each | $30,000/$30,000/$20,000/$20,000 | $35,000/$35,000/$30,000/$25,000 |
| Ad hoc meeting fee | $— | $1,000/$2,500 | $1,000/$2,500 |
- Actual paid amounts:
- Aggregate compensation from NUW to Starr (FY ended Oct 31, 2024): $551 .
- Total compensation from Nuveen Funds paid to Starr: $479,750 .
Performance Compensation
- No stock, option, PSU/RSU awards, bonus targets, or performance metrics are disclosed for Independent Board Members of NUW; the Funds have no retirement/pension plans .
- Deferred Compensation Plan available: Starr elected deferrals at certain Participating Funds; deferred amounts are marked to fund returns; distributions may be lump sum or 2–20 years .
- NUW deferred fees credit to Starr (FY): $190 .
| Plan Feature | Detail |
|---|---|
| Eligibility | Independent Board Members of Participating Funds |
| Tracking | Book reserve credited as if invested in eligible Nuveen funds |
| Payout | Lump sum or 2–20 years; fund not liable for other funds’ obligations |
| Starr NUW deferral (FY) | $190 |
Other Directorships & Interlocks
| Company/Entity | Type | Role | Interlock/Exposure |
|---|---|---|---|
| AMG (Affiliated Managers Group) | Public company | Director; Audit Committee Chair | External asset manager; governance oversight role |
| CREF; TIAA Separate Account VA‑1 | Registered funds | Trustee; Management Committee Member (prior) | Prior governance at TIAA‑affiliated funds; not TIAA/Nuveen employment |
Expertise & Qualifications
- Designated Audit Committee Financial Expert; deep capital markets/accounting oversight experience .
- Long‑tenured public company CFO; graduate education in finance/engineering; broad board governance background .
Equity Ownership
- Beneficial ownership in NUW: $0; number of NUW shares owned by Starr: 0 (as of May 31, 2025) .
- Aggregate dollar range of equity securities across Nuveen funds overseen: “Over $100,000” for Starr .
- Ownership alignment guideline: Board Members are expected to invest at least the equivalent of one year of compensation in funds in the Fund Complex; individual holdings of each Fund were <1% of outstanding shares as of June 20, 2025 .
| Item | NUW | Fund Complex Aggregate |
|---|---|---|
| Beneficial ownership ($ range) | $0 | Over $100,000 |
| Shares owned | 0 | n/a |
| Ownership guideline | Expected ≥ one year’s compensation in Fund Complex | Status not explicitly stated |
| Pledging/Hedging | Not disclosed | Not disclosed |
Governance Assessment
-
Strengths:
- Independent director with audit financial expert designation and extensive CFO credentials; serves on all key committees (Audit, Nominating, Investment, Dividend, Closed‑End), indicating high engagement and board trust .
- Attendance threshold met (≥75%) across board and committee meetings; robust committee cadence supports oversight of valuation, compliance, leverage, and discount/premium management for the closed‑end structure .
- Compensation structure moved to stable annual retainers with raised committee retainers in 2025, aligning pay with ongoing responsibilities and reducing reliance on per‑meeting fees—positive for continuity of oversight in complex fund operations .
-
Potential concerns and monitoring items:
- Direct ownership in NUW is $0; while aggregate complex holdings are “Over $100,000,” the board guideline expects investment equal to one year of compensation, and explicit compliance status is not disclosed—monitor alignment relative to total compensation scale .
- External time commitments (AMG Audit Chair plus oversight of 216 portfolios) require continued tracking of attendance and committee participation; current disclosure indicates ≥75% attendance .
- Related‑party exposures: none disclosed for Starr; board independence affirmed; continue monitoring disclosures for any transactions with entities where Starr has roles .
-
No red flags disclosed:
- No Section 16(a) delinquencies; no fund retirement/pension; no stock option repricing; no loans; no related‑party transactions specified for Starr .