Michael A. Forrester
About Michael A. Forrester
Independent director born in 1967; joined the Nuveen Funds Boards in 2024 following long-tenured service across the TIAA/Nuveen fund complex since 2007. Former CEO (2014–2021) and COO (2007–2014) of Copper Rock Capital Partners, with governance credentials including membership on the Independent Directors Council (ICI) Governing Council; BA from Washington & Lee University . He is deemed an Independent Board Member under the Investment Company Act and exchange listing standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Copper Rock Capital Partners, LLC | Chief Executive Officer | 2014–2021 | Led firm operations, governance, and strategy |
| Copper Rock Capital Partners, LLC | Chief Operating Officer | 2007–2014 | Oversight of operations and controls |
| College Retirement Equities Fund (CREF) | Trustee | 2007–2023 | Board oversight at major retirement fund |
| TIAA Separate Account VA-1 | Management Committee Member | 2007–2023 | Investment governance at TIAA product platform |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Aflac Incorporated | Director | Since 2025 | Board service at NYSE-listed insurer |
| Independent Directors Council (ICI) | Governing Council Member | Since 2020 | Policy and governance advocacy for fund boards |
| Dexter Southfield School | Trustee | Since 2019 | Non-profit board service |
Board Governance
- Independence: Classified as an Independent Board Member; has never been an employee or director of TIAA/Nuveen or affiliates .
- Committees: Member, Compliance, Risk Management & Regulatory Oversight Committee (Chair: Wolff) ; Member, Nominating & Governance Committee (Chair: Young) ; Member, Investment Committee (Co-Chairs: Boateng, Lancellotta) .
- Not on Audit Committee: Current Audit Committee members are Nelson (Chair), Boateng, Lancellotta, Starr, Thornton III, Wolff, Young .
- Attendance: Each Board Member attended 75% or more of Board and applicable committee meetings in the last fiscal year .
- Board structure: Seven standing committees with periodic rotation to broaden oversight perspectives .
Committee Meeting Load – New York Quality Income (NUW)
| Meeting Type | Count (FY last fiscal year) |
|---|---|
| Regular Board | 4 |
| Special Board | 7 |
| Executive Committee | 3 |
| Dividend Committee | 10 |
| Compliance, Risk & Regulatory | 4 |
| Audit Committee | 14 |
| Nominating & Governance | 6 |
| Investment Committee | 3 |
| Closed-End Fund Committee | 4 |
Fixed Compensation
| Component | Amount |
|---|---|
| Annual retainer (Independent Board Members) | $350,000 effective Jan 1, 2025 |
| Committee membership: Audit | $35,000 annually (2025) |
| Committee membership: Compliance | $35,000 annually (2025) |
| Committee membership: Investment | $30,000 annually (2025) |
| Committee membership: Dividend | $25,000 annually (2025) |
| Committee membership: Nominating & Governance | $25,000 annually (2025) |
| Committee membership: Closed-End Funds | $25,000 annually (2025) |
| Board/Committee ad hoc meeting fees | $1,000 or $2,500 depending on length/immediacy |
| Special assignment committees | Chair/Co-Chair quarterly from $1,250; members quarterly from $5,000 |
| Chair premiums (for reference—Forrester not chair) | Board Chair $150,000; Audit/Compliance Chair $35,000; Investment Chair/Co-Chair $30,000; Dividend/Nominating/CEF Chairs $25,000 |
| Prior structure (2023; per-meeting fees) | $210,000 retainer + per-meeting fees (e.g., Board $7,250/day; Compliance $5,000/mtg; other committees varying) |
| Transition (2024) | $350,000 retainer + lower committee retainers prior to Jan 1, 2025 |
| Retirement/pension | None; no retirement/pension plans for Funds |
Aggregate Compensation Across Nuveen Funds (last fiscal year/stub periods per fund)
| Person | Total Compensation from Nuveen Funds |
|---|---|
| Michael A. Forrester | $480,750 |
Deferred Compensation Plan is available; amounts treated as though invested in eligible Nuveen funds with distributions in lump sum or 2–20 years; participating funds book a reserve account .
Performance Compensation
| Performance Metric Tied to Director Pay | Disclosed Details |
|---|---|
| Performance-linked bonus or PSU/option awards | None disclosed; director compensation is cash retainers/fees with optional deferral |
| ESG/TSR/Revenue/EBITDA targets | Not applicable for Independent Board Members |
Other Directorships & Interlocks
| Company | Role | Type | Interlock/Notes |
|---|---|---|---|
| Aflac Incorporated | Director | Public | Interlock: Thomas J. Kenny is also Director (since 2015) and Chair of Finance & Investment Committee (since 2018) at Aflac . Forrester joined Aflac board in 2025 . |
| IDC Governing Council (ICI) | Member | Industry body | Governance network role |
| Dexter Southfield School | Trustee | Non-profit | External non-profit governance |
Expertise & Qualifications
| Attribute | Evidence |
|---|---|
| Asset management leadership | CEO and COO at Copper Rock Capital Partners |
| Fund governance experience | CREF Trustee and TIAA VA-1 Management Committee (2007–2023) |
| Industry policy engagement | IDC Governing Council (ICI) member |
| Education | BA, Washington & Lee University |
Equity Ownership
| Fund | Dollar Range of Equity Securities | Fund Shares Beneficially Owned (as of May 31, 2025) |
|---|---|---|
| New York Quality Income (NUW) | $0 | 0 |
| Quality Income | $0 | 0 |
| Select Maturities | $0 | 0 |
| Taxable Income | $0 | 0 |
| Aggregate across all registered investment companies overseen | Over $100,000 | N/A (aggregate dollar range; includes deferred equivalents) |
Note: Deferred Compensation Plan amounts are treated as if invested in participating funds; aggregate dollar range includes share equivalents per plan .
Governance Assessment
- Board effectiveness: Forrester adds experienced asset management operating leadership and broad fund-governance experience (CREF/VA-1), strengthening risk oversight and investment performance review through active participation on Investment and Compliance Committees .
- Independence and engagement: Classified Independent; attendance at or above 75% threshold; not on Audit Committee but engaged via Compliance, Nominating, and Investment committees, distributing workload across risk, governance, and performance oversight .
- Compensation alignment: Fixed retainer-based structure with transparent committee premia; no equity or performance pay; optional deferral provides economic alignment via fund-linked accounts without creating short-term incentive distortion; total compensation across Nuveen funds was $480,750, consistent with high portfolio count oversight (216 portfolios) .
- Ownership alignment: No direct holdings in NUW (0 shares) but aggregate Nuveen complex exposure “Over $100,000,” primarily via deferred compensation, supporting economic alignment while complying with independence standards .
- Potential conflicts/interlocks: Aflac board interlock with fellow Nuveen director Thomas J. Kenny may facilitate information flow but does not present an apparent supplier/customer conflict for NUW; no related-party transactions or pledging/hedging disclosures identified in proxy .
- RED FLAGS: None disclosed regarding attendance shortfalls, related-party transactions, equity award repricing, tax gross-ups, or hedging/pledging; committee membership changes and retainer adjustments appear governance-driven and transparently disclosed .