Albin F. Moschner

About Albin F. Moschner

Independent Board Member of Nuveen AMT‑Free Municipal Credit Income Fund (NVG) since 2016 (unitary board across Nuveen fund complex); year of birth 1952; B.E. in Electrical Engineering (City College of New York, 1974) and M.S. in Electrical Engineering (Syracuse University, 1979) . Founder/CEO of Northcroft Partners, LLC (management consulting) since 2012; prior C‑suite roles include COO and CMO at Leap Wireless, President of Verizon Card Services, and CEO of Zenith Electronics—bringing operating, marketing, and technology governance expertise . He is an Independent Board Member (not an “interested person” of the Funds, Nuveen, or TIAA) and, for funds with preferred shares (including NVG), is nominated for annual election by holders of preferred shares; for funds without preferred shares, he serves in a staggered class through 2027 .

Past Roles

External Roles

Board Governance

• Independence: Not an “interested person” of the Funds, Adviser, or their affiliates (Independent Board Member) .
• Election/Term: For funds with Preferred Shares (including NVG), Moschner is a nominee elected annually by preferred shareholders; for funds without Preferred Shares, he is a Class II/III Board Member through the 2027 annual meeting (staggered board) .
• Committees and Roles:
  • Closed‑End Fund Committee: Chair .
  • Compliance, Risk Management & Regulatory Oversight Committee: Member .
  • Nominating & Governance Committee: Member .
  • Investment Committee: Member (committee of all Independent Board Members; co‑chairs are Boateng and Lancellotta) .
• Attendance: “During the last fiscal year, each Board Member attended 75% or more” of Board and relevant committee meetings .

NVG Board and Committee Meetings (FY ended Oct 31, 2024)

Fixed Compensation

Independent Board Members are paid cash retainers and committee retainers (no pensions), with optional deferred compensation linked to Nuveen fund returns. Fee schedule evolved as follows :

Independent Director Fee Structure (per director; allocated across Funds)

Director‑specific compensation paid (most recent disclosed periods)

Performance Compensation

Director pay is not performance‑based (no stock options/PSUs); there are no retirement or pension plans. Directors may elect to defer fees into Nuveen funds; Moschner’s deferred fees for NVG were $0 in the latest table .

Performance Metrics and Equity Awards (Independent Directors)

Other Directorships & Interlocks

All Board Members are independent of the Adviser and affiliates; no related‑party transactions involving Moschner are disclosed in the proxy .

Expertise & Qualifications

• Telecom, consumer electronics, and services operating experience (COO/CMO/CEO roles), plus governance and regulatory exposure—aligned with oversight of complex closed‑end fund structures and leverage/derivatives risk .
• Leads Closed‑End Fund Committee, directly engaging on discounts/premiums, leverage, distributions, and market dynamics for Nuveen closed‑end funds .
• Engineering education (EE) with senior executive roles supports risk, technology, and operational oversight on compliance/risk and investment oversight committees .

Equity Ownership

Ownership principle: each Board Member is expected to invest at least the equivalent of one year of compensation in the Nuveen fund complex (measured across funds); individual holdings in any single fund typically <1% .

Director Beneficial Ownership (as of May 31, 2025)

Notes:

• As of June 20, 2025, each Board Member’s holding in any fund was <1% of that fund’s outstanding shares .

Insider Trades

Governance Assessment

• Strengths

  • Independent; long‑tenured (since 2016); chairs Closed‑End Fund Committee and sits on Compliance/Risk, Investment, and Nominating & Governance—concentrated governance leverage on risk/compliance and closed‑end market issues .
  • Robust engagement: NVG held 4 regular, 8 special Board meetings and active committee calendars; all Board Members attended ≥75% of meetings .
  • Election by preferred shareholders (for funds with preferred) adds an additional accountability channel for leverage investors .
  • Independence from Nuveen/TIAA; no disclosed related‑party ties .

• Potential Red Flags / Watch‑Items

  • Direct NVG ownership is $0; while aggregate fund complex ownership is “Over $100,000,” the coarse disclosure makes compliance with the “one‑year compensation” ownership guideline impossible to verify—monitor for future disclosure clarity (ownership principle noted in proxy) .
  • Compensation is entirely fixed/retainer‑based and committee‑based; absence of performance metrics is typical for fund boards but offers limited pay‑for‑performance alignment—continue to monitor discount management actions by Closed‑End Fund Committee under his chairmanship .
  • No insider trading activity reported in the period; maintain surveillance for alignment signals via open‑market purchases should discounts widen .

Fixed Compensation (Detail by Fund – Extract)

Total compensation from all Nuveen funds paid to Moschner (latest table): $481,250 .

Performance Compensation (Metrics Table)

Other Directorships & Interlocks (Detail)

Governance Notes and Controls

• Audit Committee is independent and designates financial experts; valuation oversight is centralized; auditors changed from KPMG (FY 2024) to PwC for current fiscal year—routine governance detail, not director‑specific .
• Unitary board structure across Nuveen funds drives scale benefits in oversight of leverage, discount/premium management, distribution policy, and risk controls; Moschner’s chair role on the Closed‑End Fund Committee positions him centrally in these actions .
• Section 16(a) compliance: Funds report full compliance for Board Members in last fiscal year .

Overall: Strong governance presence with deep operating background and central role in closed‑end fund oversight. Key monitoring items are alignment via personal NVG ownership (currently $0) and the committee’s responsiveness to discount dynamics and leverage policies under his chairmanship .