Loren M. Starr
About Loren M. Starr
Loren M. Starr is an independent board member of the Nuveen closed‑end fund complex that includes NVG; he joined the Boards in 2024 (length of service in the broader Fund Complex since 2022) and is designated an audit committee financial expert . He is the former CFO (2005–2020) and later Vice Chair/Senior Managing Director (2020–2021) of Invesco Ltd., and currently serves as a Director and Chair of the Audit Committee of Affiliated Managers Group, Inc. (AMG) . He holds a B.A. and B.S. from Columbia College, an M.B.A. from Columbia Business School, and an M.S. from Carnegie Mellon University; year of birth: 1961 . He is a Class III director with a term expiring at the 2027 annual meeting for the relevant Nuveen funds, and is treated as an Independent Board Member across the committees on which he serves .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Invesco Ltd. | Chief Financial Officer, Senior Managing Director | 2005–2020 | Led finance function at a global asset manager |
| Invesco Ltd. | Vice Chair, Senior Managing Director | 2020–2021 | Senior leadership role post‑CFO |
| Independent Consultant/Advisor | Consultant | 2021–present | Advisory services in finance/asset management |
| CREF / TIAA Separate Account VA‑1 | Trustee (CREF) / Management Committee (VA‑1) | 2022–2023 | Governance of affiliated retirement vehicles |
External Roles
| Organization | Role | Tenure | Committees/Notes |
|---|---|---|---|
| Affiliated Managers Group, Inc. (AMG) | Director; Chair, Audit Committee | Director since 2023; Audit Chair since 2024 | Public company board; external audit leadership |
| Georgia Leadership Institute for School Improvement (GLISI) | Former Chair and Director | Historical | Non‑profit governance |
| Georgia Council on Economic Education (GCEE) | Former Chair and Trustee | Historical | Non‑profit governance |
Board Governance
- Independence and financial expert status: Starr is an Independent Board Member and has been designated an “audit committee financial expert” under SEC rules .
- Attendance: During the last fiscal year, each Board Member attended at least 75% of Board and applicable committee meetings .
- Board structure and term: He is a Class III director for certain funds with terms expiring at the 2027 annual meeting; the Boards are chaired by Independent Chair Robert L. Young .
| Committee | Role | Composition/Notes |
|---|---|---|
| Audit Committee | Member | All members are Independent; Starr is one of seven members; the committee oversees auditors, financial statements, and valuation oversight . |
| Nominating & Governance Committee | Member | Composed entirely of Independent Board Members; oversees board composition, governance, and director education . |
| Investment Committee | Member | Oversees fund performance and investment risk; composed of Independent Board Members . |
| Closed‑End Fund Committee | Member | Reviews premiums/discounts, leverage, and secondary market dynamics for Nuveen CEFs . |
| Dividend Committee | Member | Authorized to declare distributions subject to subsequent Board ratification . |
Fixed Compensation
| Element | 2024 Structure (prior to Jan 1, 2025) | 2025 Structure (effective Jan 1, 2025) |
|---|---|---|
| Annual Board Retainer (Independent) | $350,000 | $350,000 |
| Audit Committee – membership retainer | $30,000 | $35,000 |
| Compliance, Risk Mgmt & Regulatory Oversight – membership retainer | $30,000 | $35,000 |
| Investment Committee – membership retainer | $20,000 | $30,000 |
| Dividend Committee – membership retainer | $20,000 | $25,000 |
| Nominating & Governance – membership retainer | $20,000 | $25,000 |
| Closed‑End Fund Committee – membership retainer | $20,000 | $25,000 |
| Board Chair additional retainer | $140,000 | $150,000 |
| Committee Chair additional retainer (Audit; Compliance) | $30,000 | $35,000 |
| Committee Chair additional retainer (Investment) | $20,000 | $30,000 |
| Committee Chair additional retainer (Dividend; Nominating; Closed‑End) | $20,000 | $25,000 |
| Ad hoc meeting fees | $1,000 or $2,500 depending on length/immediacy | $1,000 or $2,500 depending on length/immediacy |
| Special assignment committee fees | Chair/Co‑Chair quarterly fee starting $1,250; members starting $5,000 | Same structure |
Additional disclosures:
- For 2023, the structure included per‑meeting fees (e.g., $7,250 per day for regular Board meetings), which was replaced by higher fixed retainers beginning Jan 1, 2024 .
- The Board maintains a Deferred Compensation Plan allowing directors to defer fees into notional accounts tied to eligible Nuveen funds; funds do not provide retirement or pension plans for directors .
Aggregate compensation actually paid across the Nuveen fund complex (latest reported fiscal periods):
- Total compensation from Nuveen Funds paid to Starr: $479,750 .
Performance Compensation
- Stock/option awards: Not applicable for these funds; director compensation is paid as cash retainers/fees (with optional deferral into notional fund accounts) and does not include stock or option awards from the funds .
- Performance metrics: None disclosed for directors; compensation is not tied to revenue/EBITDA/TSR metrics for fund directors .
Sample of Starr’s deferred compensation balances (notional) by fund:
| Fund | Deferred Fees Payable |
|---|---|
| AMT‑Free Credit Income (FY) | $3,251 |
| AMT‑Free Quality (FY) | $4,174 |
| Quality Income (FY) | $3,318 |
| Taxable Income (FY) | $637 |
Other Directorships & Interlocks
| Company/Organization | Role | Committee | Since |
|---|---|---|---|
| Affiliated Managers Group, Inc. (AMG) | Director | Chair, Audit Committee | Director since 2023; Audit Chair since 2024 |
| CREF (College Retirement Equities Fund) | Trustee (prior service) | — | 2022–2023 |
| TIAA Separate Account VA‑1 | Management Committee (prior service) | — | 2022–2023 |
Notes:
- Starr’s prior service at CREF and VA‑1 reflects historical roles within entities affiliated with Nuveen’s parent ecosystem; no related‑party transaction for Starr is disclosed in the current proxy .
Expertise & Qualifications
- Financial leadership: Former CFO and later Vice Chair/Senior MD at Invesco Ltd. .
- Audit expertise: Designated SEC “audit committee financial expert”; external Chair of AMG’s Audit Committee .
- Education: B.A. and B.S. (Columbia College), M.B.A. (Columbia Business School), M.S. (Carnegie Mellon University) .
Equity Ownership
Ownership guideline:
- Governance principle: each Board Member is expected to invest, directly or on a deferred basis, at least one year’s compensation in funds within the Fund Complex (aggregate across funds) .
Reported holdings (as of May 31, 2025):
- Dollar range by fund and aggregate: $0 in each listed Nuveen fund; aggregate range across all registered investment companies overseen is “Over $100,000” for Starr .
- Share counts by fund: Starr reported 0 shares in each listed fund (including those in the complex that hold NVG‑like mandates) .
- Concentration: Each director individually held less than 1% of outstanding shares of any fund as of June 20, 2025 .
Governance Assessment
- Strengths: Independent status; designated audit committee financial expert; broad committee participation (Audit, Nominating & Governance, Investment, Closed‑End, Dividend) supporting oversight depth .
- Engagement: Met the ≥75% attendance threshold for Board/committee meetings in the last fiscal year .
- Alignment: Compensation is primarily fixed cash retainers with optional deferral into fund‑linked notional accounts; Starr shows “Over $100,000” aggregate fund exposure via direct/deferred holdings across the complex, though he reports $0 in each specific fund table for the period presented .
- Compensation structure changes: Movement from per‑meeting fees (2023) to higher fixed retainers (2024) with incremental increases to committee retainers (2025) emphasizes predictability and time‑commitment recognition, not performance‑based pay .
- Conflicts/Related parties: Current proxy discloses specific related holdings for another director but does not list Starr in related‑party tables; no Starr‑specific related‑party transactions disclosed .
- Term and leadership context: He is not a committee chair at the Nuveen funds (Audit Chair is John K. Nelson; Closed‑End Chair is Albin F. Moschner; Dividend Chair is Matthew Thornton; Nominating & Governance Chair is Robert L. Young; Investment Co‑Chairs are Joseph A. Boateng and Amy B. R. Lancellotta) .
Overall investor implication: Starr brings deep CFO/audit expertise and currently chairs an external public company audit committee, reinforcing financial oversight quality; compensation and ownership structures are typical for Nuveen CEF boards, with optional fee deferrals providing some alignment, although direct fund share ownership for the specific funds listed is reported as $0 for the period presented .