Loren M. Starr
About Loren M. Starr
Independent director of Nuveen Municipal Credit Income Fund (NZF) and other Nuveen closed‑end funds; born 1961 and serves in the unitary Nuveen fund complex with term classified as Class II/III through the 2027 annual meeting . He is designated an Audit Committee financial expert and serves on multiple standing committees; the Board deems him independent (not an “interested person”) and notes none of the independent members have ever been employees or directors of TIAA or Nuveen . Education: B.A. and B.S. from Columbia College, M.B.A. from Columbia Business School, and M.S. from Carnegie Mellon University . Biography notes he joined the Board in 2024 within the Fund Complex context (unitary board service spans multiple funds) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Invesco Ltd. | Chief Financial Officer, Senior Managing Director | 2005–2020 | Senior finance leadership for global asset manager |
| Invesco Ltd. | Vice Chair, Senior Managing Director | 2020–2021 | Strategic leadership post‑CFO tenure |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| AMG | Director | Since 2023 | Audit Committee member since 2024 |
| College Retirement Equities Fund (CREF) | Trustee | 2022–2023 | Board service in TIAA complex |
| TIAA Separate Account VA‑1 | Management Committee Member | 2022–2023 | Oversight within TIAA complex |
| Georgia Leadership Institute for School Improvement (GLISI) | Chair/Director (former) | 2014–2021 | Non‑profit governance |
| Georgia Council on Economic Education (GCEE) | Chair/Trustee (former) | 2015–2018 | Non‑profit governance |
Board Governance
- Independence: The Nuveen funds’ Board Members (including Starr) are not “interested persons” and have never been employees or directors of TIAA or Nuveen; they are deemed Independent Board Members .
- Committee memberships: Dividend Committee (member), Audit Committee (member; designated “audit committee financial expert”), Nominating & Governance Committee (member), Investment Committee (member), Closed‑End Fund Committee (member). None of these list Starr as chair .
- Attendance: During the last fiscal year, each Board Member attended at least 75% of Board and committee meetings for which they served .
- Scope: Unitary board oversight across 216–217 portfolios in the Fund Complex; Starr’s table shows oversight of 216 portfolios .
Fixed Compensation
Compensation structure effective January 1, 2025 for Independent Board Members:
| Component | Amount (USD) | Notes |
|---|---|---|
| Annual retainer (Independent Board Member) | $350,000 | Effective Jan 1, 2025 |
| Committee membership retainer – Audit | $35,000 | Per member |
| Committee membership retainer – Compliance, Risk Mgmt & Regulatory Oversight | $35,000 | Per member |
| Committee membership retainer – Investment | $30,000 | Per member |
| Committee membership retainer – Dividend | $25,000 | Per member |
| Committee membership retainer – Nominating & Governance | $25,000 | Per member |
| Committee membership retainer – Closed‑End Fund | $25,000 | Per member |
| Chair premium – Board Chair | $150,000 | Not applicable to Starr |
| Chair premium – Audit; Compliance | $35,000 | Not Starr; committee chairs named elsewhere |
| Chair premium – Investment | $30,000 | Not Starr |
| Chair premium – Dividend; Nominating & Governance; Closed‑End Fund | $25,000 | Not Starr |
| Ad hoc Board/Committee meeting fee | $1,000–$2,500 | Based on meeting length/immediacy |
| Special assignment committee fees | Chair/co‑chair: from $1,250 quarterly; members: from $5,000 quarterly | As applicable |
Compensation paid (most recent reported periods):
| Metric | Period | Amount |
|---|---|---|
| Aggregate compensation from Nuveen Funds paid to Loren M. Starr | Latest reported (per 2025 proxy table) | $479,750 |
| NZF (Credit Income) – compensation paid to Loren M. Starr | Fiscal year ended Oct 31, 2024 | $7,993 |
Performance Compensation
| Item | Disclosure |
|---|---|
| Performance‑based cash bonus | None disclosed for Independent Board Members; compensation comprised of retainers, committee fees, and meeting fees |
| Equity/option awards to directors | None disclosed; directors may elect to defer fees via Deferred Compensation Plan (notional investment in eligible Nuveen funds) |
| Clawbacks, severance, CIC provisions for directors | Not disclosed/applicable for Independent Board Members in proxy |
Deferred compensation specifics:
| Item | Structure/Amount |
|---|---|
| Deferred Compensation Plan mechanics | Fees can be deferred; credited to a book reserve account tracking eligible Nuveen fund shares; distributions in lump sum or 2–20 years |
| Deferred fees – Loren M. Starr (NZF) | $2,752 (Fiscal year ended Oct 31, 2024) |
Other Directorships & Interlocks
| Company/Institution | Role | Since/Through | Committee/Notes |
|---|---|---|---|
| AMG | Director | Since 2023 | Audit Committee member since 2024 |
| College Retirement Equities Fund (CREF) | Trustee | 2022–2023 | Prior board service in TIAA complex |
| TIAA Separate Account VA‑1 | Management Committee Member | 2022–2023 | Prior management committee role |
| GLISI | Chair/Director (former) | 2014–2021 | Non‑profit |
| GCEE | Chair/Trustee (former) | 2015–2018 | Non‑profit |
Expertise & Qualifications
- Senior finance expertise from Invesco CFO role and subsequent Vice Chair responsibilities; brings public company asset management acumen .
- Designated Audit Committee financial expert; serves on Audit Committee and multiple oversight committees across the fund complex .
- Academic credentials from Columbia (BA/BS; MBA) and Carnegie Mellon (MS) align with finance and analytical oversight .
Equity Ownership
| Fund/Complex | Dollar Range of Equity Securities (as of May 31, 2025) | Shares Beneficially Owned (as of May 31, 2025) |
|---|---|---|
| Nuveen Municipal Credit Income Fund (NZF) | $0 | 0 |
| Aggregate across all registered funds overseen in Fund Complex | Over $100,000 | Group totals shown separately; individual per‑fund holdings each <1% outstanding |
Additional governance principle:
- Board principle expects each Board Member to invest at least the equivalent of one year of compensation in funds within the Fund Complex (direct or deferred) .
Governance Assessment
- Breadth and engagement: Starr sits on Dividend, Audit (financial expert), Nominating & Governance, Investment, and Closed‑End Fund Committees—indicative of deep involvement in oversight of valuation, performance, distributions, and governance . Attendance met the ≥75% threshold across Board and committees in the last fiscal year, supporting baseline engagement .
- Independence and conflicts: Classified as independent; Board confirms none of the independent members have been employees or directors of TIAA/Nuveen; biography shows prior roles with CREF and VA‑1 within TIAA’s fund complex, but not TIAA/Nuveen corporate, consistent with independence criteria .
- Ownership alignment: Starr disclosed $0 holdings in NZF specifically, while his aggregate Nuveen complex holdings are “Over $100,000”; the Board principle expects one year of compensation invested in the complex—investors may monitor ongoing alignment given NZF‑specific zero ownership .
- Compensation signals: Director pay is fixed (retainers/fees) with no performance‑linked metrics or equity awards; a Deferred Compensation Plan allows notional investment in Nuveen funds, which can improve alignment without direct share grants .
- External interlocks: Current AMG directorship and Audit Committee membership adds asset management industry insight; monitor for any transactional intersections with Nuveen/TIAA that could necessitate recusals (none disclosed in the proxy) .