Loren Starr
About Loren M. Starr
Independent Board Member of Nuveen NASDAQ 100 Dynamic Overwrite Fund (QQQX). Born 1961; former CFO and Senior Managing Director at Invesco Ltd. (2005–2020) and Vice Chair/Senior Managing Director (2020–2021). Designated “audit committee financial expert”; independent under the 1940 Act and exchange standards. Length of service on Nuveen fund boards is shown as “since 2022” in the member table, while his biography states he joined the Boards (other than Multi‑Market Income) in 2024. Class III trustee with a term expiring at the 2027 annual meeting.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Invesco Ltd. | CFO, Senior Managing Director | 2005–2020 | Led finance through growth cycles and market crises; deep public company CFO experience |
| Invesco Ltd. | Vice Chair, Senior Managing Director | 2020–2021 | Executive leadership and governance experience |
| Georgia Leadership Institute for School Improvement (GLISI) | Chair and Board Member | 2014–2021 (former) | Board leadership/oversight |
| Georgia Council on Economic Education (GCEE) | Chair and Board Member | 2014–2018 (former) | Board leadership/oversight |
| CREF and TIAA Separate Account VA-1 | Trustee/Manager | 2022–2023 (former) | Governance of large retirement vehicles |
External Roles
| Organization | Role | Tenure | Governance/Committee Role |
|---|---|---|---|
| AMG | Director | Since 2023 | Chair of the Audit Committee since 2024 |
| Independent Consultant/Advisor | Consultant/Advisor | Since 2021 | Advisory work (finance/asset management) |
Board Governance
- Independence: All nominees/continuing board members, including Starr, are “Independent Board Members” (not “interested persons” of the Funds or adviser/affiliates).
- Committee assignments (QQQX): Audit; Dividend; Nominating & Governance; Investment; Closed-End Fund (member on all; not a chair). Starr is designated an “audit committee financial expert.”
- Attendance: Each Board Member attended at least 75% of Board and applicable committee meetings in the last fiscal year.
- Engagement intensity (QQQX meetings last FY): See table below.
- Class/term: Class III; term expires at the 2027 annual meeting.
- Portfolios overseen: 217 portfolios in the Fund Complex.
| Governance Metric (QQQX unless noted) | Value |
|---|---|
| Board meetings – Regular | 5 |
| Board meetings – Special | 9 |
| Executive Committee meetings | 5 |
| Dividend Committee meetings | 10 |
| Compliance/Risk Committee meetings | 5 |
| Audit Committee meetings | 14 |
| Nominating & Governance meetings | 5 |
| Investment Committee meetings | 4 |
| Closed-End Fund Committee meetings | 4 |
| Attendance threshold met | ≥75% |
| Independence | Independent |
| Audit Committee Financial Expert | Yes |
| Portfolios overseen (Fund Complex) | 217 |
Fixed Compensation
- Structure (effective Jan 1, 2024; increases effective Jan 1, 2025 shown where applicable):
- Annual retainer: $350,000; committee membership retainers: Audit $30,000→$35,000 (2025), Compliance/Risk $30,000→$35,000 (2025), Investment $20,000→$30,000 (2025), Dividend/Nominating/Closed‑End $20,000→$25,000 (2025); Chair retainers: Board Chair $140,000→$150,000 (2025), Audit & Compliance Chairs $30,000→$35,000 (2025), Investment Chair $20,000→$30,000 (2025), Dividend/Nominating/Closed‑End Chairs $20,000→$25,000 (2025). Ad hoc meeting fees and special assignment stipends apply. No pension plan; optional deferred compensation plan available.
- Fund‑level and complex‑level pay (last fiscal year):
| Compensation Item | Amount |
|---|---|
| Aggregate compensation from QQQX (NASDAQ Dynamic Overwrite) | $2,658 |
| Total compensation from funds in the Fund Complex paid to Starr | $479,750 |
| Deferred compensation credited from QQQX (notional under plan) | $916 |
Performance Compensation
- No variable or performance‑conditioned director compensation (no annual equity grants, options, or formulaic performance metrics disclosed for independent trustees). Compensation is cash retainers/fees with optional deferral into Nuveen funds.
Other Directorships & Interlocks
- Public company boards: AMG (Director since 2023; Audit Committee Chair since 2024).
- Prior large fiduciary mandates: Trustee/Manager for CREF and VA‑1 (2022–2023).
- Interlocks/related-party exposure: The proxy’s related holdings table lists directors who own securities in entities advised by affiliates; Starr is not listed (no such holdings disclosed for Starr).
- Independence affirmation: Never an employee or director of TIAA/Nuveen or affiliates; deemed Independent.
Expertise & Qualifications
- Financial expertise: Former public company CFO and audit committee financial expert; deep experience in accounting, valuation oversight, and investment management risk.
- Education: B.A. and B.S. (Columbia College), M.B.A. (Columbia Business School), M.S. (Carnegie Mellon University).
Equity Ownership
- Board policy: Each Board Member is expected to invest at least one year of compensation in funds in the Fund Complex (directly or deferred).
- Beneficial ownership (as of Dec 31, 2024):
| Ownership Item | Value |
|---|---|
| QQQX (NASDAQ Dynamic Overwrite) – Dollar range | $0 |
| QQQX – Shares owned | 0 |
| Aggregate dollar range across all registered investment companies overseen (Family of Investment Companies) | Over $100,000 |
Governance Assessment
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Strengths
- Independence and audit rigor: Independent trustee; designated audit committee financial expert; serves on Audit, Investment, Nominating & Governance, Dividend, and Closed‑End Fund Committees, enhancing oversight of reporting, valuation, performance, and discount management.
- Relevant operator experience: 15+ years as Invesco CFO and later Vice Chair; current public company audit chair role at AMG supports best practices in financial reporting and internal controls.
- Engagement: Board and committee meeting cadence is high; attendance threshold met (≥75%).
-
Potential risk indicators
- Fund‑specific ownership alignment: $0 direct beneficial ownership in QQQX (though “Over $100,000” across the family of funds and a board expectation to invest at least one year of compensation at the complex level). This may reduce fund‑specific alignment optics even if complex‑level alignment is achieved.
- Workload breadth: Oversees 217 portfolios and serves on multiple committees, which may stretch bandwidth; however, attendance thresholds were met and the unitary board structure is designed to manage complex‑wide issues efficiently.
- Compensation step‑up: Board retainer increased materially in 2024 with further committee/chair increases in 2025; while not performance‑based, this elevates pay optics and should be weighed against responsibilities and meeting load.
-
Related‑party/Section 16
- No related‑party transactions for Starr disclosed; Section 16(a)/30(h) compliance reported.
-
Tenure note
- Proxy member table lists Starr’s “Length of Service: Since 2022,” while his biography states he joined the Boards (other than Multi‑Market Income) in 2024; for QQQX, he is a Class III trustee with term to 2027. Investors may seek clarification on onboarding date consistency.