Loren M. Starr
About Loren M. Starr
Independent Board Member of Nuveen S&P 500 Buy-Write Income Fund (SPXX), serving as a Class III trustee with a term expiring at the 2027 annual meeting; joined the Nuveen Funds’ Board in 2022 and has also served as a consultant for Multi‑Market Income since 2024 . Born in 1961; 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 . Former Vice Chair/Senior Managing Director (2020–2021) and Chief Financial Officer/Senior Managing Director (2005–2020) at Invesco Ltd.; designated an SEC “audit committee financial expert” on Nuveen Funds’ Audit Committee .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Invesco Ltd. | Vice Chair, Sr. Managing Director | 2020–2021 | Senior executive oversight |
| Invesco Ltd. | Chief Financial Officer, Sr. Managing Director | 2005–2020 | Led finance; public company CFO |
| College Retirement Equities Fund (CREF) | Trustee | 2022–2023 | Board oversight for retirement funds |
| TIAA Separate Account VA-1 | Management Committee member | 2022–2023 | Product oversight |
External Roles
| Organization | Role | Since | Committees/Impact |
|---|---|---|---|
| AMG (Affiliated Managers Group, Inc.) | Director; Chair of Audit Committee | Director since 2023; Chair since 2024 | Leads audit oversight; governance influence |
| Georgia Leadership Institute for School Improvement (GLISI) | Chair; Board member | 2014–2021 (former) | Non‑profit governance |
| Georgia Council on Economic Education (GCEE) | Chair; Board member | 2014–2018 (former) | Non‑profit governance |
Board Governance
- Independence: Serves on committees composed solely of Independent Board Members; designated SEC “audit committee financial expert” .
- Committee memberships (apply to SPXX; Starr excluded only at Multi‑Market Income):
- Audit Committee member; Financial Expert designation; Chair: John K. Nelson .
- Dividend Committee member; Chair: Matthew Thornton III .
- Nominating & Governance Committee member; Chair: Robert L. Young .
- Investment Committee member; Co‑Chairs: Joseph A. Boateng and Amy Lancellotta .
- Closed‑End Fund Committee member; Chair: Albin F. Moschner .
Meetings Held (SPXX – last fiscal year)
| Meeting Type | Count |
|---|---|
| Regular Board Meeting | 5 |
| Special Board Meeting | 9 |
| Executive Committee | 5 |
| Dividend Committee | 10 |
| Compliance, Risk Management & Regulatory Oversight Committee | 5 |
| Audit Committee | 14 |
| Nominating & Governance Committee | 5 |
| Investment Committee | 4 |
| Closed‑End Fund Committee | 4 |
- Attendance: Each Board Member attended 75% or more of Board and applicable committee meetings during the last fiscal year .
Fixed Compensation
- Structure change effective Jan 1, 2024 (and increased Jan 1, 2025):
- Annual director retainer: $350,000 (2024), Chair/Co‑Chair: $140,000→$150,000 (2025) .
- Committee membership retainers (2024→2025): Audit and Compliance: $30,000→$35,000; Investment: $20,000→$30,000; Dividend/Nominating/Closed‑End: $20,000→$25,000 .
- Ad hoc meeting fees: $1,000 or $2,500 depending on length/immediacy; special assignment committees: chair quarterly fee starting at $1,250; members quarterly fee starting at $5,000 .
- Prior (calendar 2023) fee schedule: $210,000 annual retainer; per‑meeting fees (e.g., Board $7,250/day; special Board $4,000; Audit/Closed‑End/Investment $2,500; Compliance $5,000; Dividend $1,250; other committees $500; pricing committee $100); Committee chairs: +$20,000; Board Chair: +$140,000; site visits $5,000/day .
SPXX Aggregate Compensation (last fiscal year)
| Fund | Loren M. Starr – Aggregate Compensation ($) |
|---|---|
| Nuveen S&P 500 Buy‑Write Income Fund (SPXX) | 3,091 |
Deferred Compensation Plan (structure)
| Item | Detail |
|---|---|
| Eligibility | Independent Board Members may elect to defer all/portion of fees |
| Investment mechanism | Book account credited as if invested in eligible Nuveen funds; distributions in lump sum or 2–20 years; fund not liable for other funds’ obligations |
SPXX Deferred Fees (payable)
| Fund | Loren M. Starr – Deferred Fees ($) |
|---|---|
| Nuveen S&P 500 Buy‑Write Income Fund (SPXX) | 1,064 |
Performance Compensation
| Metric | Status/Disclosure |
|---|---|
| Base salary | Not applicable – funds have no employees; officers uncompensated by funds |
| Target/actual bonus | Not applicable for Independent Board Members |
| Stock awards (RSUs/PSUs) | Not disclosed for directors; structure based on cash retainers/fees and optional deferral |
| Option awards | Not disclosed for directors |
| Performance metrics (TSR, EBITDA, ESG) | Not applicable for director compensation |
| Severance/COC/clawback/gross‑ups | Not disclosed for directors |
Other Directorships & Interlocks
| Company | Role | Committee | Notes |
|---|---|---|---|
| Affiliated Managers Group, Inc. (AMG) | Director | Audit Committee Chair | Public company board; audit leadership |
| CREF; TIAA Separate Account VA‑1 | Trustee; Management Committee Member | — | Prior roles (2022–2023) |
- Related‑party transactions: Proxy discloses certain holdings for a different trustee (Thomas J. Kenny) in companies advised by affiliates; no such disclosure identified for Starr .
Expertise & Qualifications
- SEC “audit committee financial expert”; extensive CFO experience at Invesco; investment industry expertise .
- Education: Columbia College (B.A., B.S.), Columbia Business School (M.B.A.), Carnegie Mellon University (M.S.) .
- Oversees 217 portfolios across the fund complex, indicating breadth of oversight experience .
Equity Ownership
| Fund | Dollar Range (12/31/2024) | Shares |
|---|---|---|
| SPXX (S&P 500 Buy‑Write Income Fund) | $0 | 0 |
- As of Feb 18, 2025, each Board Member’s individual beneficial shareholdings of each Fund were <1% of outstanding shares; Board Members and officers as a group owned <1% of outstanding shares of each Fund .
Governance Assessment
- Strengths: Independent director with audit committee financial expert designation; sits on key committees (Audit, Dividend, Nominating & Governance, Investment, Closed‑End), supporting robust oversight; attended ≥75% of meetings; extensive public‑company CFO background and current audit chair role at AMG bolster financial stewardship .
- Alignment considerations: No direct SPXX equity ownership (value $0; 0 shares), though optional deferred fees do create fund‑linked economic exposure; aggregate SPXX compensation modest relative to the fixed retainer/committee structure .
- Compensation structure signals: Shift to higher annual retainers and committee retainers in 2024/2025 emphasizes fixed cash compensation; no disclosed performance‑based equity or options for directors, reducing pay‑for‑performance linkage but consistent with closed‑end fund governance norms .
- Conflicts/Red flags: No related‑party transactions or pledging/hedging disclosures identified for Starr; committee independence standards met; holdover election issues applied to other funds in 2024, not specifically to SPXX’s current term (Starr is a continuing Class III Board Member to 2027) .