William Ebsworth
About William R. Ebsworth
Independent Trustee of Allspring Income Opportunities Fund (EAD) since 2015; born 1957. Retired Fidelity executive who served as equities analyst, portfolio manager, research director, and ultimately Chief Investment Officer of Fidelity Strategic Advisers, Inc. through 2013; CFA charterholder. Oversees 93 portfolios across the Allspring fund complex; classified as an Independent Trustee under the 1940 Act and exchange listing standards. Attended the prior year’s Annual Meeting of Shareholders telephonically.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Fidelity Management and Research Company | Equities analyst, portfolio manager, research director; later CIO, Fidelity Strategic Advisers, Inc. | 1984–2013 | Led team of investment professionals managing client assets as CIO |
| Asset Allocation Trust | Trustee | 2015–2018 | Oversight role within fund complex |
| Hong Kong Securities Clearing Co.; Hong Kong Options Clearing Corp. | Board member | Prior to 2013 | Market infrastructure governance experience |
| Thailand International Fund, Ltd. | Board member | Prior to 2013 | International fund governance |
| Fidelity Investments Life Insurance Co.; Empire Fidelity Investments Life Insurance Co. | Board member | Prior to 2013 | Insurance subsidiary governance |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Investment Company Institute (ICI) | Board of Governors | Since 2022 | Industry policy and governance |
| ICI Executive Committee | Member | Since 2023 | Strategic oversight at ICI |
| Independent Directors Council (IDC) | Chair, Governing Council; Vice Chair | Chair since 2024; Vice Chair 2023–2024 | Leadership among independent fund directors |
| Vincent Memorial Hospital Foundation (non-profit) | Audit Committee Chair; Investment Committee Chair | Ongoing | Financial oversight and investment governance |
Board Governance
- Committee memberships: Board has standing Audit Committee and Nominating & Governance Committee composed of the Trustees listed, indicating Ebsworth serves on both.
- Committee chairs: Audit Committee Chair is Jane A. Freeman (since 2025); Nominating & Governance Committee Chair is James G. Polisson (since 2024). Ebsworth is not a committee chair at EAD.
- Independence: Board currently composed entirely of Independent Trustees under the 1940 Act; Ebsworth is designated an Independent Trustee.
- Tenure: Trustee of EAD since 2015.
- Board leadership: Board Chair is Timothy J. Penny; Chair Liaison is Pamela Wheelock.
- Engagement and attendance: Policy encourages trustee attendance at Annual Meetings; Ebsworth attended the prior year’s Annual Meeting telephonically. The Board typically holds four in-person meetings and a fifth regular meeting by video conference annually.
Fixed Compensation
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Aggregate Compensation from EAD (cash/fees) | $3,662 | $3,737 |
| Total Compensation from Fund Complex | $362,500 | $370,000 |
| Pension/Retirement Benefits | None disclosed (Trustees do not receive pension/retirement benefits) | None disclosed (Trustees do not receive pension/retirement benefits) |
| Expense Reimbursements | Board-related expenses reimbursed (policy applies to all Trustees) | Board-related expenses reimbursed (policy applies to all Trustees) |
Notes: The proxy reports aggregate cash compensation and total complex-level compensation; it does not break out annual retainer vs meeting/committee fees for EAD. No director pension benefits are provided.
Performance Compensation
- No equity awards (RSUs/PSUs), options, or performance-based bonus structures are disclosed for Trustees; compensation is reported as aggregate cash/fees with expense reimbursement.
- No vesting schedules, performance metrics (TSR, EBITDA, ESG), or change-in-control/severance provisions disclosed for Trustees.
Other Directorships & Interlocks
| Company/Entity | Type | Status | Role/Committee |
|---|---|---|---|
| Public company directorships (past 5 years) | Public | None | None disclosed |
| Hong Kong Securities Clearing Co.; Hong Kong Options Clearing Corp. | Market infrastructure | Prior | Board member |
| Thailand International Fund, Ltd. | Fund | Prior | Board member |
| Fidelity Investments Life Insurance Co.; Empire Fidelity Investments Life Insurance Co. | Insurance | Prior | Board member |
| Vincent Memorial Hospital Foundation | Non-profit | Current | Audit Committee Chair; Investment Committee Chair |
| Investment Company Institute (Board of Governors; Executive Committee) | Industry association | Current | Governor; Executive Committee member |
| Independent Directors Council (Governing Council) | Industry association | Current | Chair (since 2024); Vice Chair (2023–2024) |
Expertise & Qualifications
- 30-year+ investment management career culminating as CIO at Fidelity Strategic Advisers, Inc.; deep portfolio management and research leadership background.
- CFA charterholder.
- Extensive governance experience across financial services boards and industry bodies (ICI and IDC leadership).
- Oversees 93 portfolios within the Allspring fund complex, evidencing broad fund oversight exposure.
Equity Ownership
| Metric | As of Apr 30, 2024 | As of Apr 30, 2025 |
|---|---|---|
| Dollar Range of Equity Securities in EAD | $10,001 – $50,000 | $10,001 – $50,000 |
| Aggregate Dollar Range in Fund Complex | Over $100,000 | Over $100,000 |
| Officers and Trustees (group) Beneficial Ownership of EAD | <1% of shares outstanding (group aggregate) | Not separately updated (2025 proxy emphasizes individual ranges) |
No disclosure of pledged shares, hedging policies for Trustees, or director stock ownership guidelines specific to EAD; proxies provide dollar ranges rather than share counts.
Governance Assessment
- Strengths: Long-tenured independent trustee (since 2015) with CIO experience and CFA credential; active industry governance roles (ICI/IDC) support board effectiveness and best-practice alignment. Ebsworth serves on both Audit and Nominating & Governance committees; attended prior Annual Meeting, indicating engagement.
- Compensation/Alignment: Holds a moderate personal stake in EAD ($10k–$50k range) and >$100k across the complex; trustee compensation rose modestly YoY (complex total $362.5k → $370.0k), consistent with unchanged role. Lack of performance-based pay or equity awards limits pay-for-performance alignment but is typical for fund trustees.
- Governance structure: Entirely independent board; committee chairs rotated (Audit to Jane Freeman in 2025; Nominating & Governance to James Polisson in 2024), indicating refresh. Staggered board terms promote continuity but can reduce ease of control change.
- Red flags and conflicts: No related-party transactions or perquisites disclosed for Trustees; no tax gross-ups, clawback terms, or golden parachutes disclosed (director context). No attendance concerns disclosed. Overall, no specific conflicts tied to Ebsworth identified in proxies.