George Gorman
About George J. Gorman
Independent Chairperson of the Board (since 2021) and Trustee (since 2014) of Eaton Vance Floating-Rate Income Trust (EFT). Year of birth: 1952. Principal at George J. Gorman LLC (consulting); formerly Senior Partner in Ernst & Young LLP’s Asset Management Group (1974–2009), leading audits of SEC-registered mutual funds, hedge funds, and private equity funds. Designated an “audit committee financial expert” and classified as a “noninterested” (independent) trustee under the 1940 Act. Prior independent trustee roles include Bank of America Money Market Funds Series Trust (2011–2014) and Ashmore Funds (2010–2014).
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Ernst & Young LLP (Asset Management Group) | Senior Partner | 1974–2009 | Led audits of SEC-registered mutual funds, hedge funds, private equity; deep fund accounting/controls expertise |
| Bank of America Money Market Funds Series Trust | Independent Trustee | 2011–2014 | Independent oversight for money market funds |
| Ashmore Funds | Independent Trustee | 2010–2014 | Independent oversight for emerging markets fund complex |
| George J. Gorman LLC | Principal | Current | Consulting firm principal |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| — | None reported in the last five years | — | “Other Directorships Held During Last Five Years: None” for Mr. Gorman |
Board Governance
| Item | Detail |
|---|---|
| Board independence | Board comprises ten noninterested (independent) Trustees; independent Chairperson structure |
| Role | Independent Chairperson of the Board |
| Committee assignments | Audit Committee (member; designated audit committee financial expert; NYSE-independent), Contract Review Committee (member), Governance Committee (member) |
| Attendance | Each Trustee attended at least 75% of Board and applicable committee meetings in FY ended May 31, 2024; none attended the Fund’s 2024 Annual Meeting of Shareholders |
| Workload (FY ended May 31, 2024) | Board met 8x; Audit 10x; Contract Review 5x; Governance 3x; Portfolio Management 7x; Compliance Reports & Regulatory Matters 8x; Closed-End 5x |
| Retirement policy | Noninterested Trustee must retire by July 1 following their 76th birthday or by Dec 31 of their 20th year of service (whichever first, subject to Section 16 compliance) |
| Risk oversight | Multi-committee, CCO-driven oversight; Audit Committee oversees valuation, reporting, and auditor independence |
| Legal/adverse matters | No nominee is party adverse to the Fund or has materially adverse interests |
Fixed Compensation
| Component | Amount (USD) | Notes |
|---|---|---|
| Annual retainer (noninterested Trustees) | $325,000 | Paid pro rata by each fund based on average net assets |
| Chair of noninterested Trustees | $150,000 | Additional retainer for Board Chair |
| Committee service | $82,500 | Additional annual retainer |
| Four or more committees | $15,000 | Additional annual retainer |
| Committee chair | $35,000 | Additional annual retainer (split if co-chairs) |
| Deferred compensation plan | Available | Trustees may defer fees into Eaton Vance funds; amounts track chosen fund performance |
| Recipient/Source | Amount (USD) | Period/Definition |
|---|---|---|
| George J. Gorman – Total compensation from EFT | $4,536 | Fund-level compensation for FY ended May 31, 2024 |
| George J. Gorman – Fund and Fund Complex | $545,000 | Calendar year 2024 compensation across Eaton Vance Fund Boards |
No equity or option grants are disclosed for Trustees; compensation is structured as cash retainers with optional deferral; no pension plan for Trustees.
Performance Compensation
No performance-based bonuses, stock options, PSUs/RSUs, or performance metric-linked pay are disclosed for Trustees; compensation is retainer- and role-based.
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Other public company boards (current, last 5 yrs) | None reported for Mr. Gorman |
| Prior fund complex boards | Bank of America Money Market Funds Series Trust (2011–2014); Ashmore Funds (2010–2014) |
| Potential structural interlocks | Adviser is Eaton Vance (indirect, wholly owned subsidiary of Morgan Stanley). Morgan Stanley reported 5.5% ownership of EFT common shares as of Dec 30, 2024; Contract Review Committee (which includes Mr. Gorman) oversees conflicts with service providers |
Expertise & Qualifications
- Audit committee financial expert; extensive audit, accounting, valuation, and internal control expertise from EY leadership in asset management auditing.
- Long-tenured fund governance experience; independent Chairperson with oversight across the Eaton Vance closed-end fund complex.
- Experience evaluating adviser/service-provider contracts and potential conflicts via the Contract Review Committee.
Equity Ownership
| Metric (as of Dec 30, 2024) | Value |
|---|---|
| EFT shares beneficially owned | None (no Trustees other than Mr. Quinton held EFT shares) |
| Aggregate holdings across Eaton Vance family of funds | “Over $100,000” for Mr. Gorman |
| Section 16(a) compliance | All Trustees/officers complied with Section 16(a) reporting for the most recent fiscal year end |
Governance Assessment
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Strengths
- Independent Chair with deep audit expertise; designated audit committee financial expert—supports robust financial reporting oversight.
- Multiple key committee roles (Audit, Contract Review, Governance), positioning him at the center of oversight of financial reporting, conflicts/adviser contracts, and board effectiveness.
- Board entirely noninterested Trustees; audit and governance committees comprised of independent members under NYSE standards, supporting independence.
- Trustee attendance exceeded the 75% threshold; active committee cadence suggests engaged oversight.
-
Risks/Watch items
- RED FLAG: None of the Trustees attended the 2024 Annual Meeting of Shareholders—signals weaker face-to-face engagement with shareholders.
- Alignment: No disclosed personal ownership of EFT by Mr. Gorman (although “Over $100,000” across the Eaton Vance family of funds). Some investors may prefer direct holdings in the specific fund.
- Structural conflicts: Adviser is an affiliate of Morgan Stanley, which also held >5% of EFT shares; however, the Contract Review Committee (which includes Mr. Gorman) is tasked with evaluating conflicts with service providers.
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Other notes
- Board retirement policy mandates retirement by the July following age 76 or by 20 years of service (subject to Section 16 compliance), aiding refreshment planning.
- No adverse legal proceedings or materially adverse interests disclosed for nominees.