Valerie Mosley
About Valerie A. Mosley
Independent Trustee of Eaton Vance Floating-Rate Income Trust (EFT) since 2014; Class III Trustee whose current term runs until 2025 and who is elected by holders of the Fund’s Variable Rate Term Preferred Shares (VRTPS). Born 1960; founder/CEO of Valmo Ventures and founder of Upward Wealth, Inc. (d/b/a BrightUp); former Partner/SVP, Portfolio Manager and Investment Strategist at Wellington Management (1992–2012); former CIO at PG Corbin Asset Management and institutional corporate bond sales at Kidder Peabody. She serves as Chairperson of the Board’s Governance Committee and is a “noninterested” (independent) Trustee under the 1940 Act and independent under NYSE standards.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Wellington Management Company, LLP | Partner, Senior Vice President, Portfolio Manager, Investment Strategist | 1992–2012 | Senior investment leadership across strategies |
| PG Corbin Asset Management | Chief Investment Officer | 1990–1992 | Led investment function |
| Kidder Peabody | Institutional corporate bond sales | 1986–1990 | Fixed income markets coverage |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| DraftKings, Inc. | Director | Since Sep 2020 | Public company directorship |
| Envestnet, Inc. | Director | Since 2018 | Public company directorship |
| Caribou Financial, Inc. | Board member | Not disclosed | Private company board |
| Dynex Capital, Inc. | Director (former) | 2013–2020 | Former public company directorship |
| Groupon, Inc. | Director (former) | 2020–2022 | Former public company directorship |
| Progress Investment Management Company | Director (former) | Until 2020 | Former board of manager of emerging managers |
Board Governance
- Structure and independence:
- All current Trustees, including Ms. Mosley, are “noninterested” under the 1940 Act; Governance Committee members are independent under NYSE standards.
- The Board is classified; Ms. Mosley is a Class III Trustee nominated/elected by VRTPS holders.
- Committee assignments (FY ended May 31, 2024 meetings shown):
- Governance Committee: Chair; met 3 times.
- Portfolio Management Committee: Member; met 7 times.
- Contract Review Committee: Member; met 5 times.
- (Other standing committees exist but she is not listed on Audit, Compliance, or Closed-End Fund committees in the 2025 proxy.)
- Attendance and engagement:
- Board met 8 times; each Trustee attended at least 75% of Board and Committee meetings; none of the Trustees attended the Fund’s 2024 Annual Meeting of Shareholders.
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual retainer (noninterested Trustee) | $325,000 | Paid pro rata by each fund based on its average net assets |
| Committee service retainer | $82,500 | Additional annual amount |
| 4+ committees additional retainer | $15,000 | Additional annual amount if applicable |
| Committee Chair retainer | $35,000 | Additional annual amount; split if co-chairs |
| Chairperson of noninterested Trustees | $150,000 | Additional annual amount (not applicable to Mosley) |
| 2024 Compensation (Calendar Year) | Amount | Notes |
|---|---|---|
| Total compensation from EFT | $3,570 | Pro rata share from EFT; includes $255 deferred compensation |
| Total compensation from EV fund complex | $430,000 | Aggregate across 123 funds/series overseen |
- Deferred Compensation Plan: Nonaffiliated Trustees may defer all or part of fees into notional investments in one or more Eaton Vance funds; payout tracks fund performance; the Fund has no pension/retirement plan for Trustees.
Performance Compensation
| Element | Status | Details |
|---|---|---|
| Annual/target bonus | Not disclosed/applicable | Proxy describes retainers/committee fees; no bonuses disclosed for Trustees |
| Stock awards (RSUs/PSUs) | Not disclosed/applicable | No equity awards described for Trustees |
| Option awards | Not disclosed/applicable | No option awards described for Trustees |
| Performance metrics (TSR, EBITDA, ESG) | Not applicable | Trustee pay not tied to operating metrics |
Other Directorships & Interlocks
| Company | Role | Potential Interlocks/Conflicts |
|---|---|---|
| DraftKings, Inc. | Director | No supplier/customer relationship to EFT disclosed; no related-party transactions disclosed in EFT proxy. |
| Envestnet, Inc. | Director | Same as above. |
| Caribou Financial, Inc. | Board member | Private company; no EFT-related transactions disclosed. |
| Dynex Capital, Inc. (former) | Director | Former role; no EFT-related transactions disclosed. |
| Groupon, Inc. (former) | Director | Former role; no EFT-related transactions disclosed. |
- Litigation/governance environment: Massachusetts Superior Court litigation involving several Eaton Vance closed-end funds (including EFT) and their trustees over bylaw amendments affecting shareholder voting rights (Saba Capital v. EV funds); case documents identify EFT and its trustees, including Ms. Mosley, as parties. This indicates governance scrutiny risk around shareholder rights.
Expertise & Qualifications
- Governance leadership: Chairperson of the Governance Committee overseeing board structure, nominations, and compensation of independent trustees.
- Investment expertise: Two decades at Wellington (PM and strategist) plus prior CIO role; relevant to oversight of portfolio management and risk.
- Fintech/wealth platforms: Founder of BrightUp; current director at Envestnet provides wealthtech perspective.
- Public company board experience across multiple sectors (sports gaming, wealthtech, mortgage REIT, e-commerce).
Equity Ownership
| Holding | As-of Date | Amount | Notes |
|---|---|---|---|
| EFT shares | Dec 30, 2024 | 0 | “No other Trustee held shares of the Fund” other than Mr. Quinton; implies Ms. Mosley held none. |
| Aggregate holdings across Eaton Vance family of funds overseen | Dec 30, 2024 | Over $100,000 | Dollar range category disclosed for each Trustee. |
| Deferred compensation elected (calendar 2024) | 2024 | $255 | Portion of compensation deferred by Ms. Mosley. |
- Deferred Compensation Plan: Elective deferral invested notionally in EV funds; payout tied to selected fund performance; negligible effect on fund financials; no pension for Trustees.
- Pledging/hedging: No disclosure of any pledging or hedging of EFT shares by Trustees.
Insider Trades (EFT)
| Date | Form | Security | Notes/Source |
|---|---|---|---|
| Jan 8, 2014 | Form 3 | EFT | Initial statement of beneficial ownership filed for Mosley as Trustee. |
| Past 18 months (to Feb 14, 2025) | — | EFT | No insider Form 4 buy/sell transactions by Mosley found in tracker. |
Governance Assessment
- Strengths
- Independent trustee with deep investment background; chairs Governance Committee; serves on key oversight committees (Portfolio Management, Contract Review). These roles support robust oversight of adviser conflicts, performance, and board composition.
- Attendance threshold met (≥75% for Board/committees); active committee calendar (Board 8; Portfolio Management 7; Contract Review 5; Governance 3).
- Alignment and incentives
- Compensation is primarily fixed retainers with committee/leadership differentials; no equity/option awards or performance bonuses, limiting pay-for-performance alignment but consistent with closed-end fund governance norms.
- Direct ownership of EFT shares: none as of Dec 30, 2024; aggregate EV fund complex holdings “Over $100,000.” Limited direct stake in EFT may be viewed as a modest alignment gap.
- Elective deferral ($255) into EV funds provides some exposure to fund performance via the Deferred Compensation Plan.
- Watch items / potential red flags
- None of the Trustees attended the Fund’s 2024 Annual Meeting of Shareholders, which some investors may view as a shareholder engagement gap.
- Ongoing/recent litigation around shareholder voting rights and bylaw amendments involving EFT and trustees indicates elevated governance scrutiny; continued monitoring of court outcomes and any governance changes is warranted.