George J. Gorman
About George J. Gorman
George J. Gorman (born 1952) is a noninterested, independent Trustee of Eaton Vance Municipal Bond Fund (EIM), serving since 2014 and currently Chairperson of the Contract Review Committee; he is designated an “audit committee financial expert.” He holds a B.S., cum laude, in Business & Administration from Duquesne University and an MBA from Dartmouth’s Tuck School, and is a CPA in New York and Massachusetts .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Ernst & Young LLP | Senior Partner, Asset Management Group; various roles | 1974–2009 (Senior Partner from 1988) | Led audit engagement teams for SEC-registered mutual funds, hedge funds, private equity funds; deep audit and controls expertise . |
| Bank of America Money Market Funds Series Trust | Independent Trustee | 2011–2014 | Oversight of money market fund complex . |
| Ashmore Funds | Independent Trustee | 2010–2014 | Oversight of mutual fund complex . |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| George J. Gorman LLC | Principal | Current | Consulting; no public company directorships disclosed in last five years . |
Board Governance
- Committees: Audit Committee member; designated audit committee financial expert; former Audit Committee Chair. Chairperson of the Contract Review Committee. Member, Portfolio Management Committee .
- Structure and independence: Board composed solely of noninterested Trustees; Audit Committee members are independent under NYSE American standards .
- Attendance and engagement: FY ended Sep 30, 2024 — Board met 8 times; Audit 10; Contract Review 5; Governance 4; Portfolio Management 7; Compliance 8; Closed-End Fund predecessor met 9 times. Each Trustee attended at least 75% of Board/Committee meetings; none attended the Fund’s 2024 Annual Meeting of Shareholders .
- Term and tenure: Class III Trustee; current term expires 2026; serving since 2014 .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual retainer (noninterested Trustees) | $325,000 | Paid pro rata by each fund based on average net assets . |
| Chairperson of noninterested Trustees retainer | $150,000 | Additional annual retainer . |
| Committee service retainer | $82,500 | Additional annual retainer . |
| Additional for serving on ≥4 committees | $15,000 | Additional annual retainer . |
| Committee Chair retainer | $35,000 | Additional annual retainer; split evenly if co-chairs . |
| Out-of-pocket expenses | Reimbursed | Aggregate across Trustees was $96,845 (calendar 2024) . |
| Total compensation from EIM Fund (FY context) | $9,183 | Gorman’s pro rata from EIM . |
| Total compensation from Fund Complex (calendar 2024) | $545,000 | Across Eaton Vance fund complex . |
Compensation is a fixed-fee structure; no per-meeting fees disclosed .
Performance Compensation
| Metric/Instrument | Disclosure | Details |
|---|---|---|
| Cash bonus (target/actual) | Not applicable | Trustees compensated via fixed retainers; no performance bonuses disclosed . |
| Equity awards (RSUs/PSUs), options | Not applicable | No stock awards or options for Trustees disclosed . |
| Performance metrics (TSR, EBITDA, ESG) | Not applicable | No performance-linked metrics tied to Trustee pay disclosed . |
| Clawbacks / change-of-control / severance | Not applicable | Not disclosed for Trustees . |
| Deferred compensation | Available plan | Trustees may elect to defer fees into Eaton Vance funds; plan mechanics disclosed (not specific to Gorman) . |
Other Directorships & Interlocks
| Company | Current Board Role | Committee Roles | Interlocks / Notes |
|---|---|---|---|
| None | — | — | No other public company directorships in last five years disclosed . |
| Prior: Bank of America Money Market Funds Series Trust | Independent Trustee (2011–2014) | — | Fund complex oversight; prior role . |
| Prior: Ashmore Funds | Independent Trustee (2010–2014) | — | Fund complex oversight; prior role . |
Expertise & Qualifications
- Audit and controls: Former EY Senior Partner in Asset Management auditing mutual funds; designated audit committee financial expert .
- Regulatory and conflicts oversight: Chairperson of the Contract Review Committee, which reviews service provider contracts and conflict-of-interest matters (including Eaton Vance affiliates) .
- Portfolio oversight: Member of Portfolio Management Committee overseeing strategy, trading policies, and risk techniques .
- Credentials: CPA (NY & MA); Duquesne B.S. cum laude; Dartmouth Tuck MBA .
Equity Ownership
| Category | Holding | Date |
|---|---|---|
| Beneficial ownership of EIM equity securities | None | As of Aug 20, 2025, no Trustee beneficially owned EIM’s equity securities . |
| Aggregate dollar range in Eaton Vance family of funds overseen | Over $100,000 | Gorman’s aggregate holdings across Eaton Vance funds overseen . |
Trustees may defer fees into fund shares via the Deferred Compensation Plan, with payouts linked to selected fund performance; plan described, not specific to Gorman .
Insider Trades
| Filing Type | Date Range Reviewed | Findings |
|---|---|---|
| Form 4 (Section 16) | Latest proxy disclosures | No insider trading activity disclosed in the proxy; additionally, no beneficial ownership of EIM shares as of Aug 20, 2025 . |
Governance Assessment
-
Strengths:
- Independence and expertise: Noninterested Trustee; audit committee financial expert; extensive audit background strengthens oversight of financial reporting and controls .
- Conflict oversight: As Contract Review Committee Chair, actively addresses service provider contracts and potential conflicts, including those involving Eaton Vance affiliates—positive for investor confidence .
- Committee engagement: Serves across Audit and Portfolio Management committees, indicating breadth of engagement in oversight of performance, risk management, and reporting .
-
Watch items / RED FLAGS:
- Shareholder engagement: No Trustees attended the Fund’s 2024 Annual Meeting of Shareholders—signals limited direct engagement; monitor future attendance .
- Direct EIM ownership alignment: No beneficial ownership of EIM shares; while aggregate holdings across the fund complex exceed $100k, lack of EIM-specific ownership may be viewed as weaker alignment at the fund level .
-
Overall read-through: The combination of audit expertise, independence, and leadership of the key conflict-review committee supports board effectiveness. Compensation is fixed-fee with no performance-linked elements, which is typical for fund boards; alignment relies on broader Eaton Vance fund holdings and optional deferral elections rather than EIM-specific equity .