Nancy Wiser Stefani
About Nancy Wiser Stefani
Independent trustee of Eaton Vance Municipal Bond Fund (EIM), born 1967, serving on the Eaton Vance Fund Boards since 2022. She brings 35+ years in investment management operations, compliance, and fund governance, including senior roles at Wells Fargo Asset Management; she holds a B.S. in Business Administration from Providence College. She currently chairs EIM’s Compliance Reports and Regulatory Matters Committee and serves on the Audit, Contract Review, and Governance Committees; she is classified as a noninterested (independent) trustee under the 1940 Act .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Wells Fargo Asset Management | Executive Vice President, Global Head of Operations; Governance chair for UK and Luxembourg legal entities and Luxembourg funds | 2011–2021 | Oversaw operations and governance; also Treasurer of Wells Fargo Funds (2012–2021) . |
| Wells Fargo Funds | Treasurer | 2012–2021 | Fund treasury leadership across open- and closed-end funds . |
| LightBox Capital Management | Chief Operating Officer; Chief Compliance Officer | 2008–2011 | Oversaw all non-investment activities; compliance/compliance infrastructure build-out . |
| GMN Capital Management | Chief Operating Officer; Chief Compliance Officer | 2006–2007 | Oversaw non-investment activities; operational controls . |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Rimes Technologies | Corporate Director | 2022–2024 | Data management firm; service ended upon Rimes’ acquisition in 2024 . |
| University of Minnesota Foundation | Trustee | Since 2022 | Non-profit board service . |
| Providence College Business Advisory Board | Board service (prior) | N/A | Previously served; dates not disclosed . |
| Boston Scores | Board service (prior) | N/A | Previously served; dates not disclosed . |
| National Black MBA Advisory Board | Board service (prior) | N/A | Previously served; dates not disclosed . |
Board Governance
- Independence and board composition: EIM’s board is entirely composed of noninterested (independent) trustees; Stefani is independent under the 1940 Act .
- Committee assignments (current): Chair, Compliance Reports & Regulatory Matters Committee; Member, Audit Committee; Member, Contract Review Committee; Member, Governance Committee .
- Audit committee financial experts: Board designated George J. Gorman and Scott E. Wennerholm as “audit committee financial experts” (Stefani is a member, not designated) .
- Attendance and engagement (FY ended Sep 30, 2024): Board met 8 times; Audit 10; Contract Review 5; Governance 4; Portfolio Management 7; Compliance 8; each trustee attended ≥75% of meetings. None of the trustees attended the Fund’s 2024 Annual Meeting of Shareholders .
- Years of service: Trustee since 2022 (Eaton Vance Fund Boards) .
Fixed Compensation
Compensation structure (board-wide, pro rata across funds in the complex):
| Element | Amount (USD) | Notes |
|---|---|---|
| Annual retainer (noninterested trustees) | $325,000 | Complex-wide schedule; fund pays pro rata share . |
| Chair of noninterested trustees (additional) | $150,000 | Additional to retainer . |
| Committee service component | $82,500 | Additional to retainer . |
| Four or more committees (additional) | $15,000 | If serving on ≥4 committees . |
| Committee Chair (additional) | $35,000 | Split if co-chairs . |
Individual compensation (Total from Fund and Fund Complex):
| Metric | 2023 | 2024 |
|---|---|---|
| Total Compensation from Fund (EIM) | $7,977 | $6,908 |
| Total Compensation from Fund and Fund Complex | $402,500 | $410,000 |
- Trustees may elect to defer fees under the Trustees Deferred Compensation Plan; deferred amounts track selected Eaton Vance funds. The fund does not provide a pension/retirement plan for trustees .
Performance Compensation
- Not applicable. Independent trustees receive cash retainers and committee-related fees; no equity awards, options, or performance-based metrics disclosed for directors .
Other Directorships & Interlocks
- Current public company boards: None disclosed for Stefani .
- Prior corporate directorship: Rimes Technologies (private; ended in 2024 upon acquisition) .
- Non-profit boards: University of Minnesota Foundation (current); prior service on Providence College Business Advisory Board, Boston Scores, National Black MBA Advisory Board .
Expertise & Qualifications
- 35+ years in asset management operations, fund governance, and compliance, including as EVP/Global Head of Operations (Wells Fargo AM) and Treasurer of large fund complexes .
- Committee leadership: Chair of Compliance Reports & Regulatory Matters Committee; liaison to the CCO and “qualified legal compliance committee” responsibilities under SEC rules .
- Skills aligned to EIM’s risk profile: operational risk, compliance oversight, and governance processes for registered funds .
Equity Ownership
| Category | As of Date | Amount/Status |
|---|---|---|
| EIM shares beneficially owned | Aug 20, 2025 | None (no trustee owned EIM equity securities) . |
| Aggregate dollar range owned across Eaton Vance family of funds overseen | Aug 20, 2025 | Over $100,000 . |
- Deferred compensation: Plan available; no specific deferred amounts disclosed for Stefani in the latest tables (footnotes identify deferrals for other trustees) .
- Pledging/hedging: No disclosures indicating pledging or hedging by trustees in the proxies reviewed .
Governance Assessment
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Strengths
- Deep operational and compliance expertise; chairs the Compliance Reports & Regulatory Matters Committee, which serves as the board’s liaison to the CCO and functions as a qualified legal compliance committee—critical for governance and regulatory risk management in a closed-end fund .
- Broad committee engagement (Audit, Contract Review, Governance), supporting comprehensive oversight of financial reporting, service-provider conflicts, and board composition .
- Independent status; board entirely noninterested trustees .
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Potential concerns and RED FLAGS
- Ownership alignment: No trustee (including Stefani) owned EIM shares as of Aug 20, 2025; while trustees hold >$100,000 across the Eaton Vance fund family, the lack of EIM-specific ownership may be viewed as weaker alignment in a closed-end fund context .
- Annual meeting engagement: None of the trustees attended the Fund’s 2024 Annual Meeting of Shareholders, which some investors may view as a modest engagement gap despite ≥75% meeting attendance overall .
- Activism/discount management context: EIM entered a standstill with Karpus in 2024 and committed to tender offers at 98% of NAV subject to discount conditions; while not specific to Stefani, this environment elevates the importance of active board oversight of capital structure, market discount, and shareholder communications .
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Implications for investors
- Stefani’s committee leadership and compliance background are positives for control environment and regulatory oversight; continued monitoring of EIM-specific ownership by trustees and annual meeting engagement would strengthen investor alignment signals .
- In an activist setting with discount management actions, her oversight roles (Compliance; participation in Audit and Contract Review) support governance credibility, but outcomes should be assessed against discount behavior and execution of tender commitments .