Cynthia Frost
About Cynthia E. Frost
Independent Trustee (noninterested) of Eaton Vance Enhanced Equity Income Fund (EOI) since 2014; year of birth 1961. Former Chief Investment Officer of Brown University (2000–2012) with prior roles at Duke Management Company (Portfolio Strategist, 1995–2000), Cambridge Associates (Managing Director, 1989–1995), Bain & Company (Consultant, 1987–1989), and BA Investment Management Company (Senior Equity Analyst, 1983–1985). Serves on the investment committee of The MCNC Endowment. Current term: Class I Trustee until 2026.
Past Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Brown University | Chief Investment Officer | 2000–2012 | Oversaw external managers of the endowment |
| Duke Management Company | Portfolio Strategist | 1995–2000 | Endowment portfolio strategy |
| Cambridge Associates | Managing Director | 1989–1995 | Investment and consulting roles |
| Bain & Company | Consultant | 1987–1989 | Management consulting |
| BA Investment Management Company | Senior Equity Analyst | 1983–1985 | Equity research |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| The MCNC Endowment | Investment Committee Member | Not disclosed | Investment oversight |
| Other Public Company Boards | None | — | — |
Board Governance
- Independence: Noninterested Trustee under the 1940 Act; Board and all Committees comprised solely of noninterested Trustees; Governance Committee members independent per NYSE standards.
- Committee Assignments (current disclosures):
- Contract Review Committee: Member (Chair: Mark R. Fetting).
- Portfolio Management Committee: Member (Chair: Marcus L. Smith).
- Governance Committee: Member (Chair: Valerie A. Mosley).
- Audit Committee: Not listed as a member.
- Meeting Activity & Attendance:
- FY 2023 meetings held: Board (9), Audit (9), Contract Review (7), Governance (4), Portfolio Management (9), Compliance (9), Ad Hoc Closed-End Matters (2). Each Trustee attended at least 75%; none attended the 2023 Annual Meeting.
- FY 2024 meetings held: Board (8), Audit (10), Contract Review (5), Governance (4), Portfolio Management (7), Compliance (8), Ad Hoc Closed-End Matters (9). Each Trustee attended at least 75%; none attended the 2024 Annual Meeting.
Meeting Counts and Attendance
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Board meetings held (#) | 9 | 8 |
| Audit Committee meetings (#) | 9 | 10 |
| Contract Review Committee meetings (#) | 7 | 5 |
| Governance Committee meetings (#) | 4 | 4 |
| Portfolio Management Committee meetings (#) | 9 | 7 |
| Compliance Reports & Regulatory Matters Committee meetings (#) | 9 | 8 |
| Closed-End Fund/Ad Hoc Committee meetings (#) | 2 | 9 (predecessor) |
| Each Trustee ≥75% attendance | Yes | Yes |
| Trustees attended Annual Meeting | No | No |
Fixed Compensation
- Structure: Noninterested Trustees are paid an annual retainer plus a committee service component; additional retainers for chair roles and for serving on ≥4 committees; pro rata share paid by each fund based on average net assets; out-of-pocket expenses reimbursed.
Trustee Fee Schedule (Board-adopted)
| Component | 2023–2024 Schedule (Proxy dated May 23, 2024) | 2024–2025 Schedule (Proxy dated May 22, 2025) |
|---|---|---|
| Annual retainer (noninterested Trustee) | $315,000 | $325,000 |
| Chairperson of noninterested Trustees | $150,000 | $150,000 |
| Committee Service | $82,500 | $82,500 |
| Serving on four or more Committees | $15,000 | $15,000 |
| Committee Chairperson | $35,000 | $35,000 (split if Co-Chairs) |
| Ad Hoc Committee Chair (per 6-month period) | $5,000 | Not specified (Closed-End Committee formalized) |
Actual Compensation (Cynthia E. Frost)
| Metric | CY 2023 | CY 2024 |
|---|---|---|
| Total compensation from EOI (Fund) | $3,876 | $4,265 |
| Total compensation from Fund and Eaton Vance Fund Complex | $396,250 | $395,000 |
Performance Compensation
- No performance-based bonuses, option awards, RSUs/PSUs, or disclosed performance metric-linked pay for noninterested Trustees; compensation comprises cash retainers and committee-related fees as disclosed.
| Component | Disclosure | Notes |
|---|---|---|
| Target/Actual Bonus | Not disclosed for Trustees | Compensation described as retainers/committee fees |
| Stock/Option Awards | Not disclosed for Trustees | No equity awards listed in proxy schedules |
| Performance Metrics (TSR/EBITDA/ESG) | Not disclosed for Trustees | Not applicable to noninterested Trustees’ pay |
Other Directorships & Interlocks
| Company | Type | Role | Tenure | Notes |
|---|---|---|---|---|
| — | — | None | — | “Other Directorships Held During Last Five Years” shows None for Frost |
Expertise & Qualifications
- Investment leadership: CIO of Brown University endowment; portfolio strategy at Duke; investment consulting at Cambridge Associates.
- Governance/oversight: Active on Contract Review, Portfolio Management, and Governance Committees; focus on adviser/service-provider contracts, portfolio oversight and risk, and board structure.
- Independence: Noninterested Trustee; committees comprised entirely of noninterested Trustees; Governance Committee members independent under NYSE standards.
Equity Ownership
| Holding | As of Apr 30, 2024 | As of Apr 29, 2025 |
|---|---|---|
| EOI shares beneficially owned by Frost | None (no trustee other than Mr. Quinton held shares) | None (no trustee other than Mr. Quinton held shares) |
| Aggregate dollar range owned across Eaton Vance family of funds overseen | Over $100,000 | Over $100,000 |
Note: Aggregate ranges may include deferred compensation plan holdings, per proxy disclosure.
Governance Assessment
- Strengths:
- Experienced endowment CIO and investment strategist; relevant to portfolio oversight.
- Independent status and service on key oversight committees (Contract Review, Portfolio Management, Governance).
- Board and committee structures emphasize independence; Governance Committee independence under NYSE standards.
- Alignment and Engagement Considerations:
- Frost held no EOI shares as of Apr 29, 2025; while Trustees may hold across the fund complex (Over $100,000 aggregate), absence of direct fund ownership may be viewed as a modest alignment gap for closed-end fund investors.
- Each Trustee met ≥75% attendance thresholds, but none attended the Fund’s Annual Meetings in 2023 or 2024—an engagement signal to monitor.
- Conflicts Oversight:
- Contract Review Committee explicitly addresses service provider conflicts (including Eaton Vance affiliates), a positive governance control.
- No related-party transactions or personal conflicts involving Frost are disclosed.
RED FLAGS
- No attendance at Annual Meetings in 2023 and 2024 by any Trustee (monitor investor engagement optics).
- No direct EOI share ownership by Frost as of Apr 29, 2025 (alignment consideration).