George Gorman
About George J. Gorman
Independent Chairperson of the Board and Trustee of Eaton Vance Enhanced Equity Income Fund (EOI). Born 1952; Trustee since 2014 and elected Independent Chairperson in 2021; current term is Class II through 2027 . Principal at George J. Gorman LLC; formerly Senior Partner at Ernst & Young LLP (1974–2009) in the Asset Management Group auditing registered funds, hedge funds and private equity; previously served as an independent trustee of Bank of America Money Market Funds Series Trust (2011–2014) and Ashmore Funds (2010–2014) . Each current Trustee, including Mr. Gorman, is a “noninterested” (independent) Trustee under the Investment Company Act of 1940 across the Eaton Vance fund complex .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Ernst & Young LLP (Asset Management Group) | Senior Partner; led audit teams for registered funds, hedge funds, PE funds | 1974–2009 | Deep financial reporting and audit oversight expertise for investment vehicles |
| Bank of America Money Market Funds Series Trust | Independent Trustee | 2011–2014 | Governance and oversight of money market funds |
| Ashmore Funds | Independent Trustee | 2010–2014 | Governance and oversight of mutual fund complex |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| George J. Gorman LLC | Principal (consulting firm) | Current | Primary occupation listed in proxy |
| Other U.S. public company directorships (last five years) | — | — | None disclosed |
Board Governance
- Role: Independent Chairperson of the Board; presides at board meetings, helps set agendas, and liaises with service providers between meetings . Independent Chair and Vice-Chair structure does not expand liability beyond that of other Trustees .
- Independence: Board composed solely of noninterested (independent) Trustees; all standing committees are comprised exclusively of noninterested Trustees .
- Committee assignments and expertise:
- Audit Committee: Member; designated by the Board as an “audit committee financial expert” (independence under NYSE standards) .
- Contract Review Committee: Member; oversees advisory, administrative and affiliated-service-provider contracts and conflicts .
- Governance Committee: Member; oversees board structure, nominations, and compensation of noninterested Trustees .
- Retirement policy: Noninterested Trustees must retire on the earlier of (i) July 1 following their 76th birthday or (ii) December 31 of their 20th year of service (subject to Section 16 compliance) .
Board and Committee Meetings; Attendance
| Metric | FY 2023 (year ended 9/30/2023) | FY 2024 (year ended 9/30/2024) |
|---|---|---|
| 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/Ad Hoc Closed-End Committee meetings | 2 (Ad Hoc) | 9 (Ad Hoc in FY24; formal Closed-End Committee formed thereafter) |
| Trustee attendance rate | Each Trustee attended at least 75% of meetings of the Board and Committees on which they serve | Each Trustee attended at least 75% of meetings of the Board and Committees on which they serve |
| Annual Meeting attendance | None of the Trustees attended the Fund’s 2023 Annual Meeting of Shareholders | None of the Trustees attended the Fund’s 2024 Annual Meeting of Shareholders |
Fixed Compensation
Compensation for noninterested Trustees is paid on a pro rata basis by each fund in the Eaton Vance family of funds based on relative average net assets and consists of cash retainers and committee-related fees plus expenses .
| Component | Amount (USD) | Notes |
|---|---|---|
| Annual retainer (Trustee) | 315,000 | Paid pro rata by funds overseen |
| Additional retainer – Chairperson of noninterested Trustees | 150,000 | Applicable to Independent Chair role |
| Committee service retainer | 82,500 | For committee membership |
| Additional retainer – serving on ≥4 committees (excl. Ad Hoc) | 15,000 | If applicable |
| Committee Chair retainer (Audit, Compliance, Contract Review, Governance, Portfolio Mgmt.) | 35,000 | Split if co-chairs |
| Ad Hoc Committee Chair (per six-month period) | 5,000 | If Ad Hoc exists and meets |
| Out-of-pocket expenses | Reimbursed | — |
Actual compensation earned:
| Trustee | Total Compensation from EOI (FY 2023) | Total Compensation from Fund Complex (CY 2023) |
|---|---|---|
| George J. Gorman | 5,260 | 537,500 |
Notes: The Governance Committee oversees the compensation of noninterested Trustees .
Performance Compensation
| Item | Disclosure |
|---|---|
| Stock awards (RSUs/PSUs) | Not disclosed for Trustees; compensation described as cash retainers and committee-related fees . |
| Option awards | Not disclosed for Trustees . |
| Performance metrics tied to director compensation | Not disclosed for Trustees . |
| Vesting schedules (equity) | Not disclosed for Trustees . |
| Clawback provisions (director compensation) | Not disclosed for Trustees . |
Other Directorships & Interlocks
| Company | Role | Dates | Notes |
|---|---|---|---|
| — | Other public company directorships (last five years) | — | None disclosed |
Expertise & Qualifications
- Financial reporting and audit oversight: Former Senior Partner, EY Asset Management Group; experience auditing SEC-registered funds, hedge funds, and private equity funds .
- Fund governance: Prior independent trustee at Bank of America Money Market Funds Series Trust and Ashmore Funds .
- Audit Committee Financial Expert designation and NYSE independence for Audit Committee service .
Equity Ownership
| Category | Amount | As-of Date |
|---|---|---|
| Beneficial ownership of EOI shares | None; as of April 29, 2025, “no other Trustee held shares of the Fund” besides Mr. Quinton’s disclosed range . | April 29, 2025 |
| Aggregate dollar range invested across Eaton Vance family of funds overseen | Over $100,000 | April 29, 2025 |
Note: Aggregate family holdings may include interests via a deferred compensation plan for noninterested Trustees .
Governance Assessment
- Independence and leadership: Mr. Gorman has served as Independent Chair since 2021 and is a designated Audit Committee Financial Expert; all committees on which he serves (Audit, Contract Review, Governance) are composed solely of independent Trustees, supporting board independence and oversight rigor .
- Engagement: The Board and Committees met frequently in FY 2024 (e.g., Audit 10x; Board 8x), and each Trustee met the ≥75% attendance threshold; however, the proxy notes no Trustees attended the Fund’s Annual Meeting in 2023 or 2024, which may be viewed as a shareholder engagement gap .
- Compensation structure: Director pay is cash-based (retainers and committee fees) with no disclosed equity or performance elements for Trustees; Mr. Gorman’s complex-wide compensation in 2023 was $537,500, reflecting his leadership role and committee service . Governance Committee oversees Trustee compensation, which mitigates management influence .
- Ownership alignment: As of April 29, 2025, Mr. Gorman held no EOI shares; he holds over $100,000 across the broader Eaton Vance family of funds overseen. Lack of direct ownership in EOI may be viewed as a modest alignment gap, though common in multi-fund board structures where compensation is paid by many funds on a pro rata basis .
- Auditor independence context: The Audit Committee reported zero non-audit fees billed to the Fund for FY 2024 and FY 2023; non-audit fees billed to Eaton Vance and affiliates providing services to the Fund were $18,490 (2024) and $52,836 (2023), with Audit Committee review of independence compatibility .
Red flags and watch items:
- None of the Trustees attended the Annual Meetings in 2023 and 2024 (shareholder engagement optics) .
- No direct EOI share ownership disclosed for Mr. Gorman as of April 29, 2025 (alignment optics), though he holds over $100,000 across the EV family of funds .