Marcus Smith
About Marcus L. Smith
Marcus L. Smith (born 1966) is an independent Trustee of Eaton Vance Enhanced Equity Income Fund (EOI), serving since 2018; he chairs the Fund’s Portfolio Management Committee and also serves on the Contract Review and Governance Committees . He is a private investor and independent corporate director with prior leadership roles at MFS Investment Management (CIO Canada, CIO Asia, Director of Asian Research, and long-tenured portfolio manager) and earlier experience at Andersen Consulting; he also served as a U.S. Army Reserve Officer . Current public company directorships include MSCI Inc. (Audit Committee Chair; Strategy & Finance Committee) and First Industrial Realty Trust, Inc. (Investment and Nominating/Corporate Governance Committees); prior service includes DCT Industrial Trust Inc. .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| MFS Investment Management | Portfolio Manager (MFS Institutional International Fund 17 yrs; MFS Concentrated International Fund 10 yrs); Chief Investment Officer, Canada; Chief Investment Officer, Asia; Director of Asian Research | 1994–2017 (PM tenure spans within); CIO Canada 2012–2017; CIO Asia 2010–2012; Director of Asian Research 2005–2010 | Led international equity portfolios; regional CIO leadership across Canada and Asia |
| Andersen Consulting (Accenture) | Senior Consultant | 1988–1992 | Management consulting experience |
| U.S. Army Reserve | Officer | 1987–1992 | Military leadership and discipline |
| University of Mount Union | Trustee | 2008–2020 | Governance of academic institution |
| Posse Foundation (Boston) | Advisory Board | 2015–2021 | Community and education engagement |
External Roles
| Organization | Position | Since | Committee Assignments |
|---|---|---|---|
| MSCI Inc. | Director | 2017 | Audit Committee Chair; Strategy & Finance Committee |
| First Industrial Realty Trust, Inc. | Director | 2021 | Investment Committee; Nominating/Corporate Governance Committee |
| DCT Industrial Trust Inc. | Director (former) | 2017–2018 | Nominating & Corporate Governance Committee; Audit Committee |
| Harvard Medical School | Advisory Council on Education | n/a | Advisory role |
| Facing History and Ourselves | Board of Directors | n/a | Non-profit governance |
| Core Knowledge Foundation | Trustee | n/a | Non-profit governance |
Board Governance
- Independence and structure: The EOI Board is composed of ten noninterested (independent) Trustees; Smith is independent .
- Committee roles: Smith chairs the Portfolio Management Committee and is a member of the Contract Review and Governance Committees; in 2024 he also served on the Ad Hoc Committee for Closed-End Fund Matters (predecessor to the Closed-End Fund Committee) .
- Attendance: Each Trustee attended at least 75% of Board and Committee meetings in FY2024 (Board met 8x; Portfolio Management Committee 7x); none of the Trustees attended the Fund’s 2024 Annual Meeting of Shareholders . In FY2023, each attended ≥75%; none attended the 2023 Annual Meeting .
- Risk oversight: The Board and committees oversee investment, compliance, operational, valuation, and financial reporting risks, with structured roles for the CCO and Audit Committee per the Fund’s charters .
| Meetings (counts) | FY 2023 | FY 2024 |
|---|---|---|
| Board meetings | 9 | 8 |
| Audit Committee | 9 | 10 |
| Contract Review Committee | 7 | 5 |
| Governance Committee | 4 | 4 |
| Portfolio Management Committee | 9 | 7 |
| Compliance Reports & Regulatory Matters Committee | 9 | 8 |
| Closed-End Fund Committee / Ad Hoc predecessor | 2 (Ad Hoc) | 9 (Ad Hoc predecessor) |
Fixed Compensation
- Structure (Fund Complex): Annual retainer $325,000; Chair of noninterested Trustees +$150,000; Committee service +$82,500; four or more committees +$15,000; Committee Chair +$35,000; pro rata share paid by each Fund based on relative net assets; out-of-pocket expenses reimbursed .
- Trustees may elect to defer fees into Eaton Vance funds under the Deferred Compensation Plan; the Fund has no pension/retirement plan for Trustees .
| Marcus L. Smith Compensation | CY 2023 | CY 2024 |
|---|---|---|
| Total Compensation from EOI (Fund) ($) | $4,099 | $4,642 |
| Total Compensation from Fund Complex ($) | $418,750 | $430,000 |
Performance Compensation
- No performance-based bonuses, option awards, or equity grants are disclosed for Trustees; compensation consists of retainers and committee fees, with optional fee deferrals into fund shares via the Deferred Compensation Plan .
Other Directorships & Interlocks
- MSCI Inc. is described as a leading provider of investment decision support tools; Smith serves as Audit Committee Chair, indicating strong financial oversight expertise relevant to EOI’s audit and valuation governance .
- First Industrial Realty Trust board service adds real assets/investment committee experience; no related-party transactions or material adverse interests are disclosed for Trustee nominees .
- No delinquent Section 16 filings noted for Smith; the Fund reports full compliance for the most recent fiscal year in 2025 .
Expertise & Qualifications
- International equity portfolio management (17 years managing MFS Institutional International Fund; 10 years managing MFS Concentrated International Fund) and regional CIO roles (Canada, Asia) .
- Public-company governance and audit oversight (MSCI Audit Committee Chair; Strategy & Finance Committee) and REIT investment governance (First Industrial committees) .
- Leadership and discipline from U.S. Army Reserve service and advisory/board roles in education-focused non-profits .
Equity Ownership
- EOI-specific ownership: As of April 29, 2025, only Trustee Keith Quinton held shares of the Fund ($50,001–$100,000); no other Trustee, including Smith, held shares of EOI .
- Eaton Vance family of funds ownership (aggregate): Smith beneficially owned “Over $100,000” across funds overseen (may include deferred compensation balances) as of April 29, 2025 and April 30, 2024 .
| Ownership | As of 4/30/2024 | As of 4/29/2025 |
|---|---|---|
| EOI Fund shares (beneficial) | None reported for Smith (only Quinton held $50,001–$100,000) | None reported for Smith (only Quinton held $50,001–$100,000) |
| Aggregate in EV family of funds | Over $100,000 | Over $100,000 |
Governance Assessment
- Strengths: Independent status; multi-committee engagement including chairing Portfolio Management Committee; strong audit/financial oversight via MSCI Audit Committee Chair; consistent ≥75% meeting attendance; Board-level risk oversight processes well-articulated .
- Alignment: Compensation is entirely cash-based retainers/committee fees with optional deferral into fund shares, providing some market-linked alignment but no equity grants; Smith holds “Over $100,000” across EV funds but no direct EOI holdings, a modest alignment gap specific to this Fund .
- RED FLAGS: None attended the Annual Meetings in 2023 and 2024, which may be viewed as a minor engagement gap for shareholder-facing events . No related-party transactions or adverse interests are disclosed for nominees; Section 16 compliance reported (no issues for Smith) .
- Recent committee evolution: Smith’s role shifted from MSCI Compensation & Talent Management Committee (2024) to Audit Committee Chair (2025), enhancing audit expertise applicable to EOI governance; EOI’s closed-end oversight committee membership changed in 2025 (Smith no longer listed on the new Closed-End Fund Committee after serving on the prior Ad Hoc CEF committee in 2024) .