William R. Ebsworth
About William R. Ebsworth
Independent Trustee of Allspring Utilities and High Income Fund (ERH) since January 1, 2015; year of birth 1957. Former Chief Investment Officer of Fidelity Strategic Advisers, Inc., with a three-decade global investing career across Boston, Tokyo, and Hong Kong; CFA charterholder. Current external leadership includes the Investment Company Institute (Board of Governors since 2022; Executive Committee since 2023) and Chair of the Governing Council of the Independent Directors Council since 2024. Oversees 92 portfolios within the Allspring fund complex; no other public company directorships disclosed in the past five years .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Fidelity Strategic Advisers, Inc. | Chief Investment Officer | To 2013 | Led team managing client assets; capstone of multi-decade Fidelity career |
| Fidelity Management & Research | Equities analyst, portfolio manager, research director, CIO roles | 1984–2013 | Global posts in Boston, Tokyo, Hong Kong |
| Hong Kong Securities Clearing Co. | Board member | Prior to 2013 | Market infrastructure governance |
| Hong Kong Options Clearing Corp. | Board member | Prior to 2013 | Market infrastructure governance |
| Thailand International Fund, Ltd. | Board member | Prior to 2013 | Cross-border fund oversight |
| Fidelity Investments Life Insurance Co. | Board member | Prior to 2013 | Insurance affiliate governance |
| Empire Fidelity Investments Life Insurance Co. | Board member | Prior to 2013 | Insurance affiliate governance |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Investment Company Institute (ICI) | Board of Governors; Executive Committee | Board since 2022; Exec Committee since 2023 | Industry policy and governance body |
| Independent Directors Council (IDC) | Chair, Governing Council (Vice Chair 2023–2024) | Chair since 2024 | Governance best practices for independent fund directors |
| Vincent Memorial Hospital Foundation (non-profit) | Audit Committee Chair; Investment Committee Chair | Not specified | Financial oversight and investment stewardship |
Board Governance
- Status: Independent Trustee; the ERH Board comprises eight Independent Trustees (no “interested persons” as defined by the 1940 Act) .
- Committee assignments: All Independent Trustees, including Mr. Ebsworth, serve on both the Audit Committee and the Nominating & Governance (N&G) Committee; Audit Chair is Jane A. Freeman; N&G Chair is James G. Polisson .
- Board leadership: Independent Chair is Timothy J. Penny; Chair Liaison is Pamela Wheelock; Independent Trustees retain independent legal counsel .
- Meeting cadence and attendance:
| Metric | FY 2025 |
|---|---|
| Regular Board Meetings (count) | 4 |
| Special Board Meetings (count) | 0 |
| Nominating & Governance Committee Meetings (count) | 5 |
| Audit Committee Meetings (count) | 7 |
| Trustee attendance threshold | Each Trustee attended ≥75% of aggregate Board and committee meetings served |
| Annual Shareholder Meeting attendance | Mr. Ebsworth attended telephonically in the prior year |
- Independence/qualification process: N&G Charter details rigorous screening for independence, conflicts, and disqualifying factors under the 1940 Act and exchange standards .
Fixed Compensation
- Trustees are reimbursed for board-related expenses and receive no pension/retirement benefits from the Fund .
- The N&G Charter notes additional annual fees for the N&G Committee Chair role (not applicable to Mr. Ebsworth) and that the Committee periodically reviews Independent Trustee compensation and share ownership policies .
| Compensation Component | FY 2024 | FY 2025 |
|---|---|---|
| Compensation from ERH (Fund) | $2,793 | $4,063 |
| Total compensation from Fund Complex (Allspring funds) | $352,000 | $373,750 |
Performance Compensation
- No performance-linked elements (bonuses, PSU/RSU performance hurdles) are disclosed for Trustees; compensation is presented as fixed board service compensation with expense reimbursement; no pension benefits .
- Committee charters focus on governance oversight; they do not specify performance metrics for Trustee pay .
| Item | Disclosure |
|---|---|
| Annual/meeting fees detail by component | Not disclosed in proxy (only total amounts shown) |
| Bonus/variable cash tied to KPIs | Not disclosed for Trustees |
| Stock/option awards to Trustees | Not disclosed for Trustees |
| Clawbacks/forfeiture for Trustees | Not disclosed |
| Pension/SERP | Trustees do not receive pension/retirement benefits |
Other Directorships & Interlocks
| Category | Details |
|---|---|
| Current public company boards (past 5 years) | None disclosed |
| Industry associations | ICI Board of Governors (since 2022); ICI Executive Committee (since 2023); IDC Governing Council Chair (since 2024) |
| Non-profit boards/committees | Vincent Memorial Hospital Foundation: Audit Chair; Investment Committee Chair |
Expertise & Qualifications
- Investment leadership: Former CIO, Fidelity Strategic Advisers; extensive public markets expertise across global geographies (Boston, Tokyo, Hong Kong) .
- Professional credential: CFA charterholder .
- Governance scope: Oversees 92 portfolios across the Allspring fund complex, indicating scaled oversight experience .
Equity Ownership
- Fund share ownership and alignment (as of August 31, 2025):
| Measure | Amount |
|---|---|
| Dollar range of ERH equity owned | $10,001–$50,000 |
| Aggregate dollar range across Allspring Fund Complex | Over $100,000 |
| Shares pledged/hedged | Not disclosed |
| Ownership guidelines | N&G Committee periodically reviews share ownership policies for Independent Trustees |
Governance Assessment
-
Strengths:
- Independence is clearly affirmed at the Board level; all Trustees are Independent, and Mr. Ebsworth serves on both key oversight committees, supporting robust checks and balances .
- Attendance: Board/committee meeting load is substantive (4/5/7 respectively), with each Trustee meeting the ≥75% attendance standard; Mr. Ebsworth also attended the annual meeting telephonically—positive signal of engagement .
- Alignment: Personal investment in ERH ($10,001–$50,000) and >$100,000 across the complex indicates skin-in-the-game, albeit presented as dollar ranges .
- Compensation: Plain-vanilla structure with expense reimbursement and no pension benefits; no equity/option awards disclosed for Trustees, limiting misalignment risk .
-
Watch items / potential investor considerations:
- Staggered Board terms can reduce investor influence over near-term board composition (common for closed-end funds) .
- The proxy does not itemize the compensation mix (retainer vs committee/meeting fees) for Trustees; absence of granularity can limit pay-for-service benchmarking across peers, though totals are provided .
- Related-party transactions specific to Mr. Ebsworth are not discussed in the sections reviewed; however, the N&G Charter outlines rigorous independence and conflict screens .
Overall, Mr. Ebsworth brings deep investment and governance expertise, fulfills independence and attendance expectations, and exhibits reasonable ownership alignment for a closed-end fund trustee; no director-specific red flags are apparent from the latest proxy disclosures .