Cynthia E. Frost
About Cynthia E. Frost
Independent Trustee of Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (ETW); born 1961; Trustee since 2014, current ETW term: Class I Trustee until 2027. Former Chief Investment Officer of Brown University (2000–2012), Portfolio Strategist at Duke Management Company (1995–2000), Managing Director at Cambridge Associates (1989–1995), Consultant at Bain & Company (1987–1989), and Senior Equity Analyst at BA Investment Management Company (1983–1985). She serves on the investment committee of The MCNC Endowment. Other public company directorships in the last five years: none .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Brown University | Chief Investment Officer | 2000–2012 | Oversaw evaluation, selection, and monitoring of third‑party managers for the endowment . |
| Duke Management Company | Portfolio Strategist | 1995–2000 | Strategy for Duke University’s endowment . |
| Cambridge Associates | Managing Director | 1989–1995 | Investment consulting leadership . |
| Bain & Company | Consultant | 1987–1989 | Management consulting . |
| BA Investment Management Company | Senior Equity Analyst | 1983–1985 | Equity analysis . |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| The MCNC Endowment | Investment Committee Member | Not disclosed | Endowment oversight and manager evaluation . |
Board Governance
- Independence: All current Trustees, including Frost, are “noninterested” under the Investment Company Act of 1940; Board comprises ten independent Trustees overseeing 123 funds in the Eaton Vance complex .
- Board structure: Independent Chairperson (George J. Gorman) leads agendas, presides at meetings, and liaises between meetings .
- Meetings and attendance: In FY ended Dec 31, 2024, Board met 8 times; Audit 10; Contract Review 5; Governance 5; Portfolio Management 7; Compliance 8; Closed-End predecessor committee met 10. Each Trustee attended at least 75% of the Board and Committee meetings on which they serve. None of the Trustees attended the Funds’ 2024 Annual Meeting of Shareholders .
Committee assignments (2024)
| Committee | Frost Member? | Chair | Meetings Held (2024) | Purpose |
|---|---|---|---|---|
| Governance | Yes | Valerie A. Mosley | 5 | Board structure, nominations, and compensation of noninterested Trustees; all members independent under NYSE rules . |
| Contract Review | Yes | Mark R. Fetting | 5 | Reviews service provider contracts and conflict matters; noninterested Trustee committee . |
| Portfolio Management | Yes | Marcus L. Smith | 7 | Oversees portfolio management processes, trading policies, risk techniques, and performance monitoring . |
| Audit | No | Scott E. Wennerholm | 10 | Oversees financial reporting, internal controls, auditor engagement; Gorman and Wennerholm designated “audit committee financial experts” . |
| Compliance Reports & Regulatory Matters | No | Susan J. Sutherland | 8 | Oversees compliance and serves as qualified legal compliance committee . |
| Closed‑End Fund Committee | No | Keith Quinton | Predecessor met 10 | Oversight of closed-end fund trading, capital structure, distributions . |
Fixed Compensation
- Compensation structure: Noninterested Trustees receive an annual retainer plus committee service component; additional retainers for Chair of noninterested Trustees, service on 4+ committees, and committee chair roles; expenses reimbursed pro rata across the fund complex .
| Component | Amount ($USD) | Notes |
|---|---|---|
| Annual Retainer | 325,000 | Paid pro rata by each fund based on average net assets. |
| Chair of noninterested Trustees | 150,000 | Not applicable to Frost (Gorman is Chair). |
| Committee Service | 82,500 | Standard for committee membership. |
| 4+ Committees Add’l Retainer | 15,000 | Frost serves on three committees, so add’l likely not applicable. |
| Committee Chair | 35,000 | Not applicable to Frost; chairs identified above. |
| Expenses | Reimbursed | Aggregate reimbursed = $96,845 in 2024 across Trustees . |
Actual compensation earned by Frost (calendar year ended Dec 31, 2024)
| Fund | Compensation ($USD) |
|---|---|
| Enhanced Equity Fund II (EOS) | 6,351 |
| Risk‑Managed Diversified Equity Income Fund (ETJ) | 3,489 |
| Tax‑Managed Buy‑Write Income Fund (ETB) | 2,494 |
| Tax‑Managed Buy‑Write Opportunities Fund (ETV) | 9,179 |
| Tax‑Managed Global Buy‑Write Opportunities Fund (ETW) | 5,779 |
| Total Compensation from Fund & Eaton Vance Fund Complex | 395,000 |
Performance Compensation
| Item | Status |
|---|---|
| Stock awards (RSUs/PSUs) | Not disclosed; Trustee pay is cash retainer and committee fees . |
| Option awards | Not disclosed; no options indicated for Trustees . |
| Performance metrics tied to pay (TSR, EBITDA, ESG) | Not disclosed; Trustee compensation is not performance‑based . |
| Change‑of‑control / severance provisions | Not disclosed for Trustees . |
| Clawback provisions | Not disclosed for Trustees . |
| Deferred compensation | Structure exists in complex; footnotes list deferred comp examples (e.g., Mosley); Frost’s specific deferred elections not disclosed in footnotes . |
Other Directorships & Interlocks
| Company/Organization | Type | Role | Timing |
|---|---|---|---|
| None | Public company | — | No public company directorships in last five years . |
| The MCNC Endowment | Non‑profit/endowment | Investment Committee Member | Current . |
Expertise & Qualifications
- 30+ years in institutional asset management and consulting; endowment CIO experience aligns with fund oversight needs .
- Noninterested trustee status and multi‑committee service indicate governance experience across conflicts, portfolio oversight, and board composition .
- Board attributes emphasize ability to critically review information, exercise independent judgment, and collaborate with service providers and auditors .
Equity Ownership
| Item | Status/Amount |
|---|---|
| Beneficial ownership of ETW equity securities | None (as of Jan 28, 2025, no Trustee beneficially owned any Fund’s equity securities) . |
| Aggregate holdings in Eaton Vance family of funds (dollar range) | Over $100,000 (Frost) . |
Governance Assessment
- Strengths: Independent trustee since 2014 with deep endowment CIO background; serves on Governance, Contract Review, and Portfolio Management Committees—key levers for board effectiveness and investment oversight . Board and committee attendance threshold met (≥75%) with robust committee cadence (e.g., Portfolio Management met 7x; Audit 10x) .
- Alignment: No beneficial ownership in ETW itself could be viewed as a skin‑in‑the‑game gap; however, aggregate holdings in the Eaton Vance family of funds exceed $100,000, indicating some alignment with the broader complex .
- Conflicts: Contract Review Committee oversight reduces related‑party risk; no related‑party transactions or consultant conflicts disclosed for Frost; all committees composed of noninterested Trustees .
- Engagement signals: None of the Trustees attended the 2024 Annual Meeting of Shareholders—potentially a minor engagement concern though common in fund complexes; overall meeting attendance still ≥75% .
RED FLAGS
- No direct beneficial ownership of ETW shares as of the record date, which may be interpreted as weaker fund‑specific alignment despite broader complex holdings .
- Board did not attend the 2024 Annual Meeting of Shareholders, which can be viewed as reduced shareholder‑facing engagement, albeit typical for many investment company boards .