Marcus L. Smith
About Marcus L. Smith
Marcus L. Smith (born 1966) is an independent, noninterested Trustee of Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (ETW), serving since 2018, with his Class III term expiring in 2026. He is a private investor and independent corporate director with prior senior leadership and portfolio management roles at MFS Investment Management; he currently chairs the Portfolio Management Committee of the Eaton Vance Fund Boards and serves on the Governance Committee, reflecting deep investment oversight credentials. He is independent under the Investment Company Act of 1940 and part of an all-noninterested 10-member Board.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| MFS Investment Management | Portfolio Manager (MFS Institutional International Fund 17 yrs; MFS Concentrated International Fund 10 yrs); Director of Asian Research; Chief Investment Officer, Asia; Chief Investment Officer, Canada | 1994–2017 (PM); 2005–2010 (Dir. Asian Research); 2010–2012 (CIO Asia); 2012–2017 (CIO Canada) | Led international equity strategies; regional CIO leadership enhances portfolio oversight capabilities at ETW |
| Andersen Consulting (Accenture) | Senior Consultant | 1988–1992 | Early-stage analytical and operational experience |
| U.S. Army Reserve | Officer | 1987–1992 | Leadership discipline relevant to board governance |
External Roles
| Company | Role | Tenure | Committees |
|---|---|---|---|
| MSCI Inc. | Director | Since 2017 | Chair of Audit Committee; member, Strategy & Finance Committee |
| First Industrial Realty Trust, Inc. | Director | Since 2021 | Investment Committee; Nominating/Corporate Governance Committee |
| DCT Industrial Trust Inc. | Director (prior) | 2017–2018 | Nominating & Corporate Governance; Audit |
Board Governance
- Board composition: ten noninterested Trustees; Chairperson is a noninterested Trustee; Board meets six regularly scheduled times per year plus specials; ETW is overseen alongside other Eaton Vance funds via established committees (Audit, Contract Review, Governance, Portfolio Management, Compliance, Closed-End Fund).
- Committee Chair roles: Smith is Chairperson of the Portfolio Management Committee; he is also a member of the Governance Committee, which is fully independent under NYSE standards.
- Attendance: In FY2024, Boards met eight times; Audit (10), Contract Review (5), Governance (5), Portfolio Management (7), Compliance (8). Each Trustee attended at least 75% of Board and Committee meetings on which they serve; none of the Trustees attended the Funds’ 2024 Annual Meeting of Shareholders.
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual retainer (noninterested Trustee) | $325,000 | Paid pro rata by each fund based on relative net assets |
| Additional retainer – Chairperson of noninterested Trustees | $150,000 | Applies to Board Chair (not Smith) |
| Committee service retainer | $82,500 | Standard for committee participation |
| Additional retainer – service on ≥4 Committees | $15,000 | If applicable |
| Committee Chair retainer | $35,000 | Split if co-chairs; Smith chairs Portfolio Management Committee |
| Reimbursed expenses (aggregate, calendar 2024) | $96,845 | Aggregate for Trustees; fund-level allocations vary |
| Fund | ETW Compensation (calendar 2024) |
|---|---|
| Global Buy-Write Opportunities Fund (ETW) | $6,291 |
| Total Compensation from Fund Complex (calendar 2024) | Amount |
|---|---|
| Marcus L. Smith | $430,000 |
Deferred compensation plan is available for Trustees; fees can be deferred into Eaton Vance fund shares, with payouts tied to investment performance; no pension/retirement plan for Trustees. No specific deferred amount is indicated for Smith in the ETW table footnotes.
Performance Compensation
| Element | Terms | Metrics |
|---|---|---|
| Performance-based cash bonus | None disclosed | N/A (director compensation structured as fixed retainers and committee fees) |
| Equity awards (RSUs/PSUs/options) | None disclosed | N/A (closed-end fund Trustees do not receive ETW equity awards) |
| Deferred compensation | Elective, invested in Eaton Vance funds | Investment performance of selected funds drives deferred balances; voluntary and not a pay-for-performance plan tied to ETW results |
Other Directorships & Interlocks
| External Company | Sector | Potential Interlock/Conflict Considerations |
|---|---|---|
| MSCI Inc. | Index/data/analytics | As ETW is an equity income buy-write fund, it may reference or benchmark indices. Smith’s MSCI role could present a perceived vendor-interlock; however, he is a noninterested Trustee and independent under the 1940 Act, and no related-party transactions are disclosed. |
| First Industrial Realty Trust | Industrial REIT | No ETW-related party transactions disclosed; sector exposure unrelated to ETW advisory/provider relationships. |
| DCT Industrial Trust (prior) | Logistics real estate | Historical role; no current interlock. |
Expertise & Qualifications
- Investment oversight: Extensive portfolio management tenure and regional CIO leadership at MFS (Asia and Canada), aligning with global equity strategy oversight for ETW’s buy-write mandate; currently chairs the Portfolio Management Committee.
- Audit and finance: Chairs MSCI’s Audit Committee and serves on Strategy & Finance, strengthening financial reporting and risk oversight across ETW’s Audit-interface processes.
- Independence and diversity: Member of fully independent Governance Committee; Board emphasizes mix of skills and diverse backgrounds in its annual self-evaluation.
Equity Ownership
| Category | Ownership |
|---|---|
| ETW Fund shares (beneficial ownership) | None (as of Jan 28, 2025, no Trustee beneficially owned a Fund’s equity securities) |
| Aggregate dollar range in Eaton Vance family of funds (overseen) | Over $100,000 (Smith) |
Stock ownership guidelines and pledge/hedge disclosures are not provided in the proxy; no pledging or hedging disclosures were noted for Trustees.
Governance Assessment
- Strengths: Independent status; deep investment management experience; chairs Portfolio Management Committee; external audit chair role at MSCI supports financial rigor. These enhance board effectiveness and risk oversight for ETW.
- Engagement: Attendance met at least 75% threshold across Board/Committee meetings in FY2024, supporting active oversight; note that Trustees did not attend the 2024 Annual Meeting, which may be typical for closed-end funds but reduces direct shareholder touchpoints.
- Compensation alignment: Structure is predominantly fixed cash retainers and committee fees without performance-linked pay; elective deferral into fund shares provides some alignment with broader fund complex performance, though not ETW-specific.
- Conflicts/Interlocks: External roles at MSCI and First Industrial present potential perceived interlocks with index/data providers or market participants; no related-party transactions are disclosed and Smith remains noninterested under the 1940 Act. Monitor any adviser/vendor relationships involving MSCI.
RED FLAGS: None disclosed regarding related-party transactions, option repricings, tax gross-ups, or legal proceedings. Note the lack of attendance at the 2024 Annual Meeting by all Trustees, and the absence of ETW-specific equity ownership by Trustees—typical for fund boards but may be viewed by some investors as lower “skin in the game.”