Marcus L. Smith
About Marcus L. Smith
Independent Trustee of Eaton Vance Senior Income Trust (EVF) since 2018; born 1966. Former Chief Investment Officer for Canada and Asia at MFS Investment Management and long‑tenured international equity portfolio manager. Education: B.S. in Computer Science, University of Mount Union (cum laude); MBA, The Wharton School, University of Pennsylvania. Current external public company directorships include MSCI Inc. (Audit Committee Chair; Strategy & Finance Committee member) and First Industrial Realty Trust (Audit, Investment, and Nominating & Governance Committees) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| MFS Investment Management | Director of Asian Research | 2004–2010 | Led Asian equity research |
| MFS Investment Management | Chief Investment Officer, Asia | 2010–2012 | Regional investment leadership |
| MFS Investment Management | Chief Investment Officer, Canada | 2012–2017 | Country CIO; oversaw $23B International Equity portfolio leadership experience noted |
| MFS Investment Management | Portfolio Manager | 2001–2017 | International equity; long-tenure PM |
| Andersen Consulting (Accenture) | Senior Consultant | Prior to investment career (not dated) | Technology/operations background |
| U.S. Army Reserve | Officer | Not dated | Leadership and discipline experience |
External Roles
| Organization | Role | Tenure | Committees/Positions |
|---|---|---|---|
| MSCI Inc. (NYSE: MSCI) | Independent Director | Since 2017 | Audit Committee Chair; Strategy & Finance Committee member |
| First Industrial Realty Trust (NYSE: FR) | Independent Director | Since 2021 | Audit; Investment; Nominating & Governance Committees |
| DCT Industrial Trust (NYSE: DCT) | Director (acquired by Prologis in 2018) | 2017–2018 | Audit; Nominating & Corporate Governance Committees |
| Facing History and Ourselves | Non-profit Board | Current | Board service |
| Core Knowledge Foundation | Non-profit Board | Current | Board service |
| Harvard Medical School Advisory Council on Education | Advisory | Current | Council member |
| University of Mount Union | Trustee | 2008–2020 | Governance and oversight |
| Posse Foundation (Boston Advisory Board) | Advisory Board | 2015–2021 | Education access advocacy |
Board Governance
- Independence: Noninterested (not an “interested person” under the 1940 Act); Governance Committee members (including Smith) are independent under NYSE standards .
- EVF Committees:
- Portfolio Management Committee: Chairperson (Smith), members include Gorman, Wennerholm, Frost, Mosley .
- Contract Review Committee: Member (Smith); focuses on service provider contracts and conflict of interest oversight .
- Governance Committee: Member (Smith) .
- Audit Committee: Not a member; current members are Wennerholm (Chair), Gorman, Quinton, Stefani; Chairpersons designated as “audit committee financial experts” .
- Attendance & Engagement: Fiscal year ended June 30, 2025—Board met 10 times; Audit 10; Contract Review 5; Governance 6; Portfolio Management 7; Compliance 8; Closed-End Fund Committee 4 (predecessor Ad Hoc met 5). Each Trustee attended at least 75% of meetings; none attended the Fund’s 2024 Annual Meeting of Shareholders .
| Committee | Meetings (FY ended 6/30/2025) |
|---|---|
| Board of Trustees | 10 |
| Audit Committee | 10 |
| Contract Review Committee | 5 |
| Governance Committee | 6 |
| Portfolio Management Committee | 7 |
| Compliance Reports & Regulatory Matters Committee | 8 |
| Closed-End Fund Committee | 4 (Ad Hoc predecessor 5) |
Fixed Compensation
- Compensation Schedule (noninterested Trustees—pro rata across fund complex):
| Component | 2024 Schedule | 2025 Schedule |
|---|---|---|
| Annual base retainer | $315,000 | $325,000 |
| Chair of noninterested Trustees | $150,000 | $150,000 |
| Committee service retainer | $82,500 | $82,500 |
| Additional retainer (≥4 Committees) | $15,000 | $15,000 |
| Committee Chair retainer (per committee; split if co‑chairs) | $35,000 | $35,000 |
| Ad Hoc Committee Chair (six‑month period) | $5,000 | Not specified in 2025 schedule |
| Out‑of‑pocket expenses | Reimbursed | Reimbursed |
- Individual Compensation (Smith):
| Metric | Calendar 2023 | Calendar 2024 |
|---|---|---|
| Total compensation from EVF Fund | $1,063 | $1,060 |
| Total compensation from Fund Complex | $418,750 | $430,000 |
| Deferred compensation included | Not indicated | Not indicated for Smith |
- Deferred Compensation Plan: Trustees may elect to defer fees into shares of Eaton Vance funds; amounts paid track selected fund performance; no pension plan for Trustees .
Performance Compensation
- No performance‑based cash bonuses, equity awards (RSUs/PSUs), options, or specified performance metrics for Trustees; compensation is retainer‑based with optional deferred fee elections tied to fund returns, not to EVF’s operating targets .
Other Directorships & Interlocks
| Company | Sector | Role | Committees |
|---|---|---|---|
| MSCI Inc. | Financial Technology/Data | Director | Audit Chair; Strategy & Finance Member |
| First Industrial Realty Trust | Industrial REIT | Director | Audit; Investment; Nominating & Governance |
| DCT Industrial Trust (acquired) | Logistics RE | Director | Audit; Nominating & Corporate Governance |
Note: Smith’s roles span capital markets analytics (MSCI) and industrial real estate (FR), providing cross‑industry oversight expertise .
Expertise & Qualifications
- Investment leadership: CIO roles in Asia and Canada; led International Equity portfolio; deep global markets experience .
- Audit and financial oversight: Audit Committee chair (MSCI); multiple audit committee memberships .
- Technology/operations: Computer science degree; consulting background at Andersen Consulting (Accenture) .
- Governance: Portfolio Management Committee Chair at EVF; experience on governance committees at REITs; broad nonprofit board service .
Equity Ownership
| Category | Status |
|---|---|
| EVF shares owned (as of July 29, 2025) | None (no EVF shares held by Trustees other than Quinton’s range) |
| Aggregate dollar range of equity in Eaton Vance fund family (overseen funds) | Over $100,000 for Smith |
Trustees may hold interests via the Deferred Compensation Plan invested across the fund complex .
Governance Assessment
-
Strengths:
- Chair of EVF’s Portfolio Management Committee—direct oversight of strategy, trading policies, risk management, and performance monitoring; indicates active engagement with investment process .
- Independent under both 1940 Act and NYSE standards; multiple committee roles (Portfolio Management—Chair; Contract Review; Governance) bolster board effectiveness across key oversight domains .
- Extensive audit/governance experience at MSCI and FR enhances financial oversight and risk management perspective .
- Attendance: Met at least the 75% threshold across Board/Committee meetings for FY 2025, supporting baseline engagement .
-
Monitoring points / potential red flags:
- None of the Trustees attended the Fund’s 2024 Annual Meeting of Shareholders—investor‑relations engagement opportunity missed .
- No EVF share ownership as of July 29, 2025—typical for fund trustees but may be viewed by some investors as limited “skin‑in‑the‑game” alignment; note aggregate holdings “Over $100,000” across the fund family and optional fee deferrals .
- Multiple concurrent public board commitments (MSCI and FR) require continued monitoring of time‑commitment and potential perceived interlocks; the EVF Contract Review Committee is charged with evaluating service‑provider conflicts broadly .
-
Conflict controls:
- Contract Review Committee (member: Smith) explicitly evaluates service provider arrangements and any actual/potential conflicts involving Eaton Vance or affiliates; board‑level structure mitigates related‑party exposure .