Alan Bowser
About Alan C. Bowser
Independent Trustee of California Municipal Bond Fund (EVM) since 2023; current term: Class III expiring 2026. Former Bridgewater Associates Partner and Operating Committee member (2011–2023), serving as Co-Head of the Americas and Chief Diversity Officer; prior leadership roles at UBS Wealth Management Americas (Managing Director, Head of Investment Services, 2007–2010) and Citibank Private Bank (Managing Director, Head of Client Solutions for Latin America, 1999–2007). Education: B.S. in Economics, summa cum laude, Wharton (University of Pennsylvania); M.Phil. in Politics, Oxford University. Recognitions include EMPower Ethnic Minority Executive Role Models (2020) and Business Insider “Diversity Trailblazers” (2022). Year of birth: 1962; noninterested (independent) trustee across the Eaton Vance fund boards.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Bridgewater Associates | Partner; Co-Head, Americas; Chief Diversity Officer; Operating Committee member | 2011–2023 | Senior leadership overseeing regional strategy and diversity initiatives; firm-wide operating governance |
| UBS Wealth Management Americas | Managing Director; Head of Investment Services | 2007–2010 | Led investment platforms and services for wealth clients |
| Citibank Private Bank (Latin America Division) | Managing Director; Head of Client Solutions | 1999–2007 | Client solutions leadership for UHNW and institutional clients in Latin America |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Stout Risius Ross | Independent Director | Since 2021 | Middle market professional services advisory firm |
| Black Hedge Fund Professionals Network | Founding Board Member; Board Chair | Ongoing | Industry network leadership |
| Robert Toigo Foundation | Board Member | Prior service disclosed | Nonprofit governance |
| New York Urban League | Board Member | Prior service disclosed | Nonprofit governance |
| University of Pennsylvania | Board Member | Prior service disclosed | Academic governance |
| Greater Miami Chamber of Commerce | Vice Chairman, Task Force on Ethics | Prior service disclosed | Ethics oversight |
Board Governance
- Structure: Nine noninterested trustees; six regularly scheduled meetings per year plus special meetings/calls; acting Chairperson role among noninterested trustees.
- Independence: Bowser is a noninterested trustee; committees are comprised solely of noninterested trustees.
- Committee memberships (EVM/Board-wide):
- Contract Review Committee (CRC) member; CRC reviews service provider contracts and actual/potential conflicts, including with Eaton Vance affiliates.
- Compliance Reports & Regulatory Matters Committee member; oversight of compliance and serves as Qualified Legal Compliance Committee.
- Closed-End Fund Committee member; oversight of secondary market trading, capital structure, distribution policy for closed-end funds.
- Governance Committee member; board structure, nominations, and trustee compensation oversight.
- Committee chair roles: None for Bowser (chairs: CRC—Gorman; Compliance—Stefani; Closed-End—Quinton; Governance—Sutherland).
- Attendance: Specific attendance rates not disclosed in the proxy.
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual retainer (noninterested trustees) | $325,000 | Pro rata paid by each fund based on its net assets within the Eaton Vance fund complex |
| Chairperson of noninterested trustees (additional) | $150,000 | If serving as Chairperson (not Bowser) |
| Committee service retainer (additional) | $82,500 | For committee service |
| Additional retainer for 4+ committees | $15,000 | For trustees serving on four or more committees |
| Committee Chair retainer (additional) | $35,000 | Split if co-chairs (not Bowser) |
| Out-of-pocket expenses | Reimbursed | Standard reimbursement |
| Actual compensation (calendar 2024) | $395,000 | Total from funds and fund complex for Bowser |
| EVM compensation (FY ended 9/30/2024) | $2,040 | Fund-level trustee fees |
| ENX compensation (FY ended 9/30/2024) | $1,649 | Fund-level trustee fees |
Performance Compensation
| Item | Disclosed? | Details |
|---|---|---|
| Equity awards (RSUs/PSUs) | No | Trustee compensation is cash-based per schedule; no equity awards disclosed |
| Options | No | No option awards disclosed |
| Deferred compensation | Yes | Trustees may elect to defer fees into Eaton Vance fund shares per the Deferred Compensation Plan; payouts track investment performance; no pension/retirement plan for trustees |
| Performance metrics (TSR, EBITDA, ESG) | No | No performance-linked metrics tied to trustee pay disclosed |
Other Directorships & Interlocks
| Company/Entity | Type | Potential Interlock/Conflict |
|---|---|---|
| Stout Risius Ross | Professional services advisory firm | No specific related-party transactions disclosed with EVM/Eaton Vance funds |
| Multiple nonprofits/academic boards | Nonprofit/academic | No related-party transactions disclosed |
Expertise & Qualifications
- 25+ years in financial services leading investment advisory teams for institutions, family offices, UHNW clients in U.S. and Latin America.
- Senior operating leadership at Bridgewater (Partner, Operating Committee), with diversity leadership as Chief Diversity Officer.
- Prior MD-level roles at UBS Wealth Management Americas and Citibank Private Bank (Latin America).
- Education: Wharton B.S. Economics (summa cum laude); Oxford M.Phil. Politics.
- Recognitions for diversity leadership (EMPower 2020; Business Insider 2022).
Equity Ownership
| Metric | EVM | ENX | Eaton Vance Fund Complex (Aggregate Dollar Range in Funds Overseen) |
|---|---|---|---|
| Beneficial ownership of fund’s equity securities (as of 7/14/2025) | None | None | Over $100,000 |
| Shares pledged as collateral | Not disclosed | Not disclosed | Not disclosed |
| Ownership guidelines | Not disclosed | Not disclosed | Not disclosed |
Governance Assessment
- Board effectiveness: Bowser sits on four oversight-focused committees (Contract Review, Compliance, Closed-End Fund, Governance), concentrating on conflicts of interest, regulatory compliance, capital structure/distribution policies for closed-end funds, and trustee nominations/compensation—indicative of an engaged governance portfolio and independence.
- Independence and oversight of conflicts: As a noninterested trustee on committees comprised solely of noninterested trustees, Bowser participates in CRC reviews of service provider contracts and conflict situations, including matters involving Eaton Vance affiliates.
- Pay and alignment: Compensation is primarily fixed cash retainer plus committee-related fees; trustees may elect to defer fees into fund shares, modestly aligning interests with shareholders across the fund complex; Bowser’s 2024 total compensation was $395,000 with small fund-level allocations for EVM/ENX.
- Ownership signal: While Bowser had no direct beneficial ownership in EVM or ENX as of July 14, 2025, he reported an aggregate dollar range “Over $100,000” across Eaton Vance funds overseen, consistent with deferred compensation elections and broad complex exposure.
- Attendance transparency: Meeting cadence (six regular meetings per year) is disclosed, but individual attendance rates are not, limiting direct evaluation of attendance.
RED FLAGS
- No explicit disclosure of individual meeting attendance rates; transparency gap versus best-in-class governance reporting.
- Compensation is predominantly fixed cash without disclosed performance metrics; while standard for fund trustees, it offers limited pay-for-performance linkage.
Overall: Bowser’s multi-committee service in conflict, compliance, and governance domains, combined with noninterested status, supports investor confidence in board oversight. The absence of attendance metrics and performance-linked pay details are typical for fund boards but remain areas to watch for enhanced disclosure.