George Gorman
About George J. Gorman
George J. Gorman (born 1952) is a noninterested trustee of Eaton Vance California Municipal Bond Fund (EVM) and Eaton Vance New York Municipal Bond Fund (ENX), serving since 2014 with a current Class III term expiring in 2026. He is Principal at George J. Gorman LLC, formerly a Senior Partner in Ernst & Young LLP’s Asset Management Group (1974–2009), and is a CPA in New York and Massachusetts; he holds a B.S. from Duquesne University and an MBA from Dartmouth’s Tuck School .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Ernst & Young LLP | Senior Partner, Asset Management Group | 1974–2009 | Led audit engagement teams for SEC-registered mutual funds, hedge and private equity funds; deep accounting/controls experience . |
| Bank of America Money Market Funds Series Trust | Independent Trustee | 2011–2014 | Oversight of money market fund governance and controls . |
| Ashmore Funds | Independent Trustee | 2010–2014 | Oversight of emerging markets fund governance . |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| George J. Gorman LLC | Principal | Current | Consulting firm; no other public directorships in last five years disclosed . |
Board Governance
| Committee | Role | Independence/Expertise | Purpose/Notes |
|---|---|---|---|
| Audit Committee | Member; former Chair | Independent under NYSE American; designated “audit committee financial expert” (with current Chair Scott E. Wennerholm) . | Oversees accounting/financial reporting, internal control over financial reporting (including certain service providers), auditor engagement, and audit quality; adopts charter (Exhibit C) . |
| Contract Review Committee | Chairperson | Noninterested Trustee | Reviews and recommends on service provider contracts (advisory, sub-advisory, transfer agency, custodial, accounting, distribution, admin); addresses actual/potential conflicts with Eaton Vance/affiliates; broader noninterested review scope . |
| Portfolio Management Committee | Member | Noninterested Trustee | Oversees portfolio management process, trading policies/procedures, risk management techniques; monitors fund performance . |
| Governance Committee | Member | Independent | Board/committee structure, nominations of noninterested trustees, Chair selection, and compensation matters . |
- Years of service: Trustee since 2014; Class III term through 2026 .
- Attendance: FY ended Sep 30, 2024—Board met 8 times; committees met 10 (Audit), 5 (Contract Review), 4 (Governance), 7 (Portfolio Management), 8 (Compliance); predecessor Closed‑End Fund committee met 9 times; each Trustee attended at least 75% of meetings; none attended the Funds’ 2024 Annual Meeting of Shareholders .
- Independence: All committee members are noninterested Trustees; Audit Committee members are independent under NYSE American standards; Gorman is designated an audit committee financial expert .
Fixed Compensation
| Component | Amount | Applicability/Notes |
|---|---|---|
| Annual retainer (noninterested Trustee) | $325,000 | Paid across Eaton Vance fund complex on pro rata basis per fund assets . |
| Committee Service retainer | $82,500 | Applies to committee members . |
| Four-or-more Committees retainer | $15,000 | Additional annual retainer if serving on ≥4 committees . |
| Committee Chair retainer | $35,000 | Additional annual retainer; split if co-chairs; Gorman chairs Contract Review Committee . |
| Acting/Board Chair retainer | $150,000 | For Chairperson of noninterested Trustees; not applicable to Gorman (acting Chair is Susan J. Sutherland) . |
| EVM pro rata fees (FY ended 9/30/2024) | $2,815 | California Municipal Bond Fund share of Trustee compensation for Gorman . |
| ENX pro rata fees (FY ended 9/30/2024) | $2,276 | New York Municipal Bond Fund share of Trustee compensation for Gorman . |
| Total compensation (calendar year 2024) | $545,000 | From funds and fund complex; for Gorman . |
| Deferred Compensation Plan | Available | Trustees may elect to defer fees into EV funds; payouts track chosen fund performance; no pension plan . |
The compensation schedule reflects current levels and may not have been in place for all of FY2024 or the full calendar year; fund meeting expense reimbursements aggregated $96,845 in 2024 across Trustees .
Performance Compensation
| Item | Details |
|---|---|
| Stock awards (RSUs/PSUs) | None disclosed for Trustees; compensation consists of cash retainers/fees per schedule . |
| Option awards | None disclosed for Trustees . |
| Performance metrics tied to pay (revenue/EBITDA/TSR/ESG) | Not applicable—no performance-based equity or bonus structure for Trustees disclosed . |
| Vesting schedules | Not applicable for Trustees; no equity grants disclosed . |
| Clawbacks/COC/severance | Not disclosed for Trustees . |
| Deferred comp mechanics | Elective deferral to EV funds; payout linked to fund NAV/returns of selected investment(s) . |
Other Directorships & Interlocks
| Company | Role | Period | Interlocks/Conflicts |
|---|---|---|---|
| Draft (none disclosed current) | — | — | No current public company directorships for Gorman in last five years . |
| Bank of America Money Market Funds Series Trust | Independent Trustee | 2011–2014 | Prior mutual fund complex role; no active interlocks disclosed . |
| Ashmore Funds | Independent Trustee | 2010–2014 | Prior mutual fund complex role; no active interlocks disclosed . |
Expertise & Qualifications
- Audit committee financial expert; extensive fund audit background and financial reporting oversight experience .
- CPA in NY and MA; senior leadership in EY’s Asset Management Group .
- Board committee leadership (Contract Review Committee Chair) focused on service provider contracts and conflict remediation .
- Education: B.S., Duquesne University (cum laude); MBA, Amos Tuck School (Dartmouth) .
Equity Ownership
| Measure | Value | Notes |
|---|---|---|
| Beneficial ownership of EVM/ENX fund shares | None | As of July 14, 2025, no Trustee beneficially owned a Fund’s equity securities . |
| Aggregate ownership across Eaton Vance family of funds | Over $100,000 | Dollar range for Gorman’s holdings in funds overseen (inclusive of deferred compensation plan holdings if any) . |
| Trustees/executives group ownership of Fund common shares | <1% | Trustees and executive officers, individually and as a group, owned beneficially less than 1% of outstanding Common Shares of each Fund as of July 14, 2025 . |
| Shares pledged as collateral | Not disclosed | No pledging disclosure noted in proxy . |
Governance Assessment
- Board effectiveness and financial oversight: Gorman strengthens audit and financial reporting oversight via Audit Committee membership and audit committee financial expert designation; past service as Audit Committee Chair underscores depth in accounting controls pertinent to closed‑end funds .
- Conflict oversight: As Chair of the Contract Review Committee, he leads monitoring and remediation of actual/potential conflicts with Eaton Vance and affiliated service providers—central to investor alignment in externally managed funds .
- Independence and engagement: Noninterested/independent status is clear; Audit Committee members meet NYSE American independence standards. Attendance met at least 75% threshold across Board/committee meetings in FY2024; note that Trustees did not attend the Funds’ 2024 Annual Meeting of Shareholders, which some investors may view as suboptimal engagement with retail holders .
- Compensation alignment: Trustee pay is fixed-fee based with committee and chair retainers; no equity grants or options, limiting pay-for-performance levers but consistent with industry norms for fund trustees. Gorman’s total 2024 compensation was $545,000 across the fund complex; pro rata fund-level fees were modest given fund sizes ($2,815 EVM; $2,276 ENX) .
- Risk indicators/red flags: No related-party transactions tied to Gorman disclosed; no legal proceedings noted. The broader activist context and Board-approved liquidation plan reflect a governance decision to minimize costs and allow shareholders to realize NAV; while not specific to Gorman, his committee roles imply direct involvement in evaluating alternatives and service-provider agreements during this process .