Nancy Wiser Stefani
About Nancy Wiser Stefani
Independent Trustee of Eaton Vance California Municipal Bond Fund (EVM) since 2022 (Class II; term expiring 2025, nominated for re‑election to 2028), born 1967. She chairs the Compliance Reports and Regulatory Matters Committee and serves on the Audit, Contract Review, and Governance Committees. Background includes 35+ years in investment management operations, governance, and compliance; B.S. in Business Administration from Providence College .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Wells Fargo Asset Management | Executive Vice President, Global Head of Operations; Treasurer of Wells Fargo open-end and closed-end funds | 2011–2021; 2012–2021 (Treasurer) | Oversaw operations and governance; chaired UK and Luxembourg legal entities and Luxembourg funds boards |
| LightBox Capital Management | Chief Operating Officer and Chief Compliance Officer | 2008–2011 | Oversaw all non‑investment activities |
| GMN Capital Management | Chief Operating Officer and Chief Compliance Officer | 2006–2007 | Oversaw all non‑investment activities |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Rimes Technologies (private) | Corporate Director | 2022–2024 | Data management company; role ended upon 2024 acquisition |
| University of Minnesota Foundation | Trustee | Since 2022 | Non‑profit board service |
| Providence College Business Advisory Board; Boston Scores; National Black MBA Advisory Board | Board/Advisory roles | n/a | Prior non‑profit board service |
Board Governance
- Independence: Noninterested (independent) Trustee under the 1940 Act; all EVM Trustees are noninterested; the Board comprises nine independent Trustees overseeing 123 funds in the complex .
- Committee assignments:
- Audit Committee: Member (Committee members independent under NYSE American; financial experts designated are Gorman and Wennerholm) .
- Compliance Reports & Regulatory Matters Committee: Chair .
- Contract Review Committee: Member .
- Governance Committee: Member .
- Not on Portfolio Management or Closed-End Fund Committees .
- Meeting cadence and attendance: FY ended Sept 30, 2024 — Board met 8x; Audit 10x; Contract Review 5x; Governance 4x; Portfolio Management 7x; Compliance 8x; each Trustee attended at least 75% of Board and Committee meetings; none attended the Funds’ 2024 Annual Meeting of Shareholders .
- Board leadership: Acting Chairperson is Susan J. Sutherland (not Stefani) .
Fixed Compensation
Director compensation is cash-based with retainers and committee fees, paid pro rata across the Eaton Vance fund complex based on fund net assets.
| Compensation Element (EV Fund Boards) | Amount | Notes |
|---|---|---|
| Annual retainer (noninterested Trustees) | $325,000 | Applies to all noninterested Trustees |
| Chairperson of noninterested Trustees (additional) | $150,000 | Applies if serving as Chairperson |
| Committee service (annual) | $82,500 | Applies to committee members |
| Four or more committees (additional) | $15,000 | Incremental for ≥4 committees |
| Committee Chairperson (additional) | $35,000 | Split if Co‑Chairs |
| Deferred Compensation Plan | Elective | Fees may be deferred into EV funds; amounts track selected fund returns |
| Pension/retirement plan | None | No fund pension/retirement plan for Trustees |
Director-level amounts attributable to Stefani (most recent disclosures):
| Fund/Complex | Period | Cash Fees |
|---|---|---|
| EVM (California Municipal Bond Fund) | FY ended Sep 30, 2024 | $2,117 |
| ENX (New York Municipal Bond Fund) | FY ended Sep 30, 2024 | $1,712 |
| Total from Fund Complex | Calendar year 2024 | $410,000 |
Performance Compensation
| Performance-Linked Element | Detail |
|---|---|
| Performance metrics tied to director compensation | None disclosed; compensation consists of fixed retainers and committee/Chair fees; no stock or option awards noted |
| Deferred Compensation Plan mechanics | Trustees may defer fees into EV funds; value tracks fund performance but does not alter fee opportunity; no pension plan |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None (last five years) |
| Potential interlocks/conflicts | Contract Review Committee (of which she is a member) is tasked with reviewing service-provider contracts and conflicts on behalf of noninterested Trustees |
Expertise & Qualifications
- Core competencies: Fund operations, governance, compliance, and regulatory oversight (Chair, Compliance Reports & Regulatory Matters Committee) .
- Prior executive experience overseeing global operations and fund governance at Wells Fargo Asset Management, including Treasurer roles across fund complexes .
- Education: B.S., Business Administration, Providence College .
Equity Ownership
| Category | Holding |
|---|---|
| Beneficial ownership of EVM/ENX shares | None (as of July 14, 2025, no Trustee beneficially owned either Fund’s equity securities) |
| Aggregate dollar range across EV fund family | Over $100,000 (as of July 14, 2025) |
| Pledging/hedging | Not disclosed in proxy |
Governance Assessment
-
Strengths
- Deep operations and compliance expertise with leadership of the Compliance Reports & Regulatory Matters Committee; enhances risk oversight during liquidation/wind‑down .
- Independent status; Audit Committee member with committee independence under NYSE American standards; Board composed entirely of noninterested Trustees .
- Broad fund complex oversight experience (Board oversees 123 funds), supporting process rigor and consistency across funds .
-
Watch items
- Alignment: No direct ownership of EVM shares; while Trustees may defer fees into EV funds, absence of direct EVM stake may be viewed as lower fund‑specific alignment by some investors .
- Workload/overboarding optics: Serving on a Board that oversees 123 funds can raise capacity questions, though this is common in series/fund complexes and meeting attendance met thresholds in FY 2024 .
- Annual Meeting attendance: None of the Trustees attended the Funds’ 2024 Annual Meeting of Shareholders; not unusual in fund complexes but some investors prefer attendance as a governance signal .
-
Context for current term and investor confidence
- Stefani is a Class II nominee in 2025 as the Board unanimously recommends liquidation; Board continuity and compliance oversight are framed as important to the orderly wind‑up if shareholders approve liquidation .