Scott Wennerholm
About Scott E. Wennerholm
Independent Trustee since 2016; year of birth 1959. Chairperson of the Audit Committee; designated an “audit committee financial expert.” Background includes COO/EVP at BNY Mellon Asset Management (2005–2011), COO/CFO at Natixis Global Asset Management (1997–2004), and VP at Fidelity Investments Institutional Services (1994–1997). Education: BA in Business Administration and Philosophy (Furman University) and MBA (Boston University); FINRA Series 7, 24, 27, 63 licenses .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| BNY Mellon Asset Management | Chief Operating Officer; Executive Vice President | 2005–2011 | Senior leadership in asset management operations |
| Natixis Global Asset Management | Chief Operating Officer; Chief Financial Officer | 1997–2004 | Executive finance and operations leadership |
| Fidelity Investments Institutional Services | Vice President | 1994–1997 | Institutional services leadership |
| GF Parish Group | Consultant | 2016–2017 | Executive recruiting advisory |
| Wheelock College | Trustee | 2012–2018 | Postsecondary institution governance |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Public company directorships | None | — | No other public boards in last five years |
| Wheelock College | Trustee | 2012–2018 | Non-profit educational institution |
Board Governance
- Independence: Noninterested (independent) Trustee; Audit Committee members independent under NYSE American listing standards .
- Committee assignments: Audit Committee Chair; member of Contract Review, Portfolio Management, and Governance Committees; designated “audit committee financial expert” .
- Tenure/status: Class II Trustee; term expiring 2025; nominee for election at 2025 Annual Meeting .
- Attendance/engagement: In FY ended 9/30/2024, Board met 8 times; committees met frequently; each Trustee attended at least 75% of Board and Committee meetings; none attended the Funds’ 2024 Annual Meeting of Shareholders .
Board and Committee activity (FY ended 9/30/2024):
| Body | Meetings |
|---|---|
| Board of Trustees | 8 |
| Audit Committee | 10 |
| Contract Review Committee | 5 |
| Governance Committee | 4 |
| Portfolio Management Committee | 7 |
| Compliance Reports & Regulatory Matters Committee | 8 |
| Closed-End Fund Committee (predecessor Ad Hoc) | 9 |
Fixed Compensation
Director compensation is cash-based across the Eaton Vance fund complex with pro rata charges to each fund.
Compensation schedule (Fund Boards):
| Component | Amount |
|---|---|
| Annual retainer | $325,000 |
| Chairperson of noninterested Trustees (if applicable) | +$150,000 |
| Committee service | +$82,500 |
| Four or more Committees | +$15,000 |
| Committee Chairperson | +$35,000 (split if co-chairs) |
| Out-of-pocket expenses | Reimbursed |
Wennerholm compensation (calendar/fiscal periods as disclosed):
| Fund | Fund-Level Compensation | Fund Complex Total |
|---|---|---|
| Eaton Vance California Municipal Bond Fund (EVM) | $2,298 | $445,000 |
| Eaton Vance New York Municipal Bond Fund (ENX) | $1,858 | $445,000 |
Deferred Compensation Plan: Trustees may elect to defer fees into shares of one or more Eaton Vance funds; no pension/retirement plan for Trustees .
Performance Compensation
Noninterested Trustees do not receive bonus, option awards, or performance-based equity; no disclosed performance metrics tie to director pay.
| Performance Metric | Used in Director Compensation? | Notes |
|---|---|---|
| Bonus (cash) | No | Not disclosed for Trustees |
| Stock awards (RSUs/PSUs) | No | Not part of Trustee pay program |
| Options | No | Not part of Trustee pay program |
| TSR/financial KPIs | No | No performance linkage disclosed |
| Clawbacks/COC | No | Not applicable to Trustees in proxy |
Other Directorships & Interlocks
| Company | Role | Committee Roles | Years | Notes |
|---|---|---|---|---|
| None disclosed | — | — | — | No other public company directorships in last five years |
Expertise & Qualifications
- Audit committee financial expert; deep oversight of financial reporting, controls, auditor independence .
- 30+ years in financial services in COO/CFO roles at global asset managers; institutional operations and governance experience .
- FINRA licenses Series 7, 24, 27, 63; advanced education (MBA, BA) .
Equity Ownership
| Category | Disclosure |
|---|---|
| Beneficial ownership of EVM/ENX Common Shares | As of July 14, 2025, no Trustee beneficially owned a Fund’s equity securities |
| Trustees and officers (group) % ownership | Less than 1% of outstanding Common Shares of each Fund |
| Aggregate dollar range owned across Eaton Vance family of funds | Over $100,000 (Wennerholm) |
| Shares pledged as collateral | None disclosed |
| Ownership guidelines | Not disclosed for Trustees |
Governance Assessment
- Strengths: Independent status; Audit Chair with “financial expert” designation; multi-committee involvement (Audit, Contract Review, Portfolio Management, Governance) indicating high engagement in risk, performance, and conflict oversight . Attendance threshold met; robust committee cadence .
- Alignment: Cash-only pay reduces equity dilution; optional deferral into fund shares provides some economic alignment with fund complex, though not specifically EVM/ENX common shares .
- Conflicts: Board’s Contract Review Committee explicitly oversees service-provider arrangements and actual/potential conflicts (including with Eaton Vance/Morgan Stanley affiliates), mitigating related-party exposure at the fund level .
- Signals/activism: Board faced closed-end fund activism; an activist agreed to withdraw proposals (including terminating the advisory agreement) and support liquidation and trustee nominees following Board approval to seek liquidation—this is a key governance event affecting investor confidence and fund continuity .
- Attendance red flag: None attended the Funds’ 2024 Annual Meeting of Shareholders (common in fund complexes but can be perceived negatively by retail investors) .
- Compensation reasonableness: Total complex compensation ($445,000) comparable to multi-fund complex governance structure; fund-level pro rata amounts are small given EVM/ENX asset bases .
RED FLAGS: Activist-driven liquidation and withdrawal of contest proposals contingent on Board actions; absence at 2024 annual shareholder meeting; no direct equity ownership in EVM/ENX common shares by Trustees (though aggregate fund complex ownership exists) .