Alan C. Bowser
About Alan C. Bowser
Independent Trustee of Eaton Vance closed-end funds since 2023 and open-end funds since 2022; over 25 years in financial services leading advisory teams across institutions, family offices, and UHNW clients in the U.S. and Latin America . Former Partner at Bridgewater Associates, serving as Chief Diversity Officer and Co-Head of the Americas Region; prior roles include Managing Director, Head of Investment Services at UBS Wealth Management Americas (2007–2010) and Managing Director, Head of Client Solutions for Latin America at Citibank Private Bank (1999–2007) . Recognized as an EMPower Ethnic Minority Executive Role Model (2020) and Business Insider “Diversity Trailblazer” (2022) . Serves as an independent Trustee (noninterested under the 1940 Act), with the Board comprised of ten noninterested Trustees .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Bridgewater Associates | Partner; Chief Diversity Officer; Co-Head of the Americas Region; Operating Committee member | 2011–2023 | Led diversity strategy and regional leadership; senior operating influence |
| UBS Wealth Management Americas | Managing Director, Head of Investment Services | 2007–2010 | Led investment services for WM Americas |
| Citibank Private Bank (Latin America Division) | Managing Director, Head of Client Solutions | 1999–2007 | Led client solutions for Latin America UHNW private banking |
External Roles
| Organization | Role | Start Year | Notes |
|---|---|---|---|
| Stout Risius Ross | Independent Director | 2021 | Corporate finance/advisory board role |
| Black Hedge Fund Professionals Network | Founding Board Member; Board Chair | N/A | Industry network leadership |
| Robert Toigo Foundation | Board Member | N/A | Non-profit governance |
| New York Urban League | Board Member | N/A | Non-profit governance |
| University of Pennsylvania | Board Member | N/A | University board role |
| Greater Miami Chamber of Commerce Task Force on Ethics | Vice Chairman | N/A | Ethics oversight role |
Board Governance
- Ten noninterested Trustees; six regularly scheduled Board meetings per year plus special meetings/conference calls as needed .
- Risk oversight spans investment, compliance, operational, and valuation; the CCO reports to the Board; valuation policies are overseen by the Audit Committee with periodic reports from independent public accountants .
- Governance Committee membership includes Bowser; all Governance Committee members are independent under applicable NYSE/Nasdaq standards. Governance Committee handles Board/committee structure, nomination/selection of noninterested Trustees, Chair selection, and compensation recommendations; written charter available on Eaton Vance website .
| Committee | Bowser Role | Chair | Independence | Purpose |
|---|---|---|---|---|
| Governance Committee | Member | Valerie A. Mosley (Chair) | All members independent | Board/committee structure; Trustee nominations; Chair selection; compensation recommendations |
Attendance rates for individual Trustees are not disclosed in the proxy; Board meets regularly and uses specialized committees for oversight .
Fixed Compensation
| Component | Amount | Period/Context |
|---|---|---|
| Annual retainer (noninterested Trustees) | $325,000 | Fund complex schedule |
| Additional annual retainer – Chairperson of noninterested Trustees | $150,000 | Fund complex schedule |
| Committee service component | $82,500 | Fund complex schedule |
| Additional retainer – serving on 4+ committees | $15,000 | Fund complex schedule |
| Committee Chair retainer | $35,000 (split for Co-Chairs) | Fund complex schedule |
| EVN (Municipal Fund) pro rata compensation to Bowser | $3,522 | Fiscal year ended Nov 30, 2024 |
| Total compensation from Fund and Eaton Vance fund complex | $395,000 | Calendar year ended Dec 31, 2024 |
| Aggregate out-of-pocket reimbursements (all Trustees) | $96,845 | Calendar year ended Dec 31, 2024 (complex-wide) |
Each Fund pays a pro rata share of Trustee fees based on average net assets; EVN’s reported pro rata amounts reflect its share within the 123-fund complex .
Performance Compensation
- No performance-linked compensation elements (e.g., options, RSUs/PSUs, bonus metrics) are disclosed for noninterested Trustees; compensation consists of cash retainers and committee-related fees set by schedule .
Other Directorships & Interlocks
| Company/Organization | Type | Role | Potential Interlock/Conflict Noted |
|---|---|---|---|
| Stout Risius Ross | Corporate advisory | Independent Director | None disclosed in proxy |
| Black Hedge Fund Professionals Network | Industry network | Board Chair | None disclosed in proxy |
| Robert Toigo Foundation; New York Urban League; University of Pennsylvania; Greater Miami Chamber of Commerce Task Force on Ethics | Non-profit/academic/civic | Board/Vice Chair roles | None disclosed in proxy |
Expertise & Qualifications
- 25+ years leading investment advisory teams across institutional and UHNW client segments, including cross-border Latin America expertise .
- Senior operating leadership at Bridgewater; prior leadership at UBS and Citibank; deep wealth management, client solutions, and governance experience .
- Recognitions for diversity leadership (EMPower 2020; Business Insider 2022), supporting board effectiveness on talent and inclusion oversight .
- Independent Trustee status; member of Governance Committee overseeing nominations, structure, and compensation .
Equity Ownership
| Category | Ownership | Notes |
|---|---|---|
| EVN (Municipal Income Trust) – direct holdings | None disclosed for Bowser | As of Dec 30, 2024, Ms. Frost held over $100,000 in EVN; no other Trustee held EVN shares |
| Aggregate beneficial ownership across Eaton Vance family of funds | Over $100,000 (Bowser) | May include shares deemed beneficially owned via deferred compensation plan for noninterested Trustees |
Governance Assessment
- Strengths: Independent status; relevant financial-services operating experience; service on Governance Committee that controls nominations/structure/compensation; robust fund-level risk oversight via CCO/Audit mechanisms .
- Alignment: Bowser’s aggregate ownership across the Eaton Vance fund family exceeds $100,000, indicating broad complex alignment; however, no direct EVN share ownership as of Dec 30, 2024 may be a modest alignment gap specific to EVN .
- Compensation signals: Fixed cash retainers and committee fees, with no equity or performance-based pay; this reduces pay-for-performance risk and potential misalignment but also limits incentives tied to EVN outperformance .
- Committee roles: Member of Governance Committee; not a committee chair based on disclosed rosters, suggesting influence without chair-level control over agenda .
Red Flags
- No EVN-specific share ownership for Bowser as of Dec 30, 2024 (alignment consideration) .
- No related-party transactions, hedging/pledging, or tax gross-ups disclosed for Bowser in the proxy sections reviewed; absence of disclosure beyond these sections should be monitored in future filings .