George J. Gorman
About George J. Gorman
George J. Gorman (born 1952) is the Independent Chairperson of the Board and a noninterested Trustee of Eaton Vance Municipal Income Trust (EVN); he has served as Trustee since 2014 and as Chairperson since 2021, with his current Class I term expiring in 2027 . He is Principal at George J. Gorman LLC and previously was a Senior Partner at Ernst & Young LLP’s Asset Management Group (1988–2009), specializing in audits of SEC‑registered mutual funds, hedge funds, and private equity funds . He is designated an “audit committee financial expert” under SEC rules and is independent under applicable NYSE listing standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Ernst & Young LLP (Asset Management Group) | Senior Partner | 1974–2009 | Led audit engagement teams for mutual funds, hedge funds, private equity; deep accounting/controls expertise |
| Bank of America Money Market Funds Series Trust | Independent Trustee | 2011–2014 | Oversight of money market fund governance and audits |
| Ashmore Funds | Independent Trustee | 2010–2014 | Oversight for EM-focused fund complex |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| George J. Gorman LLC | Principal | Ongoing | Consulting firm |
| Other public company directorships (last five years) | None | — | Proxy lists “None” for other directorships in last five years |
Board Governance
- Board independence and structure: EVN’s Board is composed entirely of noninterested Trustees; Gorman serves as Independent Chairperson .
- Committee memberships: Audit Committee (member, designated audit committee financial expert), Contract Review Committee (member), Governance Committee (member) .
- Meeting cadence and attendance: FY ended Nov 30, 2024—Board met 8 times; Audit 9; Contract Review 5; Governance 5; Portfolio 7; Compliance 8; Closed‑End 10; all Trustees attended ≥75% of meetings; none attended the Funds’ 2024 Annual Meeting of Shareholders . FY ended Nov 30, 2023—Board met 8; Audit 8; all Trustees attended ≥75%; none attended the 2023 Annual Meeting .
- Qualifications emphasized by the Board/Governance Committee: mutual fund industry knowledge, public company leadership, high ethical standards, financial/technical expertise, and independence .
- Retirement policy: Noninterested Trustees must retire by July following their 76th birthday or by Dec 31 of their 20th year of service (with limited exceptions to maintain SEC/1940 Act compliance) .
Fixed Compensation
- Program design: Noninterested Trustees receive a pro‑rata cash retainer across the Eaton Vance fund complex; current schedule includes $325,000 annual retainer, $150,000 additional retainer for serving as Chairperson of the noninterested Trustees, $82,500 for Committee Service, $15,000 for serving on four or more Committees, $35,000 per Committee Chair, plus expenses; pro‑rata share paid by each fund is based on relative average net assets . Prior year schedule (2023) used a $315,000 annual retainer and the same add‑ons (with an Ad Hoc Committee Chair $5,000 semiannual provision) .
| Metric | 2023 (FY/Calendar context) | 2024 (FY/Calendar context) |
|---|---|---|
| EVN (Municipal Fund) – Compensation Paid to Gorman ($) | $5,438 | $4,860 |
| CEV (California Fund) – Compensation Paid to Gorman ($) | $1,061 | $948 |
| Total Compensation from Fund Complex (Eaton Vance complex) – Gorman ($) | $537,500 | $545,000 |
| Deferred Compensation (included in totals) – Gorman ($) | $30,000 | $30,000 |
| Trustee Retainer Schedule (headline amounts) | Annual: $315,000; Chair: $150,000; Committee Service: $82,500; ≥4 Committees: $15,000; Committee Chair: $35,000; Ad Hoc Chair: $5,000/6 months | Annual: $325,000; Chair: $150,000; Committee Service: $82,500; ≥4 Committees: $15,000; Committee Chair: $35,000 |
Notes: Trustees may elect to defer fees via a Trustees Deferred Compensation Plan, with deferrals notionally invested in Eaton Vance funds; no pension/retirement plan exists for Trustees .
Performance Compensation
- None disclosed; Trustee compensation is fixed retainer/committee-based without performance‑conditioned metrics or equity awards .
Other Directorships & Interlocks
| Company/Entity | Role | Overlap/Interlock Risk |
|---|---|---|
| Bank of America Money Market Funds Series Trust (2011–2014) | Independent Trustee | Historical; no current interlock with EVN service providers |
| Ashmore Funds (2010–2014) | Independent Trustee | Historical; no current interlock with EVN service providers |
| Other public boards (last five years) | None | Proxy indicates “None,” reducing interlock risk |
Expertise & Qualifications
- Audit/controls expertise: Senior Partner experience auditing registered investment companies; designated audit committee financial expert .
- Fund governance: Prior independent trustee roles at Bank of America Money Market Funds and Ashmore Funds support governance proficiency .
- Independence: Noninterested Trustee, independent under stock exchange listing standards .
- Role-specific leadership: Independent Chairperson overseeing agendas, information flow, and liaison duties across committees/service providers .
Equity Ownership
| Metric | As of Jan 2, 2024 | As of Dec 30, 2024 |
|---|---|---|
| EVN (Municipal Fund) – Gorman beneficial ownership | None (only Ms. Frost held >$100k EVN equity; no other Trustee held EVN/CEV shares) | None (only Ms. Frost held >$100k EVN equity; no other Trustee held EVN/CEV shares) |
| Eaton Vance family of funds – Aggregate Dollar Range overseen by Gorman | Over $100,000 | Over $100,000 |
| Trustees/officers group ownership of EVN (%) | <1% of outstanding Common Shares | <1% of outstanding Common Shares |
| Pledged/Hedged shares | Not disclosed; no pledging reported for Trustees |
Governance Assessment
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Strengths
- Deep audit/controls background and audit committee financial expert designation bolster financial oversight and valuation governance .
- Independent Chairperson role with fully independent committees (Audit, Contract Review, Governance) enhances board effectiveness and conflict oversight .
- Consistent ≥75% attendance across Board/committees in 2023–2024 supports engagement .
-
Watch items / potential red flags
- None of the Trustees attended the 2023 or 2024 Annual Meetings of Shareholders; while common in fund complexes, it may be viewed as a minor engagement gap for shareholder-facing governance .
- Trustee ownership alignment in EVN specifically is low (group <1% and Gorman holds no EVN shares), though he has significant aggregate exposure across the Eaton Vance family via beneficial holdings/deferrals .
-
Conflicts/related-party exposure
- Trustees are noninterested; Contract Review Committee explicitly oversees service-provider contracts and conflicts (including Eaton Vance/Morgan Stanley affiliates), mitigating related-party risks .
- Independent auditors (Deloitte) selected by the Board; Audit Committee maintains pre‑approval policies and independence oversight; no auditor de minimis exceptions used for EVN .
- Section 16 reporting: no delinquent filings attributed to Gorman; 2024 noted a late Form 3 for another Trustee and 2025 noted late filings by a 10% shareholder of CEV, not EVN Trustees .
Overall, Gorman’s audit-centric expertise, independence, and committee footprint support investor confidence in EVN’s financial reporting and conflict oversight, with modest alignment concerns due to limited EVN-specific share ownership and nonattendance at Annual Meetings .