Alan C. Bowser
About Alan C. Bowser
Born 1962; independent Trustee (noninterested under the 1940 Act) across the Eaton Vance closed‑end funds, serving on EXG’s Board since 2023 (Class II; term expires 2026). Career spans >25 years in financial services including Partner, Operating Committee member, Co‑Head of the Americas and Chief Diversity Officer at Bridgewater Associates (2011–2023), following senior roles at UBS Wealth Management Americas (2007–2010) and Citibank Private Bank (1999–2007). Recognized for governance and inclusion leadership; current and prior board work includes Stout Risius Ross and several non‑profits.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Bridgewater Associates | Partner; Operating Committee member; Co‑Head, Americas; Chief Diversity Officer | 2011–2023 | Led investment advisory teams and regional client leadership; diversity leadership roles |
| UBS Wealth Management Americas | Managing Director; Head of Investment Services | 2007–2010 | Senior client platform leadership |
| Citibank Private Bank (Latin America Division) | Managing Director; Head of Client Solutions | 1999–2007 | Led UHNW/FO client solutions across Latin America |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Stout Risius Ross (advisory firm) | Independent Director | Since 2021 | Governance oversight at a middle‑market advisory firm |
| Black Hedge Fund Professionals Network | Founding Board Member; Board Chair | Not disclosed | Network leadership; industry DEI advocacy |
| Robert Toigo Foundation; New York Urban League; University of Pennsylvania; Greater Miami Chamber of Commerce Task Force on Ethics | Board/Trustee roles; Vice Chair (GMCC Task Force) | Not disclosed | Non‑profit governance and ethics leadership |
| Awards/Recognition | EMPower Ethnic Minority Executives (Top 100); Business Insider “Diversity Trailblazers” | 2020; 2022 | External recognition of leadership impact |
Board Governance
- Independence: Noninterested Trustee under the 1940 Act; EXG Board comprises ten noninterested Trustees.
- Years of service on EXG Board: Since 2023; Class II term ends 2026.
- Committee memberships (EXG complex):
- Contract Review Committee (member)
- Portfolio Management Committee (member)
- Closed‑End Fund Committee (member)
- Governance Committee (member)
- Not on the Audit Committee (members are Wennerholm (Chair), Gorman, Quinton, Stefani)
- Attendance: During FY ended Oct 31, 2024, Boards met 9x; Audit 10x; CRC 5x; Governance 4x; Portfolio 7x; Compliance & Regulatory 8x; Ad Hoc/Closed‑End 10x (predecessor)/1x. Each Trustee attended at least 75% of Board/Committee meetings on which they served; none of the Trustees attended the Funds’ 2024 Annual Meeting of Shareholders.
- Board leadership: Independent Chairperson of the Board (George J. Gorman) oversees agenda setting and liaison with service providers.
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual Retainer (noninterested Trustees) | $325,000 | Pro‑rated across funds by relative average net assets |
| Chair of noninterested Trustees additional retainer | $150,000 | Not applicable to Bowser (not Chair) |
| Committee Service retainer | $82,500 | Additional $15,000 for serving on 4+ committees; $35,000 per Committee Chair (split if Co‑Chairs) |
| EXG fund‑level compensation (FY ended Oct 31, 2024) | $9,904 | Amount from EXG specifically (Bowser) |
| Total compensation from EV fund complex (CY 2024) | $395,000 | Aggregate across 123 funds/series |
Performance Compensation
| Item | Disclosure | Notes |
|---|---|---|
| Performance‑based cash bonus | None disclosed | Trustee compensation consists of retainer, committee service, chair premiums only |
| Equity awards (RSUs/PSUs/options) | None disclosed | No equity‑based director pay disclosed for the funds |
| Performance metrics tied to pay (revenue, EBITDA, TSR, ESG) | None disclosed | No target/metric framework disclosed for Trustee pay |
| Clawbacks/COC/Severance | Not applicable | Not disclosed for Trustees |
Other Directorships & Interlocks
| Company | Public/Private | Role | Overlap/Interlock Relevance |
|---|---|---|---|
| Stout Risius Ross | Private advisory firm | Independent Director | No competitive/customer/supplier interlock to EXG disclosed |
| Public company directorships (last 5 years) | — | None disclosed | “Other Directorships Held During Last Five Years” lists only Stout Risius Ross for Bowser |
Expertise & Qualifications
- Financial services leadership (Bridgewater, UBS, Citibank), UHNW/institutional advisory and Latin America client expertise.
- Governance/ethics and DEI leadership with recognized industry impact (EMPower 2020; BI 2022).
- Broad closed‑end fund board experience (Eaton Vance open‑end boards since 2022; closed‑end since 2023).
Equity Ownership
| Measure (as of May 27, 2025) | Bowser |
|---|---|
| Beneficial ownership of EXG shares | None (only Mr. Quinton reported EXG holdings among Trustees) |
| Aggregate holdings across Eaton Vance family of funds overseen | Over $100,000 |
Note: The proxy discloses aggregate holdings across funds overseen and fund‑specific holdings for Trustees; it does not break out Bowser’s dollar amount at EXG because he reported no EXG ownership.
Governance Assessment
-
Strengths
- Independent Trustee with deep multi‑decade asset/wealth management experience and cross‑functional committee assignments (Contract Review, Governance, Portfolio Management, Closed‑End), supporting oversight of adviser conflicts, portfolio/process, and closed‑end structure.
- Board‑level attendance met the 75% threshold across meetings; active multi‑committee service indicates engagement.
- Cash compensation framework is transparent and standardized across the complex.
-
Potential concerns / signals to monitor
- Alignment: No EXG share ownership as of the record date may be viewed as lighter direct alignment with EXG shareholders, though Bowser reports over $100,000 aggregated across the Eaton Vance fund family overseen.
- Optics: None of the Trustees attended the 2024 Annual Meeting of Shareholders (industry practice varies; some CEF boards do not prioritize in‑person annual meeting attendance).
- Pay structure: Compensation is entirely cash‑based with no performance linkage or equity‑based elements (common in mutual/closed‑end fund complexes but offers limited direct pay‑for‑performance signals).
Overall: Independent, seasoned fiduciary with broad committee exposure and industry recognition; alignment could be strengthened at the individual‑fund level through personal ownership, although aggregate family‑of‑funds holdings are substantial.