Marcus L. Smith
About Marcus L. Smith
Marcus L. Smith (born 1966) is a noninterested (independent) Trustee of Eaton Vance Tax-Managed Global Diversified Equity Income Fund (EXG), serving since 2018 and currently designated a Class III Trustee with term expiring in 2027 . He is a private investor and independent corporate director, previously holding senior investment leadership roles at MFS Investment Management across Canada and Asia, as well as directing Asian research and portfolio management from 2001–2017 . All current Trustees, including Mr. Smith, are not “interested persons” under the Investment Company Act of 1940 and serve across 123 funds in the Eaton Vance complex .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| MFS Investment Management | Chief Investment Officer, Canada | 2012–2017 | Led regional investment strategy and oversight |
| MFS Investment Management | Chief Investment Officer, Asia | 2010–2012 | Oversaw Asian investment teams and processes |
| MFS Investment Management | Director of Asian Research | 2004–2010 | Directed equity research across Asian markets |
| MFS Investment Management | Portfolio Manager | 2001–2017 | Managed equity portfolios |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| First Industrial Realty Trust, Inc. | Director | Since 2021 | Industrial REIT board service |
| MSCI Inc. | Director | Since 2017 | Global provider of investment decision support tools |
| DCT Industrial Trust Inc. | Director | 2017–2018 | Logistics real estate company (prior) |
Board Governance
- EXG’s Board comprises ten noninterested Trustees with six standing committees: Audit; Contract Review; Governance; Portfolio Management; Compliance Reports & Regulatory Matters; and Closed-End Fund Committee .
- Committee assignments: Marcus L. Smith chairs the Portfolio Management Committee and serves on the Contract Review Committee and the Governance Committee .
- Meeting cadence and attendance: In fiscal year ended Oct 31, 2024, the Board met nine times; key committees met 4–10 times; each Trustee attended at least 75% of meetings of the Board and committees on which they serve; none of the Trustees attended the Funds’ 2024 Annual Meeting of Shareholders .
- Audit financial expertise: The Board designated Messrs. Gorman and Wennerholm as audit committee financial experts (Smith is not listed) .
- Chairperson: George J. Gorman serves as Chairperson of the Board (noninterested) .
Fixed Compensation
| Component (Trustee Compensation Schedule) | Amount (USD) | Notes |
|---|---|---|
| Annual retainer (noninterested Trustee) | $325,000 | Paid pro rata across funds by net assets |
| Additional retainer – Chairperson of noninterested Trustees | $150,000 | Applies if serving in that role |
| Committee service retainer | $82,500 | Base for committee service |
| Additional retainer – serving on ≥4 Committees | $15,000 | Incremental |
| Additional retainer – Committee Chairperson | $35,000 | Split if co-chairs |
| Out-of-pocket expenses | Reimbursed | Aggregate 2024 reimbursements $96,845 across Trustees |
| Deferred Compensation Plan | Available | Fees may be deferred into Eaton Vance fund shares; no pension plan |
| Trustee | EXG Compensation (Fund-level) | Total Compensation from Fund Complex (Calendar 2024) |
|---|---|---|
| Marcus L. Smith | $10,781 | $430,000 |
Performance Compensation
| Performance-linked Element | Detail |
|---|---|
| Performance metrics tied to Trustee pay | None disclosed; compensation structured as fixed retainers and committee/chair fees |
Other Directorships & Interlocks
| Company | Sector | Potential Interlock Considerations |
|---|---|---|
| MSCI Inc. | Index/data provider | Many funds benchmark/use indices; Board oversight includes contract review and conflicts processes via the Contract Review Committee |
| First Industrial Realty Trust, Inc. | Industrial REIT | No specific fund-related transaction disclosed in proxy |
| DCT Industrial Trust Inc. (prior) | Logistics real estate | Prior role; no current fund-related transaction disclosed |
The Contract Review Committee’s remit includes reviewing service provider arrangements and any actual or potential conflicts of interest with the interests of the Funds or shareholders .
Expertise & Qualifications
- Senior investment leadership across geographies (CIO Canada; CIO Asia), equity research leadership (Director of Asian Research), and long-tenured portfolio management experience at MFS, aligning with EXG’s portfolio oversight needs .
- Noninterested Trustee status and service across 123 funds indicate broad registered investment company governance experience .
Equity Ownership
| Measure | Value | Notes |
|---|---|---|
| Aggregate dollar range owned across Eaton Vance family of funds | Over $100,000 | As of May 27, 2025 |
| EXG-specific beneficial ownership (Trustee level) | None | As of May 27, 2025, only Mr. Quinton held EXG; “no other Trustee” (including Smith) beneficially owned EXG shares |
Governance Assessment
- Committee leadership: Smith chairs the Portfolio Management Committee, directly supporting oversight of investment process, trading policies, risk techniques, and fund performance monitoring—a positive for board effectiveness .
- Independence: Confirmed noninterested status under the 1940 Act; audit committee membership comprises noninterested Trustees and designated financial experts (not Smith) .
- Attendance and engagement: Met minimum attendance threshold (≥75%); however, Trustees did not attend the 2024 Annual Meeting of Shareholders—an engagement signal to monitor .
- Compensation and alignment: Compensation is primarily fixed cash with committee/chair supplements; deferral into fund shares is available but not disclosed as elected by Smith. Not holding EXG shares as of May 27, 2025 could be viewed as weaker alignment with EXG shareholders (counterweighted by >$100k aggregate holdings across the fund complex) .
- Conflicts oversight: External directorship at MSCI introduces potential informational interlocks given index/data relationships in asset management; presence on the Contract Review Committee and Governance Committee provides mechanisms to address conflicts .
RED FLAGS to monitor
- No EXG-specific share ownership as of May 27, 2025 (alignment concern specific to EXG) .
- Non-attendance by Trustees at 2024 Annual Meeting of Shareholders (engagement optics) .
- External MSCI directorship may create perceived conflict if EXG/Eaton Vance enter or renew index/data contracts—mitigated by formal conflict review via Contract Review Committee .