James Bowen
About James Bowen
James A. Bowen (born 1955) serves as Chairman of the Board and is the Interested Trustee of First Trust Senior Floating Rate Income Fund II (FCT) due to his role as Chief Executive Officer of First Trust Advisors L.P. and First Trust Portfolios L.P. . He has been a Trustee since the Fund’s inception and has over 40 years of experience in the investment company business; he also serves on the Executive Committee of the Board .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| First Trust Funds | President and Chief Executive Officer | Until January 23, 2012 | Served as President & CEO prior to becoming Chairman of the Board |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| First Trust Advisors L.P. | Chief Executive Officer | Current | Advisor to FCT; creates an “Interested Trustee” status under the 1940 Act |
| First Trust Portfolios L.P. | Chief Executive Officer | Current | Affiliate of First Trust Advisors |
| BondWave LLC | Chairman of the Board of Directors | Current | Software development company |
| Stonebridge Advisors LLC | Chairman of the Board of Directors | Current | Investment advisor |
Board Governance
- Board uses a unitary structure across First Trust Funds; it is composed of six Independent Trustees and one Interested Trustee, with the Interested Trustee serving as Chairman .
- Committee assignments: Bowen serves on the Executive Committee alongside Robert F. Keith and Thomas R. Kadlec; the Executive Committee did not hold any meetings during the last fiscal year .
- Audit, Nominating & Governance, and Valuation Committees are comprised of Independent Trustees; Audit Committee Financial Experts designated include Kadlec and Keith .
- Lead Independent Trustee: Robert F. Keith; Vice Lead Independent Trustee: Thomas R. Kadlec .
- Attendance: Each Trustee attended at least 75% of the aggregate number of Board and committee meetings during the last fiscal year .
- Independent Trustee retirement policy: mandatory retirement age of 75; new candidates generally not considered if 72+ for initial term .
Fixed Compensation
| Fund | Cash/Fees Paid to James A. Bowen (last fiscal year) |
|---|---|
| First Trust Senior Floating Rate Income Fund II (FCT) | $0 |
| First Trust High Yield Opportunities 2027 Term Fund (FTHY) | $0 |
| Total Compensation for Serving the First Trust Fund Complex | $0 (Interested Trustee receives no fund compensation) |
Independent Trustees are paid a fixed annual retainer of $285,000 plus per-fund fees and role-based fees (Lead, Vice Lead, Committee Chairs/Vice Chair); these do not apply to the Interested Trustee .
The Funds have no retirement or pension plans for Trustees .
Performance Compensation
- No performance-based compensation is disclosed for Trustees; Independent Trustees receive fixed retainers and per-fund fees, and the Interested Trustee (Bowen) receives no compensation from the Funds .
Other Directorships & Interlocks
| Organization | Role | Interlock Type | Notes |
|---|---|---|---|
| First Trust Advisors L.P. | Chief Executive Officer | Advisor–Board Interlock (Interested Trustee) | FTA is investment advisor to FCT; Bowen’s CEO role drives “Interested” status |
| BondWave LLC | Chairman | Affiliate Directorship | Private company; affiliate role noted in proxy |
| Stonebridge Advisors LLC | Chairman | Affiliate Directorship | Investment advisor; affiliate role noted in proxy |
| Other Trusteeships/Directorships (past 5 years) | — | — | None listed in proxy’s “Other Trusteeships or Directorships” column for Bowen |
Expertise & Qualifications
- Over 40 years of investment company industry experience, including sales, sales management, and executive management; currently Chairman of the Board across First Trust Funds .
Equity Ownership
| Metric (as of Dec 31, 2024) | FCT |
|---|---|
| Beneficial Ownership – Dollar Range | $0 |
| Beneficial Ownership – Shares | 0 shares |
| Shares Outstanding | 25,983,388 |
| Ownership as % of Shares Outstanding | 0.00% (calculated from 0 ÷ 25,983,388) |
Note: Bowen beneficially owns “Over $100,000 (139,500 shares)” of FTHY, another First Trust closed-end fund covered by this joint proxy; he owns no FCT shares .
Governance Assessment
- Strengths: Deep fund-industry experience and continuity; a unitary board structure can create governance and oversight efficiencies across shared service providers; independent committees handle audit, valuation, and nominations; attendance thresholds met (≥75%) .
- RED FLAGS / Watch items:
- Interested Chair: Bowen is not independent under the 1940 Act because he is CEO of the Advisor, yet he chairs the Board—this concentration can raise conflict-of-interest concerns (board oversight of the Advisor while chaired by its CEO) .
- Executive Committee membership: The Executive Committee (which can act between Board meetings and approve key financing matters like underwriting terms) includes Bowen; although it did not meet in the last fiscal year, the structure warrants monitoring for potential conflicts around capital actions .
- Alignment: Bowen holds zero FCT shares; while he has significant holdings in another fund (FTHY), lack of FCT ownership diminishes fund-specific alignment signals .
- Engagement indicators: Trustees (including Bowen) met the ≥75% attendance threshold; annual meeting attendance policy is disclosed with specifics available on the Fund website .