James Bowen
About James A. Bowen
James A. Bowen (year of birth: 1955) serves as Trustee and Chairman of the Board for First Trust Intermediate Duration Preferred & Income Fund (FPF), and is deemed an “Interested Trustee” due to his role as Chief Executive Officer of First Trust Advisors L.P. and First Trust Portfolios L.P. He has over 41 years of experience in the investment company business spanning sales, sales management, and executive management, and has served as a Trustee since each Fund’s inception and of the First Trust Funds since 1999 .
Past Roles
| Organization | Role | Tenure/Date | Committees/Impact |
|---|---|---|---|
| First Trust Funds | President & CEO | Until January 23, 2012 | Led management of the First Trust Funds prior to current chairmanship . |
| First Trust Funds | Trustee & Chairman of the Board | Class III nominee; since Fund inception | Provides board leadership across unitary board structure covering open-end, closed-end, and ETF trusts . |
| First Trust Advisors L.P. | Chief Executive Officer | Current | Executive leadership of Advisor to the Funds; basis for “Interested Trustee” status under 1940 Act . |
| First Trust Portfolios L.P. | Chief Executive Officer | Current | Executive leadership of affiliated distributor . |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| BondWave LLC (Software Development Company) | Chairman of the Board of Directors | Current | Affiliate role noted in proxy . |
| Stonebridge Advisors LLC (Investment Advisor) | Chairman of the Board of Directors | Current | Affiliate role noted in proxy . |
Board Governance
- Board composition: six Independent Trustees and one Interested Trustee (Bowen as Chairman); unitary board structure spans 304 portfolios, enhancing governance consistency and efficiency across shared risks (valuation, liquidity, reporting) .
- Committees (standing): Executive, Dividend, Nominating & Governance, Valuation, Audit. Bowen serves on the Executive Committee alongside Lead Independent Trustee Robert F. Keith and Vice Lead Independent Trustee Thomas R. Kadlec; no Executive Committee meetings were held in the last fiscal year .
- Independence and leadership: Bowen is “Interested” due to Advisor role; Lead Independent Trustee is Robert F. Keith; Vice Lead Independent Trustee is Thomas R. Kadlec .
- Attendance: Each Trustee attended at least 75% of aggregate Board and committee meetings during the last fiscal year .
- Audit Committee: Comprised exclusively of independent trustees; financial experts designated (Kadlec, Keith). Bowen does not serve on Audit .
- Nominating & Governance Committee: Independent-only membership; mandatory retirement age 75; policy restricts new candidates age 72+ at start .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Fund-level trustee compensation to Bowen | $0 | Interested Trustee and executive officers receive no compensation from the Funds for serving in such capacities . |
| Independent Trustee annual retainer | $285,000 | Effective January 1, 2024; plus per-fund fees (closed-end $7,500; actively managed $2,000; target outcome $750; index $500) . |
| Leadership/Chair stipends (Independent Trustees) | $15,000–$30,000 | Lead Independent ($30k), Vice Lead (up to $25k), Audit Chair ($25k), Valuation Chair ($20k), N&G Chair ($20k), Audit Vice Chair ($15k) . |
Performance Compensation
- No equity grants, options, PSUs/RSUs, or performance-tied director compensation are disclosed for Bowen at the Fund level. Independent Trustees are paid cash retainers/fees; Funds have no retirement or pension plans for Trustees .
- Performance metrics tied to compensation, vesting schedules, severance/change-of-control, clawbacks, tax gross-ups, deferred compensation, pensions/ SERP, perquisites: Not disclosed for directors in this Fund’s proxy .
Other Directorships & Interlocks
| Entity | Type | Role | Potential Interlock/Conflict |
|---|---|---|---|
| First Trust Advisors L.P. | Advisor to the Funds | CEO | Affiliate relationship; core basis for “Interested Trustee” status . |
| First Trust Portfolios L.P. | Affiliate/Distributor | CEO | Affiliate engagement . |
| BondWave LLC | Affiliate (software) | Chairman | Affiliate oversight . |
| Stonebridge Advisors LLC | Affiliate (investment advisor) | Chairman | Affiliate oversight . |
Expertise & Qualifications
| Attribute | Details |
|---|---|
| Investment management experience | Over 41 years in investment company sales and executive management . |
| Board leadership | Chairman of unitary board across 304 portfolios; experience since 1999 as trustee . |
| Executive roles | CEO of Advisor and affiliated distributor; chair roles at affiliates . |
Equity Ownership
| Holder | Fund | $ Range and Shares | Aggregate Holdings Across First Trust Complex |
|---|---|---|---|
| James A. Bowen (Interested Trustee) | FPF | $0 (0 Shares) | Over $100,000 in aggregate holdings across registered investment companies overseen . |
- Group ownership: Trustees/executive officers collectively own 1,969 FPF shares (<1% outstanding) as of December 31, 2024 .
- Ownership guidelines: Independent Trustees are expected, within three years, to invest an amount at least equal to one year’s annual retainer across First Trust funds they oversee; applies to Independent Trustees, not to the Interested Trustee .
Governance Assessment
- Strengths: Independent-only Audit Committee; designated financial experts; established committee charters; unitary board enables consistent oversight of shared service providers and risks; documented attendance thresholds (≥75%) .
- Potential conflicts (RED FLAGS): Bowen’s dual role as CEO of the Advisor and Chairman of the Funds’ Board increases the potential for affiliated conflicts, though mitigated by independent committee structures and Lead Independent oversight. Bowen is classified as “Interested” and receives no fund-level trustee compensation, but his executive roles at affiliates create interlocks that require ongoing scrutiny of advisory contracts, fee structures, and valuation oversight .
- Engagement signals: Service on Executive Committee; Class III nominee for re-election; at least 75% meeting attendance achieved; Lead Independent and Vice Lead roles established for independent oversight .
Notes on Undisclosed Items
- Director-specific compensation elements such as stock awards, options, performance plans, vesting schedules, severance/change-of-control terms, clawbacks, tax gross-ups, deferred comp, pensions/SERP, and perquisites are not disclosed for Bowen at the Fund level; Funds state no retirement/pension plans for Trustees .
- Insider trades for Bowen in FPF are not disclosed in the proxy; no Form 4 data provided in available documents.
- Attendance at the prior annual meeting is referenced as available on the Fund’s website, but specific counts are not included in the proxy text provided .