Darrell A. Williams
About Darrell A. Williams
Darrell A. Williams, age 66, is an Independent Trustee of MFS Government Markets Income Trust (MGF) and other MFS closed-end funds; he joined the Board on January 1, 2025, with his current term expiring in 2026 . He is founder and Managing Member of DuSable Group, LLC (since June 2023) and previously held senior roles at Loop Capital LLC (Managing Partner 2018–2020; Managing Director 2020–March 2023) . The Board is majority independent (11 of 12), and all seven standing committees are composed exclusively of Independent Trustees . Williams brings financial expertise and has been designated an Audit Committee Financial Expert on the Audit Committee .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| DuSable Group, LLC | Founder & Managing Member | Since June 2023 | Financial advisory and consulting services |
| Loop Capital LLC | Managing Partner; Managing Director | Managing Partner (2018–2020); Managing Director (2020–Mar 2023) | Investment banking, brokerage and advisory services |
| Amalgamated Bank of Chicago | Board Member (former) | Not disclosed | Former public company directorship |
| Intrado Inc. | Board Member (former); Audit Committee Chair | Not disclosed | Chaired Audit Committee |
External Roles
| Company | Role | Status |
|---|---|---|
| Amalgamated Bank of Chicago | Director | Former |
| Intrado Inc. | Director; Audit Committee Chair | Former |
| Public company boards (current) | — | None disclosed in MGF’s 2025 proxy |
Board Governance
- Independence: Independent Trustee; not an “interested person” under the 1940 Act (N-CEN indicates “No” to interested person status) .
- Board leadership/structure: 12 Trustees (11 independent); Independent Chair; seven standing committees comprised solely of independent Trustees .
- Committee memberships (Williams):
- Audit Committee – member; designated Audit Committee Financial Expert .
- Services Contracts Committee – member .
- Contracts Review Committee – member (all Independent Trustees) .
- Nomination and Compensation Committee – member (all Independent Trustees) .
- Compliance Committee – not listed as a member .
- Attendance: During fiscal years ended Oct 31, 2024 and Nov 30, 2024, each Trust held six Board meetings; each Trustee attended at least 75% of Board and applicable committee meetings .
- Audit Committee pre-approval controls: Engagement-by-engagement pre-approval of audit and permissible non-audit services; Chair authority capped between meetings ($50k per engagement; $100k aggregate), with ratification at next meeting .
Fixed Compensation
- Structure: Independent Trustees are paid a retainer, meeting attendance fees, and additional compensation for Board and Committee chair roles; compensation is accrued daily and paid after meetings (no pay to interested Trustees) .
- Fiscal 2024 cash paid by MGF to Trustees (context): Example amounts for other Trustees are disclosed; Williams’ compensation is “Not Applicable” for fiscal 2024 since he joined on Jan 1, 2025 .
- MGF (Government Markets Income Trust) – Aggregate cash by Trust (selected): Steven E. Buller: $1,283; John A. Caroselli: $1,081; Maureen R. Goldfarb: $436; Peter D. Jones: $1,078; John P. Kavanaugh: $459; James W. Kilman Jr.: $634; Clarence Otis Jr.: $1,278; Laurie J. Thomsen: $636; Darrell A. Williams: Not Applicable (joined 2025) .
Performance Compensation
- Equity/Option awards: None disclosed for Trustees; compensation program described only as cash retainer/attendance/chair fees .
- Performance metrics tied to compensation: None disclosed for Trustees .
- Clawbacks/COC provisions for Trustees: Not disclosed.
Other Directorships & Interlocks
| Company | Type | Role/Notes |
|---|---|---|
| Amalgamated Bank of Chicago | Public company (former) | Director (former) |
| Intrado Inc. | Public company (former) | Director (former); Audit Committee Chair |
No current public company directorships were disclosed for Williams in the 2025 MGF proxy .
Expertise & Qualifications
- Financial services executive and board experience; founder of DuSable Group, LLC .
- Investment banking and advisory background (Loop Capital) .
- Former audit committee chair (Intrado Inc.) and designated Audit Committee Financial Expert at MGF, supporting audit oversight depth .
Equity Ownership
| Item | Detail |
|---|---|
| Form 3 (Initial Statement of Beneficial Ownership) filed Jan 8, 2025 | “No securities are beneficially owned.” (as of event date 01/01/2025) |
| 2025 Proxy – Dollar range of equity in MGF | N (None) |
| 2025 Proxy – Aggregate dollar range across all MFS Funds overseen | D (categorical code as disclosed) |
Governance Assessment
- Strengths:
- Independent Trustee with explicit Audit Committee Financial Expert designation and prior audit committee chair experience, enhancing financial reporting oversight .
- Broad committee participation, including Audit, Contracts Review, Services Contracts, and Nominating & Compensation, suggesting high engagement opportunities .
- Board-level controls on audit/non-audit service pre-approval and fully independent committee composition support governance quality .
- Attendance threshold met (≥75%) in the referenced fiscal periods for Trustees as a whole .
- Potential concerns/RED FLAGS to monitor:
- Alignment: No MGF share ownership as of appointment (Form 3 “no securities beneficially owned” and proxy “N” dollar range for MGF) may be viewed as lower direct ownership alignment; however, an aggregate “D” dollar range across all MFS Funds is disclosed .
- Compensation design: Trustee compensation appears entirely cash-based (retainer/fees), with no disclosed equity or performance linkage for trustees, which can limit at-risk alignment levers typical in operating companies, though this is standard for registered investment companies .
Appendix: Committee Membership Snapshot (FY2024 baselines used in 2025 proxy)
| Committee | FY Meetings | Functions | Members including Williams |
|---|---|---|---|
| Audit Committee | 8 | Oversees accounting/auditing; auditor selection; independence; complaints procedures; custody/accounting contract reviews | Buller (ACFE), Caroselli, Jones, Otis Jr. (ACFE), Williams (ACFE) |
| Services Contracts Committee | 4 | Reviews transfer agency, sub-transfer agency, administrative, and insurance services arrangements | Caroselli, Jones, Otis Jr., Roepke, Williams |
| Contracts Review Committee | 4 | Evaluates advisory/underwriting agreements and 12b-1 plans; recommends to Board | All Independent Trustees (incl. Williams) |
| Nomination & Compensation Committee | 2 | Recommends Trustee candidates; considers shareholder recommendations | All Independent Trustees (incl. Williams) |
ACFE = Audit Committee Financial Expert .
Insider Filing
| Form | Filing Date | Event Date | Summary |
|---|---|---|---|
| Form 3 | 2025-01-08 | 2025-01-01 | Initial statement of beneficial ownership filed; reports no securities beneficially owned |
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