Peter D. Jones
About Peter D. Jones
Peter D. Jones (age 70) is an Independent Trustee of MFS Government Markets Income Trust (MGF), serving since January 2019, with his current term expiring in 2026 . He is a private investor with prior senior leadership roles in asset management and distribution, and formerly a CPA, providing finance, distribution, and governance expertise to the Board .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Franklin Templeton Institutional, LLC | Chairman | Not disclosed | Senior executive leadership at a major institutional asset manager |
| Franklin Templeton Distributors Inc. | President | Not disclosed | Led fund distribution operations |
| IDEX Distributors, Inc. (now Transamerica Funds) | President | Not disclosed | Oversaw formation and launch of IDEX Mutual Funds |
| PricewaterhouseCoopers (Tampa, FL; Atlanta, GA) | Tax Manager (formerly CPA) | Not disclosed | Accounting and tax leadership experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Florida State Board of Administration | Member, Investment Advisory Council | Not disclosed | State pension advisory role |
| Independent Directors Council (IDC) | Governing Council Member | Not disclosed | Mutual fund director community governance body |
| Florida State University Foundation | Investment Committee Member; Former Trustee | Not disclosed | Endowment oversight experience |
Board Governance
- Independent status: Jones is one of 11 Independent Trustees on a 12-member Board; an Independent Trustee serves as Board Chair .
- Committees:
- Audit Committee (8 meetings in FY 2024/2025): Member .
- Services Contracts Committee (4 meetings): Member .
- Contracts Review Committee (standing; all Independent Trustees): Member .
- Nomination & Compensation Committee (standing; all Independent Trustees): Member .
- Portfolio Trading & Marketing Review Committee (4 meetings): Member (all Independent Trustees) .
- Not a member of Compliance Committee or Pricing Committee, per current rosters .
- Attendance: In the fiscal years ended October 31, 2024 and November 30, 2024, each Trust held six Board meetings, and each Trustee attended at least 75% of Board and applicable committee meetings .
- Engagement: Independent Trustees meet separately with counsel at Board meetings, and meet regularly with the Trusts’ Chief Compliance Officer .
- Leadership: Chair of Trustees is Independent Trustee John P. Kavanaugh .
- Retirement policy: Independent Trustees retire at age 75 or after 15 years of service (20 years if joined before 2015); Board size fixed at 12 .
Fixed Compensation
| Component | Amount | Period |
|---|---|---|
| Cash compensation from MGF (MFS Government Markets Income Trust) | $1,078 | Fiscal year ended November 30, 2024 |
| Total cash compensation from MFS fund complex (134 funds) | $472,000 | Calendar year 2024 |
| Retirement benefits accrued (Trust expense) | Not applicable | As disclosed |
Performance Compensation
| Component | Terms/Value | Notes |
|---|---|---|
| Bonus (annual/target/actual) | None disclosed | Trustee compensation presented as cash; no bonus line items shown |
| Stock awards (RSUs/PSUs) | None disclosed | No equity grants disclosed for Trustees |
| Option awards | None disclosed | No option grants disclosed for Trustees |
| Performance metrics tied to pay | None disclosed | No TSR/EBITDA/ESG metrics disclosed for Trustees |
| Clawbacks/COC/severance | None disclosed | Trustee pay structure does not list these provisions |
Other Directorships & Interlocks
| Company | Role | Committees | Dates |
|---|---|---|---|
| None (public companies) | — | — | — |
| Note | The proxy lists “Other Directorships during the past five years” for each Trustee; Jones shows “N/A” (no public company boards) . |
Expertise & Qualifications
- Senior executive experience in institutional asset management and fund distribution (Franklin Templeton; IDEX), enhancing oversight of adviser performance, distribution, and fund operations .
- Former CPA and PwC Tax Manager, bolstering financial literacy and audit oversight capacities .
- Governance and fiduciary engagement through IDC Governing Council and Florida public pension advisory roles .
Equity Ownership
| Measure | Value | As-of |
|---|---|---|
| Beneficial ownership in MGF (MFS Government Markets Income Trust) | Dollar range: None (N) | July 31, 2025 |
| Aggregate beneficial ownership across all MFS Funds overseen | Dollar range: Over $100,000 (D) | July 31, 2025 |
| Trustees and Officers group ownership in each Trust | <1% of outstanding shares | July 31, 2025 |
| Stock ownership guidelines | Each Independent Trustee must invest, within two years of Board membership, an amount equal to prior year base retainer + meeting attendance fees in shares of MFS Funds | Policy statement |
Governance Assessment
- Strengths: Independent Trustee, meaningful committee workload (Audit; Services Contracts; portfolio trading/marketing; contracts review; nomination/comp), regular executive sessions and CCO engagement indicate healthy oversight processes; attendance met Board standards .
- Alignment: While Jones holds over $100,000 across MFS Funds, he reports no position in MGF itself; Board policy promotes ownership in MFS Funds generally, not per Trust, which partially supports alignment but may reduce direct MGF-specific exposure .
- Compensation: Trustee pay is cash-only and transparent at both Trust and complex levels; absence of performance-tied structures aligns with independence but provides limited pay-for-performance signaling for closed-end fund governance .
- Risks/Red Flags: No related-party transactions or pledging/hedging disclosures involving Jones are noted in the reviewed proxy sections; lack of MGF-specific share ownership could be viewed as a mild alignment gap given the ownership guideline targets aggregate MFS Funds rather than per-trust holdings .
- Board structure: Independent Chair and all-independent standing committees support board effectiveness; retirement policy helps refreshment cadence .