Steven E. Buller
About Steven E. Buller
Steven E. Buller, age 74, is an Independent Trustee of MFS Government Markets Income Trust (MGF), serving since February 2014; his current term expires in 2026. Buller is a seasoned accounting and investment management executive, former CFO and Managing Director of BlackRock, and a long-time EY auditor; he has chaired the Financial Accounting Standards Advisory Council and served on the PCAOB Standing Advisory Group . The Board is comprised of 12 Trustees, 11 of whom are independent, with an Independent Chair, and Independent Trustees meet separately from MFS with counsel at regular Board meetings .
Past Roles
| Organization | Role | Tenure/Timing | Committees/Impact |
|---|---|---|---|
| BlackRock, Inc. | Chief Financial Officer; Managing Director | Prior to 2014 | Oversaw tax, internal audit/control, accounting policy |
| Ernst & Young LLP | Auditor; Global Director of Asset Management | >30 years | Audit partner for investment company complexes |
| FASAC | Chairman | Prior service | Led advisory body on financial accounting standards |
| PCAOB Standing Advisory Group | Member | Prior service | Advised on auditing standards and oversight |
External Roles
| Category | Details |
|---|---|
| Other public company directorships (past 5 years) | None disclosed (N/A) |
| Private/nonprofit boards | Historical service on BlackRock Finco UK and Person-to-Person (prior, not within last five years) |
Board Governance
| Item | Details |
|---|---|
| Independence status | Independent Trustee |
| Board leadership | Independent Chair (John P. Kavanaugh) |
| Executive/independent sessions | Independent Trustees meet separately with counsel at regular meetings |
| Attendance | Each Trustee attended at least 75% of Board and applicable committee meetings (FYs ended Oct 31, 2024 and Nov 30, 2024) |
| Retirement policy | Independent Trustees retire at the earlier of age 75 or 15 years’ service (20 years for those joining prior to 2015) |
| Upcoming events | Board fixed at 12 Trustees; election items summarized across MFS funds for Oct 2, 2025 meeting |
Committee Assignments and Meeting Frequency
| Committee | Meetings (FYs ended Oct 31, 2024 and Nov 30, 2024) | Functions | Membership |
|---|---|---|---|
| Audit Committee | 8 | Oversees accounting/auditing, auditor independence, complaints; reviews custody/accounting contracts | Buller* (Audit Committee Financial Expert), Caroselli*, Jones*, Otis Jr.* (ACE), Williams* (ACE) |
| Pricing Committee | 4 | Oversees valuation policies; MFS designated as valuation designee; liquidity risk oversight | Buller*, Goldfarb*, Kilman Jr., Smith, Thomsen* |
| Contracts Review Committee | 4 | Reviews advisory/underwriting/12b-1 plans; recommends to Board | All Independent Trustees (includes Buller) |
| Nomination & Compensation Committee | 2 | Recommends Board candidates; reviews Independent Trustee compensation; shareholder nominations process | All Independent Trustees (includes Buller) |
| Portfolio Trading & Marketing Review Committee | 4 | Oversees brokerage, securities lending, proxy voting, derivatives risk; marketing/distribution policies | All Independent Trustees (includes Buller) |
| Compliance Committee | 4 | Oversees regulatory/fiduciary compliance; CCO supports | Goldfarb*, Kilman Jr., Roepke, Smith*, Thomsen* (Buller not a member) |
| Services Contracts Committee | 4 | Reviews transfer agency/administrative/insurance services contracts | Caroselli*, Jones*, Otis Jr., Roepke, Williams* |
* Independent Trustees; ACE = Committee member designated as Audit Committee Financial Expert .
Fixed Compensation
- Independent Trustee compensation is overseen by the Nomination & Compensation Committee (charter available online), which reviews compensation for Independent Trustees; specific dollar amounts are not disclosed in the proxy excerpt .
- Ownership alignment policy: each Independent Trustee must, within two years of joining, invest an amount equal to their prior calendar year’s base retainer and meeting attendance fees in shares of MFS Funds; Trustees and Officers as a group owned <1% of any Trust’s outstanding shares as of July 31, 2025 .
Performance Compensation
- No performance-based equity or option awards are disclosed for Independent Trustees in the proxy excerpt; compensation structures are reviewed by the Nomination & Compensation Committee (no performance metric linkages disclosed) .
Other Directorships & Interlocks
| Item | Details |
|---|---|
| Current public company boards | None disclosed for past five years |
| Interlocks with competitors/suppliers/customers | None disclosed |
| Prior public boards | Historical private company board (BlackRock Finco UK) noted; not within past five years |
Expertise & Qualifications
- Audit and financial expertise: designated Audit Committee Financial Expert; decades of audit leadership at EY and CFO role at BlackRock; deep experience in investment company accounting and policy .
- Governance and standard-setting experience: FASAC chair; PCAOB SAG member .
- Industry experience: Extensive asset management leadership and oversight capabilities .
Equity Ownership
| Trustee | Trust | Dollar Range in Trust | Aggregate Dollar Range in All MFS Funds Overseen |
|---|---|---|---|
| Steven E. Buller | MFS Government Markets Income Trust (MGF) | None (N) | Over $100,000 (D) (aggregate across MFS funds) |
| Steven E. Buller | MFS Multimarket Income Trust (MMT) | $50,001 – $100,000 (C) | Over $100,000 (D) (aggregate across MFS funds) |
Notes: Ownership ranges as of July 31, 2025; Board requires investment equal to base retainer + meeting fees within two years of Board membership .
Governance Assessment
- Strengths: Independent status with extensive audit/accounting credentials; Audit Committee Financial Expert; service on valuation and trading oversight committees reinforces board effectiveness in critical risk areas (valuation, auditing, derivatives risk); independent-only committee structures enhance oversight quality .
- Alignment: Board policy requires meaningful fund investment; Buller’s aggregate holdings across MFS Funds exceed $100,000, supporting skin-in-the-game, though he holds no MGF shares specifically as of July 31, 2025 .
- Engagement: Attendance met at least the 75% threshold across Board/committees in FY 2024 periods, with six Board meetings held; Independent Trustees meet separately with counsel at regular meetings, indicating robust independent oversight practices .
- Conflicts/Red flags: No related-party transactions, loans, hedging/pledging, or interlocks disclosed; other public company board roles not disclosed within the past five years; low conflict risk profile. Potential transition risk as he approaches retirement thresholds (age 75 and pre-2015 service) per Board policy .