Scott Jones
About Scott Craven Jones
Scott Craven Jones (Year of Birth: 1962) is an Independent Trustee of XAI Octagon Floating Rate & Alternative Income Trust (XFLT), serving since the Trust’s inception in 2017. He is Chair of the Audit Committee and designated the Board’s “Audit Committee Financial Expert,” with extensive prior senior operating and finance roles across asset management. He is a Class III Trustee with a term continuing until the 2026 annual meeting. Current outside roles include Director at Carne Global Financial Services (US) LLC and Managing Director at Park Agency, Inc.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Aurora Investment Management LLC | Chief Operating Officer, Chief Financial Officer, Treasurer | Prior (dates not disclosed) | Senior operating/finance leadership in alternatives; informs audit oversight |
| Calamos Asset Management, Inc. | EVP & Chief Administrative Officer | Prior (dates not disclosed) | Public company asset manager experience; governance and controls |
| Northern Trust Global Investments | Managing Director | Prior (dates not disclosed) | Institutional investment expertise |
| Nuveen Investments | Various roles | Prior (dates not disclosed) | Large-scale asset management operations and distribution |
| Various fund complexes | Trustee | Prior (dates not disclosed) | Broader registered fund governance experience |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Carne Global Financial Services (US) LLC | Director | 2013–present | Governance/oversight at fund services provider |
| Park Agency, Inc. | Managing Director | 2020–present | Executive role; private investment/agency context |
| Madison Funds (15 portfolios) | Trustee | 2019–present | Board oversight across multiple registered funds |
| Manager Directed Portfolios (U.S. Bancorp series trust; 13 portfolios) | Trustee | 2016–present | Board oversight across multi-manager series trust |
Board Governance
- Independence and structure: Independent Trustee; Board has an independent chair (Gregory G. Dingens). Standing committees (Audit; Governance) are comprised solely of Independent Trustees and are supported by independent legal counsel.
- Committee assignments and roles:
- Audit Committee: Member and Chair; designated “Audit Committee Financial Expert.” Mandate includes oversight of financial reporting, internal controls (including certain service providers), audit quality, and liaison with independent auditors.
- Governance Committee: Member; mandate includes trustee nominations and board composition.
- Class and term: Class III Trustee; term continues until the 2026 annual meeting of shareholders.
- Meetings and engagement: In FY ended Sep 30, 2024, Board held 6 meetings; Audit Committee held 4; Governance Committee held 2. All Trustees attended the May 21, 2024 annual meeting.
- Scope of oversight: Oversees 3 portfolios in the XAI Fund Complex.
Fixed Compensation
| Component | Amount | Timing/Notes |
|---|---|---|
| Aggregate Compensation from XFLT | $60,000 | FY ended Sep 30, 2024 |
| Total Compensation from Fund Complex | $60,000 | FY ended Sep 30, 2024 |
| Pension/Retirement Benefits | None | Trust does not accrue/pay retirement or pension benefits to Trustees |
| 2025 Trustee Fee Structure (Aggregate, Fund Complex-wide) | Amount | Notes |
|---|---|---|
| Annual Retainer (Independent Trustees) | $66,000 | Effective Jan 1, 2025; allocated among funds by managed assets |
| Audit Committee Chair Fee | $17,500 | Aggregate additional annual amount (Jones serves as Audit Chair) |
| Board Chair Fee | $10,000 | Aggregate additional annual amount |
| Nominating & Governance Chair Fee | $5,000 | Aggregate additional annual amount |
No equity grants or meeting fees are disclosed for Trustees; compensation is structured as cash retainers and chair stipends allocated across the fund complex.
Performance Compensation
| Performance Metric | Used for Director Pay? | Details |
|---|---|---|
| TSR, Revenue, EBITDA, ESG, or other performance metrics | No | Proxy discloses only cash retainers and chair fees for Trustees; no performance-based or equity awards are described. |
Other Directorships & Interlocks
| Company/Trust | Role | Potential Interlock/Notes |
|---|---|---|
| Madison Funds (15 portfolios) | Trustee | Additional fund complex board; monitor time commitments and overlapping service provider relationships, though no specific conflicts disclosed. |
| Manager Directed Portfolios (13 portfolios) | Trustee | Series trust board; similar oversight responsibilities. |
Expertise & Qualifications
- Designated Audit Committee Financial Expert; extensive background in financial, accounting, regulatory, and investment matters.
- Senior leadership roles across multiple asset managers (Aurora, Calamos, Northern Trust, Nuveen) support strong oversight of complex investment operations and controls.
Equity Ownership
| Holder | Common Shares of XFLT | % Outstanding | Dollar Range in XFLT | Aggregate Dollar Range across Family |
|---|---|---|---|---|
| Scott Craven Jones | 10,284 | <1% | $50,001–$100,000 | $50,001–$100,000 |
As of Dec 31, 2024. “Family of Investment Companies” includes three funds as of the proxy date.
Governance Assessment
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Strengths:
- Independent Trustee since 2017 with continuity from inception; designated Audit Committee Financial Expert and serves as Audit Chair—strong signal on financial reporting oversight.
- Board structure emphasizes independence (independent chair; committees comprised solely of Independent Trustees; independent counsel).
- Demonstrated engagement: robust meeting cadence (6 Board; 4 Audit; 2 Governance); all Trustees attended the 2024 annual meeting.
- Ownership alignment: personally holds 10,284 shares (dollar range $50,001–$100,000).
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Watch items / potential conflicts:
- Multiple concurrent fund board roles (Madison Funds; Manager Directed Portfolios) expand responsibilities; while common in the industry, investors should monitor bandwidth and any overlapping service providers that could raise conflict considerations. No related-party transactions specific to Mr. Jones are disclosed.
- Trustee compensation is cash retainer-based with chair fees; no equity component disclosed, which may limit direct participation in long-term stock appreciation, though this is typical for registered fund boards.
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No red flags identified in the proxy regarding: related-party transactions tied to Mr. Jones, pledging/hedging of shares, legal proceedings, or attendance shortfalls. Board and committee charters are established and available, and the independent auditor selection/fees are disclosed and overseen by the Audit Committee.