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MFS Municipal Income Trust V.MFM


Primary Symbol: MFM

MFS Municipal Income Trust (fund) is a diversified closed-end management investment company. Its investment objective is to seek high current income exempt from federal income tax but may also consider capital appreciation. It invests, under normal market conditions, approximately 80% of its net assets, including assets attributable to preferred shares and borrowings for investment purposes, in municipal bonds. These municipal bonds include debt securities issued by or on behalf of states, territories, possessions of the United States, District of Columbia, and their political subdivisions, agencies, or instrumentalities. The Fund invests in various sectors, such as hospitals, secondary schools, colleges, schools, and water and sewer utility. It has investments in areas, including Alabama, Alaska, Arizona, Arkansas, California, Colorado, Delaware, Florida, Georgia, Guam, Hawaii, Idaho, and Illinois. Massachusetts Financial Services Company is the investment adviser of the Fund.


NYSE:MFM - Post by User

MFS Municipal Income Trust > Nov. 30th AGM and possible management changes
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Post by 2investorknoton Nov 03, 2017 11:47pm
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Post# 26905017

Nov. 30th AGM and possible management changes

Nov. 30th AGM and possible management changes
Sedar filing today. 

Proxy shows that they are asking shareholders to pass a Consulting Agreement that is going to pay a guy named Robert Abenante, proposed member to the Board, to get $120,000 base salary to act as President and CEO of the company.   Great that Hite is maybe being replaced but Hite's base salary for 2016 was a little under $40,000.  This guy is going to make 300% more in just his base salary??????  In fact, if you add up John Hite's, Alex McAulay (CFO), and Richard Walter's (Executive VP) salaries, their combined 2016 salaries would be just shy of $100,000.  Personally I was hoping for someone new from Argentina since our Canadian leadership has not been successful operating within Argentina's political environment.

With the increase in executive compensation, the road to more dilution lies ahead. 

In looking at this guy's brief background, it doesn't exactly shout "Grab Me!".  Hopefully sharedholders will learn more compelling reasons, otherwise I am voting against the consulting contract.



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