Olivia Mitchell
About Olivia Mitchell
Olivia S. Mitchell (born 1953) is an Independent Trustee of Allspring Income Opportunities Fund (EAD) since 2006; she is a professor at the Wharton School and a pensions/insurance researcher with leadership roles at the Pension Research Council and the Boettner Center, and is a Research Associate at NBER. She previously taught at Cornell University (1978–1993); current board structure classifies all Trustees, including Mitchell, as “not an interested person” under the 1940 Act (Independent) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Cornell University | Faculty | 1978–1993 | Academic leadership; taught economics/insurance/risk management |
| Allspring Asset Allocation Trust | Trustee | 2010–2018 | Oversight of registered investment company operations |
| Allspring Funds (Fund Complex) | Trustee | Since 2006 | Governance oversight across Fund Complex portfolios |
External Roles
| Organization | Role | Tenure | Focus/Impact |
|---|---|---|---|
| Wharton School, University of Pennsylvania | International Foundation of Employee Benefit Plans Professor; Professor of Insurance/Risk Mgmt and Business Economics/Policy | Since 1993 | Pension/retirement and insurance research |
| Pension Research Council (Wharton) | Executive Director | Not stated | Policy research and governance insights on pensions/retirement |
| Boettner Center (Wharton) | Director | Not stated | Retirement research leadership |
| National Bureau of Economic Research | Research Associate | Not stated | Applied economics research in pensions/insurance |
Board Governance
- Independence: The eight-member Board is entirely Independent (not “interested persons”); Mitchell is an Independent Trustee under the 1940 Act and exchange listing standards .
- Committees: All Independent Trustees, including Mitchell, serve on the Nominating & Governance Committee and the Audit Committee; Mitchell chaired Nominating & Governance from 2018 through 2024; the chair role shifted to James Polisson in 2024/2025 .
- Attendance: Each Trustee attended at least 75% of board and committee meetings; meetings held were 7 regular/2 special; N&G 4; Audit 6 (FY ended 4/30/2024) and 8 regular/2 special; N&G 5; Audit 7 (FY ended 4/30/2025) .
- Board leadership: Chair of the Board is Timothy J. Penny; Chair Liaison is Pamela Wheelock (since July 2024), supporting governance communications .
- Shareholder meeting engagement policy encourages at least one Trustee to attend; Penny and Ebsworth attended the prior Annual Meeting telephonically .
Fixed Compensation
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Aggregate Compensation from EAD ($) | 3,752 | 3,722 |
| Total Compensation from Fund Complex ($) | 371,500 | 368,500 |
| Pension/Retirement Benefits | None (Trustees do not receive any pension or retirement benefits from the Fund) | |
| Expense Reimbursement | Reimbursed for meeting-related expenses | |
| Committee Chair Fee Policy | Additional annual fee for Committee Chairs per Charter (amount determined by Board) |
Notes: Compensation reflects cash fees across the Allspring Fund Complex; charter provides for incremental fees for committee chairs (Mitchell served as N&G Chair through 2024), but specific chair fee amounts are not disclosed in the proxy .
Performance Compensation
| Element | Disclosure | Metrics/Terms |
|---|---|---|
| Bonus/Performance-based Pay | Not disclosed for Independent Trustees; compensation presented as fixed cash fees | No revenue/EBITDA/TSR or ESG performance metrics disclosed for directors |
Other Directorships & Interlocks
| Category | Current Status | Notes |
|---|---|---|
| Public company boards (past 5 years) | None | Proxy tables list “None” for other directorships outside the Fund Complex |
| Private/non-profit boards | Academic research leadership roles at Wharton centers | Not directorships of public companies; reduce interlock/conflict risk |
Expertise & Qualifications
- Pension/retirement systems, insurance, risk management, and economics; author of numerous articles/books; advisory experience with governmental entities .
- Academic leadership at Wharton; Executive Director of Pension Research Council; Director of Boettner Center; NBER Research Associate .
- Governance experience as long-standing Independent Trustee across the Allspring Fund Complex since 2006 .
Equity Ownership
| Metric | As of 4/30/2024 | As of 4/30/2025 |
|---|---|---|
| Dollar Range of EAD Shares | $1–$10,000 | $1–$10,000 |
| Aggregate Dollar Range in Fund Complex | Over $100,000 | Over $100,000 |
| Group Beneficial Ownership (officers/trustees) | <1% of EAD shares outstanding | <1% of EAD shares outstanding |
| Ownership Guidelines Policy | Committee reviews Trustee share ownership policies (charter) |
Governance Assessment
- Board effectiveness: Mitchell brings deep subject-matter expertise in pensions/insurance and long-tenured governance experience; she led the Nominating & Governance Committee for six years (2018–2024), indicating strong influence on board composition, independence screening, and leadership structure reviews .
- Independence and conflicts: No other public company directorships (past 5 years), minimizing interlocks; Board/N&G Charter codifies rigorous independence/conflict screens (disqualifying factors and independence reviews); all Trustees are Independent .
- Attendance/engagement: Meeting cadence and committee activity increased YoY; all Trustees met the 75% threshold; annual meeting attendance policy in place and observed by Trustees .
- Alignment: Owns EAD in the $1–$10k range and holds over $100k across the Fund Complex; while dollar-range disclosure limits precision, it evidences some alignment; group insider ownership remains under 1% of EAD .
- Compensation signals: Total cash compensation modestly declined ($371.5k → $368.5k), implying no inflationary trend for Mitchell; chartered chair fees exist but are not broken out; proxies emphasize no pension/retirement benefits and expense-only reimbursement—consistent with shareholder-friendly independent trustee pay structures .
RED FLAGS
- Pledging/hedging: Not disclosed; no indication of pledged shares or hedging policies in proxy .
- Related-party transactions: None discussed for Trustees; N&G Charter includes stringent independence/conflict filters (charges/convictions, regulatory censures, adviser/underwriter relationships, board-seat limits) .
- Say-on-pay/compensation anomalies: Not applicable; closed-end fund trustees compensated via cash fees; no discretionary bonuses or equity repricing disclosed .
- Reporting compliance: Section 16(a) filings reported timely for Trustees/officers in both years—reduces governance risk on insider reporting .