Olivia S. Mitchell
About Olivia S. Mitchell
Olivia S. Mitchell (born 1953) is an Independent Trustee of Allspring Utilities and High Income Fund (ERH), serving since 2006. She is the International Foundation of Employee Benefit Plans Professor at the Wharton School, University of Pennsylvania, and leads the Pension Research Council and Boettner Center; she is also a Research Associate at the National Bureau of Economic Research, with a career focus on pensions, insurance, and retirement policy . She previously taught at Cornell University (1978–1993) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| ERH Fund Complex | Chair, Nominating & Governance Committee | 2018–2024 | Led governance oversight; charter provides chair receives additional annual fee and 3-year terms, subject to limits . |
| Asset Allocation Trust | Trustee | 2010–2018 | Oversight of fund governance and audits across prior complex entity . |
| Cornell University | Faculty | 1978–1993 | Taught economics/insurance disciplines prior to Wharton tenure . |
External Roles
| Organization | Role | Tenure/Status | Relevance to ERH Governance |
|---|---|---|---|
| Wharton School, University of Pennsylvania | International Foundation of Employee Benefit Plans Professor; Professor of Insurance/Risk Management and Business Economics/Policy | Since 1993; current | Deep expertise in pensions, insurance, risk management supports board risk and governance rigor . |
| Wharton Pension Research Council | Executive Director | Current | Research leadership in retirement systems; informs fiduciary oversight . |
| Boettner Center on Pensions & Retirement Research | Director | Current | Applied research on retirement/pensions; governance analytics . |
| National Bureau of Economic Research | Research Associate | Current | Academic rigor; independent perspective on policy/insurance . |
Board Governance
- Independence and tenure: Independent Trustee since 2006; oversees 92 portfolios in the Fund Complex; “Other Directorships Held by Trustee During Past 5 Years” shows none, limiting external interlocks .
- Committees: The Board has standing Nominating & Governance and Audit Committees “made up of the Trustees listed” (i.e., all Independent Trustees including Mitchell); Mitchell chaired Nominating & Governance from 2018–2024; current N&G Chair is James G. Polisson (since 2024) and current Audit Chair is Jane A. Freeman (since 2025) .
- Board leadership: Board Chair is Independent Trustee Timothy J. Penny; the Board also designates a Chair Liaison (Pamela Wheelock) to support communications .
- Meetings and attendance: In the last fiscal year, Regular Board meetings: 4; Special meetings: 0; N&G: 5; Audit: 7. Each Trustee attended at least 75% of the aggregate meetings of the Board and committees on which they served .
- Governance processes: The N&G charter governs compensation review for Independent Trustees, share ownership policy review, leadership structure review, annual board assessments, and counsel independence; chair roles carry additional fees and term limits per charter . The Audit charter details oversight of financial reporting and auditor independence, including chair pre-approval authority for certain services and chair fee provisions .
Fixed Compensation
| Period (FY ended) | Compensation From ERH (Fund) | Total Compensation From Fund Complex | Notes |
|---|---|---|---|
| Aug 31, 2025 | $4,063 | $373,750 | Trustees reimbursed for meeting expenses; no pension/retirement benefits . |
Performance Compensation
| Item | Disclosure | Notes |
|---|---|---|
| Performance-based cash bonus | Not disclosed for Trustees | Proxy provides fixed fees; N&G charter covers periodic review of Independent Trustee compensation; no performance metrics specified . |
| Equity/Option awards | Not disclosed for Trustees | No RSUs/PSUs/options disclosed in proxy for Trustees . |
Other Directorships & Interlocks
| Category | Company/Organization | Role | Tenure | Interlock/Conflict Notes |
|---|---|---|---|---|
| Public company boards (past 5 years) | None | — | — | Reduces potential interlocks with ERH counterparties/customers . |
| Fund Complex roles | Asset Allocation Trust | Trustee | 2010–2018 | Within fund complex; not an external interlock . |
Expertise & Qualifications
- Academic and policy leadership in pensions, retirement systems, insurance, risk management, and health/retirement policy; extensive publications and governmental advisory work .
- Long-standing governance experience across Allspring Funds’ Trusts since 2006; prior committee chair role (N&G) for six years indicates deep engagement in board processes .
- No other public boards in last five years, supporting independence focus .
Equity Ownership
| Measure (as of Aug 31, 2025) | ERH Fund | Fund Complex Aggregate |
|---|---|---|
| Dollar range of beneficial ownership | $1–$10,000 | Over $100,000 |
- Ownership policies: The Nominating & Governance Committee periodically reviews policies regarding share ownership by Independent Trustees; no specific minimums disclosed in proxy .
- Pledging/hedging: Not disclosed in the proxy; no related-party transactions involving Trustees disclosed in sections reviewed .
Governance Assessment
- Strengths: Independent trustee with 19+ years of service and significant governance leadership (former N&G Chair), strong pension/insurance/risk academic credentials, broad complex oversight (92 portfolios), and satisfactory attendance (≥75%) amid an active committee cadence .
- Alignment: Direct ERH ownership in the $1–$10k range, with aggregate Fund Complex holdings over $100k, and a charter framework for trustee ownership policy review; compensation is cash-based with added chair fees when applicable—reducing pay-for-performance risk but also limiting pay alignment to fund performance .
- Conflicts/Red Flags: No other public company boards in the past five years and no related-party transactions disclosed in the proxy sections reviewed; no pensions/retirement benefits and expense reimbursement only—no apparent compensation-related conflicts. Potential alignment watchpoint is the modest per-fund holding dollar range for ERH versus complex-wide aggregation .
- Board effectiveness signal: Active committee meeting cadence (Audit 7; N&G 5) and clear leadership structure (independent Chair; Chair Liaison) support oversight quality, with N&G and Audit charters defining chair responsibilities, independence, and auditor pre-approvals—positive for investor confidence .