Peter Mason
About Peter Mason
Peter Mason is an independent (non-interested) Director of Western Asset Investment Grade Opportunity Trust Inc. (IGI), serving since November 15, 2024; he was born in 1959 and brings extensive legal and governance experience as an arbitrator/mediator and former Global General Counsel of UNICEF (1998–2021). He chairs the Compensation Committee and serves on the Nominating, Audit, and Pricing & Valuation Committees; within the Franklin Templeton fund complex he oversees 17 portfolios. His addition increased the Board’s independent bench (7 of 8 directors are independent; committees are composed entirely of independent directors under NYSE standards).
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| UNICEF (United Nations Children’s Fund) | Global General Counsel | 1998–2021 | Led global legal function; governance/legal risk expertise cited as board qualification |
| Self-employed | Arbitrator and Mediator | Since 2021 | Dispute resolution and governance expertise |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| University of Sydney USA Foundation | Chairman | Since 2020 | Non-public role; philanthropic/academic foundation governance |
| Radio Workshop US, Inc. | Director | Since 2023 | Non-public role |
Board Governance
- Classification and term: Listed as a Class III Director serving until the 2027 Annual Meeting of Stockholders.
- Independence: Identified as a non-interested (independent) Director; all standing committees (Audit, Nominating, Compensation, Pricing & Valuation) are composed entirely of independent directors under NYSE standards.
- Committee roles: Chair, Compensation Committee; member, Nominating, Audit, Pricing & Valuation Committees.
- Committee activity (FY ended 11/30/24): Audit met 5x; Nominating 7x; Pricing & Valuation 4x; Compensation 1x.
- Attendance: During FY 2024, the Board held 4 regular meetings and each Director attended at least 75% of Board and committee meetings for which they were eligible.
- Board leadership: Eileen A. Kamerick (independent) serves as Chair; she leads executive sessions of independent directors and acts as liaison to management.
- Start date/tenure: Effective November 15, 2024 (appointed alongside Hillary A. Sale and Anthony Grillo).
Fixed Compensation
| Item | FY Ended 11/30/2024 | CY 2024 (Fund + Fund Complex) |
|---|---|---|
| Aggregate compensation from IGI | $417 | — |
| Total compensation from IGI and fund complex | — | $32,989 |
| Pension/retirement benefits provided by fund | None | None |
| Notes | Joined Nov 15, 2024; totals include service across committees and other funds in the complex | Joined Nov 15, 2024; totals include service across the complex |
The proxy provides total compensation amounts; it does not disclose a detailed retainer/meeting fee schedule or equity grants for directors.
Performance Compensation
- The proxy does not disclose any performance metrics tied to director compensation (e.g., TSR, revenue, ESG); no director equity award details are provided in the compensation disclosure.
Other Directorships & Interlocks
| Company/Organization | Public Company? | Role | Committee Roles |
|---|---|---|---|
| University of Sydney USA Foundation | No (as disclosed) | Chairman | Not disclosed |
| Radio Workshop US, Inc. | No (as disclosed) | Director | Not disclosed |
- No public company directorships for Mr. Mason are disclosed in IGI’s proxy, limiting potential public-company interlocks.
Expertise & Qualifications
- Legal and managerial experience emphasized by the Board; prior Global General Counsel role at UNICEF and current arbitrator/mediator underpin governance and dispute resolution expertise.
- Oversees 17 portfolios in the fund complex, indicating familiarity with regulated fund governance.
Equity Ownership
| Measure (as of 12/31/2024) | Disclosure |
|---|---|
| Dollar range of equity securities in IGI | A = None |
| Aggregate dollar range across “family of investment companies” | A = None |
| Group ownership | Directors, nominees, and officers as a group owned <1% of outstanding shares as of 2/7/2025 |
Dollar range categories: A=None; B=$1–$10,000; C=$10,001–$50,000; D=$50,001–$100,000; E=Over $100,000.
- Related-party exposure: The proxy states that no independent Director (nor immediate family members), to the Fund’s knowledge, had any interest in the adviser or its affiliates as of 12/31/2024.
Governance Assessment
-
Positives
- Independence and roles: Mason is an independent director and chairs the Compensation Committee shortly after joining, signaling governance trust and subject-matter relevance.
- Engagement: IGI’s committees were active in FY 2024 (Audit 5x; Nominating 7x; Pricing & Valuation 4x; Compensation 1x), and directors met the 75%+ attendance threshold.
- Board structure: Independent Chair leading executive sessions enhances oversight; independent-only committees align with best practices.
- Conflicts: No disclosed related-party interests with the adviser/affiliates; Section 16(a) compliance reported as satisfied.
-
Watch items / potential red flags
- Ownership alignment: Mason reported “A=None” dollar range in IGI and across the family of funds as of 12/31/2024, which may be viewed as limited “skin in the game” until ownership builds.
- New appointment: Effective Nov 15, 2024; limited historical attendance/engagement track record at IGI due to short tenure.
- Capacity considerations: Oversight of 17 portfolios is common in fund complexes, but it increases workload and should be monitored for board effectiveness across entities.
Overall, Mason’s legal and governance background, independent status, and committee leadership support board effectiveness and investor confidence; the primary alignment gap is initial non-ownership, which investors may expect to improve over time.