Anita L. DeFrantz
About Anita L. DeFrantz
Independent Director of Western Asset Investment Grade Income Fund Inc. (NYSE: PAI), serving since 1998; born 1952. Current roles include President of Tubman Truth Corp. (since 2015), Vice President and Executive Board member of the International Olympic Committee (IOC) (VP since 2017; Executive Board since 2013; IOC member since 1986), and President Emeritus of LA84 (formerly the Amateur Athletic Foundation of Los Angeles) (since 2015; previously President 1987–2015, Director 1990–2015). Oversees 49 portfolios in the fund complex as of the 2025 proxy (50 in 2024; 51 in 2023). She is classified as an Independent Director under the Investment Company Act, and the Board’s governance structure features an Independent Chair and >75% independent composition.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| LA84 (Amateur Athletic Foundation of Los Angeles) | President | 1987–2015 | Led a large sports-focused nonprofit; governance and executive leadership |
| LA84 | Director | 1990–2015 | Board-level oversight |
| LA84 | President Emeritus | Since 2015 | Ongoing advisory stature |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| International Olympic Committee (IOC) | Vice President | Since 2017 | Senior governance role; Executive Board member since 2013; IOC member since 1986 |
| Tubman Truth Corp. | President | Since 2015 | Nonprofit leadership |
Board Governance
- Independence: DeFrantz is an Independent Director; Board is >75% independent with an Independent Chair (William E. B. Siart). Independent directors regularly meet outside management and are advised by independent counsel.
- Committees and chair roles: Member of Audit, Executive and Contracts, Governance and Nominating, and Investment and Performance. Governance Chair transitioned from DeFrantz (2023–2024) to Jaynie Miller Studenmund in 2025.
- Attendance: Each Director attended at least 75% of aggregate Board and committee meetings in FY 2022, FY 2023, and FY 2024.
| Governance Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Board meetings held | 6 | 5 | 8 |
| Audit Committee meetings | 6 | 7 | 6 |
| Governance & Nominating meetings | 3 | 3 | 3 |
| Performance Committee meetings | 5 | 5 | 5 |
| Executive & Contracts meetings | 2 | 2 | 2 |
| DeFrantz attendance | ≥75% | ≥75% | ≥75% |
| Committee chair (Governance) | Chair | Chair | Member (Chair: Studenmund) |
Fixed Compensation
- Structure: Independent Directors receive an annual retainer plus per-meeting fees; additional compensation for leadership (Board/committee chair roles). No pensions or retirement benefits accrued; reimbursed for out-of-pocket meeting expenses.
| Compensation (USD) | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Aggregate compensation from PAI (Fund) | $1,690 | $3,108 | $1,064 |
| Pension/retirement benefits accrued | $0 | $0 | $0 |
| Estimated annual benefits upon retirement | $0 | $0 | $0 |
| Total compensation from Fund Complex | $348,000 | $332,000 | $366,000 |
Performance Compensation
- No equity grants, options, or performance-based compensation disclosed for Directors; compensation is cash-based (retainers/meeting fees), with leadership role premia.
| Performance Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Equity awards (RSUs/PSUs) | None disclosed | None disclosed | None disclosed |
| Option awards | None disclosed | None disclosed | None disclosed |
| Performance-based cash (metrics/targets) | Not disclosed | Not disclosed | Not disclosed |
Other Directorships & Interlocks
- Public company boards: None held by DeFrantz in the past five years.
- Notable interlocks: None disclosed for DeFrantz; certain other directors have relationships (e.g., Olson’s law firm; Larson’s Gates-related accounts) but none applicable to DeFrantz.
| Category | Detail |
|---|---|
| Other public company directorships (past 5 years) | None |
| Disclosed related-party links (DeFrantz) | None |
Expertise & Qualifications
- Board cites DeFrantz’s business expertise and experience as a president, board member and/or executive officer across businesses and nonprofits as part of overall Board skill mix.
Equity Ownership
- Beneficial ownership in PAI: 1,135 shares (unchanged across 2022–2024); dollar range in PAI: $10,001–$50,000; aggregate dollar range across the Franklin Templeton/Western Asset family: $10,001–$50,000.
- Shares outstanding: 9,510,962 as of each proxy record date cited (2023, 2024, 2025); DeFrantz’s ownership ≈0.0119% of outstanding (computed from disclosed figures).
| Ownership Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| PAI shares owned (count) | 1,135 | 1,135 | 1,135 |
| Dollar range in PAI | $10,001–$50,000 | $10,001–$50,000 | $10,001–$50,000 |
| Aggregate dollar range (family of funds) | $10,001–$50,000 | $10,001–$50,000 | $10,001–$50,000 |
| Shares outstanding (PAI) | 9,510,962 | 9,510,962 | 9,510,962 |
| Ownership % of outstanding | ~0.0119% (1,135/9,510,962) | ~0.0119% (1,135/9,510,962) | ~0.0119% (1,135/9,510,962) |
Governance Assessment
- Positives: Long-tenured independent director with extensive nonprofit governance leadership; consistent committee engagement across Audit, Governance, Contracts, and Performance; prior Governance Chair responsibilities indicate active role in nominations and board policy; attendance threshold met across three consecutive fiscal years; Board’s independent leadership and structure support oversight quality.
- Watch items and potential RED FLAGS:
- Low personal share ownership relative to outstanding (~0.012%), typical for closed-end fund directors but modest “skin-in-the-game”. Consider engagement on ownership alignment if investors prioritize director shareholding.
- Chair rotation: Governance Chair moved from DeFrantz (2023–2024) to Studenmund (2025). Not a red flag per se, but monitor for continuity in nominations and board refresh practices.
- No related-party transactions, hedging, pledging, equity awards, or option repricings disclosed for DeFrantz; no pensions or retirement benefits. Section 16 compliance noted, with no DeFrantz-specific issues disclosed.