Peter J. Taylor
About Peter J. Taylor
Peter J. Taylor (born 1958) is an Independent Director of Western Asset Investment Grade Income Fund Inc. (NYSE: PAI) and has served since 2019. He is retired; previously President of ECMC Foundation (2014–2023) and Executive Vice President & Chief Financial Officer for the University of California system (2009–2014), bringing business and finance expertise recognized by the Board as part of its skills matrix .
Past Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| ECMC Foundation | President | 2014–2023 | Nonprofit leadership role, retired thereafter |
| University of California system | EVP & Chief Financial Officer | 2009–2014 | System-wide finance leadership |
External Roles
| Organization | Role | Since/Through | Committees/Impact |
|---|---|---|---|
| Edison International | Director | Since 2011 | Public company board service |
| 23andMe, Inc. | Director | 2021–2024 (former) | Genetics/health tech board experience |
| Pacific Mutual Holding Company | Director | Since 2016 | Potential interlock: Western Asset/affiliates provide services to registered funds sponsored by an affiliate of Pacific Holdings; affiliates of Pacific Holdings receive compensation from FTFA or its affiliates for shareholder/distribution services |
| Ralph M. Parsons Foundation | Director | Since 2015 | Nonprofit board role |
| California State University (Trustees) | Trustee | 2015–2022 (former) | Higher education governance |
| Kaiser Family Foundation | Board member | 2012–2022 (former) | Healthcare policy nonprofit |
Board Governance
- Independence: Taylor is an Independent Director (not an “interested person” under the 1940 Act); Independent Directors comprise over 75% of the Board .
- Committee memberships: Audit; Governance & Nominating; Executive & Contracts; Investment & Performance. He is a member, not a chair of these committees .
- Board leadership: Chair of the Board is Independent (William E. B. Siart); all standing committees are chaired by Independent Directors, enhancing oversight and conflict management .
- Engagement and attendance: Each Director attended at least 75% of Board and relevant committee meetings in FY2023 and FY2024 .
- Independent sessions: Independent Directors regularly meet outside the presence of management and are advised by independent legal counsel .
| Meeting Activity | FY 2023 | FY 2024 |
|---|---|---|
| Board meetings held | 5 | 8 |
| Audit Committee meetings | 7 | 6 |
| Governance Committee meetings | 3 | 3 |
| Performance Committee meetings | 5 | 5 |
| Contracts Committee meetings | 2 | 2 |
| Director attendance threshold | ≥75% | ≥75% |
Fixed Compensation
- Structure: Independent Directors receive an annual retainer plus meeting fees; additional compensation applies to Chairs of the Board, Audit, Governance, Performance, and Contracts committees. Taylor is not a chair and receives standard Independent Director compensation; no pension or retirement benefits accrue as part of Fund expenses .
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Aggregate Compensation from PAI ($) | 3,110 | 1,047 |
| Pension/Retirement Benefits Accrued ($) | 0 | 0 |
| Estimated Annual Benefits Upon Retirement ($) | 0 | 0 |
| Total Compensation from Fund Complex ($) | 337,000 | 350,000 |
Performance Compensation
- No performance-based incentives disclosed for Directors; compensation consists of cash retainers and meeting fees, with additional fees for committee chair roles (which Taylor does not hold). No stock awards, option grants, or performance metrics are disclosed for Directors at PAI .
Other Directorships & Interlocks
- Public boards: Edison International (current), 23andMe (former) .
- Interlock risk: Taylor’s role at Pacific Mutual Holding Company intersects with a disclosed relationship where Western Asset and affiliates provide advisory services to registered investment companies sponsored by an affiliate of Pacific Holdings; affiliates of Pacific Holdings receive compensation for shareholder/distribution services from FTFA or affiliates. This creates a potential related-party exposure, though oversight resides with Independent, committee-chaired governance structures and disclosed in the proxy .
Expertise & Qualifications
- Board-identified skills: Business and finance expertise; experience as CFO, President, and board member across businesses and nonprofits supports effective oversight and judgment on the Fund’s Board .
- Prior roles demonstrate deep financial oversight and nonprofit leadership, adding risk and performance review capacity to Audit and Performance committees .
Equity Ownership
- Taylor’s beneficial ownership in PAI: None as of December 31, 2023 and December 31, 2024 .
- Aggregate holdings across Franklin Templeton fund family: “Over $100,000” category as of both dates .
- Group context: All Directors and officers as a group held less than 1% of PAI’s outstanding shares as of December 31, 2024 .
| Ownership Metric | As of 12/31/2023 | As of 12/31/2024 |
|---|---|---|
| PAI Fund beneficial ownership ($ range) | None | None |
| Aggregate family fund holdings ($ range) | Over $100,000 | Over $100,000 |
Governance Assessment
- Strengths: Independent status; broad committee participation (Audit, Governance, Contracts, Performance); regular independent sessions; strong finance background (UC CFO, ECMC President); high Board independence and independent committee chairs bolster oversight .
- Engagement: Met ≥75% attendance threshold in FY2023 and FY2024; active across key oversight committees (audit, performance, contracts, governance) .
- Compensation alignment: Cash-based fees only; no performance-based or equity compensation disclosed for Directors. Total complex compensation increased year-over-year ($337,000 → $350,000), while PAI-specific compensation declined ($3,110 → $1,047), reflecting asset-based pro rata sharing across the complex; absence of equity awards reduces pay-for-performance alignment .
- Equity alignment RED FLAG: No direct ownership of PAI shares, which may weaken skin-in-the-game alignment for closed-end fund oversight, notwithstanding aggregate family fund holdings category .
- Potential conflict RED FLAG: Interlock via Pacific Mutual Holding Company, given disclosed advisory/shareholder-service relationships between Western Asset/FTFA affiliates and funds sponsored by an affiliate of Pacific Holdings. Mitigants include independent Board/committee structure and formal charters governing conflicts and pre-approval processes (Audit, Governance, Contracts) .