Robert Abeles, Jr.
About Robert Abeles, Jr.
Independent director born in 1945; has served on the Western Asset Investment Grade Income Fund Inc. (NYSE: PAI) Board since 2013. Former Senior Vice President, Finance and Chief Financial Officer at the University of Southern California (2009–2016) and Senior Vice President Emeritus since 2016, bringing business, accounting, and finance expertise; current nonprofit board experience includes Excellent Education Development (since 2012) and prior Great Public Schools Now (2018–2022) . He oversees 49 portfolios in the fund complex (2025 data) and is considered independent under the Investment Company Act; he chairs the Audit Committee .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| University of Southern California | Senior Vice President, Finance and Chief Financial Officer | 2009–2016 | CFO experience supports audit/financial oversight |
| University of Southern California | Senior Vice President Emeritus | Since 2016 | Continuing finance/accounting expertise |
| Great Public Schools Now | Board Member | 2018–2022 | Nonprofit governance; community impact |
| Excellent Education Development | Board Member | Since 2012 | Nonprofit governance; education focus |
External Roles
| Organization | Type | Role | Status |
|---|---|---|---|
| Excellent Education Development | Nonprofit | Board Member | Active since 2012 |
| Great Public Schools Now | Nonprofit | Board Member | 2018–2022 (ended) |
| Other public company boards (past 5 years) | Public | Director | None |
Board Governance
- Independence: Independent director; Independent Directors >75% of the Board .
- Board Chair: William E. B. Siart (Independent) .
- Committee Leadership: Audit Committee Chair; member of Governance & Nominating, Executive & Contracts, and Investment & Performance Committees .
- Attendance: Each director attended at least 75% of Board and committee meetings in FY2024 .
- Independent director executive sessions occur regularly; Board uses independent counsel .
| Governance Element | Detail |
|---|---|
| Years of Service | Director since 2013 |
| Committee Assignments | Audit (Chair); Governance & Nominating; Executive & Contracts; Investment & Performance |
| FY2024 Meetings Held | Board: 8; Audit: 6; Governance: 3; Performance: 5; Contracts: 2 |
| Independence Status | Independent Director (not an “interested person”) |
| Board Composition | Independent Directors >75% of Board; Chair is Independent |
Fixed Compensation
Directors are paid an annual cash retainer, meeting fees, and additional chair fees; independent directors are reimbursed for meeting-related expenses. Leadership roles (including Audit Chair) receive additional compensation; non-independent directors receive no director fees from the Fund .
| Year (Fiscal) | Aggregate Compensation from PAI ($) | Total Compensation from Fund Complex ($) |
|---|---|---|
| 2022 | 1,729 | 365,000 |
| 2023 | 3,138 | 372,000 |
| 2024 | 1,077 | 382,000 |
Performance Compensation
- No performance-based bonuses, equity grants (RSUs/PSUs), or stock options for directors are disclosed in the proxy; director pay is cash-based (retainer/meeting/chair fees) .
- No severance, change-of-control, or incentive metric linkages disclosed for directors .
Other Directorships & Interlocks
| Company | Role | Committee Roles | Potential Interlock/Conflict |
|---|---|---|---|
| None (public companies, past 5 years) | — | — | None disclosed |
Expertise & Qualifications
- Business, accounting, and finance expertise; CFO experience and board leadership across business and nonprofit organizations .
- Meets Board’s qualifications (experience, time commitment, integrity) applied to independent directors .
Equity Ownership
| Year-End | PAI Common Stock Beneficially Owned (Dollar Range) | Aggregate Dollar Range in Franklin Templeton Family of Funds |
|---|---|---|
| 2022 | None | None |
| 2023 | None | None |
| 2024 | None | None |
As of record dates, all directors and officers as a group owned <1% of outstanding PAI shares .
Governance Assessment
- Strengths: Independent Audit Committee chaired by Abeles; Board >75% independent; independent Board Chair; regular executive sessions and independent counsel support robust oversight—positive for investor confidence .
- Engagement: At least 75% attendance across Board and committees; multi-committee involvement signals active governance .
- Alignment Red Flags: No reported PAI share ownership by Abeles across 2022–2024 (low “skin-in-the-game”); group ownership <1% may be viewed negatively for alignment in a closed-end fund context .
- Compensation Mix: Cash-only director compensation and rising total fund-complex compensation ($365k → $372k → $382k) while holding Audit Chair role; absence of equity retainer reduces long-term alignment signals but is typical for fund boards .
- Conflicts/Related Party Exposure: None identified specific to Abeles; he is not an “interested person.” Noted related-party considerations involve other directors (e.g., Olson’s firm providing services) and adviser relationships but do not implicate Abeles .
Overall implication: Abeles brings deep finance and audit expertise with consistent engagement and independent leadership as Audit Chair—positive for financial reporting oversight. Lack of PAI share ownership and cash-only compensation structure modestly weaken ownership alignment signals; however, fund boards commonly use cash retainers without equity, mitigating concern given the sector norms .