David Flattum
About David Flattum
David Flattum (born 1964) is an Interested Trustee of PIMCO Dynamic Income Opportunities Fund (PDO), appointed effective December 1, 2024, and nominated as a Class I Trustee with a term expected to expire at the annual meeting held during the 2027–2028 fiscal year . He is a long-tenured legal and governance executive: PIMCO Global General Counsel (2006–2023), currently a consultant to PIMCO (2023–present), and previously General Counsel & COO at Allianz Asset Management of America and a partner at Latham & Watkins (M&A) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| PIMCO | Global General Counsel | 2006–2023 | Chaired PIMCO Audit, Risk, Conflicts, and Pricing Committees; Chief Legal Officer for the PIMCO Funds |
| PIMCO | Consultant | 2023–present | Ongoing advisory engagement; maintains affiliation with Manager |
| Allianz Asset Management of America | General Counsel & COO | 2001–2006 | Senior legal and operating leadership |
| Latham & Watkins | Partner (M&A) | Prior to 2001 | Corporate transactions expertise |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| None disclosed | — | — | No other directorships in past 5 years |
Board Governance
- Board structure: Seven Trustees; approximately 71% are Independent Trustees; an Independent Trustee serves as Chair; Independent Trustees meet outside management and have independent counsel .
- Committees: Audit Oversight, Governance & Nominating, Valuation Oversight, and Contracts Committees consist only of Independent Trustees; Performance Committee includes all Trustees .
- Meeting cadence and attendance: For PDO’s fiscal year ended June 30, 2024, the Board held 4 regular and 6 special meetings; each Trustee attended at least 75% of Board and committee meetings held during that fiscal year; Trustees generally do not attend shareholder meetings (note: this period predates Flattum’s appointment on Dec 1, 2024) .
- Election status and term: Flattum is nominated as Class I Trustee for PDO, with term expiring at the annual meeting during the 2027–2028 fiscal year .
- Classified board and “Continuing Trustees” provisions: Certain off–ordinary-course actions require 75% of outstanding shares unless approved by both a majority of the Board and 75% of Continuing Trustees, which can entrench board continuity .
Committee assignments (Flattum)
- Performance Committee: Member (all Trustees participate) .
- Audit Oversight, Governance & Nominating, Valuation Oversight, Contracts: Not eligible (membership limited to Independent Trustees) .
- Notable committee leadership on the Board: E. Grace Vandecruze chairs the Audit Oversight Committee and is designated an “audit committee financial expert” .
Fixed Compensation
| Component | PDO FY Ended Jun 30, 2024 | Notes |
|---|---|---|
| Trustee compensation from PDO | N/A | Flattum is an Interested Trustee and does not receive compensation from the Funds for trustee service |
| Trustee compensation from PTY | N/A | Interested Trustees not paid by Funds |
| Total compensation from Funds/Fund Complex (CY 2024) | N/A | Interested Trustees not paid by Funds |
Performance Compensation
| Instrument/Metric | Detail |
|---|---|
| Equity awards (RSUs/PSUs), options | None disclosed; Interested Trustees do not receive compensation from the Funds, implying no fund-based equity grants |
| Performance metrics tied to compensation | None disclosed for Interested Trustees |
| Clawbacks, severance, CoC provisions | Not disclosed for Trustees in this proxy |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None disclosed |
| Interlocks with manager/suppliers/customers | Affiliated with PIMCO (Manager) as consultant; designated an Interested Trustee due to this affiliation |
| Prior public company boards | Not disclosed |
Expertise & Qualifications
- Legal, governance, and complex transaction expertise (former GC at PIMCO; partner in M&A at Latham & Watkins) .
- Asset management operating experience (former GC & COO at Allianz AM of America) .
- Internal committee leadership experience at PIMCO (chaired audit, risk, conflicts, pricing) and Chief Legal Officer for PIMCO Funds .
Equity Ownership
| Holding | Dollar Range | As of | Aggregate Dollar Range across PIMCO family |
|---|---|---|---|
| PDO shares | None | Record Date (Feb 21, 2025) | None |
Governance Assessment
- Independence status: Flattum is an Interested Trustee (affiliated with PIMCO), not independent; he is nominated for election as a Class I Trustee at PDO and does not receive trustee compensation from the Funds .
- Committee coverage: As an Interested Trustee, he does not sit on Audit, Governance & Nominating, Valuation, or Contracts Committees, which are limited to Independent Trustees; he participates in the Performance Committee with all Trustees. This helps preserve independence on key oversight committees .
- Ownership alignment: He reported no holdings in PDO and no aggregate holdings across the PIMCO fund family as of the Record Date, indicating limited “skin-in-the-game” from share ownership .
- Engagement baseline: The Board met frequently (10 meetings in FY 2024 for PDO) and had ≥75% attendance across Trustees, but these metrics precede Flattum’s appointment (Dec 1, 2024); trustee attendance at shareholder meetings is generally not expected .
- Structural signals: Classified board and “Continuing Trustees” supermajority provisions for major actions may reduce shareholder influence and can be viewed as entrenching governance continuity .
Red flags and mitigants:
- RED FLAG: Manager affiliation (Interested Trustee) and ongoing consultancy with PIMCO increase potential conflicts of interest versus shareholder independence .
- RED FLAG: No reported fund-family ownership may weaken alignment with common shareholders .
- Mitigants: Independent Chair; supermajority of Independent Trustees; key oversight committees limited to Independent Trustees; designated audit committee financial expert (Vandecruze) .