Libby Cantrill

About Libby D. Cantrill

Libby D. Cantrill (born 1977) serves as a Trustee of PIMCO Strategic Income Fund, Inc. (PFN) and has served since 2023; she is designated an Interested Trustee due to her affiliation with PIMCO, the Fund’s manager . She is a Managing Director and Head of Public Policy at PIMCO (since 2007), serves in PIMCO’s portfolio management group, analyzes policy and political risk for the Investment Committee, leads U.S. policymaker engagement, and is a CFA charterholder; she has been a rotating member of PIMCO’s Executive Committee . Prior roles include Institutional Account Manager at PIMCO (2007–2010), Legislative Aide in the U.S. House of Representatives (2003–2005), and Investment Banking Analyst at Morgan Stanley (2000–2003) . As of the proxy, she oversees 30 portfolios within the PIMCO fund complex and is nominated for election across multiple PIMCO funds in 2025 .

Past Roles

External Roles

Board Governance

• Independence status: The Board identifies Ms. Cantrill as an Interested Trustee of each Fund due to her affiliation with PIMCO and its affiliates .
• Board composition and leadership: PFN’s Board has seven Trustees, five of whom are Independent (≈71%); an Independent Trustee chairs the Board, and Independent Trustees meet outside management and are advised by independent counsel .
• Committee structure: The Board maintains five standing committees—Audit Oversight, Governance & Nominating, Valuation Oversight, Contracts, and Performance .
  • Committee membership: Audit, Governance & Nominating, Valuation Oversight, and Contracts committees are composed solely of Independent Trustees; Performance Committee consists of all Trustees .
  • Chairs: Audit Oversight (E. Grace Vandecruze); Governance & Nominating (Deborah A. DeCotis); Valuation Oversight (E. Grace Vandecruze); Contracts (Sarah E. Cogan); Performance (Alan Rappaport) .
• Ms. Cantrill’s committee assignments: Member, Performance Committee; not a member of the Audit Oversight, Governance & Nominating, Valuation Oversight, or Contracts committees (independent-only) .
• Meetings and attendance (FY ended June 30, 2024): Each Trustee attended at least 75% of Board and applicable committee meetings for PFN; the Board held 4 regular and 4 special meetings; Audit Oversight (4), Governance & Nominating (4), Valuation Oversight (4), Contracts (3), Performance (5) .
• Shareholder engagement: “The Trustees generally do not attend shareholder meetings.” Shareholder communications to the Board are handled via a written process administered by the Secretary .

PFN FY2024 Meetings and Attendance

Fixed Compensation

• Interested Trustee compensation: The Funds’ officers and Interested Trustees (including Ms. Cantrill) are compensated by the Manager (PIMCO) or its affiliates; they receive no compensation from the Funds .
• For context (Independent Trustees): Annual retainer $275,000; additional fees for Board/Committee chairs—Independent Board Chair $100,000; Audit Chair $35,000; Performance Chair $15,000; Valuation Chair $10,000; Contracts Chair $30,000; all payable quarterly .

Performance Compensation

• PFN does not grant performance-based pay to Trustees; no stock awards, options, bonuses, or incentive metrics are disclosed for Interested Trustees, who are not compensated by the Funds .

Other Directorships & Interlocks

• Interlock/conflict note: Ms. Cantrill is a PIMCO Managing Director; PIMCO is PFN’s investment adviser. She is therefore an Interested Trustee, a structural affiliation that can present conflict considerations; mitigation includes a supermajority of Independent Trustees and independent-only membership on key oversight committees (audit, governance, valuation, contracts) .

Expertise & Qualifications

• Investment management/public policy expertise: Head of Public Policy within PIMCO’s portfolio management group; provides policy/market risk analysis to PIMCO’s Investment Committee, leads U.S. policy engagement, and works with PIMCO’s Global Advisory Board; rotating member of PIMCO’s Executive Committee .
• Credential: CFA charterholder .
• Prior experience spanning investment banking and federal legislative roles .

Equity Ownership

• Section 16/30(h) compliance: Based on a review of electronically filed forms and written representations, the Funds believe Trustees, officers, the adviser, and other relevant persons complied with applicable filing requirements in the most recent fiscal year .

Governance Assessment

Strengths

• Board structure emphasizes independence: ≈71% Independent Trustees, Independent Chair, independent counsel, independent-only membership on Audit, Governance & Nominating, Valuation, and Contracts committees .
• Relevant expertise: Ms. Cantrill brings deep policy and market structure insights as PIMCO’s Head of Public Policy and a CFA, and serves on the all-Trustee Performance Committee overseeing fund performance and manager philosophy/personnel changes .
• Attendance: Trustees met the ≥75% attendance threshold for PFN in FY2024 across frequent Board and committee meetings, indicating active oversight cadence .

Risks / Potential Red Flags

• Independence/conflict: Ms. Cantrill is an Interested Trustee due to her PIMCO role (PFN’s adviser), a structural conflict that relies on the independent-only committee architecture and majority-independent board to mitigate .
• Alignment: She reported no PFN share ownership (and none across the PIMCO fund family) as of the record date, which may reduce direct economic alignment with PFN shareholders .
• Shareholder engagement: Trustees generally do not attend shareholder meetings, which may limit direct investor interaction .

Investor implications

• Oversight of manager conflicts appears designed into the governance structure (independent committees, independent chair), but investors should weigh the Interested Trustee status alongside the absence of personal PFN holdings as alignment considerations .
• Policy expertise and access to PIMCO’s investment process via the Performance Committee are positives for risk oversight and market-structure awareness; however, monitoring of independent committee outputs remains key for confidence in audit, valuation, contracts, and nominations .

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