Barbara Baumann
About Barbara M. Baumann
Barbara M. Baumann (born 1955) is an Independent Trustee of Putnam Premier Income Trust (PPT), serving on the Putnam Funds Board since 2010, Vice Chair from 2022 to June 30, 2024, and Chair of the Board since July 1, 2024. She is President of Cross Creek Energy Corporation and brings multi-decade energy-sector operating and governance experience. Current public directorships include Devon Energy Corporation and National Fuel Gas Company; prior public boards include Buckeye Partners LP, UNS Energy Corporation, CVR Energy Company, and SM Energy Corporation .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Buckeye Partners LP (public) | Director | Previously (dates not disclosed) | Energy midstream governance |
| UNS Energy Corporation (public) | Director | Previously (dates not disclosed) | Utility governance |
| CVR Energy Company (public) | Director | Previously (dates not disclosed) | Energy refining/petchem oversight |
| SM Energy Corporation (public) | Director | Previously (dates not disclosed) | E&P oversight |
External Roles
| Organization | Role | Status | Notes |
|---|---|---|---|
| Devon Energy Corporation | Director | Current | Independent E&P company |
| National Fuel Gas Company | Director | Current | Integrated natural gas company |
| First Reserve (energy private equity) | Senior Advisor | Current | Energy investing advisor role |
| Children’s Hospital of Colorado | Finance Committee member | Current | Non-profit oversight |
| The Denver Foundation | Investment Committee member | Current | Non-profit investment oversight |
| Cross Creek Energy Corporation | President | Current | Strategic consulting and direct investing in energy |
Board Governance
- Independence and leadership: Baumann is an Independent Trustee and currently serves as Chair of the Putnam Funds Board (independent chair). Independent Trustees meet regularly in executive session without representatives of Franklin Advisers .
- Committee assignments (Putnam Funds Board):
- Executive Committee: Member (ensures business continuity between meetings; coordinates Board priorities) .
- Contract Committee: Member (reviews advisory arrangements, distribution plans, and key service providers; matters relating to closed-end funds) .
- Investment Oversight Committee B: Member (reviews fund performance/strategy; oversight of objectives/policies) .
- Board Policy and Nominating Committee: Member (reviews board operations, trustee compensation, legal affairs, and oversees proxy voting); committee currently includes Dr. Hill (Chair), Mses. Baumann and Sutphen, and Mr. Putnam .
- Attendance and meeting cadence: In 2024, each Trustee attended at least 75% of Board and applicable committee meetings; the Board met 12 times and committees met as follows: Audit, Compliance and Risk (13); Board Policy and Nominating (8); Brokerage (3); Contract (8); ETF (4); Executive (1); Investment Oversight A (5); Investment Oversight B (5); Pricing (8). The Board typically holds eight in‑person sessions per year over two days; the average Trustee participated in ~35 Board and committee meetings in 2024 .
- Shareholder meeting attendance: Trustees did not attend the last annual meeting; typically represented by independent staff and counsel .
Fixed Compensation
| Component | Amount | Period/Context | Source |
|---|---|---|---|
| Aggregate compensation from PPT (fund-level) | $1,687 | Year ended prior to Dec 31, 2024 | |
| Aggregate compensation from Putnam Managed Municipal Income Trust (PIM) | $1,434 | Same table | |
| Aggregate compensation from Putnam Master Intermediate Income Trust (PMM) | $763 | Same table | |
| Aggregate compensation from Putnam Municipal Opportunities Trust (PMO) | $1,630 | Same table | |
| Total compensation from Putnam funds complex | $464,500 | Year ended Dec 31, 2024 | |
| Pension/retirement benefits accrued as part of fund expenses | N/A | Fund-level line items show N/A | |
| Notes on roles | Additional compensation for service as Vice Chair through June 30, 2024 and as Chair thereafter | 2024 | |
| Compensation structure | Independent Trustees receive an annual retainer and meeting-related fees; reimbursed expenses | Ongoing |
As of each fund’s fiscal year ended prior to Dec 31, 2024, no amounts of deferred compensation were payable by PPT, PMM, PMO, or PIM to Trustees (including income on such amounts) .
Performance Compensation
| Performance-linked element | Details | Disclosed metrics/targets |
|---|---|---|
| Stock/option awards to Trustees | None disclosed for Putnam Funds Board Trustees | None disclosed; compensation is retainer + meeting fees |
| Performance metrics (e.g., TSR, revenue, ESG) | Not applicable for independent Trustee compensation | None disclosed |
| Clawbacks/COC/Severance | Not disclosed for Trustees in proxy excerpts reviewed | Not disclosed |
Other Directorships & Interlocks
| Company | Exchange status | Role | Potential interlock relevance |
|---|---|---|---|
| Devon Energy Corporation | Public | Director | Energy sector oversight; independent from Franklin Advisers |
| National Fuel Gas Company | Public | Director | Gas utility and midstream oversight |
| First Reserve (private) | Senior Advisor | Senior Advisor | Energy PE advisory role |
No specific related-party transaction involving Ms. Baumann is identified in the PPT proxy excerpts cited; the proxy details one potential conflict for another Trustee (Murphy), underscoring that such disclosures are made when present .
Expertise & Qualifications
- Energy sector operator and investor: President of Cross Creek Energy; senior advisory role at First Reserve (energy PE) .
- Extensive public company board experience across E&P, midstream, utilities, and refining/petrochemicals .
- Fund governance experience: Trustee since 2010; Board Vice Chair (2022–2024); Board Chair since 2024; service on executive, contract, nominating, and investment oversight committees .
- Governance leadership: Independent chair structure with regular executive sessions of Independent Trustees .
Equity Ownership
| Holding measure | PPT | PMM | PMO | PIM | Aggregate across Putnam family |
|---|---|---|---|---|---|
| Dollar range of fund shares owned | $1–$10,000 | $1–$10,000 | $1–$10,000 | $1–$10,000 | Over $100,000 |
| Fund shares beneficially owned (units) | 100.0000 | 100.0000 | 100.0000 | 100.0000 | N/A |
| Ownership as % of fund outstanding | <1% (each Trustee and group) | <1% | <1% | <1% | N/A |
Governance Assessment
-
Positives
- Independent Board chair with deep sectoral expertise; diversified committee participation enhances board effectiveness and oversight breadth .
- Strong engagement: Board/committee workload is substantial; each Trustee met at least the 75% attendance threshold in 2024; average participation ~35 meetings, suggesting active oversight .
- Compensation transparency: Fund-level and complex-level amounts disclosed; additional role-based compensation clearly delineated .
- Ownership alignment: Personal holdings in each of the Putnam closed-end funds and over $100,000 across the Putnam family of funds support skin-in-the-game, albeit small at the individual fund level due to vehicle size .
-
Watch items
- Individual fund ownership is modest (100 shares, $1–$10k range per fund), common for fund trustees but still a limited alignment signal at the single-fund level; aggregate Putnam family holdings are more meaningful .
- Additional compensation for Board leadership (Vice Chair/Chair) warrants continued monitoring to ensure role-based pay remains commensurate with responsibilities and peer norms .
- Trustees did not attend the last shareholder meeting; while typical for the complex, some investors prefer visible director engagement at AGMs .
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