Catharine Bond Hill
About Catharine Bond Hill
Independent Trustee of Putnam Premier Income Trust (PPT) since 2017; born 1954. Managing Director at Ithaka S+R; previously served as the 10th President of Vassar College (2006–2016). Current external roles include Director of Yale-NUS College and Trustee of Yale University, indicating deep governance experience in academic institutions . She is classified as an Independent Trustee (not an “interested person” under the Investment Company Act) .
Past Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Ithaka S+R | Managing Director | Not disclosed | Leads strategy and research for higher education sector |
| Vassar College | President | 2006–2016 | Chief executive and institutional governance lead |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Yale-NUS College | Director | Not disclosed | Board oversight at international academic institution |
| Yale University | Trustee | Not disclosed | Institutional fiduciary role; trustee governance responsibilities |
Board Governance
- Independence and role: Independent Trustee on the Putnam Funds Board for PPT; the Putnam Board oversees 105 Putnam funds as of Dec 31, 2024 .
- Committee work (historical): Member of the Audit, Compliance and Risk Committee (committee report lists Hill as a signatory), indicating engagement in audit oversight . Member of the Board Policy and Nominating Committee (then chaired by Barbara Baumann) , the Pricing Committee (valuations oversight, chaired by Manoj Singh) , and the Exchange-Traded Fund Committee .
- Attendance: During calendar 2024, each Trustee attended at least 75% of Putnam Funds Board and applicable committee meetings; average Trustee participated in ~35 Board and committee meetings. The Board met 12 times; Audit, Compliance and Risk Committee 13; Board Policy and Nominating 8; Pricing Committee 8; among others .
- Governance transition signal: In January 2025, Franklin Advisers recommended electing the Franklin CEF Board (8 nominees) to oversee PPT and other Putnam closed-end funds, citing efficiency and experience; if elected, PPT oversight would shift to that slate. Hill is not among the proposed nominees, indicating potential board reconstitution and turnover risk at PPT .
Fixed Compensation
Compensation for Independent Trustees is cash-based (annual retainer plus meeting-related fees) with reimbursement of expenses; Trustees are paid across Putnam funds, not through equity grants or options . Latest disclosed amounts:
| Metric | PMM ($) | MMI ($) | PMO ($) | PPT ($) |
|---|---|---|---|---|
| Fees paid to Catharine Bond Hill (latest fiscal year) | $1,145 | $606 | $1,292 | $1,339 |
| Total compensation from Putnam funds complex (CY2024) | — | — | — | $368,660 |
Notes:
- Independent Trustees receive annual retainer and meeting fees; no pension or retirement benefits accrued as part of fund expenses for Hill in the latest fiscal year for these funds .
- The Putnam Funds Board periodically reviews fee levels relative to responsibilities and peers; estimated preparation and meeting time is at least four business days per regular meeting .
Performance Compensation
- No performance-based compensation, stock awards, options, or TSR/ESG-linked metrics disclosed for Independent Trustees of PPT; compensation structure is cash retainer and meeting fees only .
Other Directorships & Interlocks
| Company/Institution | Type | Role | Potential Interlock/Notes |
|---|---|---|---|
| Yale-NUS College | Academic | Director | Governance role; no disclosed PPT-related conflict |
| Yale University | Academic | Trustee | Governance role; no disclosed PPT-related conflict |
Expertise & Qualifications
- Governance, finance, and higher-education strategy: Leadership experience as university president and current managing director role supports oversight of complex organizations .
- Audit oversight: Participation on the Audit, Compliance and Risk Committee, including review of audited financials and auditor independence, supports financial reporting integrity .
- Valuation oversight: Member of the Pricing Committee, aligning with fund asset valuation and pricing processes .
- Board nomination/policy: Prior service on Board Policy and Nominating Committee, speaking to governance process expertise .
Equity Ownership
| Metric | Disclosure |
|---|---|
| Beneficial ownership of PPT common shares | Each Trustee, and officers/Trustees as a group, owned less than 1% of each fund’s outstanding common shares as of March 1, 2025 |
| Preferred shares | None of the current Trustees owned preferred shares of PMM or PMO (context for trustees across the Putnam closed-end funds) |
| Aggregate dollar range of holdings in Putnam funds complex | “Over $100,000” for Hill as of December 31, 2022 (complex-wide, across funds) |
No share pledging, hedging, or collateralized positions are disclosed for Hill in the proxy materials .
Governance Assessment
- Strengths:
- Independent status and multi-committee service (Audit, Pricing, Nominating) underscore board effectiveness and engagement .
- Attendance at or above governance thresholds (≥75%) and participation in a heavy meeting cadence (~35 meetings in 2024) indicate strong engagement .
- Compensation alignment:
- Cash-only structure with no equity awards reduces risk of misaligned incentives for a fund trustee; compensation is set and reviewed by Independent Trustees via the Compensation Committee .
- Conflicts and related-party transactions:
- No specific conflicts disclosed for Hill. A detailed conflict disclosure exists for another Trustee (Murphy) related to digital assets, indicating the board surfaces and addresses conflicts; no analogous disclosure for Hill suggests low conflict risk .
- RED FLAGS / Watch items:
- Board reconstitution risk: Proposed 2025 election to install the Franklin CEF Board would replace the current Putnam Funds Board overseeing PPT; Hill is not listed among nominees. This transition could affect continuity of oversight and committee composition, and merits investor attention ahead of the April 25, 2025 vote .
- Ownership alignment typical of fund trustees: Less than 1% holdings is standard but offers limited “skin in the game” at the single-fund level; however, Hill historically held over $100,000 across the Putnam complex, suggesting broader alignment across funds .
Overall, Hill’s governance profile reflects strong engagement and committee breadth with low direct conflict risk. The primary governance signal for PPT is the 2025 proposed board transition, not concerns specific to Hill’s effectiveness or incentives .