George Putnam
About George Putnam III
George Putnam III (born 1951) is an Independent Trustee of Putnam Premier Income Trust (PPT), serving since 1984. He is Chair of New Generation Research, Inc. and President of New Generation Advisors, LLC, bringing multi‑decade investing and research experience to the board. Current proxy disclosures list him among the independent trustees (not an “interested person”) and provide his background and other affiliations . The 2025 proxy also notes the Putnam Funds Board is proposing a transition to a Franklin Templeton closed‑end fund board slate; until successors are elected and qualified, current Trustees (including Mr. Putnam) continue to serve .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Marine Biological Laboratory | Trustee (prior) | Not disclosed | Prior non-profit governance experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| New Generation Research, Inc. | Chair | Not disclosed | Publisher of financial advisory/research services |
| New Generation Advisors, LLC | President | Not disclosed | Registered investment adviser to private funds |
| The Boston Family Office, LLC | Director | Not disclosed | Registered investment adviser |
| Gloucester Marine Genomics Institute | Director | Not disclosed | Non-profit board service |
| Lowell Observatory Foundation | Trustee | Not disclosed | Non-profit board service |
Board Governance
- Independence: Identified as an Independent Trustee (not an “interested person”) in the proxy’s trustee biographies .
- Tenure: Trustee since 1984 .
- Committee assignments and chair roles (current Putnam Funds Board):
- Contract Committee — Chair
- Executive Committee — Member
- Investment Oversight Committee B — Member
- Brokerage Committee — Member
- Not listed on the Audit, Compliance and Risk Committee; that committee’s members are all independent and include other designated “audit committee financial experts” (Singh, Hill, Murphy) .
- Attendance and meeting cadence:
- In 2024, each Trustee attended at least 75% of Board and applicable committee meetings; average Trustee participated in ~35 Board and committee meetings .
- 2024 meeting counts: Board (12), Audit/Compliance/Risk (13), Board Policy & Nominating (8), Contract (8), Exchange‑Traded Fund (4), Executive (1), Investment Oversight A (5), Investment Oversight B (5), Pricing (8) .
- Board transition context: Shareholders are asked to elect a new slate (Franklin CEF Board). Election is by plurality; current Trustees continue until successors are elected/qualified .
Fixed Compensation
| Component | PPT | PMM | PIM (Master Intermediate) | PMO | Total Complex (All Putnam Funds) | Notes |
|---|---|---|---|---|---|---|
| Aggregate compensation from the fund ($) | 1,574 | 1,266 | 712 | 1,607 | 407,000 | Includes added pay for Contract Committee Chair |
| Pension/retirement benefits accrued as part of fund expenses ($) | 371 | 315 | 168 | 366 | Estimated annual benefits from Putnam funds complex upon retirement: 130,333 | Estimated benefits based on 2003–2005 Trustee fee rates |
- Structure: Disclosed compensation is cash-based trustee fees; the proxy does not show any equity awards, options, or fund stock compensation to trustees .
Performance Compensation
| Item | Details |
|---|---|
| Stock awards (RSUs/PSUs) | Not disclosed for trustees in the proxy |
| Option awards | Not disclosed for trustees in the proxy |
| Performance metrics tied to pay | Not disclosed for trustees in the proxy |
| Chair/Committee premia | Additional compensation for service as Chair of the Contract Committee |
Other Directorships & Interlocks
| Company/Entity | Public/Private | Role | Potential Interlock/Conflict Notes |
|---|---|---|---|
| The Boston Family Office, LLC | Private (RIA) | Director | Investment industry role; no fund-related related‑party transactions disclosed in proxy |
| Gloucester Marine Genomics Institute | Non-profit | Director | No fund-related conflicts disclosed |
| Lowell Observatory Foundation | Non-profit | Trustee | No fund-related conflicts disclosed |
| Marine Biological Laboratory | Non-profit | Trustee (prior) | No fund-related conflicts disclosed |
Expertise & Qualifications
- Investing and research leadership as Chair of New Generation Research and President of New Generation Advisors, indicating deep markets and advisory expertise relevant to fund oversight .
- Long board tenure and multiple committee roles (including Contract Committee Chair and Executive Committee member) reflect governance experience and engagement .
- Not designated as an “audit committee financial expert” (designation applies to other trustees) .
Equity Ownership
| Fund | Dollar Range of Shares Owned | Fund Shares Beneficially Owned | Ownership as % of Outstanding |
|---|---|---|---|
| PPT (Putnam Premier Income Trust) | $1–$10,000 | 2,505 | <1% (each Trustee) |
| PMM (Putnam Managed Municipal Income Trust) | $10,001–$50,000 | 3,815 | <1% (each Trustee) |
| PIM (Putnam Master Intermediate Income Trust) | $1–$10,000 | 2,178 | <1% (each Trustee) |
| PMO (Putnam Municipal Opportunities Trust) | $10,001–$50,000 | 3,788 | <1% (each Trustee) |
| Aggregate across Putnam family of funds overseen | Over $100,000 | N/A | N/A |
- Shares pledged/hedged: No pledging/hedging disclosures for Mr. Putnam in the proxy.
- Note: As of March 1, 2025, each trustee (and the group) owned less than 1% of each fund’s outstanding common shares .
Governance Assessment
- Strengths:
- Independent status, very long service (since 1984), and broad committee footprint, including Contract Committee Chair overseeing adviser contracts, distribution spending, and service arrangements — key levers for cost, conflicts, and shareholder service quality .
- Active governance cadence: at least 75% attendance in 2024 with a heavy meeting load (~35 board/committee meetings on average), suggesting engagement .
- Personal alignment via direct ownership in PPT and other Putnam closed‑end funds, and over $100,000 aggregate ownership across the Putnam family of funds .
- Considerations:
- Fund‑level holdings in PPT are modest in dollar terms ($1–$10k) despite long tenure; ownership remains <1% of outstanding, which is common for fund trustees but may limit perceived “skin in the game” at the individual fund level .
- As Contract Committee Chair, his oversight role directly addresses adviser relationships and potential conflicts; continued rigor is important given the committee’s remit over engagements where the adviser or affiliates have a material interest .
- Not designated as an Audit Committee Financial Expert; audit oversight relies on other designated trustees (Singh, Hill, Murphy) .
- Board continuity signal:
- The 2025 proxy solicits votes to elect a new dedicated Franklin CEF Board; elections are by plurality, and current trustees (including Mr. Putnam) serve until successors are elected and qualified. This transition may change committee composition and oversight approach; investors should monitor post‑election committee roles and governance disclosures for continuity and risk oversight posture .
RED FLAGS: None specifically disclosed for Mr. Putnam in the proxy (no related‑party transactions, pledging, or legal proceedings noted). A separate potential conflict disclosure applies to another trustee (Murphy) due to Franklin Templeton’s LP interest in her fund; this is not attributed to Mr. Putnam .