Liaquat Ahamed
About Liaquat Ahamed
Independent Trustee of Putnam Premier Income Trust (PPT) since 2012. Born 1952. An author best known for the Pulitzer Prize-winning “Lords of Finance: The Bankers Who Broke the World.” Current external non-profit leadership includes Chair of the Sun Valley Writers Conference and Trustee of the Journal of Philosophy . As an Independent Trustee, he serves on multiple oversight committees of the Putnam Funds Board and remains in good standing on attendance benchmarks (≥75% of Board and applicable committee meetings in 2024) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| — | Author; winner of the Pulitzer Prize for “Lords of Finance” | — | Recognized macro/financial history expertise |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Sun Valley Writers Conference | Chair | — | Literary not-for-profit leadership |
| Journal of Philosophy | Trustee | — | Non-profit governance |
Board Governance
| Attribute | Details |
|---|---|
| Independence status | Independent Trustee |
| Board service | Trustee since 2012 |
| Committees (Chair) | Exchange-Traded Fund Committee (Chair); Brokerage Committee (Chair) |
| Committees (Member) | Contract Committee; Investment Oversight Committee A |
| Audit committee | Not a member; Audit, Compliance and Risk Committee currently consists of Messrs. Singh (Chair) and McGreevey and Mses. Pillai and Sutphen |
| Attendance | Each Trustee attended at least 75% of Board and applicable committee meetings in 2024; average Trustee participated in ~35 Board/committee meetings |
| Meeting cadence (2024) | Board 12; Audit, Compliance and Risk 13; Board Policy & Nominating 8; Brokerage 3; Contract 8; ETF 4; Executive 1; IOC A 5; IOC B 5; Pricing 8 |
Oversight scope as ETF Chair includes ETF-specific service providers, legal/regulatory issues, new ETF proposals, and transactions; as Brokerage Chair includes trade execution policies, cost/quality of execution, and use of commissions for research or fund expenses .
Fixed Compensation
| Component | Amount | Period/Scope | Notes |
|---|---|---|---|
| Aggregate compensation from PPT | $1,477 | Most recent fiscal year (ended prior to Dec 31, 2024) | No pension/retirement benefits accrued as part of PPT expenses |
| Aggregate compensation across Putnam funds complex | $382,000 | Calendar year 2024 | Trustees receive annual retainer + meeting fees; reimbursed expenses |
| Retirement plan eligibility | N/A | Legacy plan applies only to Trustees first elected before 2003 | Plan terminated for Trustees first elected after 2003; Ahamed first elected 2012 |
Performance Compensation
| Feature | Status | Notes |
|---|---|---|
| Equity awards (RSUs/PSUs) | Not disclosed/applicable | Trustee comp is cash-based retainer/meeting fees; no equity programs disclosed for Trustees |
| Options (grants/vesting) | Not disclosed/applicable | No option programs disclosed for Trustees |
| Performance metrics tied to pay (revenue, EBITDA, TSR, ESG) | None disclosed | Trustee compensation structure does not disclose performance-tied metrics |
| Deferred compensation | Deferral plan exists at complex level; no amounts payable by PPT as of latest period | “No amounts of deferred compensation were payable…to these Trustees by [the Putnam closed-end funds]” for fiscal years ended prior to Dec 31, 2024 |
Other Directorships & Interlocks
| Type | Company/Organization | Role | Notes |
|---|---|---|---|
| Public company boards | — | — | No public company directorships disclosed |
| Non-profit/academic | Sun Valley Writers Conference | Chair | External non-profit leadership |
| Non-profit/academic | Journal of Philosophy | Trustee | External non-profit governance |
| Interlocks/conflicts | — | — | No related-party interlocks disclosed for Ahamed |
Expertise & Qualifications
- Author and financial history expert; Pulitzer Prize for “Lords of Finance” .
- Active leadership in cultural/academic non-profits, bringing broader stakeholder and communications perspective .
- Governance experience across multiple fund committees, including ETF oversight, brokerage practices, contracts, and investment oversight .
Equity Ownership
| Holding | Dollar Range | Shares Beneficially Owned | As-of |
|---|---|---|---|
| PPT (Putnam Premier Income Trust) | $1–$10,000 | 100 shares | Latest proxy (2025) |
| PMM (Putnam Managed Municipal Income Trust) | $1–$10,000 | 100 shares | Latest proxy (2025) |
| PIM (Putnam Master Intermediate Income Trust) | $1–$10,000 | 100 shares | Latest proxy (2025) |
| PMO (Putnam Municipal Opportunities Trust) | $1–$10,000 | 100 shares | Latest proxy (2025) |
| Aggregate across Putnam funds family overseen | Over $100,000 (aggregate dollar range) | — | Latest proxy (2025) |
| Ownership as % of PPT outstanding | <1% | — | As of Mar 1, 2025, each Trustee owned <1% of each fund’s outstanding common shares |
| Preferred shares | None owned by any current Trustee (PMM/PMO context) | — | As of Mar 1, 2025; applies to PMM/PMO; no preferred context noted for PPT |
No disclosure of pledged or hedged shares for Ahamed; no related-party loans or transactions disclosed in the proxy .
Governance Assessment
- Board effectiveness and engagement: Ahamed chairs two key committees (ETF, Brokerage) and serves on Contract and Investment Oversight A, suggesting high engagement in product structure, trading oversight, and adviser contracts—areas material to CEF distribution policies, execution quality, and shareholder outcomes .
- Independence and conflicts: Classified as Independent. No related-party transactions or public company interlocks disclosed that would impair independence. Brokerage and Contract Committee mandates explicitly address potential adviser conflicts (commission usage, service-provider arrangements), which is governance-supportive .
- Incentives and alignment: Compensation is cash-based (retainer + meeting fees), with total Putnam complex compensation of $382,000 in 2024 and modest direct ownership in PPT (100 shares; $1–$10,000 range). Aggregate dollar range across the Putnam fund family is “Over $100,000,” indicating broader fund-family exposure but limited single-fund alignment; no equity/option awards or performance metrics are tied to Trustee pay—a common structure for registered fund boards but provides fewer performance-linked incentives .
- Attendance/effort: Trustees met frequently (Board 12x; extensive committee activity) and each met the ≥75% attendance threshold; average Trustee participated in ~35 meetings in 2024, indicating substantial time commitment .
Red flags and watch items:
- No pay-for-performance linkage (typical for fund boards but limits explicit incentive alignment) .
- Low direct PPT ownership (100 shares), albeit broader Putnam family ownership “Over $100,000.” Investors may prefer larger single-CEF holdings for tighter alignment with PPT outcomes .
- Ensure ongoing oversight of execution quality and distribution policies remains robust given adviser affiliations—Ahamed’s chair roles (Brokerage, ETF) are central to mitigating conflicts .