Michael Higgins
About Michael Higgins
Michael J. Higgins (born 1976) serves as Vice President, Treasurer, and Clerk of The Putnam Funds, which includes Putnam Premier Income Trust (PPT), and has held these officer roles since 2010 . He signs the Putnam closed‑end funds’ annual meeting materials in his capacity as Clerk, underscoring his responsibilities in fund governance and proxy administration . Education, prior career background, and fund‑level performance linkage metrics (e.g., TSR, revenue, EBITDA) for officer compensation are not disclosed in PPT’s proxy documents; the proxy emphasizes trustee elections and board oversight rather than officer pay or performance metrics .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| The Putnam Funds (incl. PPT) | Vice President, Treasurer, and Clerk | Since 2010 | Administrative fund officer; Clerk signing annual meeting notices and supporting governance/proxy processes |
External Roles
- No external directorships or employment roles for Michael J. Higgins are disclosed in PPT’s proxy materials .
Fixed Compensation
- Officer compensation (base salary, bonus) is not provided in PPT’s proxy; all fund officers are employees of Putnam Investment Management (“Putnam Management”) or affiliates, and the proxy does not include officer pay tables .
- The 2025 proxy centers on fixing trustee numbers and electing trustees; it does not present officer compensation details or changes to officer pay structure .
Performance Compensation
- No disclosure of incentive metrics (e.g., revenue growth, EBITDA, TSR), bonus targets, RSUs/PSUs, options, or vesting schedules for fund officers is provided in PPT proxies .
Equity Ownership & Alignment
- PPT proxy materials do not present officer beneficial ownership, option holdings, pledging or hedging disclosures for fund officers; content focuses on trustee nominations and board structure rather than officer holdings .
- Stock ownership guidelines or compliance status for fund officers are not disclosed in PPT proxies .
Employment Terms
- Employment contracts, severance, change‑of‑control provisions, clawbacks, or non‑compete terms for fund officers are not disclosed. Officers are described as employees of Putnam Management or affiliates, without individual employment economics at the fund level .
Performance & Track Record
- Tenure: Michael J. Higgins has served as a Putnam Funds officer since 2010, suggesting continuity in fund administration and governance support .
- Governance context: In 2025, the fund proposed moving oversight to the Franklin CEF Board (reducing trustees to eight), with detailed committee structures outlined for the board; this reconstitution affects trustee oversight but does not change officer pay disclosure practices .
Board Governance (Context)
- The 2025 proxy describes the proposed Franklin CEF Board’s committees (Audit, Nominating, Compensation, Pricing & Valuation), comprised entirely of independent trustees, with defined charters and responsibilities; these are board‑level structures, not officer roles .
Investment Implications
- Pay‑for‑performance assessment is not possible at the fund level for officers: PPT’s proxies indicate officers are employees of Putnam Management and do not disclose officer compensation or performance metrics, limiting alignment analysis for traders or investors seeking officer‑linked signals .
- Retention risk appears low based on long tenure and recurring Clerk role in fund governance documents, signaling operational continuity in fund administration; however, absence of disclosed employment/severance terms means retention incentives cannot be evaluated .
- The 2025 governance transition to the Franklin CEF Board may improve board‑level oversight consistency across Franklin Templeton closed‑end funds; watch future proxies for any changes in governance processes that could indirectly influence fund operations (not officer pay) .