Mona Sutphen
About Mona K. Sutphen
Mona K. Sutphen (born 1967) is an Independent Trustee of Putnam Premier Income Trust, serving on the Putnam Funds Board since 2020. She is Partner, Investment Strategies at The Vistria Group and previously a Partner at Macro Advisory Partners; she brings deep policy, geopolitics, and markets expertise, including prior service as White House Deputy Chief of Staff for Policy and as a U.S. Foreign Service Officer .
Past Roles
| Organization | Role | Tenure / Notes | Committees/Impact |
|---|---|---|---|
| The Vistria Group | Partner, Investment Strategies | Current | Private equity investing across healthcare, education, financial services |
| Macro Advisory Partners | Partner | 2014–2018 | Advised corporates/investors on macro risks |
| U.S. Government | White House Deputy Chief of Staff for Policy; U.S. Foreign Service Officer | Prior roles | Policy, geopolitics, markets perspective |
| UBS AG | Managing Director | Prior role | Financial services leadership experience |
External Roles
| Organization | Role | Status |
|---|---|---|
| Spotify Technology S.A. | Director | Current public company directorship |
| Unitek Learning | Director | Current (private company) |
| International Rescue Committee | Board Member | Current (non-profit) |
| Human Rights First | Co‑Chair of the Board | Current (non-profit) |
| Mount Holyoke College | Trustee | Current (academic) |
| Columbia SIPA – Center on Global Energy Policy | Advisory Board Member | Current (advisory) |
| Pattern Energy; Pioneer Natural Resources | Director | Prior public company directorships |
Board Governance
- Independence: Classified as an Independent Trustee of the Putnam Funds Board .
- Years of service on this board: Trustee since 2020 (continuing through the 2025 annual meeting process) .
- Board leadership: Putnam Funds Board chaired by Independent Trustee Barbara M. Baumann in 2024 .
- Attendance and engagement:
- 2024: Each Trustee attended at least 75% of Putnam Funds Board and applicable committee meetings; ~35 Board and committee meetings on average .
- 2022: Each Trustee attended at least 75%; ~33 Board and committee meetings on average .
- Committee memberships (Putnam Funds Board):
- Brokerage Committee – Member
- Contract Committee – Member
- Investment Oversight Committee A – Member
- Exchange‑Traded Fund Committee – Member
- Not listed on the Audit, Compliance and Risk Committee; Pricing Committee; Executive Committee; Board Policy & Nominating Committee .
- Prospective governance change (2025 proxy): Franklin Advisers recommended electing an 8‑member “Franklin CEF Board” dedicated to closed‑end funds; if approved, committees will include Audit, Nominating, Compensation, and Pricing & Valuation, all comprised of independent trustees. The Franklin CEF Board typically meets four times per year (vs. eight regular in‑person meetings for the current Putnam Funds Board) .
Fixed Compensation
Trustee compensation consists of an annual retainer and additional fees per Board/committee meeting; trustees are reimbursed for related expenses. Amounts below are the fund‑level fees paid for calendar year 2024, plus total compensation across the Putnam funds complex.
| Metric | PMM ($) | PIM ($) | PMO ($) | PPT ($) |
|---|---|---|---|---|
| Aggregate compensation from the fund (calendar 2024) | 1,188 | 668 | 1,509 | 1,477 |
| Pension/retirement benefits accrued as fund expense | N/A | N/A | N/A | N/A |
| Metric | Amount |
|---|---|
| Total compensation from Putnam funds complex (calendar 2024) | 382,000 |
Program structure: “Each current Independent Trustee of the funds receives an annual retainer fee and additional fees for each Trustee meeting attended and for certain related services.”
Performance Compensation
- No performance‑based metrics or equity awards are described for trustees; compensation is described as cash retainer plus meeting fees (no equity program disclosed in the proxy for trustees) .
Other Directorships & Interlocks
| Company/Organization | Role | Potential Interlock/Notes |
|---|---|---|
| Spotify Technology S.A. | Director | Public company directorship; no related‑party transactions with PPT disclosed |
| Unitek Learning | Director | Private company; no related‑party transactions with PPT disclosed |
| Prior: Pattern Energy; Pioneer Natural Resources | Director (prior) | Historical roles; no related‑party transactions with PPT disclosed |
Expertise & Qualifications
- Geopolitics and policy: Extensive experience advising on the intersection of geopolitics, policy, and markets; prior White House Deputy Chief of Staff for Policy and U.S. Foreign Service Officer .
- Investment and financial services: Partner at The Vistria Group; previously Managing Director at UBS; board experience across public technology and energy companies .
- Non‑profit and academic governance: Leadership roles at International Rescue Committee, Human Rights First, and Mount Holyoke; energy policy advisory at Columbia SIPA .
Equity Ownership
- As of December 31, 2022, Sutphen beneficially owned the following shares of each Putnam closed‑end fund and fell in the $1–$10,000 range for PPT:
| Fund | Dollar Range | Shares Beneficially Owned |
|---|---|---|
| Putnam Managed Municipal Income Trust (PMM) | $1–$10,000 | 149 |
| Putnam Master Intermediate Income Trust (PIM) | $1–$10,000 | 298 |
| Putnam Municipal Opportunities Trust (PMO) | $1–$10,000 | 89 |
| Putnam Premier Income Trust (PPT) | $1–$10,000 | 268 |
- Ownership concentration: As of March 1, 2025, each Trustee (and officers as a group) owned less than 1% of each fund’s outstanding common shares; no trustee held preferred shares of PMM or PMO .
Governance Assessment
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Strengths and investor signals:
- Independent trustee with strong policy and macro risk credentials and current PE investing role—useful for oversight of leverage, macro exposures, and distribution policy in a fixed‑income CEF .
- Robust committee workload (Brokerage, Contract, Investment Oversight A, ETF Committee) indicates active engagement in trading execution oversight, advisory contracts, product oversight, and performance review processes .
- Attendance: Board‑level disclosure indicates at least 75% attendance in 2022 and 2024 across trustees; meeting cadence and volume suggest high engagement (33–35 meetings p.a. on average) .
- Alignment: Personal holdings in PPT (268 shares; $1–$10k range) and broader Putnam complex exposure across funds (trustees as a group ~$61m as of 2022) provide some alignment, though amounts are modest at the individual fund level .
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Watch‑items / potential risks:
- 2025 board transition: Proposed shift to the Franklin CEF Board dedicated to closed‑end funds may result in board turnover and different committee structures/meeting cadence (four regular meetings/year vs. eight for current board). Investors should monitor impact on continuity, stewardship, and fee/expense oversight .
- Related‑party red flags: None disclosed for Sutphen. A separate potential conflict was disclosed for another trustee (Ms. Murphy) related to Franklin’s passive LP interests in an external fund; not attributable to Sutphen, but illustrates the board’s approach to conflict disclosure .
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Overall view: Independent, policy‑savvy trustee with multi‑committee responsibilities and adequate attendance disclosure. The 2025 governance reconstitution is the key variable to watch for continuity and oversight quality .