Robert Reynolds
About Robert Reynolds
Robert L. Reynolds (born 1952) is an “interested” Trustee of Putnam Premier Income Trust (PPT), serving since 2008. He is Chair of Great‑West Lifeco U.S. LLC and was President and CEO of Putnam Investments and Putnam Investment Management, LLC until 2023; prior to 2019 he also served as President and CEO of Great‑West Financial. He is President of the Putnam funds and is deemed “interested” by virtue of his officer roles and direct beneficial interest in Franklin Templeton, of which Franklin Advisers is an indirect, wholly‑owned subsidiary . Performance metrics (TSR/revenue/EBITDA growth) tied to his role at PPT are not disclosed in the proxy.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Putnam Investments; Putnam Investment Management, LLC | President & CEO; Board Member | Until 2023 | Led asset management platform; governance role at adviser to the funds . |
| Great‑West Lifeco U.S. LLC | Chair | Current | Oversight at holding company owning Putnam Investments and Great‑West Financial . |
| Great‑West Financial; Great‑West Lifeco U.S. LLC | President & CEO; Board Member | Prior to 2019 | Financial services leader (retirement savings, life insurance, annuities, executive benefits) . |
External Roles
| Organization | Role | Years |
|---|---|---|
| Concord Museum | Director | Current . |
| Dana‑Farber Cancer Institute | Director | Current . |
| U.S. Ski & Snowboard Foundation | Director | Current . |
| American Ireland Fund (Boston Advisory Board) | Chair | Current . |
| American Enterprise Institute | Council Co‑Chair | Current . |
| Massachusetts High Technology Council | Chair | Current . |
| Chief Executives Club of Boston | Member | Current . |
| MGH President’s Council | Member | Current . |
| Ron Burton Training Village | Chairman of the Board | Current . |
| Massachusetts Competitive Partnership | Director; former Chair | Current/Prior . |
| West Virginia University Foundation | former Chair | Prior . |
| Greater Boston Chamber of Commerce | former Executive Committee Member | Prior . |
Fixed Compensation
| Item | FY Reference | Amount |
|---|---|---|
| Trustee cash retainer/meeting fees from PPT | FY 2024 | N/A – “Persons who are employees, officers or directors of Franklin Advisers or an affiliate receive no remuneration for serving as Trustees.” Reynolds is an “interested person” . |
| Putnam funds complex – trustee compensation (Reynolds) | CY 2024 | N/A for interested trustees; independent trustees’ totals shown separately, but Reynolds reported N/A . |
Performance Compensation
- Not disclosed: No bonus metrics, RSUs/PSUs/options, targets, payouts, vesting schedules, clawbacks, or change‑of‑control terms reported for Reynolds in PPT’s proxy (officers are employees of Franklin Advisers or affiliates and receive no trustee remuneration) .
Equity Ownership & Alignment
| Metric | PPT (as disclosed) |
|---|---|
| Fund shares beneficially owned | 100.0000 shares . |
| Dollar range of PPT holdings | $1–$10,000 . |
| Shares outstanding (common) | 95,567,536.775 shares as of Feb 6, 2025 . |
| 5% beneficial owners of PPT | CEDE & Co. nominee (90,194,713 shares, 94.38%); Sit Investment Associates/ Sit Fixed Income Advisors II, LLC (21,695,065 shares, 23.00%); First Trust entities (8,565,584 shares, 8.74%) . |
- No pledging/hedging or director ownership guidelines disclosed for PPT trustees; Section 16(a) reporting compliance affirmed for trustees and officers in the Putnam funds .
Employment Terms
- Officer status and fee linkages: “Because of his positions with Franklin Advisers or its affiliates, Mr. Reynolds… will benefit indirectly from the management fees and investor servicing fees paid or allowed by your fund.” He serves as President of the Putnam funds and is deemed an “interested person” under the 1940 Act .
- Contract specifics (start date, term/renewal, non‑compete/solicit, severance, change‑of‑control, tax gross‑ups, deferred comp/SERP/perqs): Not disclosed in PPT’s proxy.
Board Governance
- Board service history: Trustee since 2008; classified as an “Interested Trustee” .
- Committee memberships: Brokerage Committee (member); Pricing Committee (member) .
- Independence status: Not independent (interested person of the funds and Franklin Advisers) .
- Meeting cadence and attendance: Putnam Funds Board held 12 full Board meetings and multiple committee meetings in calendar 2024; “each Trustee attended at least 75%” of Board and applicable committee meetings; average Trustee participated in ~35 Board/committee meetings .
- Audit/Nominating governance: Audit, Compliance and Risk Committee composed of Independent Trustees; Board Policy and Nominating Committee composed entirely of Independent Trustees .
- Dual‑role implications: Reynolds’ officer roles at Franklin/Putnam and trustee status create potential independence/fee‑linkage considerations; committee memberships (Brokerage/Pricing) include him alongside Independent Trustees .
Investment Implications
- Alignment: Reynolds’ PPT stake is de minimis (100 shares vs 95.6M shares outstanding), and he receives no trustee cash compensation; alignment rests on adviser‑level incentives rather than fund‑level pay‑for‑performance .
- Independence/fee linkage: As an “interested” Trustee and fund President who indirectly benefits from adviser fees, oversight could face perceived conflicts; mitigating factors include Independent‑only Audit/Nominating committees and formal committee charters .
- Selling pressure: No Form 4 trading activity disclosed in the proxy; Section 16(a) compliance noted across Putnam funds, suggesting no reporting lapses, but insider selling/vesting schedules are not available from PPT’s proxy .
- Retention/contract risk: Employment terms (severance, change‑of‑control) are not disclosed at the fund level; retention signals cannot be assessed from PPT filings.
- Signal quality: Absence of fund‑level performance‑linked compensation and minimal personal ownership reduces the strength of alignment signals; governance structure relies on Independent committees for core oversight while Reynolds participates in Brokerage/Pricing, warranting ongoing monitoring of committee decisions and adviser fee reviews .