Peter J. Taylor
About Peter J. Taylor
Independent Trustee of Western Asset Premier Bond Fund (NYSE: WEA) since 2019; born 1958. Retired executive with prior roles as President of ECMC Foundation (2014–2023) and EVP/CFO for the University of California system (2009–2014), bringing deep finance and nonprofit oversight experience to the Board . Classified as an Independent Trustee within WEA’s governance structure; not an officer of the Fund .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| ECMC Foundation | President | 2014–2023 | Led philanthropic initiatives; nonprofit governance experience |
| University of California system | EVP & CFO | 2009–2014 | Enterprise finance leadership; public sector financial stewardship |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Edison International | Director | Since 2011 | Public company directorship |
| Pacific Mutual Holding Company | Director | Since 2016 | Interlock potential via service provider ties; see footnote (3) |
| Ralph M. Parson Foundation | Director | Since 2015 | Nonprofit board service |
| 23andMe, Inc. | Director | 2021–2024 | Prior public company board service |
| California State University (CSU) Board of Trustees | Trustee | 2015–2022 | Higher ed governance |
| Kaiser Family Foundation | Board member | 2012–2022 | Health policy nonprofit governance |
Board Governance
- Independence: Independent Trustee; Board has >75% Independent Trustees; Chairperson (William E.B. Siart) is Independent .
- Committees: Member of Audit, Executive & Contracts, Governance & Nominating, and Investment & Performance Committees . Chairs (latest disclosed): Audit—Abeles; Governance—Studenmund (2025) vs DeFrantz (2024); Contracts—Siart; Performance—Kerley .
- Meetings/Attendance: In FY2024, Board held 8 meetings; Audit 6; Governance 3; Performance 5; Contracts 2. Each Trustee attended at least 75% of Board and applicable committee meetings; WEA has no formal policy on attendance at annual shareholder meetings .
Fixed Compensation
Compensation structure: Independent Trustees receive a cash annual retainer plus meeting fees; leadership positions (Board/Committee Chairs) receive additional compensation; no pension/retirement accruals; Fund pays its pro rata share across the Franklin Templeton fund complex .
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Aggregate Compensation from WEA ($) | 3,457 | 1,134 |
| Total Compensation from Fund Complex ($) | 337,000 | 350,000 |
| Pension or Retirement Benefits Accrued ($) | 0 | 0 |
| Estimated Annual Benefits Upon Retirement ($) | 0 | 0 |
Performance Compensation
- No performance-linked compensation, stock awards, options, or disclosed performance metrics for Trustees in WEA’s proxy; compensation is cash-based (retainer and meeting fees), with additional cash compensation for chair roles .
| Component | FY 2023 | FY 2024 |
|---|---|---|
| Equity awards (RSUs/PSUs) | Not disclosed | Not disclosed |
| Option awards | Not disclosed | Not disclosed |
| Performance metrics tied to pay | Not disclosed | Not disclosed |
| Clawback provisions | Not disclosed | Not disclosed |
Other Directorships & Interlocks
- Pacific Mutual Holding Company: WEA’s adviser (Western Asset) and affiliates provide advisory services to registered investment companies sponsored by a Pacific Mutual affiliate; affiliates of Pacific Holdings receive compensation from FTFA or its affiliates for shareholder or distribution services related to such funds. Taylor’s directorship at Pacific Mutual presents a potential interlock/conflict-of-interest vector due to these commercial relationships .
- Public Boards: Active director at Edison International; prior director at 23andMe, Inc. .
Expertise & Qualifications
- Board-assessed skills include business and finance expertise, with experience as CFO, president, and board member across business and nonprofit organizations . The Board’s leadership structure emphasizes independent chairs, regular executive sessions of Independent Trustees, and independent legal counsel .
Equity Ownership
| Metric | As of 12/31/2023 | As of 12/31/2024 |
|---|---|---|
| Dollar Range of Equity Securities in WEA | None | None |
| Aggregate Dollar Range across Fund Family | Over $100,000 | Over $100,000 |
- Group Ownership: All Trustees and officers, as a group, beneficially owned <1% of WEA shares as of the record dates disclosed .
Governance Assessment
-
Positives:
- Independent Trustee with finance leadership pedigree; sits on all four standing committees, reinforcing oversight depth .
- Board structure is majority independent with independent committee chairs and regular independent sessions, supporting governance quality .
- Attendance threshold met (≥75% for Board/committees in FY2024), suggesting engagement .
-
Potential Risks/RED FLAGS:
- Interlock exposure: Taylor’s directorship at Pacific Mutual Holding Company, whose affiliates receive compensation related to funds advised by Western Asset/FTFA, introduces a related-party/affiliation pathway that warrants monitoring for conflicts in contract approvals and distribution arrangements .
- Ownership alignment: No disclosed personal holdings in WEA; while common in mutual/closed-end fund boards, lack of fund-specific ownership may be viewed as weaker “skin-in-the-game” by some investors .
- Committee chair fees are paid to chairs; while Taylor is not a chair, pay structures emphasizing fixed cash over equity or performance linkage may reduce direct alignment with fund outcomes compared to equity-linked frameworks .
-
Compliance/Eligibility:
- Governance & Nominating qualifications include limits on the number of public company directorships (≤5), background checks, and regulatory eligibility; Taylor’s disclosed roles appear consistent with these qualification constraints .