Robert Abeles, Jr.
About Robert Abeles, Jr.
Independent Trustee of Western Asset Premier Bond Fund (NYSE: WEA) since 2013; born 1945, with deep business, accounting, and finance expertise derived from CFO and senior finance roles and board service in education-focused organizations . He serves as Chairperson of the Audit Committee and is a member of the Executive and Contracts, Governance and Nominating, and Investment and Performance Committees; Independent Trustees comprise over 75% of the Board, and all committees (except Performance) are solely Independent Trustees .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| University of Southern California | Senior Vice President, Finance & CFO; later Senior Vice President Emeritus | CFO 2009–2016; Emeritus since 2016 | Senior finance leadership and oversight of institutional financial strategy |
| Great Public Schools Now | Board Member | 2018–2022 | Education nonprofit board governance |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Excellent Education Development | Board Member | Since 2012 | Ongoing nonprofit board role |
| Other public company boards | — | Past five years | None |
Board Governance
- Committee assignments and chair roles: Audit (Chair), Governance and Nominating (Member), Executive and Contracts (Member), Investment and Performance (Member) .
- Board structure: Independent Chairperson (William E. B. Siart); Independent Trustees >75% of the Board; committee chairs are Independent Trustees; Independent Trustees meet outside management and are advised by independent counsel .
- Meetings and attendance: FY2024 Board (8), Audit (6), Governance (3), Performance (5), Contracts (2); each Trustee attended at least 75% of Board and committee meetings on which they served .
- Qualifications: Board notes Abeles’ business, accounting, and finance expertise, including CFO experience; assessed for integrity, time commitment, and independence under the 1940 Act .
Fixed Compensation
| Component | Amount | Period/Detail |
|---|---|---|
| Aggregate compensation from WEA | $1,166 | Fiscal year ended Dec 31, 2024 |
| Total compensation from Fund Complex | $382,000 | Fiscal year ended Dec 31, 2024 |
| Pension/retirement benefits | $0 | Fiscal year ended Dec 31, 2024 |
| Estimated annual benefits upon retirement | $0 | Fiscal year ended Dec 31, 2024 |
| Structure (qualitative) | Annual retainer; per-meeting fees; leadership position premiums; reimbursed out-of-pocket expenses | Independent Trustees receive cash fees; committee chairs receive additional compensation |
The proxy discloses the fee structure (retainer, meeting fees, leadership premiums) but does not break down retainer or per-meeting fees by Trustee; WEA pays its pro rata share based on asset size within the Fund Complex .
Performance Compensation
| Item | Disclosure |
|---|---|
| Performance-linked pay (bonus, PSUs) | None disclosed; Independent Trustees receive cash-based retainers/fees, with additional compensation for leadership roles |
| Options/stock awards | Not disclosed for Trustees; trustee holdings shown separately (no equity grants indicated) |
| Clawback provisions | Not disclosed for Trustees in proxy |
| Change-in-control/severance | Not applicable/not disclosed for Trustees |
Other Directorships & Interlocks
| Category | Current/Past Five Years | Notes |
|---|---|---|
| Public company boards | None | No public boards disclosed in past five years |
| Nonprofit/academic boards | Excellent Education Development (current), Great Public Schools Now (former) | Education-focused governance roles |
| Potential interlocks with WEA service providers | None disclosed for Abeles | No related-party footnotes for Abeles; distinct from other trustees with affiliations |
Expertise & Qualifications
- Business, accounting, and finance expertise; former CFO and senior finance executive; board member across organizations; contributes to audit, governance, and performance oversight .
- Meets independence standards: Independent Trustee under the 1940 Act; Audit Committee independence under NYSE rules .
Equity Ownership
| Item | Value |
|---|---|
| WEA shares beneficially owned (Dec 31, 2024) | None |
| Aggregate dollar range across Fund Complex | None |
| Trustees/officers as a group ownership | <1% of outstanding shares (group) |
| Shares pledged/hedged | Not disclosed |
Governance Assessment
- Strengths: Independent Audit Chair with CFO background enhances financial reporting oversight; robust independent Board structure (>75% Independent Trustees); regular executive sessions; documented committee charters and pre-approval policies for auditor services support independence .
- Attendance/engagement: Board and committees met frequently in FY2024; Abeles met the ≥75% attendance threshold, consistent with peers .
- Alignment considerations: Abeles reported no beneficial ownership in WEA, which may be viewed as limited “skin-in-the-game” for a closed-end fund director; however, mutual fund trustees typically receive cash retainers without equity grants, and independence standards are met .
- Conflicts/related-party: No related-party transactions or conflicts disclosed for Abeles; contrast with other trustees who are “interested persons” due to advisory or legal relationships; Audit Committee independence and chartered pre-approval mitigate auditor conflict risk .
RED FLAGS
- No personal ownership in WEA may be viewed as a weaker alignment signal versus boards with director share ownership policies, though this is common in the fund complex context .
- No disclosed performance-based compensation (e.g., equity/PSUs or TSR-linked metrics) for directors; compensation is fixed cash plus leadership premiums, which reduces pay-for-performance alignment but supports independence .
Signals for Investor Confidence
- Audit Committee chaired by an experienced finance executive; independence affirmed under NYSE standards; clear auditor oversight and pre-approval policies support financial reporting integrity .
- Governance processes: Independent Chair; independent committee leadership; frequent meetings; documented nomination criteria and diversity of skills approach indicate effective oversight .