Ronald L. Olson
About Ronald L. Olson
Ronald L. Olson (born 1941) is an “interested” Trustee of Western Asset Premier Bond Fund (WEA), serving since 2005. He is a name partner at Munger, Tolles & Olson LLP, bringing business and legal expertise; he served on Berkshire Hathaway’s board for nearly three decades and on other public and nonprofit boards. As of December 31, 2024, he beneficially owned 2,000 shares of WEA; his role on WEA’s board focuses on investment performance oversight via the Performance Committee .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Munger, Tolles & Olson LLP | Partner | Since 1968 | Senior litigation and corporate counseling experience |
| Edison International | Director (past) | 1995–2014 | Governance oversight; prior public company board experience |
| City National Corporation | Director (past) | 2001–2014 | Financial services board experience |
| Graham Holdings Company (formerly The Washington Post Company) | Director (past) | 2001–2017 | Media sector governance |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Berkshire Hathaway Inc. | Director (stepped down 2025 due to age-limit policy) | 1997–2025 | Board governance; stepped down under new policy |
| Provivi, Inc. | Director (past) | 2017–2024 | Chemical/biotech governance |
| Western Asset Trusts | Director | Ongoing | Closed-end fund board experience |
| Multiple nonprofits (Caltech, RAND, Mayo Clinic, Southern California Public Radio, CFR) | Trustee/Director (past or current) | Various | Broad nonprofit governance experience |
Board Governance
- Independence status: Olson is an “interested person” under the 1940 Act because his law firm has provided legal services to the Investment Adviser (Western Asset) .
- Committee memberships: Member of the Investment and Performance Committee; other committees (Audit, Governance & Nominating, Executive & Contracts) are composed solely of Independent Trustees and chaired by Independent Trustees .
- Committee leadership: Audit (Chair: Robert Abeles Jr.), Governance (Chair: Jaynie Miller Studenmund), Contracts (Chair: William E.B. Siart), Performance (Chair: Susan B. Kerley) .
- Board independence: Independent Trustees constitute more than 75% of the Board; Chairperson (Siart) is independent .
- Attendance: In FY2024, the Board held 8 meetings; Audit 6; Governance 3; Performance 5; Contracts 2. Each Trustee attended at least 75% of applicable meetings .
Fixed Compensation
Olson, as an “interested” Trustee, received no salary or fees from the Fund for FY2024.
| Component | FY2024 Amount |
|---|---|
| Annual retainer (cash) | $0 |
| Committee membership fees | $0 |
| Committee chair fees | $0 |
| Meeting fees | $0 |
Note: Prior proxies indicated Olson received an annual retainer and meeting fees from the Investment Adviser, not the Fund, consistent with his interested status .
Performance Compensation
No performance-based compensation, equity grants (RSUs/PSUs/DSUs), or options for directors are disclosed for WEA. No director performance metrics (TSR, EBITDA, ESG) are disclosed for Olson .
Other Directorships & Interlocks
| Company | Role | Interlock/Conflict Notes |
|---|---|---|
| Berkshire Hathaway Inc. | Director (1997–2025) | Stepped down in 2025 under age-limit policy |
| Provivi, Inc. | Director (2017–2024) | Prior biotech directorship |
| Munger, Tolles & Olson LLP | Partner | Related-party nexus: firm provided legal services to WEA’s Investment Adviser; Olson deemed “interested” |
Expertise & Qualifications
- Business and legal expertise; experienced board member across public and nonprofit sectors; valued for critical evaluation, interaction with advisers, and business judgment .
Equity Ownership
| Metric | Value |
|---|---|
| WEA shares owned (Dec 31, 2024) | 2,000 |
| Dollar range of WEA equity | $10,001–$50,000 |
| Aggregate dollar range across family of investment companies | $10,001–$50,000 |
| Shares outstanding (Record Date) | 11,865,600 |
| Ownership % of WEA | ~0.017% (2,000 / 11,865,600; calculated) |
Insider Trades (Form 4)
| Filing Date | Transaction Date | Type | Shares | Price | Post-Transaction Holdings | Source |
|---|---|---|---|---|---|---|
| 2023-01-24 | 2023-01-20 | Sale | 18,000 | $11.20 | 2,000 | |
| 2022-12-27 | 2022-12-23 | Purchase | 20,000 | $11.1949 | 20,000 |
Governance Assessment
- Strengths:
- Board independence robust (>75% independent) and independent committee chairs across all committees, with Olson confined to the Performance Committee, mitigating potential conflicts in financial oversight and nominations .
- Attendance threshold met (≥75% for all Trustees), supporting engagement .
- Potential conflicts and RED FLAGS:
- Interested status due to Munger, Tolles & Olson LLP providing legal services to Western Asset; this is a related-party nexus that can affect perceived independence in oversight of the Investment Adviser .
- Historical receipt of retainer/meeting fees from the Investment Adviser (not the Fund) underscores alignment risk with management/adviser rather than shareholders .
- Insider trading pattern shows a large purchase followed by sale within ~1 month (20,000 bought then 18,000 sold), resulting in a small residual holding of 2,000 shares; while not inherently improper, such short-dated trading reduces long-term “skin-in-the-game” optics for a governance-sensitive role .
- Alignment considerations:
- Fund compensation for Olson is zero, which avoids direct pay concerns but does not itself enhance shareholder alignment; beneficial ownership is small relative to shares outstanding (~0.017%) .
- Committee structure appropriately channels Olson’s involvement to investment performance rather than audit or nomination functions, consistent with conflict management best practices .