William E. B. Siart
About William E. B. Siart
Born in 1946, William E. B. Siart is an Independent Trustee and current Chairperson of the Board of Western Asset Premier Bond Fund, serving since 1997. He has longstanding leadership roles in education and arts-focused non-profits, including Chairman of Excellent Education Development (since 2000), with prior service as Chairman of Great Public Schools Now (2015–2020), Trustee of The Getty Trust (2005–2017), and Chairman of Walt Disney Concert Hall, Inc. (1998–2006) . He is independent, and the Board reports that Independent Trustees constitute more than 75% of the Board; the Chair is independent and sets agendas and facilitates dialogue with management .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Great Public Schools Now | Chairman | 2015–2020 | Education reform leadership |
| The Getty Trust | Trustee | 2005–2017 | Governance of major arts institution |
| Walt Disney Concert Hall, Inc. | Chairman | 1998–2006 | Arts non-profit leadership |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Excellent Education Development | Chairman | Since 2000 | Ongoing leadership in education initiatives |
| University of Southern California | Trustee | Since 1994 | Longstanding governance at academic institution |
| United States Golf Association | Board Member; Executive Committee Member | 2017–2021 (former) | National sports governance (prior role) |
Board Governance
- Independence and structure: Siart is an Independent Trustee and Board Chair; all standing committees are chaired by Independent Trustees, and independent trustees meet outside management presence with independent legal counsel .
- Committee assignments: Audit Committee member (Abeles, Chair); Contracts Committee Chair; Performance Committee member (Kerley, Chair); Governance Committee meeting noted but specific composition not cited; the Fund has Audit, Governance and Nominating, Performance, and Executive and Contracts Committees .
- Attendance and engagement: In FY2024 the Board held 8 meetings; Audit 6; Governance 3; Performance 5; Contracts 2; each Trustee attended at least 75% of Board and applicable committee meetings .
- Risk oversight: Board and committees (Audit, Performance, Contracts) receive periodic reports from compliance, risk, auditors, and service providers; oversight emphasizes risk management without day-to-day involvement .
Fixed Compensation
| Metric | FY 2024 |
|---|---|
| Aggregate Compensation from WEA ($) | 1,260 |
| Total Compensation from Fund Complex ($) | 475,000 |
| Pension or Retirement Benefits Accrued ($) | 0 |
| Estimated Annual Benefits Upon Retirement ($) | 0 |
- Structure: Independent Trustees receive an annual retainer plus per-meeting fees (regular and special meetings); leadership roles (Chair of Board, Audit, Governance, Performance, Contracts) receive additional compensation; the Fund pays pro rata share based on asset size .
Performance Compensation
- No performance-based compensation elements (bonuses, options, PSUs/RSUs, performance metrics) are disclosed for Independent Trustees of the Fund; compensation is retainer/meeting-fee based with leadership premia .
Other Directorships & Interlocks
| Category | Details |
|---|---|
| Public company boards (current) | None disclosed for Siart |
| Fund complex oversight | Oversees 49 portfolios in the Fund Complex |
| Notable board interlocks | USC Trustee; prior USGA role (non-profit) |
| Committee chair roles | Chair, Contracts Committee; member, Audit and Performance Committees |
- Contextual board relationships: Ronald L. Olson is an “interested person” due to his law firm’s services to the Investment Adviser; Michael Larson (Audit member) is CIO to Gates family with historical advisory ties to Western Asset (value of accounts ≤1.0% of Western Asset’s AUM since 12/31/2021) . No related-party ties are disclosed for Siart .
Expertise & Qualifications
- Long-tenured independent Board Chair with extensive non-profit governance experience (education, arts), bringing stakeholder engagement and oversight credentials .
- Active on key oversight committees (Audit, Performance) and chairs Contracts, aligning with contract review and performance oversight responsibilities .
- Board governance emphasizes independent leadership and counsel, with structured risk reporting across committees .
Equity Ownership
| Metric | As of Dec 31, 2024 |
|---|---|
| Shares Beneficially Owned in WEA (units) | 10,000 |
| Dollar Range of Equity Securities in WEA ($) | Over 100,000 |
| Aggregate Dollar Range across Fund Family ($) | Over 100,000 |
| Trustee/Officer group ownership | Less than 1% of outstanding Shares (group) |
- Shareholder base context: As of record date, Cede & Co. held ~99% of Shares (11,860,460), and several institutions held >5%; not specific to Siart’s holdings but relevant to ownership dispersion .
- Pledging/hedging: The proxy does not disclose any pledging or hedging by Trustees; no pledging by Siart is disclosed .
Insider Trades
| Date | Transaction | Shares | Price ($) | Value ($) | Source |
|---|---|---|---|---|---|
| Dec 21, 2022 | Purchase (Form 4) | 10,000 | 10.75 | 107,500 | |
| Dec 21, 2022 | Purchase summary | 10,000 | 10.75 | 107,500 | |
| Dec 21, 2022 | Insider buy listing | 10,000 | 11.19 (listing shows other insider too) | — |
- Public profile summaries report Siart’s WEA holdings at 10,000 shares and estimate values; note these are derived from SEC filings and secondary aggregators .
Governance Assessment
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Board effectiveness: Independent Chair with >75% independent board composition; independent committee chairs; regular executive sessions with independent counsel—supports investor confidence in oversight .
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Committee coverage: Siart’s roles on Audit and Performance, and as Contracts Chair, place him at the center of financial reporting, performance review, and contractual oversight—positive for governance rigor .
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Alignment: Direct ownership of 10,000 shares (dollar range >$100k) aligns interests; compensation is fixed retainer/meeting-based with leadership premia—no performance-linked pay that could misalign incentives for an oversight role .
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Attendance: FY2024 attendance threshold met (≥75% for all Trustees), with active committee meeting cadence—indicative of engagement .
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Conflicts/related-party exposure: No related-party transactions disclosed for Siart. Board-level “interested person” status applies to other Trustees (e.g., Olson, due to law firm services), and Western Asset’s historical advisory ties to Gates-related accounts are de minimis (≤1.0% of AUM), mitigating systemic conflict risk; ongoing vigilance is warranted .
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RED FLAGS: None disclosed specific to Siart—no pledging, no related-party transactions, no low attendance. Monitor any future changes to committee composition, leadership fee structures, or emergence of related-party ties.