Anita L. DeFrantz
About Anita L. DeFrantz
Anita L. DeFrantz (born 1952) is an Independent Trustee of Western Asset Inflation-Linked Income Fund (WIA), serving since 1998 with her current term expiring in 2026. Her background includes leadership in sports governance and non-profit organizations; she is President of Tubman Truth Corp. and serves on the International Olympic Committee’s Executive Board (Vice President) . She is classified as not an “interested person” under the Investment Company Act of 1940 and thus independent of the adviser and subadvisers .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| LA84 (formerly Amateur Athletic Foundation of Los Angeles) | President; Director | President 1987–2015; Director 1990–2015 | Led legacy Olympic non-profit; governance oversight |
| Tubman Truth Corp. | President | Since 2015 | Non-profit leadership |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| International Olympic Committee | Vice President; Executive Board Member; Member | VP since 2017; Exec Board since 2013; Member since 1986 | Global sports governance |
| Other public company boards (past 5 years) | None | N/A | No interlocks disclosed |
Board Governance
- Independence: Independent Trustee; Board composed of >75% Independent Trustees; Board and all committees chaired by Independent Trustees (except Performance includes interested persons but is chaired by an Independent Trustee) .
- Committee memberships (standing committees): Audit; Governance & Nominating; Executive & Contracts; Investment & Performance (member on all) .
- Chair roles: Governance Committee Chair in 2024; Governance Committee Chair transitioned to Jaynie Miller Studenmund in 2025 (rotation) .
- Attendance: Each Trustee attended at least 75% of Board and applicable committee meetings in FY 2023 and FY 2024; Trustees did not attend the May 2023 or May 2024 annual shareholder meetings .
| Committee | FY 2024 (meetings) | FY 2025 proxy context |
|---|---|---|
| Audit | 6 mtgs; member | Listed member; independent chair; audit oversight per SAS 1301, PCAOB Rule 3526 |
| Governance & Nominating | 3 mtgs; member; Chair in 2024 | Member; Chair = Studenmund in 2025 |
| Investment & Performance | 5 mtgs; member | Member; chaired by Independent Trustee |
| Executive & Contracts | 2 mtgs; member | Member; chaired by Independent Trustee |
| Board overall | 8 mtgs (FY 2024); ≥75% attendance | Independent Chair; executive sessions outside management |
Fixed Compensation
Trustee pay consists of an annual retainer plus per-meeting fees, with additional fees for committee and Board chair roles; officers receive no remuneration from the Fund. Compensation is paid pro rata across the Franklin Templeton fund complex based on asset size .
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Aggregate Compensation from WIA ($) | $1,305 | $1,380 |
| Pension/Retirement Benefits | $0 | $0 |
| Estimated Annual Benefits Upon Retirement | $0 | $0 |
| Total Compensation from Fund and Fund Complex ($) | $332,000 | $366,000 |
Performance Compensation
- No equity awards, options, PSUs/RSUs, performance-based metrics, clawbacks, severance, or change-of-control provisions are disclosed for Trustees; compensation is cash-based retainers and meeting fees with chair uplifts .
- No director equity grant programs are disclosed; the Fund does not report director stock awards or options .
| Performance Metric Tied to Compensation | Disclosed? | Notes |
|---|---|---|
| TSR, revenue, EBITDA, ESG goals | Not disclosed | Trustee compensation not performance-linked |
| Options/RSUs/PSUs | Not disclosed | No equity compensation reported |
| Clawbacks / Severance / CoC terms | Not disclosed | Not applicable to Trustees |
Other Directorships & Interlocks
| Category | Current | Notes |
|---|---|---|
| Public company boards (current) | None | No interlocks with competitors/suppliers/customers disclosed |
| Public company boards (prior 5 years) | None | |
| Non-profit/Academic | IOC; Tubman Truth Corp.; LA84 (historic) | Governance experience |
Expertise & Qualifications
- The Board cites DeFrantz’s business expertise and experience as a president, board member, and executive leader across non-profit and other organizations; all Trustees are selected for character, integrity, tenure, commitment, and independence .
- The Board’s governance structure emphasizes independent leadership and regular executive sessions outside management, supported by independent legal counsel .
Equity Ownership
Directors collectively own less than 1% of WIA. DeFrantz reports no beneficial ownership of WIA shares; she reports an aggregate dollar range of $10,001–$50,000 in funds overseen within the Franklin Templeton fund complex .
| Ownership Metric | As of Dec 31, 2023 | As of Dec 31, 2024 |
|---|---|---|
| WIA Dollar Range | None | None |
| Aggregate Dollar Range (Family of Investment Companies) | $10,001–$50,000 | $10,001–$50,000 |
| Shares of WIA Beneficially Owned | None | None |
| Group ownership of WIA (% outstanding) | <1% (all Trustees/officers) | <1% (all Trustees/officers) |
Governance Assessment
- Strengths: Long tenure (since 1998) and broad governance experience; independent status with committee coverage across Audit, Governance, Contracts, and Performance; Board independence >75% with independent committee chairs; regular executive sessions and robust audit oversight aligned to SAS 1301 and PCAOB Rule 3526 .
- Alignment: DeFrantz owns no WIA shares and only a modest aggregate dollar range within the fund complex ($10,001–$50,000), indicating limited direct economic alignment with WIA’s shareholders; compensation is cash-only (no performance linkage) .
- Engagement: ≥75% attendance across Board/committees in FY 2023 and FY 2024; however, Trustees did not attend annual shareholder meetings in May 2023 and May 2024, which can be viewed as a minor investor-relations negative for engagement optics .
- Role rotation: Transition of Governance Committee chair from DeFrantz (2024) to Studenmund (2025) suggests normal leadership rotation rather than concern; continued membership across all key committees maintains oversight continuity .
Red Flags:
- No WIA share ownership and absence of performance-linked pay reduce pay-for-performance alignment for a closed-end fund context .
- Non-attendance at annual shareholder meetings (Board-wide) in consecutive years may be viewed unfavorably by some investors seeking direct engagement .
Additional Context:
- Portfolios overseen across the fund complex decreased from 50 (2023) to 49 (2024), reflecting minor changes in complex composition; oversight load remains high .
- No related-party transactions, pledging/hedging, loans, or legal proceedings specific to DeFrantz are disclosed in the proxies reviewed; no say-on-pay data applies to mutual fund trustees .