Peter J. Taylor
About Peter J. Taylor
Peter J. Taylor (born 1958) is an Independent Trustee of Western Asset Inflation-Linked Income Fund (WIA), serving since 2019; his current term expires at the 2027 annual meeting . He is retired; previously President of ECMC Foundation (2014–2023) and EVP & CFO of the University of California system (2009–2014), bringing significant finance and nonprofit leadership experience . The Board is majority independent (over 75%) with an independent Chair, and Taylor is classified as an Independent Trustee under the 1940 Act .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| ECMC Foundation | President | 2014–2023 | Nonprofit leadership; focus on education-related grantmaking |
| University of California system | EVP & CFO | 2009–2014 | System-level financial stewardship |
External Roles
| Organization | Role | Tenure | Type |
|---|---|---|---|
| Edison International | Director | Since 2011 | Public company board (utilities) |
| Pacific Mutual Holding Company | Director | Since 2016 | Private mutual insurer parent; note potential interlock (see Governance Assessment) |
| Ralph M. Parsons Foundation | Director | Since 2015 | Nonprofit foundation |
| 23andMe, Inc. | Director (former) | 2021–2024 | Public company board (genetics/health) |
| California State University (CSU) | Trustee (former) | 2015–2022 | Public higher education system governance |
| Kaiser Family Foundation | Board member (former) | 2012–2022 | Nonprofit health policy organization |
Board Governance
- Independence and roles: Independent Trustee; Board >75% independent; Board Chair (William E.B. Siart) is independent .
- Committee memberships (Taylor): Audit; Governance & Nominating; Executive & Contracts; Investment & Performance (member of all; not a chair) .
- Committee chairs: Audit—Robert Abeles; Governance—Jaynie Miller Studenmund; Contracts—William E.B. Siart; Performance—Susan B. Kerley .
- Meeting cadence FY2024: Board (8), Audit (6), Governance (3), Performance (5), Contracts (2); each Trustee attended at least 75% of meetings of the Board/committees on which they served; Trustees did not attend the May 2024 annual shareholder meeting .
- Workload: Oversees 49 portfolios in the fund complex, consistent with other Trustees .
| Committee | Taylor’s Role | Committee Chair (Independent?) | Meetings FY2024 |
|---|---|---|---|
| Audit | Member | Robert Abeles (Independent) | 6 |
| Governance & Nominating | Member | Jaynie Miller Studenmund (Independent) | 3 |
| Executive & Contracts | Member | William E.B. Siart (Independent) | 2 |
| Investment & Performance | Member | Susan B. Kerley (Independent) | 5 |
| Board (overall) | Independent Trustee | Chair: W.E.B. Siart (Independent) | 8 |
Fixed Compensation
- Structure: Independent Trustees receive an annual retainer plus per-meeting fees; additional fees for Board/Committee chairs. Independent Trustees are reimbursed for reasonable out-of-pocket meeting expenses. Interested Trustees receive no fees from the Fund .
| Metric | Amount | Period |
|---|---|---|
| Aggregate compensation from WIA (Taylor) | $2,124 | Fiscal year ended Nov 30, 2024 |
| Pension or retirement benefits (Taylor) | $0 | Fiscal year ended Nov 30, 2024 |
| Estimated annual benefits upon retirement (Taylor) | $0 | Fiscal year ended Nov 30, 2024 |
| Total compensation from Fund and Fund Complex (Taylor) | $350,000 | Year ended Dec 31, 2024 |
Performance Compensation
- No performance-based compensation elements for Trustees are disclosed; compensation is retainer/meeting-fee based. No equity awards are disclosed for Trustees .
| Element | Disclosed? | Notes |
|---|---|---|
| Cash bonus / target bonus | Not disclosed for Trustees | Compensation described as retainer + meeting fees; no bonus schedule provided |
| Equity (RSUs/PSUs/options) | Not disclosed for Trustees | No equity compensation disclosed for Trustees |
| Performance metrics (TSR/EBITDA/ESG) | Not disclosed | No performance-tied metrics disclosed for Trustees |
Other Directorships & Interlocks
| Company/Entity | Nature | Interlock/Conflict Consideration |
|---|---|---|
| Edison International | Public company (current director) | Independent from WIA’s adviser/subadvisers; no direct conflict disclosed |
| Pacific Mutual Holding Company | Private mutual insurer (current director) | Affiliates of Pacific Mutual Holding Company (Pacific Holdings) receive compensation from Franklin Templeton Fund Adviser (FTFA) or affiliates for services to funds advised by Western Asset/affiliates; Western Asset is WIA’s adviser. This creates a related-party nexus to monitor for conflicts (though not necessarily for WIA specifically) . |
| 23andMe, CSU, Kaiser Family Foundation, Ralph M. Parsons Foundation | Prior/current nonprofit or prior public roles | No specific conflicts disclosed with WIA |
RED FLAG (monitor): Director role at Pacific Mutual Holding Company while Pacific Holdings’ affiliates receive compensation from FTFA/affiliates for services tied to funds advised by Western Asset/affiliates, the adviser to WIA .
Expertise & Qualifications
- Board-identified skills: Business and finance expertise; experience as CFO, president, and board member across businesses and nonprofit organizations .
- Background highlights: Former UC system CFO and ECMC Foundation President; long-standing public and nonprofit board service (e.g., Edison International) .
Equity Ownership
| Category | Holding (as of Dec 31, 2024) |
|---|---|
| WIA shares (dollar range) | None |
| Aggregate holdings across “family of investment companies” overseen | Over $100,000 |
| Group ownership (all Trustees/officers) | <1% of WIA outstanding shares as a group |
Alignment note: Taylor reported no WIA share ownership, which may be viewed as a weaker alignment signal at the fund level, though he exceeds $100,000 in aggregate holdings across the broader fund family .
Governance Assessment
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Strengths:
- Independent Trustee serving on all key Board committees (Audit, Governance, Contracts, Performance), supporting robust oversight across financial reporting, nominations, contracts, and performance .
- Deep finance and nonprofit leadership background (former UC CFO, ECMC Foundation President) and ongoing public company board experience (Edison International) .
- Board structure emphasizes independence: >75% independent Trustees; independent Board Chair; independent committee chairs .
- Attendance threshold met (≥75% of Board/committee meetings) in FY2024 .
-
Risks/Red Flags to monitor:
- No WIA share ownership reported by Taylor as of Dec 31, 2024—potentially weaker fund-level alignment for investors who prefer director coinvestment at the specific fund .
- Potential related-party nexus: Taylor is a director of Pacific Mutual Holding Company; affiliates of Pacific Holdings receive compensation from FTFA/affiliates for distribution/shareholder services tied to funds advised by Western Asset/affiliates (WIA’s adviser). While disclosed, it presents a monitoring point for independence and conflict management in adviser/fund relationships .
- Trustees did not attend the 2024 annual shareholder meeting (May 2024), which some investors view as a shareholder engagement gap .
- Time commitments: Oversight of 49 portfolios in the fund complex may constrain capacity, though this is standard across Trustees in this complex .
-
Overall implication for investor confidence:
- Taylor brings credible financial oversight and multi-sector governance experience, reinforced by full committee participation and Board independence structures. The primary alignment concern is the absence of WIA share ownership and the disclosed Pacific Mutual/Franklin Templeton/Western Asset nexus, which warrants ongoing monitoring for potential conflicts in service-provider arrangements .