Robert Abeles, Jr.
About Robert Abeles, Jr.
Independent Trustee of Western Asset Inflation-Linked Income Fund (WIA), born 1945; served on the Board since 2013 with current term expiring in 2026 . Background includes senior finance leadership at the University of Southern California (USC) and board roles in education-focused non-profits; his principal expertise cited by the Board is business, accounting and finance, with experience as a CFO and board member/executive across organizations .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| University of Southern California | Senior Vice President, Finance and Chief Financial Officer; Senior Vice President Emeritus | CFO 2009–2016; Emeritus since 2016 | Led finance function for USC; Board cites CFO experience as part of his qualifications |
| Great Public Schools Now | Board Member | 2018–2022 | Education sector governance; adds nonprofit board oversight exposure |
| Excellent Education Development | Board Member | Since 2012 | Ongoing education governance involvement |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Excellent Education Development | Board Member | Since 2012 | Continuing role; education nonprofit |
| Great Public Schools Now | Board Member | 2018–2022 | Education nonprofit |
Board Governance
- Independence and composition: Abeles is an Independent Trustee (not an “interested person” under the 1940 Act); Independent Trustees constitute more than 75% of the Board, and all standing committees are chaired by Independent Trustees .
- Committee assignments: As an Independent Trustee, Abeles serves on the Audit Committee, Executive and Contracts Committee, Governance and Nominating Committee, and Investment and Performance Committee; he is Chairperson of the Audit Committee .
- Attendance and engagement: In FY 2024, the Board held 8 meetings; committees held regular sessions, and each Trustee attended at least 75% of Board and committee meetings. Trustees did not attend the Fund’s 2024 annual shareholder meeting (also noted in FY 2023 and FY 2022 proxies) .
| Governance Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Board Meetings Held | 7 | 6 | 8 |
| Audit Committee Meetings | 6 | 5 | 6 |
| Governance & Nominating Meetings | 3 | 3 | 3 |
| Investment & Performance Meetings | 5 | 5 | 5 |
| Executive & Contracts Meetings | 2 | 2 | 2 |
| Trustee Attendance Rate (Board/Committees) | ≥75% for each Trustee | ≥75% for each Trustee | ≥75% for each Trustee |
| Annual Shareholder Meeting Attendance | Trustees did not attend (May 2022) | Trustees did not attend (May 2023) | Trustees did not attend (May 2024) |
| Committee | Membership Status | Chair Role | Latest Composition Note |
|---|---|---|---|
| Audit Committee | Member | Chairperson | Audit Committee chaired by Abeles; all members NYSE “independent” |
| Governance & Nominating | Member | — | Chaired by Jaynie Miller Studenmund in 2025; previously chaired by Anita L. DeFrantz in 2024 |
| Executive & Contracts | Member | — | Chaired by William E.B. Siart |
| Investment & Performance | Member | — | Chaired by Susan B. Kerley |
Fixed Compensation
- Compensation structure: Independent Trustees receive cash retainers plus meeting fees; chairs receive additional cash for leadership roles. No pension or retirement benefits, and interested Trustees receive no fees .
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Aggregate Compensation from the Fund ($) | 1,488 | 1,363 | 2,182 |
| Total Compensation from Fund and Fund Complex ($) | 365,000 | 372,000 | 382,000 |
| Pension or Retirement Benefits Accrued ($) | 0 | 0 | 0 |
| Estimated Annual Benefits Upon Retirement ($) | 0 | 0 | 0 |
Performance Compensation
- Equity awards and options: None disclosed; Board compensation for Independent Trustees is cash-based (retainer, meeting fees, and chair premiums) .
- Performance metrics tied to compensation: None disclosed; no TSR/EBITDA/ESG metrics specified for Trustee pay .
- Other: Interested Trustees are not compensated due to affiliations; no pension, severance, or change-of-control arrangements disclosed for Trustees .
| Component | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Equity Awards (RSUs/PSUs) | None disclosed | None disclosed | None disclosed |
| Option Awards | None disclosed | None disclosed | None disclosed |
| Performance Metrics in Pay | None disclosed | None disclosed | None disclosed |
| Chair Premiums (Cash) | Chair roles receive additional cash; amounts not itemized | Chair roles receive additional cash; amounts not itemized | Chair roles receive additional cash; amounts not itemized |
Other Directorships & Interlocks
- Public company boards: None listed for Abeles in the past five years .
- Notable interlocks/conflicts: None disclosed for Abeles; “interested person” designations apply to Ronald L. Olson and Jane E. Trust (not to Abeles) .
| Category | Detail |
|---|---|
| Public Company Directorships | None |
| “Interested Person” Status | Independent; not an “interested person” |
| Disclosed Related-Party Ties | None for Abeles; Olson “interested” due to legal services; Trust “interested” due to Franklin Templeton role |
Expertise & Qualifications
- Board-cited qualifications: Business, accounting and finance expertise; CFO experience; board/executive roles across organizations .
- Role concentration: Audit oversight (Audit Committee Chair), financial reporting and auditor independence oversight .
Equity Ownership
- Beneficial ownership in WIA: None; dollar range “None” across reporting periods; Trustees/officers as a group hold <1% of shares outstanding .
- Large shareholders: Karpus Management and Cascade Investment noted as >5% holders; Abeles has no disclosed stake .
| Ownership Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Dollar Range of Equity Securities in WIA ($) | None | None | None |
| Shares of WIA Beneficially Owned | Not listed; table shows “None” for Abeles | Not listed; table shows “None” for Abeles | “None” |
| Group Ownership (% of Shares Outstanding) | <1% for Trustees/officers as a group | <1% for Trustees/officers as a group | <1% for Trustees/officers as a group |
Governance Assessment
- Strengths: Long-tenured independent trustee (since 2013) with CFO credentials and board-cited finance/accounting expertise; chairs the Audit Committee with full independence per NYSE standards, and participates across all key committees . Regular committee cadence and ≥75% attendance supports engagement and oversight continuity; Independent Trustees meet outside management and are advised by independent counsel .
- Alignment risk: Abeles reports no fund share ownership (“None”), reducing personal financial alignment with shareholders; compensation is entirely cash (no equity) and includes chair premiums, which may weaken pay-for-performance linkage typical in operating companies but is common for closed-end fund boards .
- Process signals: Audit Committee’s formal pre-approval policies and independence attestations indicate structured audit oversight; no Section 16 compliance issues were reported for Trustees in FY 2023, except a late Form 3 for a non-trustee officer (Michael C. Buchanan) unrelated to Abeles .
- Potential red flags: Trustees did not attend annual shareholder meetings in 2022–2024, which may be viewed as limited direct shareholder engagement; absence of disclosed WIA share ownership for Abeles is a skin-in-the-game shortfall relative to investor alignment norms . No related-party conflicts are disclosed for Abeles; “interested person” designations apply only to Olson and Trust .