Ronald L. Olson
About Ronald L. Olson
Ronald L. Olson (born 1941) is a Trustee of Western Asset Inflation-Linked Income Fund (WIA) serving since 2005; if re-elected as a Class I Trustee, his term runs to the 2028 annual meeting. Olson is a longtime partner of Munger, Tolles & Olson LLP (since 1968), and is deemed an “interested person” under the 1940 Act because his law firm has provided legal services to Western Asset, the Fund’s investment adviser; he oversees 49 portfolios in the fund complex and held no WIA shares as of December 31, 2024 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Western Asset Inflation-Linked Income Fund (WIA) | Trustee (Class I Nominee) | Served since 2005; term expires 2028 if elected | Member, Investment and Performance Committee; participates in performance oversight |
| Munger, Tolles & Olson LLP | Partner | Since 1968 | Legal expertise; relationship creates “interested person” status at WIA |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Berkshire Hathaway, Inc. | Director | Since 1997 | Large-cap public board experience; broad business oversight |
| Provivi, Inc. | Director (prior) | 2017–2024 | Prior directorship; network breadth |
Board Governance
- Independence status: Olson is an “interested person” of the Fund because Munger, Tolles & Olson LLP has provided legal services to Western Asset; he is not an Independent Trustee under the 1940 Act .
- Committee memberships: The Board has four standing committees—Audit, Governance & Nominating, Executive & Contracts, and Investment & Performance. Olson serves on the Investment & Performance Committee; the other committees are composed entirely of Independent Trustees and are chaired by Independent Trustees .
- 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 meetings of the Board and committees on which they served; Trustees did not attend the Fund’s 2024 annual shareholder meeting (same disclosure for FY2023) .
- Board composition: Independent Trustees constitute more than 75% of the Board; the Board Chair (William E.B. Siart) is independent, and all committee chairpersons are Independent Trustees .
Fixed Compensation
Directors who are not Independent Trustees (including Olson) receive no salary or fees from the Fund due to their relationships with Western Asset or its parent. Pension/retirement benefits are not offered.
| Metric | FY2023 | FY2024 |
|---|---|---|
| Aggregate Compensation from WIA ($) | None | None |
| Pension or Retirement Benefits Accrued as Part of Fund’s Expenses ($) | 0 | 0 |
| Estimated Annual Benefits Upon Retirement ($) | 0 | 0 |
| Total Compensation from WIA and Fund Complex Paid to Trustees ($) | None (due to relationship) | None (due to relationship) |
Performance Compensation
No performance-based pay (bonuses, stock awards, options, or performance metrics) is disclosed for Olson as a Trustee in the proxy; the disclosure for trustees covers cash retainers/fees for Independent Trustees only and shows no equity components .
Other Directorships & Interlocks
| Company | Role | Potential Interlock/Exposure |
|---|---|---|
| Berkshire Hathaway, Inc. | Director | None disclosed with WIA’s adviser; broad network relevance |
| Provivi, Inc. | Director (2017–2024) | No WIA-related transaction disclosures |
- Major shareholders context: Cascade Investment, L.L.C. (linked to William H. Gates III) held 24.1% as of record date; Michael Larson (Independent Trustee) is Cascade’s Business Manager but disclaims beneficial ownership—this is a separate board dynamic, not tied to Olson .
Expertise & Qualifications
- Legal and business expertise as a partner of a major law firm; board experience across business and non-profit organizations .
- Long-tenured governance experience at WIA (since 2005) with performance oversight responsibilities .
Equity Ownership
| Holding Measure | As of Date | Amount/Range |
|---|---|---|
| WIA Fund – Dollar Range of Equity Securities | December 31, 2024 | None |
| Aggregate Dollar Range in Family of Investment Companies | December 31, 2024 | $10,001–$50,000 |
- As of the record date, all Trustees and officers as a group owned less than 1% of outstanding WIA shares .
Governance Assessment
-
Positives:
- Independent-led governance: Independent Trustees >75%, independent Board Chair, independent committee chairs; robust committee structure overseeing audit, governance, contracts, and performance .
- Risk oversight: Performance and Audit Committees receive periodic reports from risk/compliance functions and external auditors; audit independence confirmed annually .
-
Concerns / RED FLAGS:
- Interested status and potential conflicts: Olson’s firm provides legal services to Western Asset (WIA’s adviser), creating a structural conflict and “interested person” designation; he sits on the Performance Committee that oversees the adviser’s performance .
- Ownership alignment: Olson reported “None” for WIA fund share ownership, limiting direct alignment with WIA shareholders .
- Shareholder meeting engagement: Trustees did not attend the Fund’s annual shareholder meeting in 2024 and 2023, which may be perceived as a weak engagement signal .
-
Net view:
- The Board’s independent majority and structure mitigate many conflicts; however, Olson’s adviser-linked “interested” status and absence of WIA share ownership reduce perceived alignment. Continued transparency around related-party relationships and rigorous independent committee leadership are key to sustaining investor confidence .