William E.B. Siart
About William E.B. Siart
William E.B. Siart (born 1946) is the Independent Chairperson of the Board of Western Asset Inflation-Linked Income Fund, serving since 1997 with his current term expiring in 2027 . He oversees 49 portfolios in the fund complex and is characterized by business and finance expertise and experience as a president, chairperson, chief executive officer and/or board member across business and non-profit organizations .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Excellent Education Development | Chairman | Since 2000 | Education leadership and governance |
| Great Public Schools Now | Chairman | 2015–2020 | Education impact (non-profit) |
| The Getty Trust | Trustee | 2005–2017 | Cultural institution governance |
| Walt Disney Concert Hall, Inc. | Chairman | 1998–2006 | Arts facility leadership |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| University of Southern California | Trustee | Since 1994 | University governance |
| United States Golf Association | Board Member; Executive Committee Member | 2017–2021 | Sports association governance |
Board Governance
- Independent Chair of the Board; Independent Trustees constitute more than 75% of the Board, and all committee chairs are independent, supporting robust oversight and conflict management .
- Committee memberships: Audit Committee (member); Governance & Nominating Committee (member); Executive & Contracts Committee (Chair); Investment & Performance Committee (member). Note: Performance Committee includes interested trustees (Olson and Trust); other committees are composed entirely of Independent Trustees .
- Meetings and attendance (FY ended Nov 30, 2024): Board 8; Audit 6; Governance 3; Performance 5; Contracts 2. Each Trustee attended at least 75% of meetings; Trustees did not attend the 2024 annual shareholder meeting held in May 2024 .
Fixed Compensation
- Structure: Cash-based annual retainer plus per-meeting fees; additional compensation for leadership roles (Board Chair; committee chairs). Independent Trustees are reimbursed for out-of-pocket meeting expenses; no pension/retirement benefits accrue from the Fund .
| Metric | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|
| Aggregate Compensation from WIA ($) | $1,321 | $1,784 | $1,653 | $1,505 | $2,329 |
| Total Compensation from Fund & Fund Complex ($) | $393,500 | $407,000 | $454,000 | $462,000 | $475,000 |
Performance Compensation
- No equity grants, options, or performance-linked compensation disclosed for Trustees; compensation is exclusively cash-based (retainer, meeting fees, and leadership fees). No pension or retirement benefits accrued; interested trustees receive no fees due to affiliate relationships .
| Performance-linked Pay Component | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|
| Equity awards (RSUs/PSUs) | None | None | None | None | None |
| Option awards | None | None | None | None | None |
| Performance metrics tied to pay | None disclosed | None disclosed | None disclosed | None disclosed | None disclosed |
Other Directorships & Interlocks
- Public company boards for Siart: None disclosed in past five years; roles are primarily non-profit and educational institutions .
- Network note: Significant shareholders include Cascade Investment, L.L.C. (24.1%) and Karpus Investment Management (32.8%); trustee Michael Larson (Gates CIO) serves on the Board and disclaims beneficial ownership related to Cascade holdings. Western Asset has advised Gates-related accounts since 1997, with the value of those portfolios not exceeding 1.0% of Western Asset’s AUM since Dec 31, 2021 .
Expertise & Qualifications
- Board disclosure characterizes Siart’s qualifications as business and finance expertise with leadership experience as president, chairperson, CEO and board member across business and non-profit organizations .
- Board composition emphasizes independent leadership, independent legal counsel, and committee structures to manage conflicts and enhance oversight .
Equity Ownership
- As of Dec 31, 2024: Siart beneficially owns no shares of WIA; aggregate dollar range across the fund complex is “Over $100,000.” Trustees and officers as a group own less than 1% of WIA outstanding shares .
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Dollar Range of Equity Securities in WIA | None | None | None | None | None |
| Aggregate Dollar Range in Fund Family | None | None | Over 100,000 | Over 100,000 | Over 100,000 |
| Group Ownership (% of WIA) | <1% (Trustees/officers as a group) | <1% | <1% | <1% | <1% |
Governance Assessment
- Strengths: Independent Board Chair; Independent committee chairs; active committee participation (Audit, Governance, Contracts—Chair, Performance); structured risk oversight with independent counsel; clear compensation policy without equity-linked incentives that could misalign a closed-end fund’s governance .
- Alignment concerns: Siart holds no WIA shares (None), which may signal limited direct “skin-in-the-game” at the fund level despite aggregate holdings across the fund complex; group ownership is <1% of outstanding, suggesting modest board alignment with WIA shareholders .
- Engagement watchpoint: Trustees did not attend the 2024 annual shareholder meeting, which can be perceived as a shareholder engagement weakness, though attendance at Board/committee meetings met the ≥75% threshold .
- Conflict monitoring: Performance Committee includes interested trustees (Olson, Trust), which introduces potential perceived conflicts at the performance oversight level; mitigants include independent chairpersons for other committees and overall independent Board leadership .
RED FLAGS
- No WIA share ownership by Siart (dollar range “None”) .
- Trustees did not attend the 2024 annual shareholder meeting .
- Performance Committee includes interested trustees (not fully independent composition) .
Neutral/Contextual
- Significant beneficial shareholders (Cascade, Karpus) could shape governance dynamics; presence of Gates CIO (Larson) on the Board and disclosure of Western Asset’s advisory role to Gates-related accounts is transparent, with AUM exposure ≤1.0% since 12/31/2021 .