Anita L. DeFrantz
About Anita L. DeFrantz
Independent Trustee of Western Asset Inflation-Linked Opportunities & Income Fund (WIW) since 1998; born 1952. Current occupations include President of Tubman Truth Corp. (since 2015) and Vice President, Member of the Executive Board, and Member of the International Olympic Committee (IOC) (IOC member since 1986; IOC Vice President since 2017); previously President (1987–2015) and Director (1990–2015) of LA84 (formerly Amateur Athletic Foundation of Los Angeles). She is listed as an Independent Trustee; other trustees Jane E. Trust and Ronald L. Olson are “interested persons.”
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 sports philanthropy organization; governance leadership |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Tubman Truth Corp. | President | 2015–present | Nonprofit leadership |
| International Olympic Committee | Vice President; Executive Board Member; Member | Member since 1986; Executive Board since 2013; Vice President since 2017 | Global sports governance; high-profile external commitment |
Board Governance
- Independence and structure: DeFrantz is an Independent Trustee; Independent Trustees constitute more than 75% of WIW’s Board. Chair of the Board is Independent Trustee William E.B. Siart. Standing committees: Audit; Executive and Contracts (“Contracts”); Governance and Nominating (“Governance”); and Investment and Performance (“Performance”).
- Committee service (FY2023): Audit (member), Governance (Chair), Contracts (member), Performance (member).
- Committee service (FY2024): Audit (member), Governance (member; Chair rotated to Studenmund), Contracts (member), Performance (member).
- Attendance and engagement (FY2023): Board held 6 meetings; Audit 5; Governance 3; Performance 5; Contracts 2. Each Trustee attended ≥75% of total Board and committee meetings on which they served. Trustees did not attend the 2023 annual shareholder meeting.
- Attendance and engagement (FY2024): Board held 8 meetings; Audit 6; Governance 3; Performance 5; Contracts 2. Each Trustee attended ≥75% of total Board and committee meetings on which they served. Trustees did not attend the 2024 annual shareholder meeting.
Committee assignments and meeting cadence
| Item | FY2023 | FY2024 |
|---|---|---|
| Audit Committee | Member (DeFrantz) | Member (DeFrantz) |
| Governance & Nominating | Chair (DeFrantz) | Member; Chair: Studenmund |
| Executive & Contracts | Member | Member |
| Investment & Performance | Member | Member |
| Board meetings held | 6 | 8 |
| Audit meetings held | 5 | 6 |
| Governance meetings held | 3 | 3 |
| Performance meetings held | 5 | 5 |
| Contracts meetings held | 2 | 2 |
| Individual attendance | ≥75% (each Trustee) | ≥75% (each Trustee) |
| Annual meeting attendance | Not attended (Trustees) | Not attended (Trustees) |
Fixed Compensation
Trustee compensation is structured as an annual retainer plus fees for each regularly scheduled and special Board meeting attended (in person or by phone). Additional retainers are paid for Chair roles (Board, Audit, Governance, Performance, Contracts). No pension or retirement benefits accrue.
| Metric | FY2023 (Fund fiscal year end 11/30/2023) | Calendar 2023 (Fund Complex total) | FY2024 (Fund fiscal year end 11/30/2024) | Calendar 2024 (Fund Complex total) |
|---|---|---|---|---|
| Aggregate Compensation from WIW ($) | $3,640 | — | $3,881 | — |
| Total Compensation from WIW Fund Complex ($) | — | $332,000 | — | $366,000 |
| Pension/Retirement Benefits | $0 | — | $0 | — |
Notes: Independent Trustees receive cash retainers/fees; no salary; and expenses are reimbursed.
Performance Compensation
| Component | Disclosure |
|---|---|
| Annual bonus (cash) | None disclosed for Independent Trustees; compensation is retainer/meeting-fee based. |
| Stock/RSU/PSU grants | None disclosed for Independent Trustees. |
| Stock options | None disclosed for Independent Trustees. |
| Performance metrics (TSR/EBITDA/ESG) | None disclosed for Independent Trustees. |
| Vesting schedules/performance periods | Not applicable. |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None (other trusteeships held during past five years: “None”). |
| Prior public company boards (past five years) | None. |
| Noted interlocks/conflicts | None specific to DeFrantz disclosed. Related-party notes in proxy pertain to other Trustees (e.g., Mr. Larson’s Gates-related accounts; interested persons Mr. Olson and Ms. Trust). |
Expertise & Qualifications
- Profiled for “business expertise and experience as a president, board member and/or executive officer of various businesses and non-profit and other organizations.”
- Governance Committee requires degree or equivalent experience and screens for experience, independence and integrity; DeFrantz has been continuously service-eligible and independent.
Equity Ownership
As of the stated dates, DeFrantz reported no direct WIW share ownership; she reported an aggregate dollar range across the Franklin Templeton fund complex (family of investment companies) of $10,001–$50,000.
| As-of Date | WIW Dollar Range | Aggregate Dollar Range in Franklin Templeton Fund Complex |
|---|---|---|
| December 31, 2023 | None | $10,001–$50,000 |
| December 31, 2024 | None | $10,001–$50,000 |
Note: All Trustees and officers of WIW as a group beneficially owned less than 1% of outstanding WIW shares as of December 31, 2024.
Governance Assessment
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Strengths
- Independent Trustee with long tenure (since 1998), broad committee service (Audit, Governance, Contracts, Performance), and prior committee chair experience (Governance Chair in FY2023).
- Board independence is strong (>75% independent); committee chairs are independent; oversight structure spans Audit, Governance, Contracts, and Performance committees.
- Attendance compliance: met Board’s ≥75% attendance threshold in FY2023 and FY2024.
-
Watch items / RED FLAGS
- No WIW share ownership (reported “None”) may indicate lower direct economic alignment; all-Trustee group ownership also <1% of WIW.
- Trustees did not attend the 2023 and 2024 annual shareholder meetings, which some investors view as a negative signal for direct shareholder engagement.
- Significant external commitments (IOC Vice President, Executive Board) imply time demands outside WIW; no specific conflict disclosed, but time allocation is a reasonable diligence item.
-
Compensation mix observations
- Compensation increased year-over-year at the complex level ($332,000 in 2023 to $366,000 in 2024) and modestly at the fund level ($3,640 to $3,881), reflecting broader complex schedules rather than WIW-specific performance; pay remains fixed-fee/meeting-based rather than performance-linked.