Avedick B. Poladian
About Avedick B. Poladian
Independent Trustee of Western Asset Inflation-Linked Opportunities & Income Fund (NYSE: WIW), born 1951, serving on the Fund’s Board since 2007; current term expires in 2026. Former Executive Vice President and Chief Operating Officer of Lowe Enterprises (2002–2016) and former Partner at Arthur Andersen LLP (1974–2002); currently a Director and Advisor (since 2017). Oversees 49 portfolios in the Franklin Templeton fund complex. As of December 31, 2024, he reported no beneficial ownership of WIW shares.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Lowe Enterprises, Inc. (private real estate/hospitality) | Executive Vice President & Chief Operating Officer | 2002–2016 | — |
| Arthur Andersen LLP | Partner | 1974–2002 | — |
External Roles
| Company | Role | Tenure/Status | Notes |
|---|---|---|---|
| Occidental Petroleum Corporation | Director | Since 2008 | Current public company directorship |
| Public Storage | Director | Since 2010 | Current public company directorship |
| California Resources Corporation | Director | 2014–2021 | Prior public company directorship |
Board Governance
- Committee assignments: Member of the Audit; Executive & Contracts; Governance & Nominating; and Investment & Performance Committees. Not a committee chair.
- Committee chairs and structure: Audit (Chair: Robert Abeles, Jr.), Governance & Nominating (Chair: Jaynie Miller Studenmund), Executive & Contracts (Chair: William E.B. Siart), Investment & Performance (Chair: Susan B. Kerley).
- Independence and leadership: Poladian is an Independent Trustee; the Chair of the Board (William E.B. Siart) is also independent; Independent Trustees constitute more than 75% of the Board.
- 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 Board/committee meetings on which they served. Trustees did not attend the Fund’s 2024 annual shareholder meeting.
| Engagement Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Board stated attendance threshold | ≥75% for each Trustee | ≥75% for each Trustee | ≥75% for each Trustee |
| Trustees attendance at annual shareholder meeting | Not attended (May 2022) | Not attended (May 2023) | Not attended (May 2024) |
Fixed Compensation
Compensation structure: Independent Trustees receive an annual retainer plus fees for attending regular and special Board meetings (in person or by phone). Leadership positions (Board/Committee Chairs) receive additional compensation. No pension or retirement benefits are accrued; officers of the Fund receive no remuneration from the Fund.
| Metric (USD) | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Aggregate Compensation from WIW (for fiscal year) | $3,784 | $3,648 | $3,768 |
| Total Compensation from WIW and Fund Complex (calendar year) | $330,000 | $334,000 | $347,000 |
| Pension/Retirement Benefits Accrued | $0 | $0 | $0 |
Performance Compensation
- The proxy describes Trustee pay as cash retainers and meeting fees; it does not disclose any performance-based components, equity awards, or incentive metrics for Trustees. Pension benefits are reported as $0.
| Item | Disclosure |
|---|---|
| Stock/Option awards | None disclosed for Trustees |
| Performance metrics tied to pay | None disclosed for Trustees |
| Clawback/COC/Severance provisions (director) | Not disclosed for Trustees |
| Pension/SERP | $0 |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public boards | Occidental Petroleum Corporation (since 2008); Public Storage (since 2010) |
| Prior public boards | California Resources Corporation (2014–2021) |
| Interlocks with WIW ecosystem | None disclosed in WIW proxies for Poladian |
| Board overboarding policy | Bylaws require at nomination/election no more than 5 public company directorships; Poladian’s current public-company roles (2) are within this limit. |
Expertise & Qualifications
- The Board cites Poladian’s “business, finance and accounting expertise” and experience as a board member and as a partner of a multinational accounting firm.
- Oversees 49 portfolios in the Franklin Templeton fund complex (including WIW).
Equity Ownership
| Ownership Measure | 2022 | 2023 | 2024 |
|---|---|---|---|
| WIW dollar range owned (as of Dec 31) | None | None | None |
| Aggregate dollar range in family of investment companies (as of Dec 31) | Over $100,000 | Over $100,000 | None |
| Group ownership (all Trustees/officers as a group) | <1% of WIW outstanding | <1% of WIW outstanding | <1% of WIW outstanding |
Note: As of the record dates, Cascade Investment, L.L.C. held ~23.4% of WIW; Trustee Michael Larson is the business manager of Cascade and disclaims beneficial ownership of Cascade’s shares. This dynamic is relevant for overall board context but does not pertain to Mr. Poladian’s holdings.
Governance Assessment
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Strengths
- Independent Trustee with extensive finance and accounting background; sits on all four key board committees (Audit, Governance, Contracts, Performance), supporting board coverage across oversight areas.
- Board leadership is independent (independent Chair), and >75% of Trustees are independent, aiding checks and balances.
- Attendance threshold met (≥75%) in FY2022–FY2024; engaged across numerous scheduled committee meetings.
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Alignment and Engagement Watchpoints
- RED FLAG: No WIW share ownership disclosed by Poladian as of December 31, 2024, which may weaken direct alignment with WIW shareholders.
- RED FLAG: Trustees collectively did not attend the annual shareholder meetings in 2022, 2023, and 2024, which may be perceived as lower direct engagement with shareholders.
- Long tenure on WIW’s Board (serving since 2007) can raise perceived independence concerns under some governance frameworks, notwithstanding formal independence.
- Multi-board commitments appear within the Fund’s bylaw limit; current public directorships at Occidental Petroleum and Public Storage total two (limit is five).
-
Compensation Structure Signals
- Cash-only retainer/meeting fee design; no performance-based or equity components disclosed for Trustees. Year-over-year, Poladian’s total compensation from the Fund Complex increased from $330k (2022) to $347k (2024), consistent with broader complex-level fee schedules and leadership differentials, not individual performance.
-
Conflicts/Related-Party Exposure
- Poladian is identified as independent and not an “interested person” of the Fund; no Poladian-specific related-party transactions are disclosed in the WIW proxies reviewed.
Overall: Poladian brings deep accounting/finance oversight and broad committee participation, under an independent board leadership structure. Key investor-alignment watchpoints include absence of WIW stock ownership and a pattern of non-attendance at annual shareholder meetings, along with long tenure since 2007.