Michael Larson
About Michael Larson
Michael Larson (born 1959) serves as an Independent Trustee of Western Asset Inflation-Linked Opportunities & Income Fund (WIW); his current term expires in 2026 and he has served on the WIW board since 2004. He is Chief Investment Officer for William H. Gates III, overseeing non‑Microsoft investments and the Bill & Melinda Gates Foundation Trust, a role he has held since 1994 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| William H. Gates III / Cascade Investment | Chief Investment Officer; Business Manager of Cascade | Since 1994 | Western Asset has provided discretionary investment advice to one or more Gates/Cascade “Accounts” since 1997; since Dec 31, 2021, the value of those portfolios did not exceed 1.0% of Western Asset’s total AUM; no changes contemplated . |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Ecolab Inc. | Director | Since 2012 | Current public company board . |
| Fomento Economico Mexicano, S.A.B. de C.V. (FEMSA) | Director | Since 2011 | Current public company board . |
| Republic Services, Inc. | Director | Since 2009 | Current public company board . |
Board Governance
- Independence: Larson is classified as an Independent Trustee under the 1940 Act; WIW’s Audit Committee members (including Larson) meet NYSE independence standards .
- Committee assignments:
- Audit Committee (member)
- Governance and Nominating Committee (member)
- Executive and Contracts Committee (member)
- Investment and Performance Committee (member)
- Board leadership: Independent Chairperson (William E.B. Siart); Independent Trustees constitute more than 75% of the Board; all committee chairs are independent .
- Attendance: In FY ended Nov 30, 2024, the Board held 8 meetings; the Audit Committee 6; Governance 3; Performance 5; Contracts 2; each Trustee attended at least 75% of meetings of the Board and their committees. Trustees did not attend the Fund’s 2024 annual shareholder meeting (May 2024) .
Fixed Compensation
| Metric | FY ended Nov 30, 2024 | Source |
|---|---|---|
| Aggregate compensation from WIW (cash retainer + meeting fees) | $5,981 | |
| Total compensation from Fund Complex (calendar 2024) | $350,000 | |
| Pension or retirement benefits accrued | $0 | |
| Estimated annual benefits upon retirement | $0 | |
| Compensation structure (narrative) | Independent Trustees receive annual retainer, fees for attending board/committee meetings, and additional compensation for chair roles; reimbursed out‑of‑pocket expenses . |
Performance Compensation
| Performance-Linked Components | Terms | Notes |
|---|---|---|
| None disclosed | N/A | WIW Trustee compensation is cash-based; no stock awards, options, or performance metrics tied to director pay are disclosed . |
Other Directorships & Interlocks
- Large shareholder interlock: Cascade Investment, L.L.C. held 14,333,323 WIW shares (23.4%) as of the Record Date; Larson is Cascade’s Business Manager but disclaims beneficial ownership of Cascade’s WIW shares, which may be deemed owned by William H. Gates III as Cascade’s sole member .
- Related-party advisory ties: Western Asset (WIW’s sub-adviser) has provided discretionary advice to Gates/Cascade Accounts since 1997; since Dec 31, 2021, those portfolios did not exceed 1.0% of Western Asset AUM .
- Committee independence safeguards: Audit, Governance, and Contracts Committees are composed entirely of Independent Trustees; all committee chairs are independent .
Expertise & Qualifications
- Board-stated qualifications: Portfolio management expertise; experience as a board member of various businesses and organizations .
- Scope of oversight: Larson oversees 49 portfolios in the Fund Complex (including WIW) .
Equity Ownership
| Holder | Shares | Date | % of WIW Shares Outstanding | Notes |
|---|---|---|---|---|
| Michael Larson (direct beneficial ownership) | 14,547 | Dec 31, 2024 | ~0.0238% (14,547 / 61,184,134) | WIW had 61,184,134 shares outstanding as of the March 28, 2025 Record Date . Larson also reports “Over $100,000” aggregate dollar range in the family of investment companies . |
| Cascade Investment, L.L.C. | 14,333,323 | Record Date (Mar 28, 2025) | 23.4% | Larson disclaims beneficial ownership; may be deemed owned by William H. Gates III . |
Insider Trades (Form 4)
| Trade Date | Transaction | Shares | Price | Holdings After | Source |
|---|---|---|---|---|---|
| Sep 27, 2023 | Open-market purchase | 5,000 | $8.30 | 14,547 | |
| Jul 15, 2022 | Open-market purchase | 5,000 | $10.16 | 9,547 |
Governance Assessment
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Strengths
- Independent status with broad committee engagement across Audit, Governance, Contracts, and Performance, reinforcing oversight of financial reporting, board nominations, contract reviews, and investment performance .
- Independent board leadership with >75% independent trustees and independent committee chairs, plus regular meetings outside management and independent counsel support, underpinning board effectiveness .
- Demonstrated ownership alignment via direct purchases in 2022 and 2023, increasing personal holdings in WIW .
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Potential Conflicts and Mitigants
- RED FLAG: Cascade Investment’s 23.4% stake in WIW creates a significant shareholder interlock with Larson (Cascade Business Manager), raising potential conflict-of-interest optics despite Larson’s formal disclaimer of beneficial ownership .
- Mitigant: Western Asset’s advisory relationship to Gates/Cascade accounts is longstanding, but the portfolios’ value did not exceed 1.0% of Western Asset’s AUM since Dec 31, 2021, limiting economic dependence; committees (including Audit/Governance/Contracts) are fully independent, providing structural safeguards .
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Engagement and Attendance
- Larson met the minimum attendance threshold (≥75%) across board and committee meetings in FY 2024, supporting engagement; however, trustees did not attend the 2024 annual shareholder meeting (May 2024), a minor investor‑relations negative signal for public-facing engagement .
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Compensation Alignment
- Director pay is cash-based (retainer + meeting fees; extra for chairs), with no equity awards or performance-linked metrics disclosed—typical for closed-end fund governance but offers limited direct pay-for-performance linkage for trustees .