Robert Abeles, Jr.
About Robert Abeles, Jr.
Independent Trustee of Western Asset Inflation-Linked Opportunities & Income Fund (NYSE: WIW) since 2013; current term expires at the 2027 annual meeting. Born 1945, he is a former Senior Vice President, Finance and Chief Financial Officer of the University of Southern California and currently holds the title of Senior Vice President Emeritus. His background centers on business, accounting, and finance leadership, with prior and current nonprofit board involvement. He is designated an Independent Trustee (not an “interested person”) under the Investment Company Act.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| University of Southern California | Senior Vice President, Finance & Chief Financial Officer | 2009–2016 | Not disclosed |
| University of Southern California | Senior Vice President Emeritus | Since 2016 | Not disclosed |
| Great Public Schools Now | Board Member | 2018–2022 | Not disclosed |
External Roles
| Organization | Role | Tenure | Public/Private/Nonprofit | Committees/Impact |
|---|---|---|---|---|
| Excellent Education Development | Board Member | Since 2012 | Nonprofit | Not disclosed |
| Public company directorships (past 5 years) | — | — | — | None disclosed |
Board Governance
- Independence and structure
- Independent Trustee; not an “interested person.” Independent Trustees comprise more than 75% of the Board; Board Chair (William E.B. Siart) is independent. Independent Trustees meet outside management’s presence and are advised by independent counsel.
- Committee assignments and chair roles (FY ended Nov 30, 2024 composition)
- Audit Committee: Member and Chair (independence affirmed under NYSE rules for all members).
- Executive and Contracts Committee: Member (committee chaired by W.E.B. Siart).
- Governance and Nominating Committee: Member (committee chaired by J. M. Studenmund in 2024/2025).
- Investment and Performance Committee: Member (committee chaired by S. B. Kerley).
- Meetings and attendance (FY ended Nov 30, 2024)
- Meetings held: Board 8; 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.
Fixed Compensation
Director compensation is cash-based: Independent Trustees receive an annual retainer plus per-meeting fees, with additional fees for leadership roles (Board Chair and committee chairs). No pension or retirement benefits accrue. The Fund pays its pro rata share of fees across the Franklin Templeton fund complex.
| Metric | FY 2023 (Fund FY ends Nov 30, 2023) | FY 2024 (Fund FY ends Nov 30, 2024) |
|---|---|---|
| Aggregate Compensation from WIW ($) | 3,802 | 6,152 |
| Pension or Retirement Benefits Accrued ($) | 0 | 0 |
| Estimated Annual Benefits Upon Retirement ($) | 0 | 0 |
| Total Compensation from the Fund and Fund Complex ($) | 372,000 | 382,000 |
Notes:
- Independent Trustees in leadership positions (including Audit Committee Chair) receive additional compensation; Abeles chairs the Audit Committee.
Performance Compensation
- No performance-based compensation is disclosed for Independent Trustees. Compensation consists of cash retainers and meeting fees; no bonuses, equity awards, or options are reported, and pension columns are $0.
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Other public company boards (current/past 5 years) | None disclosed |
| Noted interlocks or related affiliations | None disclosed for Abeles (Board footnotes detail certain relationships for other Trustees, not Abeles). |
Expertise & Qualifications
- The Board cites Abeles’ business, accounting, and finance expertise, including experience as a CFO and board member/executive at various organizations.
Equity Ownership
| As of | Dollar Range of Equity Securities in WIW | Aggregate Dollar Range in Family of Investment Companies |
|---|---|---|
| Dec 31, 2023 | None | None |
| Dec 31, 2024 | None | None |
- As of Dec 31, 2024, Trustees and officers as a group owned less than 1% of WIW shares outstanding.
Insider Trades (Form 4)
| Period Reviewed | Person | Result |
|---|---|---|
| 2024-01-01 to 2025-11-20 (filing date) | “Abeles” | No insider trades found (no Form 4s) |
Source: insider-trades skill query for WIW filtered to “Abeles” by filingDate, 2024-01-01 to 2025-11-20.
Governance Assessment
Positives
- Independent Audit Committee chaired by Abeles; all audit members independent under NYSE standards—supports robust financial reporting oversight.
- Significant finance and accounting expertise (former CFO), aligned with Audit Committee leadership needs.
- Independent Board majority with independent Chair; regular executive sessions and independent legal counsel—sound oversight structure.
- Committee workload and coverage appear comprehensive (Audit, Governance, Performance, Contracts), with formal charters and risk oversight processes disclosed.
Watch items / Potential red flags
- No personal WIW share ownership disclosed for Abeles (and none across the Franklin Templeton family), which limits direct economic alignment (“skin in the game”).
- Trustees did not attend the 2024 annual shareholder meeting (similar disclosure in 2023), which some investors view as a shareholder engagement negative.
- Classified Board structure may entrench incumbents and slow change (an anti-takeover feature).
- Compensation is entirely cash-based with leadership premia but no equity component; while standard for fund boards, this provides limited long-term alignment vs. equity-linked director pay seen at some operating companies.
No specific related-party transactions or conflicts are identified for Abeles in the proxy disclosures; notable related-party notes in the filing pertain to other Trustees (e.g., Gates/Cascade-WAM relationships; Olson’s law firm) and are monitored by Independent Trustees.