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 Opportunities & Income Fund (NYSE: WIW), serving on the Board since 1997; he is a Class III trustee nominee for re-election with a term expiring at the 2028 Annual Meeting if elected . He is an Independent Trustee and serves as Board Chair; Independent Trustees comprise more than 75% of the Board, reflecting a governance structure with multiple independent committee chairs .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Excellent Education Development | Chairman | Since 2000 | Leadership of education non-profit |
| Great Public Schools Now | Chairman | 2015–2020 | Education advocacy leadership |
| The Getty Trust | Trustee | 2005–2017 | Stewardship at major cultural institution |
| Walt Disney Concert Hall, Inc. | Chairman | 1998–2006 | Governance leadership in arts organization |
External Roles
| Organization | Role | Tenure |
|---|---|---|
| University of Southern California | Trustee | Since 1994 |
| United States Golf Association | Executive Committee Member | 2017–2021 (prior) |
Board Governance
- Independence and leadership: Siart is Independent and serves as Board Chair; committee chairs are Independent Trustees (Audit: Abeles; Governance: Studenmund in 2025; Performance: Kerley; Contracts: Siart) .
- Committee assignments:
- Audit Committee: Member
- Governance & Nominating Committee: Member (Governance chaired by Studenmund in 2025; previously DeFrantz in 2024)
- Executive & Contracts Committee: Chair
- Investment & Performance Committee: Member (Performance chaired by Kerley)
- Attendance and engagement: Each Trustee attended at least 75% of Board and applicable committee meetings in FY2024; trustees did not attend the May 2024 annual shareholder meeting (a consistent disclosure historically) .
- Independent sessions: Independent Trustees regularly meet outside the presence of management and are advised by independent legal counsel .
| Meeting Cadence | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Board meetings (count) | 6 | 7 | 6 | 8 |
| Audit Committee | 5 | 6 | 5 | 6 |
| Governance Committee | 5 | 3 | 3 | 3 |
| Performance Committee | 5 | 5 | 5 | 5 |
| Contracts Committee | 1 | 2 | 2 | 2 |
| Annual shareholder meeting attendance | Not attended | Not attended | Not attended | Not attended |
Fixed Compensation
- Structure: Independent Trustees receive an annual retainer plus meeting fees; additional compensation is paid for leadership roles (Board Chair, and chairs of Audit, Governance, Performance, Contracts). No pensions or retirement benefits accrue; officers are compensated by the adviser, not the Fund .
| Metric | FY 2020 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Aggregate compensation from WIW ($) | $2,637 | $4,402 | $4,199 | $6,557 |
| Total compensation from Fund Complex ($) | $393,500 | $454,000 | $462,000 | $475,000 |
Compensation schedule evolution (historical reference for cash fee components):
| Fee Component | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 |
|---|---|---|---|---|---|
| Annual trustee retainer ($) | $20,000 | $20,000 | $20,000 | $35,000 | $35,000 |
| Board Chair additional ($/yr) | $5,000 | $5,000 | $5,000 | $5,000 | $10,000 |
| Audit/Governance Chair additional ($/yr) | $3,000 | $3,000 | $3,000 | $3,000 (per 2017) | $6,000 |
| Board meeting fee ($/meeting) | $1,500 | $1,500 | $1,500 | Not stated | Not stated |
| Committee member fee ($/meeting) | $500 | $500 | $500 | Not stated | Not stated |
Performance Compensation
- The proxy describes cash retainers, meeting fees, and leadership stipends; it does not disclose any equity-based awards (RSUs/PSUs), options, or performance-linked metrics for trustees .
| Performance Metrics Tied to Director Pay | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Disclosed metrics (e.g., TSR, EBITDA, ESG) | None disclosed | None disclosed | None disclosed |
Other Directorships & Interlocks
| Company/Institution | Type | Role | Interlock/Notes |
|---|---|---|---|
| University of Southern California | Academic | Trustee | No WIW-related interlock disclosed |
| United States Golf Association | Non-profit | Executive Committee Member (prior) | No WIW-related interlock disclosed |
| The Getty Trust | Non-profit | Trustee (prior) | No WIW-related interlock disclosed |
| Excellent Education Development | Non-profit | Chairman | No WIW-related interlock disclosed |
| Walt Disney Concert Hall, Inc. | Non-profit | Chairman (prior) | No WIW-related interlock disclosed |
No current public company directorships are disclosed for Siart in WIW’s proxy .
Expertise & Qualifications
- Business and finance experience as president, chairperson, chief executive officer and/or board member across businesses and non-profits, contributing to oversight capability and independent leadership as Board Chair .
- The Board notes that references to qualifications are pursuant to SEC requirements and do not impose special expertise or heightened liability .
Equity Ownership
- Ownership alignment: Siart reports “None” in WIW share ownership; aggregate dollar range across the Franklin Templeton “family of investment companies” increased to “Over 100,000” in recent years .
| Metric | 2019 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Dollar range of WIW equity | None | None | None | None | None |
| Aggregate dollar range in fund family | None | None | Over 100,000 | Over 100,000 | Over 100,000 |
| Shares pledged as collateral | Not disclosed |
As of the Record Date for 2025, all Trustees and officers as a group owned less than 1% of WIW outstanding shares .
Governance Assessment
-
Strengths:
- Independent Chair (Siart) with >75% independent board composition and independent committee chairs, plus regular executive sessions of independent trustees .
- Robust committee structure with active oversight (Audit, Governance, Contracts, Performance) and consistent meeting cadence; Siart chairs the Contracts Committee overseeing affiliate contracts and terms .
- Audit Committee independence confirmed under NYSE standards; PCAOB independence communications reviewed annually .
-
Watch items / RED FLAGS:
- No WIW share ownership by Siart (and generally low insider ownership across trustees), which may signal limited direct economic alignment with WIW common shareholders .
- Trustees did not attend recent annual shareholder meetings (disclosed consistently), which may be viewed as reduced direct engagement with retail holders of a closed-end fund .
- Classified Board structure (anti-takeover feature) increases entrenchment risk; only one class is up for election each year, requiring multiple years to change board majority .
-
Conflicts and related-party exposure:
- Siart is an Independent Trustee; no “interested person” designation or specific related-party transactions are disclosed for him . Notably, certain other trustees have affiliations (e.g., Olson’s law firm services; Larson/Cascade and Western Asset AUM disclosure), but these do not implicate Siart directly .
Overall, Siart’s independent leadership and committee work support board effectiveness; however, lack of WIW share ownership and the fund’s classified board could temper investor confidence in alignment and accountability .