Mary Chris Jammet
About Mary Chris Jammet
Independent Class II Director of Adams Diversified Equity Fund, Inc. (ADX); age 57; joined the ADX Board in 2020 with current term expiring at the 2026 annual meeting . Principal at Bristol Partners LLC and retired Senior Vice President/Portfolio Manager at Legg Mason (now Franklin Templeton), where she oversaw $20 billion in client assets before retiring in 2013 . Holds a CERT Certificate in Cybersecurity Oversight from Carnegie Mellon’s Software Engineering Institute and is an NACD and Women Corporate Directors Foundation member; advisor to Loyola University Maryland’s Finance Department .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Legg Mason, Inc. (Franklin Templeton) | Senior Vice President & Portfolio Manager | Through 2013 | Managed $20B client assets; brings investment and risk oversight expertise |
| Payless ShoeSource Inc. | Director (prior 5 years) | Not specified | Public company board experience; retail sector perspective |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| MGM Resorts International (NYSE: MGM) | Director | Current | Corporate governance and risk oversight in hospitality/gaming |
| Western Alliance Bancorporation (NYSE: WAL) | Director | Current | Financial services oversight; audit/financial expertise applied |
| Adams Natural Resources Fund, Inc. (PEO) | Class II Director | Concurrent with ADX service | Fund-complex interlock; governance across sister fund |
Board Governance
- Independence: Five of seven ADX directors are independent under the Investment Company Act; Jammet is independent and deemed an “audit committee financial expert” by fellow directors .
- Attendance: 100% Board and committee attendance in 2024 and 2023 for all incumbent directors .
- Board practices: Mandatory retirement age 75; 15-year term limit; executive sessions of independent directors each regular meeting; rotation of committee chairs/members; overboarding policy .
- Annual meeting attendance policy: Directors attend when the meeting coincides with a Board date; the 2024 annual meeting did not coincide and no directors attended .
Committee Assignments (2024 activity and chair roles)
| Committee | Role | 2024 Meetings |
|---|---|---|
| Audit | Chair; member | 4 |
| Compensation | Member | 2 |
| Executive | Member | 1 |
| Nominating & Governance | Member | 6 |
Fixed Compensation
| Component | 2023 | 2024 |
|---|---|---|
| ADX Annual Director Retainer (cash) | $65,000 | $65,000 |
| Committee Chair Fee (Audit) | $3,000 | $3,000 |
| Aggregate Compensation from ADX | $66,500 | $68,000 |
| Total Compensation from Fund Complex (ADX+PEO) | $133,000 | $136,000 |
- Structure: Board Chair receives $20,000; Committee chairs $3,000; non-interested directors receive $65,000 retainer; no meeting fees disclosed .
Performance Compensation
- No director performance-based compensation or equity award program is disclosed; the 2005 Equity Incentive Compensation Plan expired in 2015 with no new grants since; Jammet holds no deferred stock units under that plan .
- Employee thrift and nonqualified supplemental thrift plans apply to employees, not non-employee directors; directors do not participate .
Other Directorships & Interlocks
| Company | Relationship to ADX | Interlock/Conflict Considerations |
|---|---|---|
| MGM Resorts International | Portfolio holding status not disclosed in proxy | Potential perceived conflict if ADX invests in MGM; no related-party transactions disclosed |
| Western Alliance Bancorporation | Portfolio holding status not disclosed in proxy | Potential perceived conflict if ADX invests in WAL; no related-party transactions disclosed |
| Adams Natural Resources Fund (PEO) | Sister closed-end fund; shared expenses via allocation policy | Funds share $19.51M expenses in 2024 with PEO’s share $4.17M; governance interlock but operational sharing governed by policy |
Expertise & Qualifications
- Investment management leader with 30+ years’ experience; portfolio risk oversight and valuation competency .
- Audit committee financial expert designation; cybersecurity oversight credential (CERT) .
- Active involvement in governance groups (NACD, Women Corporate Directors) and academic advisory role at Loyola University Maryland .
Equity Ownership
| Metric | 2023 | 2024 |
|---|---|---|
| ADX Shares Beneficially Owned | 8,439 | 9,475 |
| Dollar Value Range of ADX Shares | Greater than $100,000 | Greater than $100,000 |
| Deferred Stock Units (ADX 2005 Plan) | None | None |
| Ownership as % of Outstanding | <1.0% (each director) | <1.0% (each director) |
| Director Ownership Guideline | ≥$100,000 cost basis within 5 years of joining board | ≥$100,000 cost basis within 5 years of joining board |
Insider Trades (ADX)
| Date | Action | Shares | Price | Amount |
|---|---|---|---|---|
| Jan 27, 2023 | Open-market purchase | 1,940 | $15.46 | $29,992 |
Governance Assessment
- Strengths: Independent director with audit chair responsibilities and “audit committee financial expert” status; 100% attendance; robust board governance practices (term limits, retirement age, executive sessions, overboarding policy) supporting board effectiveness and risk oversight .
- Alignment: Meets stock ownership expectations (> $100,000) and has increased ADX shareholdings from 2023 to 2024; no deferred units or pledging disclosed, which reduces misalignment risk .
- External boards: Concurrent service at MGM and Western Alliance adds sector expertise; potential perceived conflicts exist if ADX invests in those issuers, but proxy discloses no related-party transactions connected to Jammet .
- Risk context: The 2024 contested election by Saba Capital underscores heightened governance scrutiny at ADX; Jammet remained part of the incumbent slate and maintained full attendance, supporting continuity in oversight .
RED FLAGS: None disclosed specific to Jammet on attendance, related-party transactions, hedging/pledging, or compensation anomalies; monitor for potential interlocks if ADX holdings include MGM or WAL (not disclosed in the proxy) .