Jane Trust
President and Chief Executive Officer at BrandywineGLOBAL-Global Income Opportunities Fund
CEO
Executive
Board
About Jane Trust
Jane E. Trust, CFA (born 1962) serves as Director, President, and Chief Executive Officer of BrandywineGLOBAL – Global Income Opportunities Fund Inc. (NYSE: BWG) and is classified as an “interested” director under the Investment Company Act of 1940 due to her officer roles with the adviser and affiliates . She has led BWG since 2015 and concurrently holds senior roles at Franklin Templeton, including Senior Vice President, Fund Board Management (since 2020) and President/CEO of Franklin Templeton Fund Adviser, LLC (FTFA) (since 2015) . BWG’s proxies do not disclose executive TSR, revenue, or EBITDA growth metrics for her tenure; officers are chosen annually and receive no compensation from the Fund, limiting pay-for-performance assessment within BWG’s filings .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Franklin Templeton Fund Adviser, LLC (FTFA) | President & Chief Executive Officer | Since 2015 | Leads adviser serving BWG and related fund boards; central to investment company governance and administration . |
| Franklin Templeton | Senior Vice President, Fund Board Management | Since 2020 | Oversees fund board management across complex; governance and risk oversight . |
| Legg Mason & Co., LLC | Senior Managing Director; Managing Director | 2018–2020; 2016–2018 | Senior leadership bridging pre/post Franklin Templeton integration; investment management operating experience . |
| FTFA | Senior Vice President | 2015 | Adviser-side executive responsibilities supporting BWG . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Putnam Family of Funds | Trustee | Current | Trustee of 105 portfolios; enhances multi-fund governance perspective . |
| Franklin Templeton/FTFA-affiliated funds | Officer and/or Trustee/Director | Since 2015 | Officer/Trustee/Director of 114 funds (2025) / 123 funds (2024), indicating broad governance scope . |
Board Service and Governance Summary
- Role evolution: In 2024, Trust served as Chairman, President and CEO; in 2025, BWG transitioned to an independent Chair (Eileen A. Kamerick), while Trust remained Director, President and CEO—reducing CEO-Chair dual-role concerns .
- Committee structure: Audit, Nominating, Compensation, and Pricing & Valuation Committees are composed entirely of Independent Directors and chaired by Independent Directors; as an “interested” director, Trust does not serve on these committees .
- Board activity: BWG held four regular and one special meeting in FY2024; each Director attended at least 75% of meetings (and similarly in FY2023) .
- Committee chairs (current): Audit – Nisha Kumar; Nominating – Hillary A. Sale; Compensation – Peter Mason; Pricing & Valuation – Carol L. Colman .
Fixed Compensation
Officers receive no compensation from BWG; Trust’s compensation is paid by FTFA and affiliates and is not disclosed in BWG’s proxies.
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Aggregate Compensation from BWG ($) | $0 | $0 |
| Officer compensation paid by Fund? | No | No |
Performance Compensation
- Not disclosed for BWG officers; BWG’s committee compensation pertains to Independent Directors, and Ms. Trust receives no remuneration from the Fund .
- Incentive metrics, vesting schedules, severance, and change-of-control economics for Trust are not disclosed in BWG’s proxies (officers are adviser employees) .
Equity Ownership & Alignment
| Metric | As of 12/31/2023 | As of 12/31/2024 |
|---|---|---|
| Dollar range of BWG equity owned (Trust) | “A” = None | “A” = None |
| Aggregate dollar range across all funds overseen | “E” = Over $100,000 | “E” = Over $100,000 |
| Directors/officers as a group – % of BWG outstanding | <1% at 2/7/2024 | <1% at 2/7/2025 |
- Pledging/hedging: No pledging or hedging disclosures for Trust in BWG’s proxies .
- Ownership guidelines (director/executive): Not disclosed in BWG proxies .
Employment Terms
- Officer appointment and term: Executive officers, including Trust, are chosen annually by the Board to serve until successors are elected and qualified .
- Compensation source: Officers receive no compensation from BWG, though reasonable travel expenses for Board meetings may be reimbursed .
- Contracts/severance/change-of-control: No employment contracts, severance multiples, or change-of-control provisions disclosed for BWG officers in the proxies .
- Section 16 compliance: All beneficial ownership filings met for FY ended Oct 31, 2024; FY2023 noted late initial Forms 3 for certain individuals (not Trust) due to administrative oversight .
Director Compensation (for context; Trust receives none)
BWG pays retainers and fees only to Independent Directors; Trust, as an “interested” director, received no remuneration from BWG in FY2023 and FY2024 .
| Name | Aggregate Compensation from BWG (FY2023) | Aggregate Compensation from BWG (FY2024) |
|---|---|---|
| Jane E. Trust | $0 | $0 |
Risk Indicators & Red Flags
- Dual-role risk improvement: Transition from CEO-Chair dual-role (2024) to independent Chair (2025) mitigates governance risk around leadership concentration .
- Ownership alignment: Trust holds no BWG shares directly, limiting “skin-in-the-game” alignment at the Fund level despite broader complex exposure .
- Filings and oversight: Committee independence and regular executive sessions suggest robust oversight practices; Audit Committee financial expert designation (Kumar) enhances controls .
Compensation Committee Analysis
- Composition: Entirely Independent Directors; chaired by Peter Mason as of 2025 .
- Mandate: Recommends compensation of Independent Directors; no role in adviser-paid officer compensation is disclosed in BWG proxies .
Investment Implications
- Alignment: Trust’s lack of direct BWG ownership (“A” = none) may reduce incentive alignment with BWG’s trading discount/premium dynamics; heavy reliance on adviser-side incentives introduces opacity on pay-for-performance linkages for BWG-specific outcomes .
- Governance quality: The move to an independent Chair and fully independent committees is a positive structural signal—reducing CEO-Chair concentration risk and strengthening oversight, which can dampen governance-related volatility .
- Retention risk: Long tenure in adviser-side leadership roles (since 2015) suggests stability; however, absence of disclosed employment terms, severance, or non-compete provisions within BWG’s filings limits assessment of executive retention economics from a Fund perspective .
- Trading signals: No evidence of pledging; Section 16 compliance appears sound in FY2024. Limited direct ownership may be neutral-to-negative for alignment screens, while governance enhancements could support sentiment among governance-focused investors .