Nisha Kumar
About Nisha Kumar
Independent (non‑interested) director of Western Asset Mortgage Opportunity Fund Inc. (DMO) since 2019; Chair of the Audit Committee and member of the Nominating, Compensation, and Pricing & Valuation Committees; designated an “audit committee financial expert” by the Board . Born 1970; prior roles include Managing Director/Chief Financial Officer/Chief Compliance Officer at Greenbriar Equity Group (2011–2021), CFO/CAO at Rent the Runway (2011), and EVP/CFO at AOL LLC (2007–2009); member, Council on Foreign Relations . Oversees 21 portfolios in the Franklin Templeton fund complex as of 2025 (16 in 2024) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Greenbriar Equity Group, LP | Managing Director; Chief Financial Officer; Chief Compliance Officer | 2011–2021 | Senior finance, compliance, and controls leadership |
| Rent the Runway, Inc. | Chief Financial Officer; Chief Administrative Officer | 2011 | Operating finance leadership in consumer/retail tech |
| AOL LLC (Time Warner subsidiary) | Executive Vice President; Chief Financial Officer | 2007–2009 | Public-company CFO experience and SEC reporting |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Stonepeak‑Plus Infrastructure Fund LP | Director | Since 2025 | Private funds governance experience |
| Birkenstock Holding plc | Director | Since 2023 | Public company directorship |
| The India Fund, Inc. | Director | Since 2016 | Closed‑end fund board |
| Aberdeen Income Credit Strategies Fund | Director (former) | 2017–2018 | Former closed‑end fund board |
| The Asia Tigers Fund, Inc. | Director (former) | 2016–2018 | Former closed‑end fund board |
| Council on Foreign Relations | Member | — | Professional affiliation |
Board Governance
- Independence and leadership: Classified as a Non‑Interested (Independent) Director; the Board had 7 of 8 Independent Directors in 2025 (6 of 7 in 2024). Chair of the Board is independent (Eileen Kamerick) as of Nov 15, 2024; Independent Directors regularly meet outside management and are advised by independent counsel .
- Committee roles: Audit Committee (Chair; financial expert); Nominating Committee (member); Compensation Committee (member); Pricing & Valuation Committee (member) .
- Meeting cadence and attendance (FY2024): Board held 4 regular and 3 special meetings; Audit met 6x; Nominating 5x; Pricing & Valuation 4x; Compensation 2x; each Director attended at least 75% of meetings for which eligible. No formal policy on annual meeting attendance .
- Prior year cadence (FY2023): Board 4 regular meetings; Audit 5x; Nominating 4x; Pricing & Valuation 4x; Compensation 1x; ≥75% attendance by each Director; no formal annual meeting attendance policy .
| Committee | Role | FY2023 Meetings | FY2024 Meetings |
|---|---|---|---|
| Audit | Chair; financial expert | 5 | 6 |
| Nominating | Member | 4 | 5 |
| Pricing & Valuation | Member | 4 | 4 |
| Compensation | Member | 1 | 2 |
| Board (overall) | Director | 4 (regular) | 4 (regular) + 3 (special) |
Fixed Compensation
| Metric | FY2023 | FY2024 |
|---|---|---|
| Aggregate Compensation from DMO ($) | 7,277 | 8,659 |
| Total Compensation from Fund & Fund Complex ($) | 435,000 | 486,000 |
| Fund Complex Directorships (count) | 16 | 21 |
| Pension/Retirement Benefits | None provided by the Fund | None provided by the Fund |
Notes: Compensation reflects service across multiple boards/committees within the Franklin Templeton fund complex; no pension or retirement benefits are provided to Directors .
Performance Compensation
| Item | FY2023 | FY2024 |
|---|---|---|
| Performance‑conditioned director pay (metrics, targets) | Not disclosed in proxy; Compensation Committee recommends Independent Director pay; no performance metrics described for directors | Not disclosed in proxy; Compensation Committee recommends Independent Director pay; no performance metrics described for directors |
Other Directorships & Interlocks
| Company/Entity | Role | Overlap/Interlock Considerations |
|---|---|---|
| Birkenstock Holding plc | Director (since 2023) | External public issuer; no DMO‑specific related‑party ties disclosed |
| The India Fund, Inc. | Director (since 2016) | External closed‑end fund; no DMO adviser/affiliate interest disclosed |
| Stonepeak‑Plus Infrastructure Fund LP | Director (since 2025) | Private fund governance; monitor for potential transaction counterparties; no DMO adviser/affiliate interest disclosed |
| Former: Aberdeen Income Credit Strategies Fund; The Asia Tigers Fund, Inc. | Former Director | Historical roles; no current conflicts disclosed |
No Director who is not an “interested person” (including Ms. Kumar), nor their immediate family members, had any interest in the Fund’s investment adviser or entities under common control with Franklin Resources as of Dec 31, 2024 .
Expertise & Qualifications
- Designated “audit committee financial expert” by the Board; leads Audit Committee oversight of financial reporting, auditor independence, and compliance .
- Career CFO and senior finance executive across PE (Greenbriar), consumer/retail tech (Rent the Runway), and media/technology (AOL), bringing deep accounting, controls, and SEC reporting experience .
- Board service across multiple funds and a public issuer enhances governance and valuation oversight skill sets .
Equity Ownership
| Item | As of 12/31/2023 | As of 12/31/2024 |
|---|---|---|
| Dollar Range of Equity Securities in DMO | A = None | A = None |
| Aggregate Dollar Range in Family of Investment Companies | A = None | E = Over $100,000 |
| Group beneficial ownership of DMO by all directors/officers | <1% of outstanding shares (as of Aug 29, 2025) | — |
Section 16(a) compliance: The Fund believes all filing requirements were met for FY2024 based on copies received and written representations .
Governance Assessment
Strengths
- Independent director with robust audit credentials; Audit Committee Chair and designated financial expert; committee activity and cadence indicate engaged oversight .
- Consistent attendance (≥75% threshold met for FY2023–FY2024) and broad fund complex experience (21 portfolios in 2025), supporting board effectiveness .
Potential Risks / RED FLAGS
- Alignment: Owns no DMO shares (dollar range “A = None” as of 12/31/2024), which can be viewed as a weaker “skin‑in‑the‑game” signal for a closed‑end fund director .
- Workload: Oversees 21 portfolios in the fund complex, which may stretch bandwidth; monitor sustained meeting attendance and committee leadership effectiveness at DMO .
- Related‑party/Interlocks: No interests in the adviser or affiliates disclosed as of 12/31/2024, which mitigates conflict risk; continue monitoring external roles (e.g., private infrastructure fund) for transaction overlap with DMO holdings or service providers .
Engagement and Process
- Independent Directors meet outside management; the Board is majority‑independent and chaired by an Independent Director (since Nov 15, 2024), enhancing independent oversight .
- Compensation Committee’s mandate is to recommend Independent Director pay; proxy does not disclose performance‑contingent director compensation .
Director Compensation Trend
- Year‑over‑year increase in aggregate compensation from DMO ($7,277 → $8,659) and total fund complex compensation ($435,000 → $486,000) from FY2023 to FY2024; reflects expanded fund complex responsibilities (16 → 21 directorships) rather than performance‑based structures .
Appendix: Key Data Tables
Director Compensation – Nisha Kumar
| Metric | FY2023 | FY2024 |
|---|---|---|
| Aggregate Compensation from DMO ($) | 7,277 | 8,659 |
| Total Compensation from Fund & Fund Complex ($) | 435,000 | 486,000 |
| Fund Complex Directorships (count) | 16 | 21 |
Ownership – Nisha Kumar
| Metric | 12/31/2023 | 12/31/2024 |
|---|---|---|
| Dollar Range in DMO | A = None | A = None |
| Aggregate Dollar Range in Family of Investment Companies | A = None | E = Over $100,000 |
Committee Activity and Attendance
| Body | FY2023 Meetings | FY2024 Meetings | Attendance Disclosure |
|---|---|---|---|
| Board | 4 (regular) | 4 (regular) + 3 (special) | Each Director ≥75% in both years |
| Audit (Chair: Kumar) | 5 | 6 | — |
| Nominating | 4 | 5 | — |
| Pricing & Valuation | 4 | 4 | — |
| Compensation | 1 | 2 | — |
Sources: DMO DEF 14A (2025, 2024) .