Christopher Berarducci
About Christopher Berarducci
Christopher Berarducci (born 1974) serves as Treasurer and Principal Financial Officer of Western Asset Global High Income Fund Inc. (EHI), having held the PFO role since 2019. His principal occupation is Vice President, Fund Administration and Reporting at Franklin Templeton since 2020; previously he was Managing Director (2020), Director (2015–2020), and Vice President (2011–2015) at Legg Mason & Co., and has served as Treasurer (since 2010) and PFO (since 2019) of certain funds associated with Legg Mason/Franklin Templeton. Officers of the Fund receive no compensation from the Fund (though reasonable travel expenses to Board meetings may be reimbursed). No performance (TSR/revenue/EBITDA) metrics are disclosed for fund officers in EHI’s proxy statements .
Past Roles
| Organization | Role | Years | Strategic impact / scope |
|---|---|---|---|
| Franklin Templeton | Vice President, Fund Administration and Reporting | Since 2020 | Senior fund administration and reporting leadership supporting Franklin Templeton closed-end funds |
| Legg Mason & Co. | Managing Director | 2020 | Senior leadership role prior to Franklin integration |
| Legg Mason & Co. | Director | 2015–2020 | Oversight responsibilities within Legg Mason fund complex |
| Legg Mason & Co. | Vice President | 2011–2015 | Fund administration/financial reporting responsibilities |
| Various Legg Mason/Franklin Templeton funds | Treasurer (certain funds) | Since 2010 | Treasurer across multiple registered funds in the complex |
| Various Legg Mason/Franklin Templeton funds | Principal Financial Officer (certain funds) | Since 2019 | Principal Financial Officer across multiple registered funds in the complex |
External Roles
| Organization | Role | Evidence/date |
|---|---|---|
| Western Asset High Income Fund II Inc. (HIX) | Treasurer and Principal Financial Officer; signatory on filings | Listed as officer in HIX shareholder report; signed Form N-2 amendment as Treasurer and PFO on Sep 26, 2025 |
| Western Asset Inflation-Linked Opportunities & Income Fund (WIW) | Treasurer and Principal Financial Officer; Form 3 reporting owner | Listed as Treasurer/PFO (served since 2019) and filed initial Form 3 on Sep 30, 2019 |
| Multiple Western Asset/Franklin Templeton funds (including EHI) | Authorized filer under Power of Attorney for Section 13/16 filings | POA enumerates EHI, HIX, WIW and other funds; executed Sep 23, 2019 |
Fixed Compensation
| Component | 2024–2025 Disclosure for EHI officers | Notes |
|---|---|---|
| Base salary | Not paid by the Fund | “Officers of the Fund receive no compensation from the Fund” |
| Annual/Target bonus | Not paid by the Fund | Any compensation, if applicable, would be by Franklin Templeton, not disclosed in EHI proxy |
| Travel reimbursement | Reimbursable | Reasonable out-of-pocket travel expenses to attend Board meetings may be reimbursed |
| Pension/retirement benefits | Not disclosed by Fund | No pension/retirement benefits disclosed for officers in EHI proxy |
EHI proxy statements disclose director compensation tables, but do not disclose officer cash/equity compensation because officers are not compensated by the Fund .
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed/applicable at Fund level for officers | — | — | — | — | — |
No officer performance metrics, PSUs/RSUs, or option awards are disclosed at the Fund level; officers are employed by Franklin Templeton, and EHI does not pay officer compensation .
Equity Ownership & Alignment
| Item | Disclosure |
|---|---|
| Beneficial ownership (officers and directors as a group) | Less than 1% of outstanding Common Stock as of Aug 29, 2025; less than 1% as of Aug 30, 2024 |
| Individual officer share ownership breakdown | Not disclosed in EHI proxy (director dollar ranges disclosed; officers not itemized) |
| Section 16(a) compliance | Fund believes all required ownership/change filings were made during FY ended May 31, 2025 and FY ended May 31, 2024 |
Employment Terms
| Term | Disclosure |
|---|---|
| Appointment and term | Executive officers are chosen annually by the Board to hold office until their successors are duly elected and qualified |
| Compensation from Fund | Officers receive no compensation from the Fund (possible reimbursement of reasonable travel expenses) |
| Severance/change-in-control | Not disclosed at the Fund level for officers; no severance or CoC economics disclosed in EHI proxy |
| Clawbacks, non-compete/non-solicit, garden leave | Not disclosed in EHI proxy for officers |
Governance Context (Compensation Committee, Peer Benchmarking, Say-on-Pay)
- EHI’s Board comprises a super-majority of Independent Directors; standing committees (Audit, Nominating, Compensation, Pricing & Valuation) are composed entirely of Independent Directors and chaired by an Independent Director .
- The Compensation Committee exists for director compensation; no executive (officer) compensation program is administered by the Fund. Director compensation tables are disclosed; no say‑on‑pay votes are presented in the proxy .
Investment Implications
- Compensation alignment: Because EHI officers are compensated by Franklin Templeton (not the Fund), there is no Fund-level pay-for-performance linkage to EHI’s market/NAV outcomes; evaluation of officer incentives requires analysis of Franklin Templeton’s internal compensation, which is not disclosed in EHI proxy filings .
- Insider alignment and trading signals: Officers and directors as a group own less than 1% of shares, suggesting limited direct insider alignment at the Fund level and low likelihood of material insider-driven supply/demand pressure from required share sales. Section 16(a) compliance was affirmed by the Fund for FY 2024 and FY 2025, indicating no filing red flags observed .
- Retention/severance risk to EHI: Officers are appointed annually and are not paid by the Fund; no Fund-level severance/CIC obligations are disclosed. This limits EHI’s direct financial exposure to officer transitions but also means retention levers are outside the Fund’s control (at Franklin Templeton) .
- Governance quality: Independent oversight structure with active committees and disclosed audit oversight supports baseline governance standards for a registered closed-end fund; no officer-specific controversies or related-party transactions are disclosed in the proxies reviewed .
References:
- EHI 2025 DEF 14A (biography; officers; Section 16 compliance; ownership; director compensation)
- EHI 2024 DEF 14A (biography; officers; ownership; committee structure; director compensation)
- WIW 2023 DEF 14A (listing Berarducci as Treasurer/PFO)
- WIW 2019 Form 3 and POA (authorizing Section 16 filings across funds including EHI/HIX/WIW)
- HIX shareholder report and N-2 amendment (officer listing and signature)