Jane E. Trust
About Jane E. Trust
Jane E. Trust, CFA (birth year: 1962), is Director, President and Chief Executive Officer of Western Asset Global High Income Fund Inc. (EHI), serving since 2015; she is deemed an “interested person” under the 1940 Act due to her roles with Franklin Templeton/FTFA . Her background includes engineering (B.A., Dartmouth), finance (M.A.S., Johns Hopkins), and senior investment leadership at Legg Mason; she is a CFA charterholder . Current Franklin Templeton roles include Senior Vice President, Fund Board Management (since 2020) and President & CEO of Franklin Templeton Fund Adviser (since 2015) . Fund-level performance metrics (TSR, revenue/EBITDA growth) tied to her tenure are not disclosed in EHI’s proxy materials.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Legg Mason & Co., LLC | Senior Managing Director | 2018–2020 | Senior leadership at parent distribution arm . |
| Legg Mason & Co., LLC | Managing Director | 2016–2018 | Oversight/management responsibilities . |
| Legg Mason Investment Counsel (LMIC) | Head of Investments; oversaw PMs and trading | Not disclosed | Led investment teams and trading oversight . |
| Legg Mason Capital Management (LMCM) | Institutional Portfolio Manager | Not disclosed | Managed accounts for sovereigns, pensions, public funds, mutual funds . |
External Roles
| Organization | Role | Years |
|---|---|---|
| Franklin Templeton (FTFA) | President & Chief Executive Officer | Since 2015 |
| Franklin Templeton | Senior Vice President, Fund Board Management | Since 2020 |
| Franklin Templeton funds | Officer/Trustee/Director of 119 portfolios | Since 2015 |
| Putnam Family of Funds | Trustee (105 portfolios) | Not disclosed |
Fixed Compensation
Officers receive no compensation from EHI; compensation is borne by the adviser. No remuneration was paid by the Fund to Ms. Trust for the fiscal years below.
| Metric | FY 2023 (year ended 05/31/23) | FY 2024 (year ended 05/31/24) | FY 2025 (year ended 05/31/25) |
|---|---|---|---|
| Remuneration from EHI Fund to Jane E. Trust | $0 | $0 | $0 |
Notes:
- Director fees are paid only to independent directors; officers (including Ms. Trust) receive no Fund-level compensation .
Performance Compensation
EHI does not disclose any Fund-level bonus, equity, or option awards for Ms. Trust; officers receive no compensation from the Fund . Performance metrics tied to Ms. Trust’s compensation (e.g., revenue growth, EBITDA, TSR) are not disclosed at the Fund level.
Equity Ownership & Alignment
| As-of Date | EHI Ownership (Dollar Range) | Aggregate Ownership in Family of Investment Companies (Dollar Range) | Group Ownership |
|---|---|---|---|
| Dec 31, 2024 | A = None | E = Over $100,000 | Directors and officers as a group owned <1% of EHI shares as of Aug 29, 2025 . |
Additional alignment disclosures:
- Pledging/hedging: Not disclosed in EHI’s proxy.
- Stock ownership guidelines (executives/directors): Not disclosed in EHI’s proxy.
- Vested vs unvested shares; options in/out of the money: Not applicable at the Fund level (no Fund equity awards to officers) .
Employment Terms
| Topic | Disclosure |
|---|---|
| Officer election and term | Officers are elected annually by the Board to hold office until successors are duly elected and qualified, or until earlier resignation/removal . |
| Removal/Resignation | Officers may resign at any time; officers may be removed by the Board with or without cause; appointment does not itself create contract rights . |
| Compensation setting | Compensation of officers is fixed by the Board (though EHI pays none to Ms. Trust; compensation borne by adviser) . |
| Indemnification/D&O insurance | Company provides indemnification and may purchase/maintain insurance for directors/officers per bylaws (subject to law) . |
| Non-compete/Non-solicit/COC terms | Not disclosed at the Fund level (executive employment contracts would sit with adviser, not EHI). |
Board Governance
- Role and independence: Ms. Trust is an “interested” Director due to her officer roles with FTFA/affiliates; she serves as Director, President & CEO of EHI since 2015 .
- Chair split: She previously held the Chairman role (2024 proxy), but the Board appointed an independent Chair effective Nov 15, 2024 (Eileen A. Kamerick), addressing CEO/Chair dual-role concerns .
- Committee roles: EHI’s committees (Audit, Nominating, Compensation, Pricing & Valuation) are composed of Independent Directors; Ms. Trust is not listed as a committee member .
- Attendance: The Board held four regular and two special meetings in FY 2024; each Director attended at least 75% of meetings/committees for which eligible .
- Active engagement: Ms. Trust signed the Fund’s Form N-PX as President & CEO on Aug 15, 2025, evidencing ongoing executive responsibility .
Director Compensation (context)
Ms. Trust receives no director compensation from EHI; independent directors are paid by the Fund.
| Name (Independent Directors) | Aggregate Compensation from EHI FY Ended 05/31/25 ($) | Total Compensation from Fund Complex CY 2024 ($) |
|---|---|---|
| Robert D. Agdern | 10,254 | 466,000 |
| Carol L. Colman | 10,397 | 371,000 |
| Daniel P. Cronin | 5,047 | 366,000 |
| Paolo M. Cucchi | 5,047 | 366,000 |
| Anthony Grillo | 6,102 | 32,989 |
| Eileen A. Kamerick | 11,398 | 506,000 |
| Nisha Kumar | 10,826 | 486,000 |
| Peter Mason | 6,340 | 32,989 |
| Hillary A. Sale | 6,340 | 32,989 |
| Jane E. Trust (Interested Director) | $0 (Fund paid no remuneration) | Not applicable in table; Fund pays none to officers |
Performance & Track Record
- Appointment history: Ms. Trust was appointed Director/Trustee, Chairman, CEO, and President of various FT/Legg Mason closed-end funds effective Aug 1, 2015, succeeding Kenneth D. Fuller .
- Broader investment oversight: The proxy cites her investment management and risk oversight experience across the Franklin Templeton complex .
- Fund-level TSR or project wins/losses tied specifically to Ms. Trust: Not disclosed in EHI filings.
External Governance/Filings Touchpoints
- Governance framework highlights include independent Chair (since Nov 15, 2024) and committee structures comprised of Independent Directors .
- Risk oversight processes documented (Board/CCO/auditors/valuation oversight), with acknowledgments of limitations of risk management and summaries as typical for registered funds .
Investment Implications
- Pay-for-performance visibility: Because officers are compensated by the adviser and receive no Fund-level pay, there is minimal transparency into Ms. Trust’s cash/equity incentives and performance metrics at the Fund level—limiting direct pay-for-performance analysis using EHI documents .
- Alignment: As of Dec 31, 2024 Ms. Trust reported no direct EHI ownership (“A” = None) while aggregating “Over $100k” across the family of funds; this suggests limited personal exposure to EHI-specific outcomes, which may dilute alignment relative to independent directors holding EHI .
- Governance risk: Earlier CEO/Chair dual-role has been mitigated with the appointment of an independent Chair effective Nov 15, 2024, improving checks-and-balances and perceived board independence .
- Trading signals/insider pressure: No Fund-level equity grants, options, or vesting schedules are disclosed for Ms. Trust, implying no EHI-driven equity overhang or forced-selling cadence originating from Fund compensation; however, lack of Form 4 data here means no inference on adviser-level equity or personal portfolio activity .
- Retention/continuity: Ms. Trust’s tenure since 2015 and concurrent senior roles across the Franklin ecosystem indicate continuity of fund governance and adviser alignment, though retention economics sit with Franklin Templeton rather than EHI and are not disclosed in EHI filings .
Document references and key excerpts:
- Director/Officer roles, independence status, and background .
- Independent Chair since Nov 15, 2024; committee composition .
- No remuneration to Ms. Trust from EHI (FY23–FY25) .
- Ownership dollar ranges as of Dec 31, 2024 .
- N-PX signed by Ms. Trust as CEO (Aug 15, 2025) .
- Officer election/removal/indemnification bylaws .
- 2015 appointment press release (background, education) .