Jane E. Trust
About Jane E. Trust
Jane E. Trust, CFA (born 1962), serves as Director, President and Chief Executive Officer of Western Asset Emerging Markets Debt Fund Inc. (EMD). She has served on the Fund’s Board since 2015 and holds senior leadership roles within Franklin Templeton’s fund board management and FTFA; prior roles include Senior Managing Director (2018–2020) and Managing Director (2016–2018) at Legg Mason & Co., LLC . The proxies emphasize her investment management and risk oversight experience; specific TSR, revenue growth, or EBITDA growth metrics for her tenure at the Fund are not disclosed .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Franklin Templeton Fund Adviser, LLC (FTFA) | President & CEO | Since 2015 | Leads adviser/administrator to the Fund, aligning board oversight with adviser operations . |
| Franklin Templeton | Senior Vice President, Fund Board Management | Since 2020 | Governance and board process leadership across fund complex . |
| Legg Mason & Co., LLC | Senior Managing Director | 2018–2020 | Senior leadership in asset management; oversight experience . |
| Legg Mason & Co., LLC | Managing Director | 2016–2018 | Management and operations in investment management . |
| FTFA | Senior Vice President | 2015 | Adviser-side governance continuity during transition . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Franklin Templeton funds | Trustee/Director | Since 2015 | Oversees 119 portfolios, deep governance exposure . |
| Putnam Family of Funds | Trustee | As disclosed in 2025 proxy | Oversees 105 portfolios, broad industry network . |
Fixed Compensation
| Fiscal Year End | Fund-Paid Compensation to Jane E. Trust ($) | Note |
|---|---|---|
| 12/31/2022 | $0 | No remuneration paid by the Fund to Ms. Trust (interested person) . |
| 12/31/2023 | $0 | No remuneration paid by the Fund to Ms. Trust (interested person) . |
| 12/31/2024 | $0 | No remuneration paid by the Fund to Ms. Trust (interested person) . |
- The Fund does not compensate officers; independent directors receive fees, but interested directors like Ms. Trust do not receive director compensation from the Fund .
Performance Compensation
Not disclosed for Fund executives. The Fund’s Compensation Committee sets independent director compensation; the Fund does not provide pension/retirement benefits to directors, and officers receive no compensation from the Fund .
Equity Ownership & Alignment
| As-of Date | Dollar Range of EMD Shares Owned | Aggregate Dollar Range in Family of Investment Companies |
|---|---|---|
| 12/31/2016 | A (None) | E (Over $100,000) . |
| 12/31/2020 | A (None) | E (Over $100,000) . |
| 12/31/2022 | A (None) | E (Over $100,000) . |
| 12/31/2023 | A (None) | E (Over $100,000) . |
| 12/31/2024 | A (None) | E (Over $100,000) . |
- Group ownership by nominees, Directors and officers is less than 1% of outstanding shares at multiple dates (2017, 2021, 2023, 2024, 2025) .
- No pledging/hedging policy disclosures specific to directors appear in these proxies; stock ownership guidelines are not disclosed in EMD’s proxies we reviewed .
Employment Terms
- Officers are chosen annually by the Board and hold office until successors are elected; officers receive no compensation from the Fund, though reasonable travel expenses may be reimbursed .
- Section 16(a) compliance: the Fund reports all required ownership filings were met for the year in each proxy (2023, 2024, 2025) .
Board Governance
- Dual-role implications: In 2024, Ms. Trust served as Chairman, CEO, and President (interested director). The Board cited her operational familiarity and efficient agenda-setting as rationale, with a Lead Independent Director structure to mitigate independence concerns . In 2025, the Chair role transitioned to an Independent Director (Eileen A. Kamerick), further reducing potential CEO/Chairman concentration risk .
- Committee memberships: All standing committees (Audit; Nominating; Compensation; Pricing & Valuation) are composed entirely of Independent Directors and chaired by Independent Directors; Ms. Trust is not a member of these committees .
- Committee chairs (recent): Audit—Nisha Kumar (financial expert) ; Nominating—Hillary A. Sale ; Compensation—Peter Mason ; Pricing & Valuation—Carol L. Colman .
- Attendance: Each Director attended at least 75% of eligible Board and committee meetings (FY 2022: 4 regular, 4 special; FY 2023: 4 regular, 1 special; FY 2024: 4 regular, 1 special) .
Director Compensation
- Independent directors receive cash compensation for Fund and fund complex service; examples (FY 2024, Fund/Fund Complex totals): Agdern $33,365/$466,000; Colman $33,837/$371,000; Kamerick $37,142/$506,000; Kumar $35,253/$486,000; Grillo/Mason/Sale partial-year $3,470/$32,989. Ms. Trust received no remuneration from the Fund (interested person) .
- FY 2023 independent director compensation examples: Agdern $28,449/$402,000; Colman $30,392/$332,000; Kamerick $33,791/$457,000; Kumar $31,849/$435,000 .
Other Directorships & Interlocks
- Ms. Trust is an “interested person” due to her officer role with FTFA and affiliates .
- She serves across Franklin Templeton fund boards and as a Trustee of Putnam Family of Funds; these roles expand governance network and information flow but are within regulated fund complexes .
Compensation Committee Analysis
- Composition: entirely Independent Directors; charter governs recommendations of independent director compensation; the committee met twice in FY 2024 and once in FY 2023 .
- Consultants and conflicts: Not disclosed; independent legal counsel advises the Independent Directors .
Investment Implications
- Alignment: Ms. Trust holds no EMD shares (range A = None) while holding an aggregate “E” across the fund complex, suggesting limited direct alignment to EMD’s market price; however, governance alignment is maintained via independent committees and an Independent Chair as of 2025 .
- Selling pressure: With no reported EMD holdings, insider selling pressure from Ms. Trust appears minimal; Section 16(a) filings were compliant, and no Form 4 patterns are disclosed in proxies .
- Retention/contract risk: Fund officers are annually appointed and not compensated by the Fund; no severance/change-of-control terms are disclosed for Fund officers, indicating low Fund-level contractual overhang; governance continuity is supported by FTFA oversight .
- Governance quality: Transition to an Independent Chair in 2025, committees composed solely of Independent Directors, and documented attendance/committee activity reduce independence concerns from prior CEO+Chair dual-role structure .
- Shareholder context: Concentrated 5% holders (First Trust, Morgan Stanley affiliates, Parametric) can influence outcomes; the Fund is subject to Maryland Control Share Acquisition Act, potentially affecting control-vote dynamics .
Key takeaway: Ms. Trust’s governance influence remains significant via her CEO role and fund complex leadership, while Fund-level pay alignment is indirect (no Fund-paid compensation and no EMD holdings). The 2025 independent chair structure and independent-only committees mitigate dual-role independence risks, supporting governance stability in the closed-end fund framework .