Marc A. De Oliveira
About Marc A. De Oliveira
Marc A. De Oliveira (birth year: 1971) serves as Secretary and Chief Legal Officer of Western Asset Emerging Markets Debt Fund Inc. (EMD) since 2023, while concurrently serving as Associate General Counsel at Franklin Templeton since 2020 . Officers of the Fund receive no compensation from EMD, and the Fund does not disclose officer-level incentive metrics; as a result there is no fund-level pay-for-performance linkage disclosed for this role . As of August 29, 2025, nominees, Directors and officers of the Fund as a group beneficially owned less than 1% of EMD’s outstanding common stock, and individual officer holdings (including Mr. De Oliveira) are not itemized in the proxy .
Past Roles
| Organization | Role | Years | Strategic Impact/Notes |
|---|---|---|---|
| Legg Mason & Co. | Managing Director | 2016–2020 | Principal occupation disclosed; detailed impact not provided . |
| Legg Mason & Co. | Associate General Counsel | 2005–2020 | Principal occupation disclosed; detailed impact not provided . |
| Certain funds associated with Legg Mason & Co. or its affiliates | Assistant Secretary | Since 2006 | Ongoing fund governance role; detailed impact not provided . |
External Roles
| Organization | Role | Years | Strategic Impact/Notes |
|---|---|---|---|
| Franklin Templeton | Associate General Counsel | Since 2020 | Current primary employer; legal leadership capacity . |
| Certain funds associated with Legg Mason & Co. or its affiliates | Secretary and Chief Legal Officer | Since 2020 | Fund governance leadership across affiliated funds . |
Fixed Compensation
| Component | EMD Fund-Paid Amount | Disclosure Source |
|---|---|---|
| Base salary | $0 (officers receive no compensation from the Fund) | |
| Target bonus % | Not disclosed by the Fund | |
| Actual bonus paid | Not disclosed by the Fund | |
| Perquisites (aircraft, security, club, etc.) | Not disclosed by the Fund | |
| Pension/SERP/Deferred comp | Not disclosed by the Fund |
Officers are employees of Franklin Templeton/affiliates per their principal occupations; the Fund’s proxy does not include officer pay details. Only the fact that officers receive no compensation from the Fund is disclosed .
Performance Compensation
| Incentive Type | Metric(s) | Target | Actual/Payout | Vesting | Notes |
|---|---|---|---|---|---|
| Annual cash incentive | Not disclosed | Not disclosed | Not disclosed | N/A | Fund discloses no officer compensation; no performance plan terms provided . |
| RSUs/PSUs | Not disclosed | Not disclosed | Not disclosed | Not disclosed | No equity awards from the Fund disclosed for officers . |
| Stock options | Not disclosed | Not disclosed | Not disclosed | Not disclosed | No option awards by the Fund disclosed for officers . |
| Clawbacks/COC modifiers | Not disclosed | — | — | — | Not disclosed in the Fund’s proxy for officers . |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership (group) | Nominees, Directors and officers of the Fund as a group beneficially owned less than 1% of outstanding common stock as of August 29, 2025 . |
| Individual officer holdings | Not individually disclosed; the proxy provides director dollar ranges but not officer-by-officer amounts . |
| Vested vs. unvested shares | Not disclosed for officers . |
| Options (exercisable vs unexercisable) | Not disclosed for officers; no option program at the Fund disclosed . |
| Shares pledged as collateral | Not disclosed for officers . |
| Ownership guidelines (officers) | Not disclosed for officers in the Fund proxy . |
| Section 16(a) compliance | Based on its review, the Fund believes all filing requirements were met for FY2024 . |
Employment Terms
| Term | Detail |
|---|---|
| EMD role and start | Secretary and Chief Legal Officer since 2023 . |
| Appointment/term | Officers are chosen each year at a regular Board meeting and hold office until successors are elected/qualified . |
| Employment agreement | Not disclosed by the Fund . |
| Severance | Not disclosed by the Fund . |
| Change-of-control | Not disclosed by the Fund . |
| Non-compete/Non-solicit/Garden leave | Not disclosed by the Fund . |
| Post-termination consulting | Not disclosed by the Fund . |
Investment Implications
- Pay-for-performance linkage: No officer compensation is paid by the Fund, and the proxy discloses no officer incentive metrics or equity awards; thus, there is no fund-level compensation alignment lever to evaluate for this role. Any compensation alignment (or misalignment) would exist at the Franklin Templeton corporate level, which is not disclosed in EMD’s proxy .
- Insider selling pressure/vesting overhang: The proxy shows no officer equity or vesting schedules at the Fund and reports that nominees, Directors and officers as a group own less than 1% of shares, implying minimal structural selling pressure from officer grants at the Fund level .
- Retention and change-of-control risk: Officers are appointed annually with no disclosed employment agreement, severance, or change-of-control economics in the Fund proxy; retention levers (positive or negative) for this role are therefore not visible at the Fund level . Mr. De Oliveira’s long tenure across Legg Mason/Franklin Templeton legal roles (since 2005; Associate General Counsel since 2020) suggests organizational continuity, but the Fund provides no contractual retention protections or obligations to analyze .
- Governance/controls signal: Section 16(a) compliance for FY2024 was reported as satisfactory, and the Secretary/CLO role is integrated into fund governance processes; however, no say‑on‑pay or officer-level clawback/COC policies are disclosed at the Fund level .
Citations:
- 2025 DEF 14A (roles, officer list, “officers receive no compensation,” group ownership, Section 16 compliance):
- 2024 DEF 14A (roles, officer list, “officers receive no compensation” statement and Secretary signatory):