Jane Trust
About Jane Trust
Jane E. Trust is Director, President and Chief Executive Officer of ClearBridge Energy Midstream Opportunity Fund Inc. (EMO) and has served on the Board since 2015; she is designated an “interested person” due to her officer roles at Franklin Templeton/FTFA, and her birth year is 1962 . She previously served as Chairman of the Board (2024 proxy), with Eileen Kamerick serving as Lead Independent Director; in 2025 the Chair role transitioned to Ms. Kamerick, an Independent Director, while Ms. Trust continues as Director, President and CEO—mitigating CEO/Chair dual-role concerns . Ms. Trust’s background includes Senior Vice President, Fund Board Management at Franklin Templeton (since 2020), President & CEO of FTFA (since 2015), prior senior roles at Legg Mason & Co., and earlier investment leadership at Legg Mason Capital Management and Legg Mason Investment Counsel; she earned a B.A. (Engineering Sciences) from Dartmouth, M.A.S. (Finance) from Johns Hopkins, and is a CFA charterholder . Officers of the Fund receive no compensation from the Fund, so the proxy does not include executive pay-performance metrics for Ms. Trust; director ownership disclosures indicate her personal EMO holding is reported in the “A” range (None) with “E” (Over $100,000) aggregate across the fund family .
Past Roles
| Organization | Role | Years | Strategic Impact / Notes |
|---|---|---|---|
| Franklin Templeton | Senior Vice President, Fund Board Management | Since 2020 | Senior leadership supporting fund board management . |
| FTFA (Franklin Templeton) | President & Chief Executive Officer | Since 2015 | Executive leadership of the adviser to EMO; officer/trustee/director across affiliated funds . |
| Legg Mason & Co., LLC | Senior Managing Director; Managing Director | 2018–2020; 2016–2018 | Senior corporate leadership roles prior to Franklin Templeton integration . |
| Legg Mason Capital Mgmt (LMCM) | Institutional Portfolio Manager | N/D | Managed accounts for institutional clients (press release summary) . |
| Legg Mason Investment Counsel (LMIC) | Head of Investments | N/D | Oversaw equity/fixed income PMs and trading (press release summary) . |
External Roles
| Organization | Capacity | Years | Notes |
|---|---|---|---|
| Putnam Family of Funds | Trustee | Current (as of 2025) | Trustee of family consisting of 105 portfolios . |
| FTFA/Franklin Templeton Fund Complex | Officer and/or Trustee/Director | Since 2015 | Officer/trustee/director of 114 funds (2025) vs. 123 funds (2024) . |
Board Governance
- Status: Director (since 2015); Interested Director under the 1940 Act; President & CEO of the Fund .
- Leadership structure: 2024—Board had seven directors with six Independent Directors; Ms. Trust served as Chairman with Ms. Kamerick as Lead Independent Director . 2025—Board has eight directors with seven Independent Directors; Ms. Kamerick serves as independent Chair; Ms. Trust remains Director, President & CEO .
- Committees: Audit, Nominating, Compensation, and Pricing & Valuation Committees are composed entirely of Independent Directors and chaired by an Independent Director; as an Interested Director, Ms. Trust does not serve on these committees .
- Committee chairs (2025): Audit—Nisha Kumar (audit committee financial expert); Compensation—Peter Mason; Pricing & Valuation—Carol L. Colman .
- Meeting cadence and attendance: 2024 fiscal year—four regular and eight special meetings; each Director attended at least 75% of eligible meetings . 2025 fiscal year—four regular and six special meetings; each Director attended at least 75% .
Fixed Compensation
Officers receive no compensation from the Fund; accordingly, the Fund pays Ms. Trust no salary, bonus, or perquisites.
| Component | FY 2024 | Source |
|---|---|---|
| Base salary (from EMO) | $0 | Officers receive no compensation from the Fund . |
| Cash bonus (from EMO) | $0 | Officers receive no compensation from the Fund . |
| Perquisites (from EMO) | $0 | Officers receive no compensation from the Fund . |
Note: Independent Directors receive cash compensation; however, “no remuneration was paid... by the Fund to Ms. Trust who is an ‘interested person’” for FY 2024 and FY 2023 .
Performance Compensation
The Fund does not grant equity or option awards to officers; there are no RSU/PSU/option grants to Ms. Trust from EMO.
| Incentive Type | Grant/Metric | Vesting | Payout |
|---|---|---|---|
| RSUs/PSUs (EMO) | None | N/A | N/A . |
| Stock options (EMO) | None | N/A | N/A . |
Equity Ownership & Alignment
| Metric | 12/31/2023 | 12/31/2024 |
|---|---|---|
| Dollar range of EMO equity securities beneficially owned by Jane E. Trust | A = None | A = None |
| Aggregate dollar range across all funds overseen (family of investment companies) | E = Over $100,000 | E = Over $100,000 |
- Mapping: A = None; B = $1–$10,000; C = $10,001–$50,000; D = $50,001–$100,000; E = Over $100,000 .
- Group ownership context: As of Feb 7, 2025, Fund directors/officers as a group owned <1% of EMO common and preferred shares .
Employment Terms
- Appointment and tenure: Appointed Director/Chairman/CEO/President effective August 1, 2015 (press release and 8‑K); succeeded Kenneth D. Fuller (resigned July 31, 2015) .
- Officer election: Executive officers are chosen annually by the Board and serve until successors are duly elected and qualified .
- Compensation source: Officers may be reimbursed for reasonable travel expenses for Board meetings; otherwise, no compensation from EMO; any cash/equity compensation, severance, or CoC economics would be at the adviser (FTFA/Franklin Templeton) and are not disclosed in EMO’s proxy materials .
Additional Reference Metrics
| Item | 2024 Proxy | 2025 Proxy |
|---|---|---|
| Number of portfolios in fund complex overseen by Ms. Trust | 123 | 114 |
| Board meetings (regular, special) | 4, 8 | 4, 6 |
Investment Implications
- Governance: The transition from CEO/Chair dual role (2024) to an independent Chair in 2025 reduces concentration of power and improves oversight; committees remain fully independent, limiting potential conflicts given Ms. Trust’s “interested person” status .
- Pay alignment and selling pressure: EMO pays no officer compensation and grants no equity to officers, so there are no EMO-based vesting schedules or option expiries that could create forced selling; Ms. Trust reports no beneficial ownership in EMO (range “A”), further minimizing insider sale overhang at the Fund level .
- Retention/contract risk: Employment economics (salary, bonus, severance, change-of-control) reside at the adviser (FTFA/Franklin Templeton) and are not disclosed in EMO proxies, limiting visibility into alignment and retention incentives at the individual executive level for Fund investors .
- Experience breadth: Ms. Trust’s long tenure at Legg Mason/Franklin Templeton and current oversight of a large fund complex suggest deep governance/process familiarity, which can be a stabilizing factor for a closed-end fund structure reliant on adviser execution and board oversight .