Jeanne Kelly
About Jeanne Kelly
Jeanne M. Kelly is Senior Vice President of ClearBridge Energy Midstream Opportunity Fund Inc. (EMO) and has served in this role since 2011; her birth year is 1951. Her recent roles include U.S. Fund Board Team Manager at Franklin Templeton (since 2020), Senior Vice President of Franklin Templeton Fund Adviser, LLC (FTFA) (since 2006), President and CEO of LM Asset Services, LLC (LMAS) and Legg Mason Fund Asset Management, Inc. (LMFAM) (since 2015), and Managing Director at Legg Mason & Co. (2005–2020) . Fund performance metrics like TSR and NAV returns during her tenure are not presented in the proxy; EMO references that performance is covered in annual and semi-annual reports available on its website .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ClearBridge Energy Midstream Opportunity Fund Inc. | Senior Vice President | 2011–present | Senior officer supporting fund governance and board processes |
| Franklin Templeton | U.S. Fund Board Team Manager | 2020–present | Manages U.S. fund board operations and governance workflows |
| Franklin Templeton Fund Adviser, LLC (FTFA) | Senior Vice President | 2006–present | Senior leadership at the adviser; oversight of fund complex matters |
| LM Asset Services, LLC (LMAS) | President & CEO | 2015–present | Executive leadership of service affiliate supporting fund operations |
| Legg Mason Fund Asset Management, Inc. (LMFAM) | President & CEO | 2015–present | Executive leadership of affiliated adviser functions |
| Legg Mason Fund Asset Management, Inc. (LMFAM) | Senior Vice President | 2013–2015 | Senior management role pre-CEO appointment |
| Legg Mason & Co. | Managing Director | 2005–2020 | Senior corporate leadership prior to integration into Franklin Templeton |
External Roles
- No external directorships or committee roles for Jeanne M. Kelly are disclosed in EMO’s proxy or registration statements .
Fixed Compensation
| Metric | FY 2024 |
|---|---|
| Compensation paid by EMO to executive officers (including Jeanne M. Kelly) | $0 |
- Officers of the Fund receive no compensation from EMO; they may be reimbursed for reasonable out-of-pocket travel expenses for attending Board meetings .
Performance Compensation
- No bonus, RSU/PSU, option awards, or performance-based payouts are paid by EMO to its executive officers; such compensation elements are not applicable at the Fund level for officers .
Equity Ownership & Alignment
| Metric | As of Dec 31, 2024 | As of Feb 7, 2025 |
|---|---|---|
| Directors and officers as a group beneficial ownership of EMO Common Stock (%) | <1% | <1% of Common and Preferred shares outstanding |
- Individual beneficial ownership ranges for officers are not provided; director ownership ranges are disclosed separately, but not specific to Jeanne M. Kelly .
- Pledging policy: Directors and executive officers are prohibited from pledging, hypothecating, or otherwise encumbering securities issued by Franklin Resources, Inc., per the FRI Code of Ethics referenced in EMO’s registration statement; EMO-specific pledging of EMO stock is not addressed .
Employment Terms
- Executive officers are elected annually by the Board and serve until successors are elected and qualified; officers receive no compensation from EMO but may be reimbursed for reasonable travel expenses .
- No employment contracts, severance arrangements, change-of-control provisions, tax gross-ups, clawbacks, or deferred compensation for EMO officers are disclosed in EMO filings .
- Jeanne M. Kelly is named among the designated proxies for EMO’s 2025 Annual Meeting, reflecting her standing within EMO’s governance apparatus .
Investment Implications
- Compensation alignment: Because EMO does not compensate its officers (including Jeanne M. Kelly) at the Fund level, traditional pay-for-performance levers (bonus targets, equity grants, option overhang) are not applicable; compensation alignment is primarily driven by Franklin Templeton affiliate arrangements that are not disclosed in EMO filings .
- Insider selling pressure: With no EMO-level equity grants or vesting schedules for officers, near-term selling pressure tied to vesting is minimal; group beneficial ownership is <1%, suggesting limited direct “skin in the game” at the Fund level .
- Pledging/hedging: The referenced policy prohibits pledging of Franklin Resources securities by directors and executive officers, reducing risk of forced sales for FR stock; EMO-specific pledging guidance is not disclosed, limiting assessment of alignment for EMO shares .
- Retention risk: Jeanne’s tenure and multi-decade leadership across Franklin Templeton/Legg Mason affiliates suggest institutional continuity; however, the absence of Fund-level employment contracts or severance provisions indicates that retention economics are managed outside EMO and are not visible to public investors via EMO filings .
- Governance context: EMO’s 2025 proxy focused on director elections and auditor ratification with no say-on-pay proposal, consistent with closed-end fund governance where officer compensation is handled by the adviser rather than the registrant .
- Performance attribution: Fund TSR/NAV performance under Jeanne’s tenure is not presented in the proxy; investors should consult EMO’s annual/semi-annual reports for detailed NAV/market performance, distribution history, and portfolio data to assess execution quality within the fund’s midstream energy strategy .