W. Scott Jardine
About W. Scott Jardine
W. Scott Jardine (year of birth: 1960) serves as Secretary and Chief Legal Officer of the Funds, with an indefinite term since each Fund’s inception; he is also General Counsel of First Trust Advisors L.P. and First Trust Portfolios L.P., and Secretary and General Counsel of BondWave LLC, as well as Secretary of Stonebridge Advisors LLC . Education is not disclosed in the proxy; performance metrics like TSR, revenue growth, and EBITDA growth for his tenure are not disclosed by the Funds . Jardine is the designated addressee for shareholder communications and proposal notices in his capacity as Fund Secretary, underscoring his central governance role . He is also regularly named as attorney-in-fact to execute Section 16 filings (Forms 3/4/5) for insiders, highlighting his direct involvement in compliance processes .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| First Trust Advisors L.P. | General Counsel | Past 5 years | Fund complex legal leadership; officer selection and governance interface via Secretary role |
| First Trust Portfolios L.P. | General Counsel | Past 5 years | Legal oversight across distribution/portfolios; governance interface via Secretary duties |
| First Trust Fund Complex (312 portfolios) | Secretary and Chief Legal Officer | Indefinite term since fund inception | Primary point of contact for shareholder communications and proposals |
| BondWave LLC (software) | Secretary and General Counsel | Past 5 years | Legal leadership at affiliate (impact specifics not disclosed) |
| Stonebridge Advisors LLC (investment advisor) | Secretary | Past 5 years | Legal/secretarial function at affiliate (impact specifics not disclosed) |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BondWave LLC | Secretary and General Counsel | Past 5 years | Legal oversight; specific initiatives not disclosed |
| Stonebridge Advisors LLC | Secretary | Past 5 years | Secretarial/legal governance; specifics not disclosed |
Fixed Compensation
- Executive officers (including Jardine) and the Interested Trustee receive no compensation from the Funds for serving in such capacities; trustee cash retainers and fees are disclosed separately and do not apply to officers .
- Compensation for officers is not disclosed at the Fund level; details, if any, would be at the Advisor level and not included in the Fund proxy .
| Component | Amount/Terms | Source |
|---|---|---|
| Fund-paid officer compensation | $0 for officer roles | Executive officers receive no compensation from the Funds |
| Trustee retainers (context, not applicable to Jardine) | Independent Trustees: $285,000 annual retainer; additional per-fund fees; chairs receive additional amounts | Trustee compensation disclosure; officers not paid by Funds |
Performance Compensation
- No fund-level bonus, stock awards, options, or performance-linked pay is disclosed for executive officers; the Funds state officers receive no compensation from the Funds .
- Performance metrics tied to executive pay (revenue, EBITDA, TSR) and vesting schedules are not disclosed by the Funds for officers .
Equity Ownership & Alignment
- Individual beneficial ownership for executive officers (including Jardine) is not disclosed; only aggregate holdings for Trustees, Nominees, and executive officers as a group are provided .
- The group held 1,166 FCT shares as of December 31, 2024 (<1% of shares outstanding) . Pledging, hedging, and officer-specific ownership guidelines are not disclosed at the Fund level (trustee ownership expectations exist but apply to Independent Trustees) .
| Item | Detail |
|---|---|
| Individual officer ownership (Jardine) | Not disclosed |
| Group holdings (Trustees, Nominees, executive officers) | 1,166 shares of FCT; less than 1% of FCT’s shares outstanding |
| Pledging/hedging | Not disclosed |
| Ownership guidelines | Independent Trustee investment policy; officer guidelines not disclosed |
Employment Terms
- Role and tenure: Secretary and Chief Legal Officer of the Funds; indefinite term since Fund inception .
- Governance responsibilities: Jardine is the designated addressee for shareholder communications and for advance notice of shareholder proposals and nominations under the Funds’ By-Laws .
- Compliance oversight: Section 16(a)/30(h) beneficial ownership reporting compliance was met for the fiscal year ended May 31, 2025; Jardine is frequently named attorney-in-fact to execute Section 16 filings for insiders .
- Employment contracts, severance, change-of-control terms, clawbacks, non-compete, and garden leave are not disclosed at the Fund level (officers are employees of the Advisor; such terms, if any, would be maintained by the Advisor and are not in the Fund proxy) .
Investment Implications
- Pay-for-performance alignment at the Fund level is limited for officers: the Funds pay $0 to executive officers, so no fund-linked cash/equity incentives, vesting schedules, or insider selling pressure are disclosed; thus, trading signals tied to officer award-vesting or stock sales are not visible from Fund disclosures .
- Ownership alignment appears minimal at the Fund level given less than 1% aggregate holdings for Trustees/Nominees/executive officers; Jardine’s specific ownership is not disclosed, and pledging/hedging data are absent, limiting assessment of skin-in-the-game .
- Retention risk cannot be assessed from Fund documents: officers hold indefinite terms, but employment economics (contracts, severance, CoC) are controlled by the Advisor and are not disclosed in the Fund proxy; any compensation shifts or clawbacks would be at the Advisor level .
- Governance and compliance competence indicators are strong: Jardine’s Secretary role centralizes shareholder communications and procedural controls, and recurring attorney-in-fact designations for Section 16 filings signal operational rigor in insider reporting—both supportive of process integrity rather than direct performance alpha .