Scott Jardine
Secretary and Chief Legal Officer at First Trust Intermediate Duration Preferred & Income Fund
Executive
About Scott Jardine
W. Scott Jardine (born 1960) serves as Secretary and Chief Legal Officer of First Trust Intermediate Duration Preferred & Income Fund (FPF). He has an indefinite term and has served since the Funds’ inception; he is General Counsel of First Trust Advisors L.P. and First Trust Portfolios L.P., and also Secretary/General Counsel of certain First Trust affiliates . Education and background: JD, University of Illinois College of Law (1982–1985); prior roles include work at Chapman and Cutler LLP .
Notably, executive officers of the Funds receive no compensation from the Funds for serving in such capacities, so fund-level pay-for-performance metrics (TSR-, revenue-, EBITDA-linked payouts) do not apply to Jardine in his capacity as an officer of FPF .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Chapman and Cutler LLP | Not disclosed (legal role) | Not disclosed | Legal experience relevant to investment funds and securities law |
| First Trust Advisors L.P.; First Trust Portfolios L.P. | General Counsel | Ongoing | Leads legal function across First Trust Funds complex and affiliates |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BondWave LLC (Software Development Co.) | Secretary and General Counsel | Ongoing | Governance and legal oversight at affiliate service provider |
| Stonebridge Advisors LLC (Investment Advisor; FPF sub-advisor affiliate) | Secretary | Ongoing | Legal coordination with FPF’s sub-advisor affiliate; note affiliate ownership structure |
Fixed Compensation
- Fund-paid compensation: Executive officers (including Jardine) and the Interested Trustee receive no compensation from the Funds for serving in these capacities. Compensation for trustees applies only to Independent Trustees; executive officers are unpaid by the Funds .
Performance Compensation
- Not applicable at the fund level for executive officers. The proxy statements disclose no fund-paid bonuses, RSUs/PSUs, options, or performance-linked incentives for Jardine (executive officers receive no compensation from the Funds) .
Equity Ownership & Alignment
- No individual per-executive officer share ownership table is disclosed; Trustees’ per-person holdings are reported, and the Funds disclose “as a group” holdings for Trustees and executive officers.
Ownership context:
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| FPF – Trustees & Executive Officers as a Group, Shares Owned | 1,842 | 1,969 |
| Group Ownership as % of Outstanding Shares | Less than 1% (as stated) | Less than 1% (as stated) |
Additional share context:
| Metric | As of |
|---|---|
| FPF Shares Outstanding | 60,847,827 (Record Date: Feb 19, 2025) |
- Stock ownership guidelines: A requirement applies to Independent Trustees (expectation to invest at least one year’s annual retainer across the First Trust Fund Complex within three years). No stock ownership guideline is disclosed for executive officers like Jardine .
- Pledging/hedging: No pledging or hedging policy is disclosed for executive officers in the proxies reviewed; not mentioned in the cited filings .
Employment Terms
- Position/term: Secretary and Chief Legal Officer; indefinite term; serving since Fund inception .
- Responsibilities: Oversees legal affairs for the Funds; General Counsel of First Trust Advisors L.P. and First Trust Portfolios L.P.; signs SEC filings and fund by-law updates in his capacity as Secretary (e.g., 8-K signatures) .
- Compensation/benefits at fund level: None; executive officers receive no compensation from the Funds for serving in such capacities. Severance/change-of-control, clawbacks, deferred compensation, pension/SERP, perquisites: not disclosed at the fund level for executive officers .
Board Governance
- Jardine is an executive officer, not a Trustee; governance committees and trustee compensation are disclosed for Independent Trustees. The Board uses a unitary leadership structure across the First Trust Fund Complex with committee oversight (Audit, Valuation, Nominating & Governance, Dividend, Executive), but these apply to Trustees rather than executive officers .
Say-on-Pay & Shareholder Feedback
- Not applicable to executive officers; proxies focus on trustee elections and do not include a say-on-pay item. Shareholder communications to the Board are directed to the Fund Secretary, W. Scott Jardine .
Additional Notes on Background and Education
- Education: JD, University of Illinois College of Law (1982–1985) .
- Professional profile: General Counsel at First Trust Portfolios L.P.; prior association with Chapman and Cutler LLP .
Investment Implications
- Pay-for-performance alignment at the fund level is minimal for executive officers: proxies state executive officers receive no compensation from the Funds, implying no fund-paid equity or cash incentives tied to FPF’s performance for Jardine . This reduces classic insider-selling pressure (no fund equity awards vesting), but also limits direct fund-level incentive alignment.
- Ownership alignment appears low at the officer level based on disclosed group figures and absence of per-officer holdings; Trustees and executive officers as a group hold less than 1% of FPF, constraining “skin-in-the-game” signaling for executive officers .
- Retention risk: Jardine’s indefinite term and longstanding general counsel roles across the First Trust complex suggest organizational continuity; however, no employment agreement, non-compete, severance/change-of-control, or clawback terms are disclosed at the fund level, limiting visibility into retention economics .
- Trading signals: We found no fund-level equity award vesting schedules or disclosed executive Form 4 activity for Jardine in the reviewed filings; while other insiders have purchased FPF in recent periods, officer-specific trading signals for Jardine are not disclosed in fund documents .