Anthony Grillo
About Anthony Grillo
Anthony Grillo (born 1955) is an independent, non-interested Director of Western Asset Global Corporate Opportunity Fund Inc. (NYSE: GDO) since 2024, effective November 15, 2024. He is retired and previously founded and served as Managing Director/Partner at American Securities Opportunity Funds (2006–2018), with prior senior roles at Evercore Partners (2001–2004), Joseph Littlejohn & Levy (1999–2001), and The Blackstone Group (1991–1999). He currently oversees 17 portfolios within the Franklin Templeton Fund Complex .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| American Securities Opportunity Funds | Founder, Managing Director & Partner | 2006–2018 | Private equity/credit investing experience |
| Evercore Partners Inc. | Senior Managing Director | 2001–2004 | Investment banking leadership |
| Joseph Littlejohn & Levy, Inc. | Senior Managing Director | 1999–2001 | Private equity leadership |
| The Blackstone Group L.P. | Senior Managing Director | 1991–1999 | Private equity/credit leadership |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Littelfuse, Inc. | Director | Since 1991 | Public company directorship (electronics manufacturing) |
| Oaktree Acquisition Corp. II | Director | 2020–2022 | SPAC board role (prior) |
| Oaktree Acquisition Corp. | Director | 2019–2021 | SPAC board role (prior) |
Board Governance
- Independence and board composition: Grillo is a non-interested, Independent Director under the 1940 Act and NYSE standards; the Board has eight directors, seven are independent, and the Chair (Eileen A. Kamerick) is independent .
- Committee memberships: Grillo serves on the Audit, Nominating, Compensation, and Pricing & Valuation Committees; he is not listed as a chair of any committee .
- Committee chairs: Audit—Nisha Kumar (chair); Nominating—Hillary A. Sale (chair); Pricing & Valuation—Carol L. Colman (chair); Compensation—Peter Mason (chair) .
- Attendance and engagement: In FY ended Oct 31, 2024, the Board held 4 regular and 1 special meeting; each Director attended at least 75% of Board/committee meetings for which eligible; no Director attended the 2024 Annual Meeting of Stockholders. Grillo’s appointment became effective Nov 15, 2024 .
- Committee activity (FY 2024): Audit Committee met 5x; Nominating Committee met 7x; Pricing & Valuation Committee met 4x; Compensation Committee met 1x .
Fixed Compensation
| Metric | FY Ended 10/31/2024 | Calendar Year 2024 |
|---|---|---|
| Aggregate Compensation from GDO ($) | $0 | — |
| Total Compensation from Fund Complex ($) | — | $32,989 |
| Effective start date | Nov 15, 2024 | Nov 15, 2024 |
Notes:
- The Fund does not provide pension or retirement benefits to Directors .
Performance Compensation
| Component | Detail |
|---|---|
| Equity awards (RSUs/PSUs) | Not disclosed in proxy |
| Option awards | Not disclosed in proxy |
| Performance metrics tied to compensation (e.g., TSR, revenue growth, ESG) | Not disclosed in proxy |
| Vesting schedules | Not disclosed in proxy |
| Clawback provisions | Not disclosed in proxy |
Other Directorships & Interlocks
| Company | Role | Potential Interlock/Conflict Commentary |
|---|---|---|
| Littelfuse, Inc. | Director (since 1991) | No related-party transactions with GDO’s adviser disclosed; potential conflict would depend on GDO holdings, which are not disclosed in proxy . |
| Oaktree Acquisition Corp.; Oaktree Acquisition Corp. II | Director (prior) | Prior SPAC roles; no ongoing Fund-adviser conflicts disclosed . |
Expertise & Qualifications
- Private equity and credit investing expertise; senior investment banking background; brings transactional and capital markets experience to Audit, Pricing & Valuation, Nominating, and Compensation oversight .
- Oversees 17 portfolios across the Franklin Templeton Fund Complex, indicating breadth of governance exposure .
Equity Ownership
| Holder | Dollar Range in GDO | Aggregate Dollar Range in Family of Investment Companies |
|---|---|---|
| Anthony Grillo | A = None | A = None |
Additional ownership context:
- As of February 7, 2025, directors and officers as a group owned less than 1% of outstanding GDO common stock .
- Largest reported holder: First Trust Advisors L.P. and affiliates owned 834,766 shares (11.10%) as of Feb 7, 2025 (per Schedule 13G) .
Governance Assessment
- Independence and committee breadth: Grillo is independent and serves on all four standing committees, increasing board oversight capacity across financial reporting, valuation, nominations, and director pay .
- Attendance and engagement: Board and committee engagement was active in FY 2024 (17 total committee meetings across four committees); Grillo joined after fiscal year end, with FY attendance metrics reported at ≥75% for eligible directors .
- Compensation alignment: Partial-year total compensation across the Fund Complex ($32,989 in 2024) reflects November onboarding; the proxy does not disclose equity or performance-based awards, and the Fund does not provide director pensions—suggesting primarily cash-based compensation .
- Ownership alignment: Grillo reported no holdings in GDO or in the family of investment companies as of December 31, 2024, which may limit “skin-in-the-game” alignment versus peers with holdings .
- Conflicts/related-party exposure: The proxy states no non-interested Director or immediate family had interests in the Fund’s investment adviser or its affiliates as of December 31, 2024, and Section 16(a) filings were in compliance—reducing adviser-related conflict risk .
RED FLAGS
- No personal ownership in GDO (Dollar Range “A” = None), which may be viewed as weaker alignment by some investors .
- Significant multi-board commitments (17 fund directorships) can raise overboarding/time-commitment questions, though FY 2024 committee meeting cadence was robust and independent counsel supports board processes .
- The proxy does not provide performance-linked director pay elements (equity/metrics), limiting pay-for-performance visibility .
Potential Positives
- Deep private equity and investment banking background adds valuation, transaction, and capital markets rigor to Audit and Pricing & Valuation oversight .
- Strong independent board structure with an independent Chair and multiple executive sessions; active committee work and formal charters available on the Fund’s website .