Christopher Berarducci
About Christopher Berarducci
Christopher Berarducci serves as Treasurer and Principal Financial Officer of Western Asset Investment Grade Defined Opportunity Trust Inc. (IGI) and has held this role since 2019; his birth year is 1974 . He is Vice President of Fund Administration and Reporting at Franklin Templeton (since 2020) and previously held finance leadership roles at Legg Mason & Co. (Managing Director in 2020; Director 2015–2020; Vice President 2011–2015) . Officers of the Fund receive no compensation from the Fund (they may be reimbursed for reasonable out‑of‑pocket travel expenses for attending Board meetings), and Section 16(a) reporting compliance was met for the fiscal year ended November 30, 2024 . He signed the Fund’s 2025 N‑CEN filing as Principal Financial Officer and Treasurer, confirming his current capacity .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Franklin Templeton | Vice President, Fund Administration and Reporting | 2020–Present | Not disclosed (role indicates oversight of fund administration/reporting) |
| Legg Mason & Co. | Managing Director | 2020 | Not disclosed |
| Legg Mason & Co. | Director | 2015–2020 | Not disclosed |
| Legg Mason & Co. | Vice President | 2011–2015 | Not disclosed |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Various Franklin Templeton/Legg Mason funds | Treasurer (certain funds) | Since 2010 | Treasurer of certain funds associated with Legg Mason & Co. or its affiliates |
| Various Franklin Templeton/Legg Mason funds | Principal Financial Officer (certain funds) | Since 2019 | PFO of certain funds associated with Legg Mason & Co. or its affiliates |
| Western Asset Investment Grade Defined Opportunity Trust Inc. (IGI) | Principal Financial Officer (signatory) | 2025 | Signed N‑CEN as PFO & Treasurer (Feb 5, 2025) |
| Western Asset Investment Grade Defined Opportunity Trust Inc. (IGI) | Principal Financial Officer (signatory) | 2021 | Signed N‑CSR as PFO (Jan 28, 2021); birth year 1974 and “since 2019” tenure noted |
Fixed Compensation
| Component | Fund-level disclosure | Detail |
|---|---|---|
| Base salary | Not paid by the Fund | Officers of the Fund receive no compensation from the Fund |
| Target bonus | Not paid by the Fund | Not disclosed by the Fund (officers are compensated by adviser affiliates) |
| Actual bonus | Not paid by the Fund | Not disclosed by the Fund |
| Reimbursements | Allowed | Officers may be reimbursed for reasonable out‑of‑pocket travel expenses for attending Board meetings |
Note: IGI is a closed‑end fund. Executive officers are typically employees of the adviser/administrator (Franklin Templeton/affiliates) and are appointed to officer roles; Fund filings do not include their cash compensation as it is not paid by the Fund .
Performance Compensation
| Incentive type | Grant details | Performance metrics | Vesting | Payout mechanics |
|---|---|---|---|---|
| Stock awards (RSUs/PSUs) | None disclosed/none paid by Fund | Not applicable | Not applicable | Not applicable |
| Stock options | None disclosed/none paid by Fund | Not applicable | Not applicable | Not applicable |
| Annual incentive plan | None disclosed/none paid by Fund | Not applicable | Not applicable | Not applicable |
The Fund does not grant equity or cash incentives to its officers; any compensation arrangements would be at the adviser level and are not disclosed in IGI’s proxy .
Equity Ownership & Alignment
| Item | Disclosure | Date |
|---|---|---|
| Beneficial ownership by Directors and officers as a group | Less than 1% of outstanding shares | As of Feb 7, 2025 |
| Individual officer holdings | Not separately disclosed for officers in proxy; dollar ranges shown only for Directors | As of Dec 31, 2024 (Directors table) |
| Section 16(a) compliance | All filing requirements were met for FY ended Nov 30, 2024 | FY 2024 |
| Insider transactions (Form 4) – Berarducci at IGI | No insider transactions by Christopher Berarducci in past 18 months | As reported by GuruFocus (accessed 2025) |
| Ownership environment (5% holders) | First Trust Portfolios L.P. and affiliates held 950,569 shares (15.86%); Cede & Co. held of record ~99% as DTC nominee | Feb 7, 2025 |
Employment Terms
| Term | Disclosure |
|---|---|
| Appointment and term | Executive officers are chosen annually by the Board to hold office until their successors are duly elected and qualified |
| Start date in current role | Treasurer and Principal Financial Officer since 2019 |
| Employer of record | Vice President, Fund Administration and Reporting, Franklin Templeton (since 2020) |
| Employment agreement with Fund | Not disclosed; officers receive no compensation from the Fund |
| Severance/change‑of‑control | Not disclosed in Fund filings |
| Clawback, hedging, pledging | Not disclosed for officers in Fund filings; compliance with Section 16(a) was confirmed for FY 2024 |
Investment Implications
- Pay-for-performance alignment at the Fund level is minimal for officers: IGI does not pay its officers (no salary, bonus, options, or RSUs), so there are no Fund-level incentive metrics, vesting schedules, or severance economics to influence behavior; compensation is determined by Franklin Templeton/affiliates and not disclosed in IGI’s proxy .
- Ownership alignment signals are limited: Directors and officers as a group own less than 1% of shares, and individual officer ownership amounts are not disclosed; no insider transactions by Berarducci at IGI were observed over the past 18 months, suggesting no near-term selling pressure from him .
- Retention and incentive risks are adviser-driven: Since employment, compensation, and any incentive plans are at Franklin Templeton (not the Fund), retention risk and pay levers depend on adviser policies rather than IGI’s Board decisions; officers are appointed annually by the Fund’s Board .
- Governance and compliance posture appears stable for this role: Section 16(a) reporting compliance was met for FY 2024, and Berarducci continues to serve as PFO/Treasurer (e.g., N‑CEN signature in 2025), indicating continuity in finance leadership .
Monitoring plan: Track future proxies for any shift toward Fund-level officer compensation, ownership disclosures for officers, or policy changes; monitor Form 4 filings for insider activity and any 8‑K Item 5.02 announcements for leadership changes .