Jane Trust
President and Chief Executive Officer at Western Asset Investment Grade Opportunity Trust
CEO
Executive
Board
About Jane Trust
Jane E. Trust, CFA (born 1962), serves as Director, President and Chief Executive Officer of Western Asset Investment Grade Opportunity Trust Inc. (IGI) and has held senior leadership roles across the Franklin Templeton fund complex since 2015. She is an “interested person” under the 1940 Act due to her officer role at Franklin Templeton Fund Adviser, LLC (FTFA). In 2024, she held the combined role of Chairman, President and CEO; by 2025, her listed title no longer includes Chairman, mitigating dual-role concentration. She received no compensation from IGI in FY2024 and beneficially owned no IGI shares as of year-end 2024, though she reported aggregate holdings over $100,000 across the broader family of investment companies overseen by the board. The board is majority independent, with a Lead Independent Director structure and all four standing committees comprised solely of independent directors.
Past Roles
| Organization | Role | Years | Strategic impact/notes |
|---|---|---|---|
| Franklin Templeton | Senior Vice President, Fund Board Management | Since 2020 | Senior leadership for fund board governance across the complex |
| FTFA (Franklin Templeton Fund Adviser, LLC) | President & CEO | Since 2015 | Executive leadership for funds associated with FTFA |
| Legg Mason & Co. | Senior Managing Director | 2018–2020 | Senior executive leadership role prior to Franklin integration |
| Legg Mason & Co. | Managing Director | 2016–2018 | Executive role overseeing fund-related businesses |
| FTFA | Senior Vice President | 2015 | Senior leadership prior to appointment as FTFA President & CEO |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Family of Funds (Franklin Templeton complex) | Officer and/or Trustee/Director of funds | Since 2015 | Officer/Trustee/Director of 114 funds associated with FTFA or affiliates |
| Putnam Family of Funds | Trustee | Noted as current | Trustee of Putnam Family of Funds consisting of 105 portfolios |
Fixed Compensation
| Item | FY 2024 |
|---|---|
| Compensation paid by IGI to Jane E. Trust | $0 (the Fund paid no remuneration to Ms. Trust) |
| Pension/retirement benefits from IGI | None (Fund does not provide pension/retirement benefits to Directors or officers) |
Officers of the Fund receive no compensation from the Fund; they may be reimbursed for reasonable travel expenses for Board meetings. Compensation, if any, is paid by Franklin Templeton affiliates rather than IGI.
Performance Compensation
- The Fund does not grant cash bonuses, stock options, RSUs/PSUs, or other incentive awards to officers; therefore, there are no IGI-linked performance metrics, vesting schedules, or equity award terms applicable to Ms. Trust in the Fund’s disclosure.
Equity Ownership & Alignment
| Ownership measure | As of date | IGI position | Family of investment companies aggregate |
|---|---|---|---|
| Dollar range of beneficial ownership | Dec 31, 2024 | “A” = None | “E” = Over $100,000 |
| Group beneficial ownership (Directors and officers as a group) | Feb 7, 2025 | <1% of IGI outstanding shares | N/A |
- Pledging/hedging: No specific pledging or hedging disclosures for Ms. Trust were identified in IGI’s proxy materials.
- Stock ownership guidelines: Not disclosed for officers/directors in IGI’s proxy materials.
Employment Terms
- Role and tenure: Director, President & CEO of IGI; served in senior roles in the Fund complex since 2015.
- Officer elections: Fund executives are elected annually by the Board and serve until successors are elected and qualified; officers receive no compensation from the Fund.
- Contracts/severance/change-of-control: No employment agreements, severance, change-in-control provisions, or clawback terms are disclosed for Ms. Trust at the Fund level.
Board Governance and Committee Roles
| Attribute | 2024 | 2025 |
|---|---|---|
| Ms. Trust’s status | Chairman, President & CEO; “interested person” | Director, President & CEO; “interested person” (no longer listed as Chairman) |
| Lead Independent Director | Eileen A. Kamerick | Not restated, but structure of independent leadership maintained; committees fully independent |
| Audit Committee (Chair; meetings) | Chair: Nisha Kumar; 5 meetings FY2023 | Chair: Nisha Kumar; 5 meetings FY2024 |
| Nominating Committee (Chair; meetings) | Chair: Daniel P. Cronin; 4 meetings FY2023 | Chair: Hillary A. Sale; 7 meetings FY2024 |
| Compensation Committee (Chair; meetings) | Chair: Paolo M. Cucchi; 1 meeting FY2023 | Chair: Peter Mason; 1 meeting FY2024 |
| Pricing & Valuation Committee (Chair; meetings) | Chair: Carol L. Colman; 4 meetings FY2023 | Chair: Carol L. Colman; 4 meetings FY2024 |
| Board meeting attendance | Each Director attended at least 75% of eligible meetings in FY2023 | Not stated; committee meeting counts disclosed |
| Independence | 6 of 7 Directors independent; Ms. Trust is “interested” | Committees comprised entirely of Independent Directors |
- Dual-role implications: IGI explicitly explains the rationale for having Ms. Trust as Chairman in 2024, citing operational insight, with a Lead Independent Director structure as a counterbalance; by 2025 she is no longer listed as Chairman, reducing combined role concerns.
Director Compensation (context for governance quality; Ms. Trust receives none from IGI)
| Director | Aggregate Compensation from IGI (FY ended 11/30/24) | Total Compensation from Fund and Fund Complex (CY 2024) |
|---|---|---|
| Robert D. Agdern | $10,167 | $466,000 |
| Carol L. Colman | $10,314 | $371,000 |
| Daniel P. Cronin | $10,167 | $366,000 |
| Paolo M. Cucchi | $10,167 | $366,000 |
| Anthony Grillo (joined 11/15/24) | $417 | $32,989 |
| Eileen A. Kamerick | $11,343 | $506,000 |
| Nisha Kumar | $10,755 | $486,000 |
| Peter Mason (joined 11/15/24) | $417 | $32,989 |
| Hillary A. Sale (joined 11/15/24) | $417 | $32,989 |
| Jane E. Trust (Interested Director) | $0 (no remuneration from the Fund) | Not applicable in table |
Notes:
- The Fund pays no pension or retirement benefits to Directors.
- Committee membership and chair fees are reflected within these totals through service across the Franklin Templeton fund complex.
Performance & Track Record
- Board oversight scope: IGI’s Board reviews financial statements, performance, NAV/market price relationship, compliance, valuation, and service provider performance; risk oversight is conducted via the Board and committees, with independent legal counsel and the CCO reporting to the Board.
- Audit Committee reporting and auditor: PwC selected for FY2025; Audit Committee report dated January 21, 2025 confirms review and discussions regarding FY2024 audited financials.
Related Party Transactions, Risks, and Policies
- Independence safeguards: Ms. Trust is an “interested person” by virtue of her FTFA role; all standing committees are fully independent; a Lead Independent Director structure exists.
- Beneficial ownership/affiliations: Less than 1% group beneficial ownership; no indication that non-interested Directors or immediate family had interests in the adviser or its affiliates as of the relevant dates.
- Hedging/pledging/loans: No specific disclosures identified for Ms. Trust in IGI proxy materials.
Investment Implications
- Pay-for-performance alignment: There is no IGI-paid compensation for Ms. Trust; executive incentives (if any) occur at Franklin Templeton affiliates, limiting direct IGI-linked pay-for-performance signals. This reduces alignment via Fund-level pay design and eliminates IGI-based vesting or insider-sale overhangs.
- Ownership alignment: Ms. Trust reported no IGI ownership as of Dec 31, 2024, though she holds over $100,000 across the broader family of investment companies—a mixed alignment signal (complex-level exposure vs. zero single-fund skin-in-the-game).
- Governance quality: Dual-role concentration was a potential concern in 2024 (CEO + Chairman) but appears mitigated in 2025 with the Chairman title no longer listed, alongside a Lead Independent Director structure and fully independent committees with active meeting cadence.
- Retention risk: As an executive of Franklin Templeton affiliates, retention and compensation economics are outside IGI; turnover risk would likely be tied to Franklin’s executive policies rather than IGI-specific terms. Absence of IGI-level severance/CoC economics reduces Fund-level transition cost risk.
- Trading signals: No IGI equity awards or reported holdings for Ms. Trust means no predictable vesting-driven selling pressure. Monitor governance changes (e.g., committee leadership, board refresh), auditor selections, and adviser-related proposals for potential market sentiment shifts around the Fund’s discount/NAV dynamics.
Citations:
- 2025 DEF 14A (roles, ownership ranges, committees, auditor, director pay):
- 2024 DEF 14A (roles, board leadership, attendance, committees):
- 2024 additional DEF 14A material (ownership ranges, 5% holders):