Jeanne Kelly
About Jeanne Kelly
Jeanne M. Kelly serves as Senior Vice President of Western Asset Investment Grade Opportunity Trust Inc. (IGI) and has held this officer role since 2009; her birth year is 1951. She is U.S. Fund Board Team Manager at Franklin Templeton (since 2020) and has held senior leadership roles across Franklin Templeton and legacy Legg Mason affiliates, including President and CEO of LM Asset Services and Legg Mason Fund Asset Management (since 2015) . Officers of the Fund receive no compensation from IGI (only reasonable out-of-pocket travel expense reimbursement for Board meetings), so no base salary/bonus or equity awards are disclosed at the Fund level for Ms. Kelly . Fund-level performance context: IGI has outperformed the Bloomberg U.S. Credit Index since inception and over the 1-, 5-, and 10-year periods ended December 31, 2023 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Franklin Templeton | U.S. Fund Board Team Manager | Since 2020 | Oversight and coordination for U.S. fund board governance |
| IGI (Western Asset Investment Grade Opportunity Trust Inc.) | Senior Vice President | Since 2009 | Fund-level officer supporting governance and administration |
| LM Asset Services, LLC (LMAS) | President and CEO | Since 2015 | Leadership of fund services operations |
| Legg Mason Fund Asset Management, Inc. (LMFAM) | President and CEO | Since 2015 | Executive leadership for registered investment adviser functions |
| LMFAM | Senior Vice President | 2013–2015 | Senior management for investment adviser activities |
| Legg Mason & Co. | Managing Director | 2005–2020 | Executive management across fund complex affiliates |
| Franklin Templeton Fund Adviser, LLC (FTFA) | Senior Vice President | Since 2006 | Senior leadership at investment adviser/administrator |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| LM Asset Services, LLC (LMAS) | President and CEO | Since 2015 | Executive oversight of servicing platform supporting multiple funds |
| Legg Mason Fund Asset Management, Inc. (LMFAM) | President and CEO | Since 2015 | Executive leadership of investment adviser functions |
| Franklin Templeton Fund Adviser, LLC (FTFA) | Senior Vice President | Since 2006 | Senior executive at the Fund’s adviser and administrator |
| Legg Mason & Co. | Managing Director | 2005–2020 | Senior executive experience across fund operations |
Fixed Compensation
| Component | Amount/Policy | As of/Period |
|---|---|---|
| Compensation from IGI (Fund) | Officers receive no compensation from the Fund | 2025 Proxy |
| Expense reimbursement | Reasonable out-of-pocket travel expenses for Board meeting attendance may be reimbursed | 2025 Proxy |
No base salary, target bonus, or actual bonus is disclosed at the Fund level for officers; these individuals are employees of Franklin Templeton or affiliates, not compensated by IGI .
Performance Compensation
- No performance-based compensation (RSUs/PSUs/options, targets, weightings, payouts) is disclosed at the Fund level for officers; IGI does not report officer incentive structures, vesting schedules, or performance metrics tied to officer pay in its proxy materials .
Equity Ownership & Alignment
| Metric | As of | Value/Disclosure |
|---|---|---|
| Beneficial ownership (Directors and officers as a group) | February 7, 2025 | Less than 1% of IGI outstanding shares |
IGI’s proxies disclose dollar-range holdings for Directors but do not disclose individual officer share counts; no pledging/hedging by officers is disclosed in the 2025 proxy .
Employment Terms
- Officer election and term: Executive officers are chosen annually by the Board to hold office until successors are elected and qualified; officers are not compensated by the Fund .
- Severance, change-of-control, non-compete, non-solicit, garden leave, consulting: No officer-specific employment contracts or severance/change-of-control terms are disclosed in IGI’s 2025 DEF 14A .
- Clawbacks, tax gross-ups, deferred compensation, pension/SERP, perquisites: Not disclosed for officers at the Fund level .
Governance Context (Compensation Committee and related)
- Compensation Committee: Composed entirely of Independent Directors; chair is Peter Mason; principal function is to recommend Independent Director compensation; met once in fiscal year ended November 30, 2024 .
- Audit Committee: Composed entirely of Independent Directors; chair is Nisha Kumar; designated “audit committee financial expert”; met five times in fiscal year ended November 30, 2024 .
- Nominating Committee: Composed entirely of Independent Directors; chair is Hillary A. Sale; met seven times in fiscal year ended November 30, 2024 .
- Pricing and Valuation Committee: Composed entirely of Independent Directors; chair is Carol L. Colman; met four times in fiscal year ended November 30, 2024 .
Performance & Track Record
- Fund-level performance context: Since inception and during the 1-, 5-, and 10-year periods ended December 31, 2023, IGI outperformed the Bloomberg U.S. Credit Index, as cited by Management and the Board when considering structural changes in 2024 .
- Structural change: In 2024, the Board recommended converting IGI from term to perpetual, with a tender offer at NAV and a 10 bps management fee waiver for two years; shareholders approved, contingent on net assets ≥$50 million post-tender .
Trading Signals and Insider Activity
- Section 16 filings: A search of recent SEC Forms 3/4/5 for IGI shows officer/director filings for other individuals but no Form 3/4 filings specifically by Jeanne M. Kelly; beneficial ownership for officers is reported only in aggregate in the proxy .
Investment Implications
- Pay-for-performance alignment: At the Fund level, officers—including Ms. Kelly—are not compensated by IGI, which removes Fund-level incentives misalignment but results in limited transparency on individual compensation metrics, vesting schedules, and equity awards; any compensation structures would be at Franklin Templeton or affiliates and are not disclosed in IGI’s proxy .
- Retention risk: Ms. Kelly’s long tenure (since 2009) and continuing senior roles across Franklin Templeton affiliates indicate organizational continuity; absence of Fund-level severance/CoC terms suggests retention levers are outside IGI’s disclosures .
- Ownership alignment: Directors and officers as a group own <1% of shares; lack of officer-level ownership detail limits precision on “skin-in-the-game” for Ms. Kelly; no pledging/hedging disclosures found in the 2025 proxy .
- Trading pressure: With no Fund-level equity awards or options disclosed for officers, near-term insider selling pressure from vesting-related events tied to IGI is unlikely based on Fund disclosures; however, absence of individual officer Form 4 activity limits inference .