Marc De Oliveira
About Marc De Oliveira
Marc A. De Oliveira serves as Secretary and Chief Legal Officer of Western Asset Investment Grade Opportunity Trust Inc. (NYSE: IGI), a Franklin Templeton closed‑end fund; he has held this role since 2023 and was born in 1971 . Officers of the Fund, including De Oliveira, receive no compensation from the Fund (only reimbursement of reasonable travel expenses for Board meetings), so executive pay, incentives, and vesting are not Fund‑based and are not disclosed in IGI’s proxy . As of February 7, 2025, directors and officers as a group beneficially owned less than 1% of IGI’s outstanding shares, indicating limited insider ownership alignment and minimal selling pressure from insider holdings .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Franklin Templeton | Associate General Counsel | Since 2020 | Not disclosed |
| Franklin Templeton/Legg Mason fund complex | Secretary and Chief Legal Officer of certain funds; Assistant Secretary of certain funds | Since 2020; Assistant Secretary since 2006 | Not disclosed |
| Legg Mason & Co. | Managing Director; Associate General Counsel | Managing Director 2016–2020; Associate General Counsel 2005–2020 | Not disclosed |
External Roles
No external public company directorships or outside roles are disclosed for Marc A. De Oliveira in IGI’s filings; officer biographies list only internal fund complex legal roles .
Fixed Compensation
Officers of IGI receive no compensation from the Fund; they may be reimbursed for reasonable out‑of‑pocket travel expenses to attend Board meetings. Compensation, salary, and bonuses (if any) paid by Franklin Templeton or affiliates to officers are not disclosed in IGI’s proxy.
| Component | FY 2024 Amount | Notes |
|---|---|---|
| Compensation from IGI (Fund) | $0 | Officers receive no Fund compensation |
| Expense reimbursement | Allowed | Reasonable travel expenses for Board meetings |
Performance Compensation
No Fund‑based annual or long‑term incentive plans are disclosed for officers; thus, there are no Fund‑specific performance metrics, weightings, targets, payouts, or vesting schedules for Marc A. De Oliveira.
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership (management group) | Officers and directors as a group owned less than 1% of outstanding shares as of Feb 7, 2025 |
| Individual ownership (Marc A. De Oliveira) | Not individually disclosed in proxy/filings reviewed |
| Vested vs. unvested shares | Not disclosed |
| Options (exercisable/unexercisable) | Not disclosed; no officer equity awards from Fund |
| Shares pledged as collateral | Not disclosed |
| Stock ownership guidelines | Not disclosed for officers |
| Section 16 compliance | Fund states all required filers met obligations in FY 2024; no Form 3/4 for Marc identified in the document catalog reviewed |
Employment Terms
| Term | Disclosure |
|---|---|
| Role | Secretary and Chief Legal Officer |
| Start date in role | Since 2023 |
| Appointment/term | Officers are chosen each year at a regular Board meeting; hold office until successors are elected and qualified |
| Auto‑renewal clause | Not disclosed |
| Non‑compete / non‑solicit | Not disclosed |
| Garden leave | Not disclosed |
| Severance provisions | Not disclosed (officers receive no compensation from Fund; no severance detail provided) |
| Change‑of‑control economics | Not disclosed |
| Clawback provisions | Not disclosed |
Compensation & Governance Context (Fund Level)
- Officer structure: IGI’s executive officers are re‑appointed annually; they receive no Fund compensation, and reimbursement is limited to reasonable travel for Board meetings .
- Board committees: Compensation Committee comprises all independent directors and recommends director compensation; chaired by Peter Mason . Audit, Nominating, Pricing & Valuation committees are fully independent and active; Chairs and meeting counts are disclosed .
- Control Share framework: IGI has opted into the Maryland Control Share Acquisition Act, which restricts voting of “control shares” absent reinstatement at a shareholder meeting .
Investment Implications
- Pay‑for‑performance alignment: Because IGI officers receive no Fund compensation and no Fund equity awards, there are no Fund‑based incentive metrics, vesting schedules, or change‑of‑control economics for Marc A. De Oliveira—reducing alignment levers and eliminating Fund‑based insider selling pressure signals .
- Ownership signal: With officers and directors collectively under 1% ownership, insider alignment is structurally low for the Fund, and monitoring of Form 4 activity is less relevant for officers; trading pressure from officer sales is likely de minimis .
- Retention/contract risk: Officers are appointed annually without disclosed employment agreements, severance, or non‑compete terms; De Oliveira’s long tenures across Legg Mason and Franklin Templeton suggest institutional continuity, but compensation and retention levers reside with Franklin Templeton, not the Fund, and are not disclosed in IGI filings .
- Governance quality: Independent committee structure and regular meeting cadence indicate strong governance oversight at the Fund level, though these mechanisms focus on director compensation and fund operations rather than officer incentive design, given the zero‑compensation Fund policy .