Thomas Mandia
About Thomas C. Mandia
Thomas C. Mandia is Senior Vice President of Western Asset Investment Grade Opportunity Trust Inc. (IGI) and has served in this officer role since 2022; his birth year is 1962 . He is Senior Associate General Counsel at Franklin Templeton (since 2020) and previously was Managing Director and Deputy General Counsel at Legg Mason & Co. from 2005 to 2020, with longstanding secretary roles across Franklin Templeton/Legg Mason affiliates including FTFA/LM Partners, LM Asset Services, and Legg Mason Fund Asset Management . IGI’s proxies state officers receive no compensation from the Fund (only travel expense reimbursement for Board meetings), and management/board officers collectively owned less than 1% of outstanding common shares at noted record dates, limiting direct pay‑for‑performance alignment via fund-paid pay or significant personal ownership stakes .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Legg Mason & Co. | Managing Director and Deputy General Counsel | 2005–2020 | Senior legal leadership across the fund complex per proxy biography . |
| Franklin Templeton | Senior Associate General Counsel | 2020–present | Senior legal counsel role within adviser/administrator per proxy biography . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Franklin Templeton Fund Adviser, LLC (FTFA; formerly LMPFA) | Secretary | Since 2006 | Secretary role for the adviser/administrator supporting fund governance . |
| LM Asset Services, LLC | Secretary | Since 2002 | Secretary role for affiliate servicing fund operations . |
| Legg Mason Fund Asset Management, Inc. | Secretary | Since 2013 | Secretary role for formerly registered investment adviser affiliate . |
Fixed Compensation
- Officers of the Fund are appointed annually and “receive no compensation from the Fund,” though they may be reimbursed for reasonable out‑of‑pocket travel expenses for attending Board meetings .
- Compensation paid by Franklin Templeton (the adviser/administrator) to its employees is not disclosed in IGI’s proxy materials .
Performance Compensation
- No fund‑paid incentive plans (cash or equity), options, RSUs/PSUs, or performance metric linkages are disclosed for Fund officers; the proxies explicitly state officers receive no compensation from the Fund .
Equity Ownership & Alignment
| Metric | As of 12/31/2023 | As of 12/31/2024 |
|---|---|---|
| Directors and officers as a group – beneficial ownership of IGI common stock | Less than 1% | Less than 1% |
| Shares outstanding (record date context) | 10,848,022 (Record Date: Feb 7, 2024) | Not disclosed in 2025 proxy excerpt; group ownership still <1% |
- Individual officer ownership for Mandia is not itemized; proxies present director dollar‑range ownership tables and the group <1% statement covering directors and officers collectively .
- No pledging, hedging, or insider trading details are disclosed in the proxy; Section 16(a) compliance is affirmed (with one unrelated late Form 3 for another individual in 2023) .
Employment Terms
- Officers are chosen each year at a regular Board meeting and hold office until successors are elected and qualified .
- Officers receive no compensation from the Fund, but may be reimbursed for reasonable travel expenses for Board meetings .
- No severance, change‑of‑control, vesting acceleration, non‑compete, non‑solicit, garden‑leave, or consulting terms are disclosed for Fund officers in the proxies .
Investment Implications
- Compensation alignment: Fund officers, including Mandia, are not paid by the Fund and have no fund‑paid incentive structures; this minimizes direct pay‑for‑performance levers tied to IGI’s investment or market outcomes .
- Ownership alignment: Collective beneficial ownership by directors/officers is <1%, offering limited “skin‑in‑the‑game” alignment signals for Fund officers; individual officer ownership amounts (including Mandia) are not disclosed .
- Retention and change‑of‑control risk: Officer roles are annual appointments without disclosed employment contracts or severance/CIC economics, so retention/cost‑of‑transition levers are not visible in IGI proxies .
- Trading signals: With no individual officer ownership detail disclosed and group ownership immaterial, insider selling pressure/pledging risk signals cannot be inferred from proxy data; Section 16(a) compliance is affirmed, reducing governance red flags on reporting .
Overall, Mandia’s profile reflects a seasoned fund‑complex legal executive with long‑standing secretary roles and no fund‑paid compensation or disclosed personal IGI shareholdings, suggesting low direct pay‑for‑performance and limited insider‑ownership signals at the Fund level; portfolio and distribution outcomes should be assessed via adviser/subadviser performance and fund NAV/market metrics rather than executive incentives .