Eileen A. Kamerick
About Eileen A. Kamerick
Independent Chair of the Board of Western Asset Managed Municipals Fund Inc. (MMU) since November 15, 2024; non‑interested (independent) director of MMU since 2013; birth year 1958. She is CEO of The Governance Partners, LLC (since 2015), an adjunct professor (Georgetown Law since 2021; University of Chicago Law School since 2018; University of Iowa College of Law since 2007), and a former CFO at Press Ganey (2012–2014) and Houlihan Lokey (2010–2012). She oversees 21 portfolios in the Franklin Templeton fund complex and has been recognized as an audit committee financial expert. Education: B.A. (Boston College); MBA and J.D. (University of Chicago). Honors/certifications: NACD Board Leadership Fellow and Directorship Certification; NACD Directorship 100 honoree (2022).
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| The Governance Partners, LLC | Chief Executive Officer | Since 2015 | Corporate governance advisory leadership |
| Press Ganey Associates | Chief Financial Officer | 2012–2014 | Senior finance leadership in healthcare analytics |
| Houlihan Lokey | Managing Director & CFO; President, Houlihan Lokey Foundation | 2010–2012 | Public company CFO experience; philanthropic leadership |
| Adjunct Professor (Georgetown Law; U. Chicago Law; U. Iowa Law) | Adjunct Professor | 2007–present (various) | Governance/finance teaching and thought leadership |
External Roles
| Company/Organization | Role | Tenure | Committees/Notes |
|---|---|---|---|
| Associated Banc‑Corp | Director | Since 2007 | Chairs Corporate Governance & Social Responsibility Committee |
| ACV Auctions Inc. | Director; Audit Committee Chair; Nominating & Corporate Governance member | Since 2020 | Independent director; audit chair leadership |
| VALIC Company I | Independent Director | Since Oct 2022 | Insurance asset mgmt. fund board |
| Franklin Templeton/Legg Mason CEFs | Lead Independent Director (historically); Chairman of certain CEF boards | Ongoing | Leadership across closed‑end fund complex |
| Hochschild Mining plc | Director; Audit Committee Chair | 2016–2023 | Audit leadership in UK‑listed issuer |
| AIG Funds and Anchor Series Trust | Trustee | 2018–2021 | Fund oversight |
| Alzheimer’s Association | National Board Member; Chair of Investment Committee | Ongoing | Non‑profit governance |
Board Governance
- Board leadership and independence: MMU’s Board has eight directors, seven of whom are independent; Kamerick serves as independent Chair, leads executive sessions of independent directors, and acts as liaison with management; independent directors are advised by independent legal counsel. Each director attended at least 75% of applicable Board/committee meetings in FY ended 5/31/25.
- Audit Committee financial expertise: The Board determined Kamerick is an “audit committee financial expert.”
- Governance structure: All committees comprise independent directors only. Meeting cadence in FY ended 5/31/25 shown below.
| Committee | Kamerick Role | FY2025 Meetings | Committee Chair |
|---|---|---|---|
| Audit | Member; designated “audit committee financial expert” | 6 | Nisha Kumar |
| Nominating | Member | 5 | Hillary A. Sale |
| Pricing & Valuation | Member | 4 | Carol L. Colman |
| Compensation | Member | 3 | Peter Mason |
- Control Share context: MMU has opted into the Maryland Control Share Acquisition Act (MCSAA), limiting voting rights of “control shares” unless reinstated by a two‑thirds vote excluding the acquirer and other interested shares; this is a notable governance feature in the CEF activism context.
Fixed Compensation
| Metric | Period | Amount (USD) |
|---|---|---|
| Aggregate compensation from MMU | FY ended 5/31/25 | $36,559 |
| Total compensation from Fund Complex | Calendar year 2024 | $506,000 |
- No pension or retirement benefits are provided to directors of the Fund.
Performance Compensation
- No performance‑based or equity award disclosures for MMU directors; director compensation is reported as aggregate fees from the Fund and Fund Complex; no pension/retirement benefits.
Other Directorships & Interlocks
- “Other Directorships Held by Director in the Past Five Years” include VALIC Company I, ACV Auctions, Associated Banc‑Corp, and prior Hochschild Mining; also prior trustee roles at AIG/Anchor funds.
- Independence/related parties: No non‑interested director (including Kamerick) or immediate family members had any interest in the Fund’s adviser or entities controlling/controlled by Franklin Resources as of 12/31/2024.
Expertise & Qualifications
- Financial and governance expertise: Former public‑company CFO; designated audit committee financial expert at MMU.
- Education and credentials: B.A. Boston College; MBA and J.D. University of Chicago; NACD Board Leadership Fellow and Directorship Certification; CERT Certificate in Cybersecurity Oversight; NACD Directorship 100 honoree (2022).
Equity Ownership
| Holder | As of Date | Dollar Range in MMU | Aggregate Dollar Range across Family of Investment Companies |
|---|---|---|---|
| Eileen A. Kamerick | 12/31/2024 | “C” = $10,001–$50,000 | “E” = Over $100,000 |
- At 8/29/2025, directors and officers as a group beneficially owned less than 1% of MMU’s outstanding Common Stock and Preferred Shares.
Governance Assessment
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Strengths
- Independent Board Chair since Nov 15, 2024; robust independent leadership with regular executive sessions and independent counsel support.
- Designated audit committee financial expert; deep CFO background and multi‑industry board experience, including audit chair roles at public companies.
- Active committee structure with clear charters and regular meeting cadence; all committees fully independent.
- No adviser‑related or affiliate conflicts disclosed for non‑interested directors.
-
Watch items / potential investor considerations
- Workload/overboarding risk: Oversees 21 portfolios in the fund complex plus current public company boards (Associated Banc‑Corp; ACV Auctions), which increases time‑commitment demands.
- Compensation optics: Total Fund Complex compensation of $506,000 (CY2024) is material and standard for multi‑fund oversight, but may draw activist scrutiny regarding director independence in CEFs.
- Ownership alignment: Reported MMU dollar range is “C” ($10,001–$50,000), with group ownership under 1%; no formal ownership guidelines disclosed by MMU.
- Activism context: Significant holders include Saba Capital (5.14%) and RiverNorth (8.78%), signaling an environment where governance and discount management are focal; the Fund’s MCSAA adoption is a debated defense among closed‑end funds.