Marc A. De Oliveira
About Marc A. De Oliveira
Marc A. De Oliveira serves as Secretary and Chief Legal Officer of Western Asset Managed Municipals Fund Inc. (MMU), having held the officer role since 2023; his birth year is 1971 and business address is Franklin Templeton, 100 First Stamford Place, 6th Floor, Stamford, CT 06902 . He is an Associate General Counsel at Franklin Templeton (since 2020) and previously served as Managing Director (2016–2020) and Associate General Counsel (2005–2020) at Legg Mason & Co.; he is listed as “By Order of the Board, Secretary” on MMU’s proxy notices . MMU proxy materials do not disclose individual performance metrics (TSR, revenue, EBITDA) tied to Mr. De Oliveira or officer compensation at the Fund level .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Franklin Templeton | Associate General Counsel | 2020–present | Not disclosed |
| Legg Mason & Co. | Managing Director | 2016–2020 | Not disclosed |
| Legg Mason & Co. | Associate General Counsel | 2005–2020 | Not disclosed |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Various funds associated with Legg Mason & Co. or its affiliates | Secretary and Chief Legal Officer | Since 2020 | Not disclosed |
| Various funds associated with Legg Mason & Co. or its affiliates | Assistant Secretary | Since 2006 | Not disclosed |
Fixed Compensation
- Officers of the Fund receive no compensation from the Fund; officers may be reimbursed for reasonable out-of-pocket travel expenses for attending Board meetings .
- No disclosure of base salary, target bonus, or cash compensation for officers at the Fund level in MMU’s proxy materials .
Performance Compensation
- No equity awards (RSUs/PSUs), stock options, or performance-based incentives tied to Fund metrics are disclosed for officers at the Fund level in MMU’s proxy materials .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Individual beneficial ownership (Marc A. De Oliveira) | Not disclosed in proxy; “Security Ownership” tables cover Directors and nominees, not officers |
| Officers and Directors as a group | Less than 1% of MMU outstanding Common Stock and Preferred Shares as of record dates (Aug 29, 2025; Aug 30, 2024) |
| Shares outstanding (context) | Common Stock: 54,618,848; Preferred (VRDPS): 11,363 (Record Date Aug 29, 2025) |
| Pledging/Hedging | Not disclosed for officers |
| Ownership guidelines | Not disclosed for officers |
Employment Terms
| Term | Disclosure |
|---|---|
| Positions | Secretary and Chief Legal Officer |
| Start in current officer role | Since 2023 |
| Election/term | Officers are chosen annually by the Board; serve until successors are duly elected and qualified |
| Compensation from Fund | None; only potential reimbursement for reasonable out-of-pocket travel to Board meetings |
| Employment contract | Not disclosed |
| Severance / Change-of-Control | Not disclosed |
| Non-compete / Non-solicit / Garden leave | Not disclosed |
| Section 16(a) compliance | Fund believes all applicable beneficial ownership filing requirements were met in FY ended May 31, 2025 and FY ended May 31, 2024 |
| Proxy execution authority | Named proxy signatory on MMU proxy cards/notices as Secretary |
Investment Implications
- Pay-for-performance alignment and insider selling pressure appear limited at the Fund level for officers, given MMU’s disclosure that officers receive no compensation from the Fund and no equity or option awards are reported in the proxy for officers .
- Ownership alignment indicators for officers are minimal in aggregate (Officers and Directors as a group own <1% of outstanding shares); individual officer holdings are not disclosed, constraining analysis of Marc-specific “skin-in-the-game” or pledging risks .
- Governance role is administrative/legal rather than investment; Mr. De Oliveira’s duties (Secretary/Chief Legal Officer) and annual appointment by the Board suggest continuity in governance processes, with no disclosed employment contract or severance/CoC economics at the Fund level to create retention or departure catalysts .
- Compliance hygiene: Section 16(a) reporting compliance was affirmed by the Fund for recent fiscal years, reducing near-term regulatory red flag risk signals related to beneficial ownership reporting for covered persons .