Jane F. Dasher
About Jane F. Dasher
Independent Director of Western Asset Investment Grade Income Fund Inc. (PAI); year of birth 1949; has served on the Board since 1999. Professional background centers on finance and investment oversight, including experience as Chief Financial Officer of a private investment company and current directorship at Long Light Capital, LLC; she oversaw 49 portfolios in the Franklin Templeton fund complex as of the 2025 proxy .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Long Light Capital, LLC (formerly Korsant Partners, LLC) | Chief Financial Officer | Since 1997 (end date not specified in proxy) | Finance leadership for a family investment company |
| Visual Kinematics, Inc. | Director | 2018–2022 | Board service at a software firm |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Long Light Capital, LLC | Director | Since 2022 | Family investment company affiliation; not an “interested person” of the Fund per 1940 Act characterization |
Board Governance
- Committee assignments: Audit; Executive and Contracts; Governance and Nominating; Investment and Performance (Dasher designated “Director (1)” with footnote indicating membership across these standing committees) .
- Committee leadership (chairs): Audit Committee – Robert Abeles, Jr.; Governance Committee – Jaynie Miller Studenmund; Performance Committee – Susan B. Kerley; Contracts Committee – William E. B. Siart .
- Independence: Independent Director (not an “interested person” as defined under the 1940 Act); Audit Committee members meet NYSE audit independence standards; Independent Directors constitute more than 75% of the Board .
- Attendance and meeting cadence (FY 2024): Board held 8 meetings; Audit 6; Governance 3; Performance 5; Contracts 2; each Director attended at least 75% of the aggregate meetings of the Board and committees on which they served .
- Board structure: Independent Chair (William E. B. Siart) and independent committee chairs; regular executive sessions of Independent Directors and access to independent legal counsel .
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Aggregate Compensation from the Fund ($) | $3,110 | $1,047 |
| Pension or Retirement Benefits Accrued as Part of Fund’s Expenses ($) | $0 | $0 |
| Estimated Annual Benefits Upon Retirement ($) | $0 | $0 |
| Total Compensation from the Fund and its Fund Complex ($) | $337,000 | $350,000 |
| Compensation structure (narrative) | Annual retainer plus per-meeting fees; additional fees for Board/Committee chairs; Fund pays pro rata share of fees across complex based on asset size | Annual retainer plus per-meeting fees; additional fees for Board/Committee chairs; Fund pays pro rata share of fees across complex based on asset size |
Observation: Total compensation across the fund complex increased from $337,000 to $350,000, reflecting broader complex remuneration rather than Fund-only fees .
Performance Compensation
| Component | FY 2023 | FY 2024 |
|---|---|---|
| Performance-linked cash bonus | Not disclosed/applicable for Independent Directors; compensation described as retainer and meeting fees | Not disclosed/applicable for Independent Directors; compensation described as retainer and meeting fees |
| Equity awards (RSUs/PSUs) | Not disclosed for Independent Directors in proxy | Not disclosed for Independent Directors in proxy |
| Stock options | Not disclosed for Independent Directors in proxy | Not disclosed for Independent Directors in proxy |
| Performance metrics (TSR/EBITDA/ESG) | None disclosed for director compensation | None disclosed for director compensation |
| Clawbacks/Change-of-control provisions | Not disclosed for directors in the proxy | Not disclosed for directors in the proxy |
Other Directorships & Interlocks
| Company | Public/Private | Role | Period | Interlock/Overlap |
|---|---|---|---|---|
| Visual Kinematics, Inc. | Private | Director | 2018–2022 | None disclosed with Fund counterparties |
| Long Light Capital, LLC | Private | Director | Since 2022 | Family investment company; no related-party transactions with the Fund described in proxy sections reviewed |
Expertise & Qualifications
- Finance and accounting: Experience as Chief Financial Officer of a private investment company, indicating financial oversight capability and judgment useful for audit/risk oversight .
- Board oversight: Long tenure on PAI Board (since 1999) with service across Audit, Governance, Performance, and Contracts committees, suggesting broad governance engagement .
Equity Ownership
| Ownership Metric | As of Dec 31, 2023 | As of Dec 31, 2024 |
|---|---|---|
| Dollar Range of Equity Securities in PAI | None | None |
| Aggregate Dollar Range in Family of Investment Companies | Over $100,000 | Over $100,000 |
| Group ownership of PAI (Directors and officers as a group) | Less than 1% of outstanding shares | Less than 1% of outstanding shares |
Alignment signals: No direct PAI holdings disclosed; however, aggregate exposure within the Franklin Templeton fund family exceeds $100,000, indicating broader complex alignment rather than fund-specific alignment .
Insider Trades
| Date | Filing | Transaction | Shares | Price | Notes |
|---|---|---|---|---|---|
| N/A | Proxy beneficial ownership snapshot | No PAI shares; aggregate family holdings “Over $100,000” | N/A | N/A | Proxy tables show “None” in PAI and “Over $100,000” across fund family |
Governance Assessment
- Board effectiveness: Dasher’s multi-committee membership (Audit, Governance, Performance, Contracts) supports comprehensive oversight; Audit and Governance committees are fully independent with NYSE-compliant audit independence, and the Board’s chair is independent, strengthening oversight and investor confidence .
- Engagement: FY 2024 attendance met the 75% threshold across Board and relevant committees; Board and committees met regularly (Board: 8; Audit: 6; Governance: 3; Performance: 5; Contracts: 2), consistent with active governance cadence .
- Compensation and alignment: Compensation is primarily cash-based retainer and meeting fees; total complex compensation rose from $337,000 to $350,000, reflecting fund complex practices rather than Fund-specific incentives; absence of disclosed equity awards or performance-linked pay for Independent Directors reduces potential pay-for-performance alignment but aligns with closed-end fund norms .
- Independence and conflicts: Dasher is not an “interested person”; her private investment company role (Long Light Capital, LLC) is disclosed without related-party transactions in the sections reviewed; overall independent committee structure and independent chair mitigate conflict risks .
- Red flags:
- Fund-specific ownership is “None” for Dasher (potential alignment gap at PAI level), partially offset by “Over $100,000” aggregate holdings within the fund family .
- No disclosures of pledging, hedging, or related-party transactions in the sections reviewed; no individual attendance shortfall flagged, and no director-specific legal proceedings or say-on-pay issues typical for operating companies noted in these fund proxies .
Net view: Strong independence and committee breadth, adequate attendance, and independent leadership structure are positives for governance quality; main watchpoint is limited fund-specific ownership, though broader complex exposure exists. These signals generally support investor confidence in board oversight for PAI .