Marc A. De Oliveira
About Marc A. De Oliveira
Marc A. De Oliveira (born 1971) serves as Secretary and Chief Legal Officer of Western Asset Investment Grade Income Fund Inc. (PAI) and is Associate General Counsel at Franklin Templeton; he has held these roles since 2020 and previously served as Managing Director (2016–2020) and Associate General Counsel (2005–2020) at Legg Mason & Co. . The fund’s proxies disclose no officer-level compensation or performance metrics tied to PAI for De Oliveira; PAI pays no remuneration to its officers, who are compensated by Franklin Templeton or affiliates . Education is not disclosed in PAI filings; tenure in current role began in 2020 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Legg Mason & Co. | Associate General Counsel | 2005–2020 | Senior legal leadership across the fund complex |
| Legg Mason & Co. | Managing Director | 2016–2020 | Senior legal management responsibilities |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Franklin Templeton | Associate General Counsel | 2020–Present | Legal oversight within FT fund complex |
| Franklin Templeton Fund Complex | Assistant Secretary (certain funds) | 2006–Present | Fund governance and legal administration |
Fixed Compensation
“During the fiscal year ended December 31, [2024/2022/2021/2020], the Fund paid no remuneration to its officers, all of whom were also officers or employees of the Investment Adviser or one of its affiliates…”
| Component | Amount/Status | Notes |
|---|---|---|
| Base Salary | Not disclosed by PAI | Officers’ compensation borne by Franklin Templeton affiliates; Fund pays none |
| Target Bonus % | Not disclosed by PAI | No officer compensation reported at Fund level |
| Actual Bonus Paid | Not disclosed by PAI | Not reported in Fund filings |
| Perquisites | Not disclosed by PAI | No specific officer perquisites disclosed |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Fund-level officer incentive metrics | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
- PAI discloses no RSUs/PSUs/options or performance plan details for officers; officers are compensated by Franklin Templeton or affiliates, not the Fund .
Equity Ownership & Alignment
| Metric | Mar 30, 2021 | Mar 29, 2022 | Mar 30, 2023 | Mar 30, 2024 | Mar 30, 2025 |
|---|---|---|---|---|---|
| Common Stock Beneficially Owned (shares) | None | None | None | None | None |
- Shares pledged as collateral: No pledging disclosed; beneficial ownership is “None” across filings .
- Options/RSUs/PSUs: No officer equity award disclosures at the Fund level .
- Stock ownership guidelines and compliance: Not disclosed for officers of PAI .
Employment Terms
- Current role and start: Secretary and Chief Legal Officer; served since 2020 .
- Officer term: “Each officer holds office until his or her respective successor is chosen and qualified, or… sooner dies, resigns, is removed…” .
- Compensation source: Manager/Subadviser bear salaries/compensation of any of their personnel serving as Fund officers; Fund pays none .
- Severance, change-of-control, non-compete, clawbacks, deferred comp, pension/SERP: Not disclosed in PAI filings .
Investment Implications
- Pay-for-performance alignment: At the Fund level, officer compensation is not tied to disclosed PAI performance metrics; compensation is borne by Franklin Templeton affiliates, limiting direct alignment to Fund TSR/NAV outcomes .
- Insider ownership and selling pressure: Zero beneficial ownership reported across multiple years implies no vesting overhang or Form 4 selling pressure from De Oliveira in PAI shares .
- Retention risk: Retention and incentive levers for De Oliveira are determined by Franklin Templeton’s employment terms, which are not disclosed in PAI filings; Fund-level severance/change-of-control terms for officers are not provided .
- Governance impact: As Chief Legal Officer and Secretary, De Oliveira’s influence centers on governance, compliance, and disclosure quality; however, PAI’s proxies do not present officer-specific incentive metrics, ownership guidelines, or equity awards that would create tradable signals tied to Fund performance .
Overall, the absence of fund-level pay disclosure, equity ownership, and incentive metrics for De Oliveira suggests limited direct trading signals from officer compensation or ownership. Monitoring Franklin Templeton-level disclosures (if available) would be required to assess his personal incentives and retention risk more fully; PAI filings do not provide such detail .