Mary Chris Jammet
About Mary Chris Jammet
Independent Class II Director at Adams Natural Resources Fund, Inc. (PEO); age 57; director since 2020, current term expires at the 2026 annual meeting. Principal at Bristol Partners LLC; previously Senior Vice President and Portfolio Manager at Legg Mason (now Franklin Templeton) overseeing $20B before retiring in 2013. Designated an Audit Committee Financial Expert; holds CERT Certificate in Cybersecurity Oversight (Carnegie Mellon). Current external public company directorships: MGM Resorts International (NYSE: MGM) and Western Alliance Bancorporation (NYSE: WAL); also serves on the ADX board in the Fund Complex .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Legg Mason, Inc. (now Franklin Templeton) | Senior VP & Portfolio Manager; responsible for $20B in client assets | Through 2013 | Investment management leadership; large-scale portfolio oversight |
| Bristol Partners LLC | Principal | Current | Investment management/strategy |
| Payless ShoeSource Inc. | Corporate Director | Within past five years | Board experience (prior public company) |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Adams Diversified Equity Fund, Inc. (ADX) | Class II Director | Same tenure as PEO; current term expires 2026 | Governance within Fund Complex |
| MGM Resorts International (NYSE: MGM) | Director | Current | Corporate governance experience |
| Western Alliance Bancorporation (NYSE: WAL) | Director | Current | Financial services governance; risk oversight |
| Loyola University Maryland | Advisor to Finance Department | Current | Academic advisory engagement |
| NACD; Women Corporate Directors Foundation | Member | Current | Director professionalism, governance networks |
Board Governance
- Independence: Independent director; 5 of 7 directors are independent at PEO .
- Leadership: Board chaired by independent director Kenneth J. Dale; executive sessions of independent directors at each regular meeting .
- Tenure: Director since 2020; Class II term expires at the 2026 annual meeting .
- Attendance: 100% attendance across Board and committee meetings in 2024; Board met 7 regular and 2 special sessions .
- Annual Meeting attendance policy: Directors expected to attend when on the same day as a Board meeting; 2024 annual meeting was not on a Board meeting date and no directors attended .
| Committee | Role | Meetings (FY 2024) | Attendance |
|---|---|---|---|
| Audit Committee | Chair; designated Audit Committee Financial Expert | 4 | 100% |
| Compensation Committee | Member | 2 | 100% |
| Executive Committee | Member | 1 | 100% |
| Nominating & Governance Committee | Member | 6 | 100% |
Fixed Compensation
- Structure: Non-interested directors receive an annual retainer of $65,000; Committee Chairs receive $3,000; Board Chair receives $20,000 .
- 2024 Compensation: As Audit Committee Chair, Ms. Jammet received $68,000 from PEO; total Fund Complex director compensation (PEO + ADX) was $136,000 .
| Component | FY 2024 Amount ($) | Notes |
|---|---|---|
| Annual Director Retainer (PEO) | 65,000 | Non-interested director |
| Committee Chair Fee (Audit) | 3,000 | Audit Committee Chair |
| Aggregate Compensation from PEO | 68,000 | Sum of retainer + chair fee |
| Total Director Compensation (Fund Complex) | 136,000 | PEO + ADX |
Performance Compensation
- No performance-based cash bonuses, option awards, RSUs/PSUs, or director-specific performance metrics disclosed for non-employee directors in 2024. The legacy 2005 Equity Incentive Compensation Plan expired in 2015; outstanding deferred stock units remain only for certain recipients (none for Ms. Jammet) .
Other Directorships & Interlocks
| Company | Relationship to PEO | Potential Interlock/Conflict Notes |
|---|---|---|
| Adams Diversified Equity Fund (ADX) | Part of Fund Complex | Shared research/accounting/office services and allocated expenses across funds ($19.5m total in 2024; ADX share $15.3m); standard inter-fund cost sharing; no director-specific related-party transaction disclosed |
| MGM Resorts International | External public company | No PEO-related transactions disclosed |
| Western Alliance Bancorporation | External public company | No PEO-related transactions disclosed |
Expertise & Qualifications
- 30+ years in investment management; portfolio leadership at Legg Mason overseeing $20B .
- Audit Committee Financial Expert designation; experienced in financial reporting oversight .
- CERT Certificate in Cybersecurity Oversight (Carnegie Mellon); NACD and Women Corporate Directors memberships .
- Sector exposure: energy/natural resources via fund focus; broad financial services knowledge .
Equity Ownership
- Ownership guideline: non-employee directors must own at least $100,000 cost basis of PEO common stock within 5 years of joining the Board; Ms. Jammet’s dollar value of shares owned is “greater than $100,000,” indicating compliance .
- Beneficial ownership: 10,256 shares as of Dec 31, 2024; each director and officers as a group own less than 1% of outstanding shares .
- Shares outstanding: 26,277,312 as of Jan 24, 2025 (record date for voting) .
| Metric | As of Date | Value |
|---|---|---|
| Shares Beneficially Owned | Dec 31, 2024 | 10,256 |
| Ownership % of Shares Outstanding | Dec 31, 2024 | 0.039% (10,256 ÷ 26,277,312) |
| Dollar Value Range of Shares Owned | Dec 31, 2024 | Greater than $100,000 |
| Ownership Guideline | Policy | ≥ $100,000 within 5 years; met |
Governance Assessment
-
Strengths:
- Independent director with deep asset management background; designated Audit Committee Financial Expert; chairs Audit Committee .
- Strong engagement: 100% attendance across Board and all committee meetings in 2024 .
- Ownership alignment: exceeds $100,000 director stock ownership guideline; holds 10,256 shares .
- Governance practices: independent Board Chair; executive sessions of independent directors; diversity and rotation policies; term limit (15 years) and retirement age (75) .
-
Monitoring items:
- Multiple public company boards (MGM, WAL) and dual Fund Complex directorship (PEO, ADX). Fund policy includes limits on overboarding; no attendance issues disclosed, but workload should be monitored for sustained effectiveness .
- Inter-fund shared expenses with ADX are standard for the complex; no director-specific related-party transactions disclosed. Continue to monitor for any future related-party exposure .
-
Red Flags:
- None disclosed: no related-party transactions involving Ms. Jammet; no hedging/pledging disclosures; no equity award repricing; no tax gross-ups or golden parachute terms for directors reported .