Jennifer Williams Murphy
About Jennifer Williams Murphy
Independent Trustee of Putnam Premier Income Trust (PPT) since 2022; born 1964. CEO and Founder of Runa Digital Assets, LLC; previously Chief Operating Officer of Western Asset Management and CEO/President of Western Asset Mortgage Capital Corporation. Classified as an Independent Trustee, but the proxy discloses potential conflicts tied to her outside fund relationships with Franklin Templeton affiliates .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Western Asset Management, LLC | Chief Operating Officer | Until 2021 | Senior leadership in global investment adviser operations |
| Western Asset Mortgage Capital Corporation | Chief Executive Officer and President | Until 2021 | Led mortgage finance REIT operations; prior board directorship |
| Runa Digital Assets, LLC | Chief Executive Officer and Founder | Current | Founder/operator of digital assets investment manager |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Western Asset Mortgage Capital Corporation | Director (previously) | Prior to 2022 trustee appointment | Prior public company board role |
Board Governance
- Independence: Listed under Independent Trustees for PPT; however, relationships with Franklin Templeton affiliates may give rise to potential conflicts (see Related-Party footnote) .
- Committees (Putnam Funds Board structure):
- Investment Oversight Committee A: Member (Domotorffy, Chair; includes Murphy) .
- Exchange-Traded Fund Committee: Member .
- Designated “audit committee financial expert” within meaning of SEC rules (with Mr. Singh and Dr. Hill) .
- Meeting cadence and attendance: Putnam Funds Board held 12 board meetings and multiple committee meetings in 2024; each Trustee attended at least 75% of Board and applicable committee meetings; average Trustee participated in ~35 Board and committee meetings. Trustees generally did not attend the last annual meeting (represented by independent staff/counsel) .
Fixed Compensation
| Component | PPT Amount (FY last reported) | Complex-wide Amount | Notes |
|---|---|---|---|
| Aggregate compensation from PPT | $1,477 | — | Per-fund cash compensation paid by PPT to Murphy |
| Total compensation from Putnam funds complex | — | $382,000 | Aggregate cash compensation across Putnam funds complex |
| Form/structure | Annual retainer + meeting fees | — | Independent Trustees receive annual retainer and fees per meeting; expenses reimbursed |
Performance Compensation
| Metric | Target | Actual | Notes |
|---|---|---|---|
| Equity-based awards (RSUs/Options) | Not disclosed | Not disclosed | No equity grants disclosed for Trustees |
| Bonus/Performance metrics (TSR, EBITDA, ESG) | Not disclosed | Not disclosed | Trustees are compensated via retainer/meeting fees; no performance-based pay disclosed |
Other Directorships & Interlocks
| Category | Detail | Governance Relevance |
|---|---|---|
| Prior public company board | Western Asset Mortgage Capital Corporation (Director, previously) | Experience in mortgage finance; no current interlock disclosed with PPT operations |
| Advisory/financial ties | Franklin Resources, Inc. subsidiary and certain individuals invested ~33% (aggregate) in Runa Digital Partners, LP; potential incentive compensation sharing with RDP GP; Murphy may consult with Franklin Templeton on digital assets while investment remains | Potential conflict with fund adviser affiliates (Franklin Advisers/Franklin Templeton) oversight scope |
Expertise & Qualifications
- Digital assets and institutional investing expertise as CEO/Founder of Runa Digital Assets .
- Investment management and operations leadership (COO Western Asset; CEO WAMCO) .
- SEC-designated audit committee financial expert (financial reporting and oversight credentials) .
Equity Ownership
| Measure | Value | Notes |
|---|---|---|
| Common shares ownership (individual) | <1% of fund outstanding | As of March 1, 2025, each Trustee and officers/Trustees as a group owned less than 1% of each fund’s outstanding common shares |
| Preferred shares ownership | None for current Trustees (PMM/PMO) | Statement covers the complex; preferred shares ownership by Trustees was none for the two funds with preferreds; PPT did not disclose separate preferreds ownership |
| Pledging/Hedging | Not disclosed | No pledging or hedging disclosures found in proxy |
Governance Assessment
- Strengths:
- Independent classification; multiple oversight committee roles (Investment Oversight A; ETF); audit financial expert designation enhances financial/reporting oversight .
- Attendance threshold met (≥75%) amid robust meeting schedule, supporting engagement .
- Cash-only director pay (retainer/meeting fees) without equity grants reduces misalignment risk tied to share issuance in closed-end fund context .
- RED FLAGS / Risk Indicators:
- Related-party exposure: Franklin Templeton affiliates hold ~33% in Runa Digital Partners LP; potential incentive compensation sharing with RDP GP; consulting arrangement with Franklin Templeton while investment remains; deferred cash compensation from prior employment at a Franklin affiliate. The proxy explicitly states these relationships “may give rise to a potential conflict of interest with respect to the funds” .
- Low direct ownership in PPT (<1%), limiting skin-in-the-game alignment typical for operating companies; common in fund complexes but still a consideration for investor confidence .
Implications: While Murphy brings financial and investment expertise and participates actively in oversight, the disclosed Franklin Templeton–Runa ties warrant monitoring for recusal practices, independent committee rigor, and how potential conflicts are mitigated in fee, distribution, and valuation oversight. Cash-only director compensation and strong attendance are positives; low direct holdings and related-party exposure are the primary governance risks .