Anthony Grillo
About Anthony Grillo
Anthony Grillo is a non-interested, independent director of Western Asset Intermediate Muni Fund Inc. (NYSE: SBI), appointed effective November 15, 2024 (Class I, serving until the 2027 annual meeting). Born in 1955, he is currently retired; previously, he founded and served as Managing Director/Partner at American Securities Opportunity Funds (2006–2018), and held senior managing director roles at Evercore Partners (2001–2004), Joseph Littlejohn & Levy (1999–2001), and The Blackstone Group (1991–1999). He oversees 17 portfolios within the Franklin Templeton fund complex and serves on the Fund’s Nominating, Audit, Compensation, and Pricing & Valuation Committees. He is currently a director of Littelfuse, Inc.; prior public boards include Oaktree Acquisition Corp. and Oaktree Acquisition Corp. II .
Past Roles
| Organization | Role | Tenure | Notes/Impact |
|---|---|---|---|
| American Securities Opportunity Funds | Founder, Managing Director & Partner | 2006–2018 | Private equity and credit firm experience |
| Evercore Partners Inc. | Senior Managing Director | 2001–2004 | Investment banking leadership |
| Joseph Littlejohn & Levy, Inc. | Senior Managing Director | 1999–2001 | Private equity experience |
| The Blackstone Group L.P. | Senior Managing Director | 1991–1999 | Private equity and credit firm experience |
External Roles
| Organization | Role | Tenure | Committees/Notes |
|---|---|---|---|
| Littelfuse, Inc. | Director | Since 1991 | Electronics manufacturing board role |
| Oaktree Acquisition Corp. | Director | 2019–2021 | Former SPAC directorship |
| Oaktree Acquisition Corp. II | Director | 2020–2022 | Former SPAC directorship |
Board Governance
- Board composition: 8 directors; 7 independent. The Board Chair is Eileen A. Kamerick, an independent director who leads executive sessions; independent directors regularly meet outside management and are advised by independent counsel .
- Committee memberships: Grillo serves on Audit, Nominating, Compensation, and Pricing & Valuation Committees. Committee chairs are: Audit—Nisha Kumar; Nominating—Hillary A. Sale; Compensation—Peter Mason; Pricing & Valuation—Carol L. Colman .
- Meetings and attendance: FY2024 Board held 4 regular meetings; each director attended at least 75% of Board and applicable committee meetings. The Fund has no formal policy on annual meeting attendance, and no director attended the 2024 annual meeting .
- Committee activity (FY2024): Audit met 5x; Nominating met 7x; Pricing & Valuation met 4x; Compensation met 1x .
- Audit Committee report: Grillo is listed among signatories to the Audit Committee report dated January 21, 2025, recommending inclusion of audited financials in the annual report .
- Independence: Grillo is classified as a NON-INTERESTED DIRECTOR (not an “interested person” under the 1940 Act) and serves on committees composed solely of independent directors under NYSE listing standards .
Fixed Compensation
| Item | Amount (USD) | Period |
|---|---|---|
| Aggregate compensation from the Fund | $470 | Fiscal year ended 11/30/2024 |
| Total compensation from Fund and Fund Complex | $32,989 | Calendar year ended 12/31/2024 |
| Number of investment company directorships in Fund Complex | 17 | As of proxy date |
| Pension/retirement benefits | None | Fund does not provide pension/retirement benefits to directors |
Notes: The compensation table includes service on all committees of SBI and certain other investment companies advised by Franklin Templeton Fund Adviser. No remuneration was paid to the “interested person” director in FY2024 .
Performance Compensation
- The proxy provides director compensation totals but does not disclose any performance-based compensation structures (e.g., bonus targets, PSUs, options, or TSR/EBITDA metrics) for directors. The Compensation Committee’s principal function is to recommend appropriate compensation for independent directors and met once in FY2024 .
Other Directorships & Interlocks
- Current public board: Littelfuse, Inc. (electronics manufacturing) .
- Prior public boards: Oaktree Acquisition Corp. (2019–2021) and Oaktree Acquisition Corp. II (2020–2022) .
- Related-party/affiliate interests: As of December 31, 2024, no non-interested director (including Grillo) or immediate family member had any interest in the Fund’s investment adviser (FTFA) or entities controlling/controlled by/under common control with Franklin Templeton (other than the Fund) .
Expertise & Qualifications
- The Board cites Grillo’s experience as a managing director of a private equity and credit firm and his investment banking background among director attributes considered (character/integrity, time commitment, and non-interested status) .
Equity Ownership
| Ownership Detail | Disclosure | As-of Date |
|---|---|---|
| Dollar range of equity securities in SBI | A = None | December 31, 2024 |
| Aggregate dollar range in all funds overseen in the family of investment companies | A = None | December 31, 2024 |
| Directors/officers as a group beneficial ownership | <1% of outstanding Common and Preferred Shares | February 7, 2025 |
No pledging, hedging, or beneficial ownership breakdown (vested/unvested/options) is disclosed in the proxy; Section 16(a) filings were in compliance for FY2024 based on the Fund’s review .
Governance Assessment
- Positives: Independent director serving on all key committees; independent Board chair with executive sessions; active committee cadence (Audit 5x, Nominating 7x, Pricing & Valuation 4x, Compensation 1x); Audit Committee report includes Grillo, evidencing participation; Section 16 compliance affirmed .
- Watch items:
- RED FLAG: Very low alignment—Dollar Range “A” (None) ownership in SBI and across the related fund family; directors/officers as a group hold <1%—may signal limited “skin in the game” .
- RED FLAG: Engagement optics—no director attended the 2024 annual meeting; while no formal policy exists, this may be viewed negatively by some governance-focused investors .
- Potential overboarding consideration—Grillo oversees 17 fund complex directorships and is on an external public company board; the Fund’s bylaws include qualification requirements with limits on service on other boards, and the Nominating Committee assesses independence/time commitment, partially mitigating risk .
- Conflicts: None identified with FTFA or Franklin Templeton affiliates for non-interested directors as of the disclosed dates .