Christopher Berarducci
About Christopher Berarducci
Christopher Berarducci is Treasurer and Principal Financial Officer of Western Asset Intermediate Muni Fund Inc. (NYSE: SBI), serving in this role since 2019; his birth year is 1974 . He is Vice President, Fund Administration and Reporting at Franklin Templeton (since 2020) and previously held roles at Legg Mason & Co. including Managing Director (2020), Director (2015–2020), and Vice President (2011–2015) . SBI’s proxy disclosures state fund officers receive no compensation from the Fund and do not detail officer-specific performance metrics or pay-for-performance linkages; fund officers and directors as a group beneficially owned less than 1% of outstanding common and preferred shares as of February 7, 2025 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Franklin Templeton | Vice President, Fund Administration and Reporting | Since 2020 | Fund administration and reporting responsibilities |
| Legg Mason & Co. | Managing Director | 2020 | Senior leadership within fund complex |
| Legg Mason & Co. | Director | 2015–2020 | Management oversight at adviser |
| Legg Mason & Co. | Vice President | 2011–2015 | Operational and financial management roles |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not disclosed in SBI filings for Berarducci | — | — | — |
Fixed Compensation
- Officers of the Fund receive no compensation from SBI; any compensation for Berarducci would be paid by Franklin Templeton (adviser/administrator) and is not disclosed in SBI’s proxy filings .
| Component | FY Coverage | Disclosure |
|---|---|---|
| Base Salary | Current | Not disclosed; Fund officers receive no compensation from the Fund |
| Target Bonus % | Current | Not disclosed in SBI proxy filings |
| Actual Bonus Paid | Latest fiscal | Not disclosed in SBI proxy filings |
| Perquisites | Latest fiscal | Not disclosed in SBI proxy filings |
| Pension/SERP | Latest fiscal | Not disclosed in SBI proxy filings |
Performance Compensation
| Incentive Type | Grant Date | Metrics | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|---|
| RSUs/PSUs (Fund-level) | — | — | — | — | — | — | No officer equity compensation disclosed by the Fund; officers receive no compensation from the Fund |
| Stock Options (Fund-level) | — | — | — | — | — | — | No officer equity compensation disclosed by the Fund; officers receive no compensation from the Fund |
No performance metric frameworks (revenue, EBITDA, TSR, ESG) tied to Berarducci’s compensation are disclosed in SBI’s filings; as a registered investment company, officer pay is at the adviser level and not reported by the Fund .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership (Officer-level) | Not individually disclosed for Berarducci in SBI filings |
| Officers and Directors as a Group Ownership | Less than 1% of outstanding common and preferred shares (as of Feb 7, 2025) |
| Shares Outstanding | 14,082,315 Common; 1,896 Preferred (VRDPS) (Record Date Feb 7, 2025) |
| Vested vs Unvested | Not disclosed for Fund officers |
| Options (Exercisable/Unexercisable) | Not disclosed for Fund officers |
| Pledging/Hedging | Not disclosed for Fund officers |
| Ownership Guidelines | Not disclosed for Fund officers |
Employment Terms
| Term | Provision |
|---|---|
| Appointment & Term | Executive officers are chosen annually by the Board and hold office until successors are duly elected and qualified |
| Compensation by Fund | Officers receive no compensation from the Fund; may be reimbursed for reasonable out-of-pocket travel expenses for attending Board meetings |
| Severance / Change-of-Control | Not disclosed for Fund officers |
| Non-Compete / Non-Solicit | Not disclosed for Fund officers |
| Clawbacks | Not disclosed for Fund officers |
| Section 16(a) Compliance | Fund believes all filing requirements were met for fiscal year ended Nov 30, 2024 |
| Board Committees (context) | Compensation Committee comprises all Independent Directors; chaired by Peter Mason; function is to recommend appropriate compensation of Independent Directors (not officers) |
Performance & Track Record
- Treasurer and Principal Financial Officer of SBI since 2019, with continuous senior finance/administration roles across the Franklin Templeton/Legg Mason fund complex .
- SBI’s proxy filings do not attribute fund TSR or financial performance outcomes to individual officers; performance commentary appears at the fund level in shareholder reports and is not linked to officer pay .
Past Roles (Fund Officer Context)
| Organization | Role | Tenure at SBI |
|---|---|---|
| Western Asset Intermediate Muni Fund Inc. | Treasurer and Principal Financial Officer | Since 2019 |
Risk Indicators & Red Flags
- Pledging/Hedging: No pledging or hedging disclosures for Fund officers in SBI filings .
- Related Party Transactions: No officer-related transactions disclosed in SBI proxy; directors and nominees (other than the interested director due to adviser affiliation) had no interests in the adviser or affiliates as of Dec 31, 2024 .
- Section 16(a): All ownership filings believed to be in compliance for FY 2024 .
Compensation Committee Analysis (Fund Context)
- Composition: All Independent Directors; Chair Peter Mason .
- Mandate: Recommends compensation of Independent Directors for Board and committee service; does not set officer pay for the Fund .
- Consultant usage/conflicts: Not disclosed in SBI proxy .
Investment Implications
- Pay-for-performance alignment at the Fund level is not applicable to officers: SBI does not compensate officers, and no equity awards or performance metrics are disclosed for Berarducci, reducing direct Fund-level incentives or insider selling pressure .
- Alignment via ownership appears limited: insiders (officers and directors as a group) own less than 1% of shares; no pledging disclosures, suggesting low alignment through personal stake but also minimal sell pressure .
- Retention risk resides at the adviser (Franklin Templeton): employment economics (salary, bonus, equity, severance, non-compete) are set and disclosed, if at all, at Franklin Templeton and are not available in SBI filings, creating limited visibility into retention drivers for Berarducci from the Fund’s perspective .
- Governance context: Officers are elected annually with no Fund-level compensation; Board committees are independent and active, but Compensation Committee remit concerns director compensation only, not officer pay, further limiting Fund-level incentive levers tied to Berarducci .