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 Intermediate Muni Fund Inc. (NYSE: SBI), appointed in 2023; he is Associate General Counsel at Franklin Templeton since 2020 and previously Managing Director and Associate General Counsel at Legg Mason & Co. (2005–2020) . SBI’s executive officers are elected annually by the Board and, importantly for compensation analysis, officers receive no compensation from the Fund, aside from potential reimbursement of reasonable travel expenses for Board meetings . He is the signatory on corporate filings evidencing his role (e.g., November 20, 2024 8‑K) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Franklin Templeton | Associate General Counsel | 2020–present | Legal leadership across FT fund complex; governance and regulatory oversight support |
| Western Asset Intermediate Muni Fund Inc. (SBI) | Secretary & Chief Legal Officer | Since 2023 | Secretary responsibilities incl. Board communications; fund governance and legal controls |
| Legg Mason & Co. | Managing Director; Associate General Counsel | 2005–2020 (MD 2016–2020) | Led legal coverage for US mutual funds; policy, compliance, and fund documentation |
| Various LM/FT funds | Assistant Secretary of certain funds | 2006–present | Corporate secretarial functions across funds; continuity of governance processes |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| FT fund complex (other investment companies) | Secretary & Chief Legal Officer of certain funds | Since 2020 | Cross‑fund governance alignment; consistency of legal standards and filings |
| FTFA/Western Asset advised funds | Collaboration with Board committees (Audit, Nominating, Compensation, Pricing & Valuation) | Ongoing | Supports committee workflows; ensures oversight of service providers and policies |
Fixed Compensation
- Officers receive no compensation from SBI; they may be reimbursed for reasonable out‑of‑pocket travel expenses for attending Board meetings .
- Director cash compensation is disclosed (contextual governance data), but Marc is not a director; therefore no fund‑paid salary/bonus applies to him .
Performance Compensation
- Not applicable: SBI officers are not compensated by the Fund; no RSU/PSU/options grants, targets, or performance metrics are disclosed for officers in the proxy .
Equity Ownership & Alignment
| Data Point | Detail |
|---|---|
| Officer/director group ownership | Less than 1% of outstanding Common and Preferred shares as a group (as of Feb 7, 2025) |
| Officer‑specific holdings | Not disclosed in SBI proxy for officers; directors’ dollar ranges are provided but do not include officers |
| 5%+ beneficial owners | RiverNorth Capital Mgmt: 1,674,840 common (11.89%), Sit Investment Associates: 1,185,495 common (8.42%) (as of Feb 7, 2025) |
| Pledging/hedging | Not disclosed in proxy |
| Ownership guidelines | Not disclosed for officers; directors’ ranges disclosed, but not guidelines |
Note: Section 16(a) compliance statements indicate required beneficial ownership filings were met for the relevant fiscal periods; these are general statements and not officer‑specific tabulations .
Employment Terms
| Term | Detail |
|---|---|
| Officer election and tenure | Officers are chosen each year at a regular Board meeting and serve until successors are elected and qualified |
| Compensation from Fund | No compensation from SBI; travel reimbursement for Board meeting attendance may be provided |
| Secretary responsibilities | Secretary determines, with other officers/counsel/advisers, which stockholder communications are relayed to the Board |
| Corporate authorities | Marc signs corporate filings as Secretary and CLO (e.g., 8‑K, Nov 20, 2024) |
| Contracts/severance/change‑of‑control | No officer employment contracts, severance multiples, or change‑of‑control terms disclosed in SBI proxy; Fund operates under Maryland Control Share Acquisition Act with voting right restrictions for control share acquisitions (fund‑level governance) |
Investment Implications
- Pay‑for‑performance levers at SBI do not apply to officers: SBI does not pay officer compensation or grants; Marc’s incentives and retention dynamics are principally tied to Franklin Templeton employment structures, not SBI . For trading signals (insider pressure), the absence of fund‑level officer equity awards or vesting schedules implies minimal mechanical selling pressure from fund grants; monitoring external employer disclosures would be required to assess broader incentives.
- Governance reliability: Marc’s long‑tenured legal background across Legg Mason and Franklin Templeton supports stability in fund governance, while fund‑level mechanisms like the Maryland Control Share Acquisition Act govern shareholder voting rather than officer incentives . Group officer/director ownership is de minimis (<1%), reducing direct alignment via stake but typical for closed‑end funds where officers are service‑provider employees .
- Ownership concentration: Presence of activist and institutional holders historically (e.g., RiverNorth, Sit) indicates external forces may shape discount dynamics or corporate actions; officer roles will be procedural rather than economically driven at fund level .