Christopher Berarducci
About Christopher Berarducci
Christopher Berarducci (birth year: 1974) serves as Treasurer and Principal Financial Officer (PFO) of LMP Capital and Income Fund Inc. (NYSE: SCD) and has held these roles since 2019 . He is Vice President, Fund Administration and Reporting at Franklin Templeton (since 2020), and previously held senior roles at Legg Mason & Co. including Managing Director (2020), Director (2015–2020), and Vice President (2011–2015) . Officers of the Fund receive no compensation from SCD, and no performance-linked compensation metrics (TSR, revenue growth, EBITDA growth) are disclosed for officers in the proxy statements .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Franklin Templeton | Vice President, Fund Administration and Reporting | 2020–present | Oversees fund administration and reporting for the Franklin Templeton/FTFA complex; concurrently Treasurer (since 2010) and PFO (since 2019) of certain affiliated funds |
| Legg Mason & Co. | Managing Director | 2020 | Senior leadership role within Legg Mason’s fund complex |
| Legg Mason & Co. | Director | 2015–2020 | Mid-to-senior leadership responsibilities across Legg Mason funds |
| Legg Mason & Co. | Vice President | 2011–2015 | Vice President responsibilities within fund operations/administration |
External Roles
Not disclosed in the Fund’s proxy officer biographies .
Fixed Compensation
- Officers (including Treasurer/PFO) receive no compensation from SCD; they may be reimbursed for reasonable out-of-pocket travel expenses when attending Board meetings .
- Compensation for officers is paid by Franklin Templeton/affiliates and is not disclosed in SCD’s proxy statements .
Performance Compensation
- No incentive plans (bonus, RSUs/PSUs, options), targets, or payout formulas are disclosed for Fund officers in SCD’s proxy statements .
Equity Ownership & Alignment
| Metric | Detail |
|---|---|
| Officers & Directors group beneficial ownership | Less than 1% of outstanding Common Stock as of February 7, 2025 |
| Section 16(a) filing compliance | All required insider ownership filings met for FY ended Nov 30, 2024 (Fund’s review of copies/representations) |
| 5%+ Beneficial Owners (context) | First Trust Advisors L.P. & affiliates: 8.79% (based on 13G/A) ; Raymond James & Associates, Inc.: 5.70% (based on 13G/A) |
- No pledging, hedging, or officer-specific ownership guidelines are disclosed for Fund officers in SCD’s proxy .
Employment Terms
- Officers are selected annually by the Board to hold office until successors are elected and qualified; officers receive no compensation from the Fund and may be reimbursed for reasonable out-of-pocket travel expenses to attend Board meetings .
- No employment contract terms, severance/change-of-control provisions, non-compete, non-solicit, or clawbacks are disclosed for Fund officers in the proxy .
Investment Implications
- Pay-for-performance alignment to SCD’s share/NAV/TSR outcomes is limited for the Treasurer/PFO, as compensation is paid by Franklin Templeton and not tied to SCD-disclosed performance metrics; this dilutes direct incentives linked to Fund-specific results .
- Minimal insider ownership (officers and directors as a group <1%) reduces alignment but also implies low insider selling pressure dynamics for SCD shares; monitoring Section 16 filings remains prudent, though FY 2024 compliance was clean .
- Retention risk appears low given long tenure in fund administration roles across the FT/Legg Mason complex and annual officer selection structure; no severance or change-of-control cash accelerators are disclosed that could create timing/game-the-system risk .
- Trading signals from compensation/ownership are weak: absence of equity awards/vesting schedules for officers, limited disclosed ownership, and compliant filing posture suggest few actionable insider-driven catalysts from Berarducci specifically .