Jane E. Trust
About Jane E. Trust
Jane E. Trust (born 1962) serves as Trustee, President and Chief Executive Officer of Western Asset Premier Bond Fund (NYSE: WEA) and has served since 2015. She is deemed an “interested person” under the 1940 Act due to her roles within Franklin Templeton Fund Adviser, LLC (FTFA) and affiliates, and is a member of the Fund’s Investment and Performance Committee . The Fund’s proxy does not disclose executive compensation metrics or TSR-based incentive design; officers receive no remuneration from the Fund (compensation, if any, is paid by affiliates), limiting pay-for-performance analysis at the fund level .
Past Roles
| Organization | Role | Years | Strategic impact / notes |
|---|---|---|---|
| Franklin Templeton | Senior Vice President, Fund Board Management | Since 2020 | Senior leadership within FT overseeing fund board management . |
| Franklin Templeton Fund Adviser, LLC (FTFA) | President and Chief Executive Officer | Since 2015 | Fund complex leadership; also listed as Officer/Trustee/Director across funds . |
| Legg Mason & Co., LLC | Senior Managing Director | 2018–2020 | Senior management role prior to FT integration . |
| Legg Mason & Co., LLC | Managing Director | 2016–2018 | Senior management role . |
| FTFA | Senior Vice President | 2015 | Executive role pre-dating CEO appointment . |
External Roles
| Organization | Role | Years | Scope / portfolios |
|---|---|---|---|
| Franklin Templeton fund complex | Officer and/or Trustee/Director | Since 2015 | Oversees 114 portfolios (2025 proxy) . |
| Putnam Family of Funds | Trustee | Ongoing | Oversees 105 portfolios (as listed) . |
Fixed Compensation
The Fund paid no remuneration to its officers (including the President and Chief Executive Officer); officers are employees of the Investment Adviser or affiliates and may be reimbursed only for reasonable out-of-pocket travel expenses for Board meetings .
| Pay element | Amount | Source note |
|---|---|---|
| Aggregate compensation from WEA (as Trustee) | $0 | Interested Trustees (Ms. Trust) are not compensated by the Fund for Board service due to affiliate relationships . |
| Total compensation from Fund and Fund Complex paid to Trustees | None (for interested Trustees) | Footnote confirms no trustee pay to Ms. Trust from the Fund/Fund Complex for this role . |
Performance Compensation
| Incentive element | Metric(s) | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Fund-level bonus/PSUs/RSUs for officers | Not applicable | — | — | — | — |
- No fund-level bonus/equity program is disclosed for officers; the Fund states officers receive no remuneration from the Fund .
Equity Ownership & Alignment
| Holder | Beneficial ownership in WEA | Aggregate dollar range in family of investment companies | Date |
|---|---|---|---|
| Jane E. Trust | None | Over $100,000 | As of Dec 31, 2024 |
Additional alignment facts:
- All Trustees and officers of the Fund as a group beneficially owned less than 1% of the outstanding shares of WEA as of December 31, 2024 .
- No pledging/hedging, options, or vested/unvested grant details are disclosed for Ms. Trust in the Fund’s proxy .
Employment Terms
- Compensation arrangements, employment agreements, severance, and change‑of‑control provisions for officers are not provided at the Fund level; officers are employees of FTFA or affiliates, and the Fund pays no officer remuneration (other than potential reimbursement of reasonable Board‑meeting travel expenses) .
- Accordingly, severance multiples, triggers (single/double), accelerated vesting, clawbacks, gross‑ups, non‑competes, and related provisions are not disclosed in the WEA proxy .
Board Governance
| Attribute | Detail |
|---|---|
| Board service history | Trustee since 2015 . |
| Officer roles | President and Chief Executive Officer of WEA . |
| Independence status | “Interested person” under the 1940 Act due to FTFA/affiliate roles . |
| Committee roles | Member, Investment and Performance Committee (footnote (2)) . |
| Other board memberships (past five years) | None listed in the “Other Board Memberships” column for the WEA board profile; separate from roles within fund complexes . |
| Trustee compensation policy | Interested Trustees (including Ms. Trust) receive no compensation from the Fund for Board service . |
Performance & Track Record
- The Board cites Ms. Trust’s “investment management and risk oversight experience as an executive and portfolio manager and leadership roles within Franklin Templeton (and before that, Legg Mason) and affiliated entities” as qualifications supporting Board service .
Investment Implications
- Pay-for-performance linkage at WEA is not assessable: officers receive no remuneration from the Fund, and the proxy provides no officer bonus/equity metrics tied to Fund performance. This reduces direct alignment signals at the fund level, shifting attention to affiliate-level compensation, which is not disclosed in the Fund proxy .
- Ownership alignment within WEA is limited (Ms. Trust: “None” in the Fund), though she reports “Over $100,000” aggregate holdings across the broader family of investment companies. For trading signals, low direct ownership in WEA reduces insider alignment cues specific to this vehicle .
- Governance risk is mitigated by disclosure that Ms. Trust is an “interested person” (non‑independent) with a dual role (Trustee + CEO), which can raise independence optics but is common in closed‑end fund complexes; committee participation is limited to the Investment and Performance Committee as disclosed .
- No evidence in the proxy of hedging/pledging, change‑of‑control economics, or severance that would create selling pressure or unusual retention risks at the WEA level; absence of disclosure implies such terms, if any, reside at the affiliate employer (FTFA) rather than the Fund .