Jane E. Trust
About Jane E. Trust
Jane E. Trust is Trustee and President and Chief Executive Officer of Western Asset Inflation-Linked Income Fund (WIA), serving since 2015; her current trustee term expires in 2026. She was born in 1962 and is an “interested person” under the Investment Company Act due to her roles with Franklin Templeton Fund Adviser, LLC (FTFA) and affiliates. Her background includes senior leadership across Franklin Templeton and Legg Mason, overseeing fund board management and investment/risk oversight across large fund complexes. The proxy does not disclose TSR, revenue growth, or EBITDA growth metrics tied to her tenure at WIA.
Performance metrics (TSR, revenue, EBITDA) for her tenure are not disclosed in the Fund’s proxy.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Franklin Templeton (FTFA) | President & CEO of FTFA | Since 2015 | Led FTFA’s administration and governance across a broad family of funds; central liaison to fund boards and service providers. |
| Franklin Templeton | Senior Vice President, Fund Board Management | Since 2020 | Oversight of fund board processes and management across U.S. fund complexes, strengthening governance and risk oversight. |
| Legg Mason & Co., LLC | Senior Managing Director | 2018–2020 | Senior leadership across legal, admin, and governance functions within legacy Legg Mason complexes prior to integration. |
| Legg Mason & Co., LLC | Managing Director | 2016–2018 | Management roles supporting fund administration and board governance. |
| FTFA | Senior Vice President | 2015 | Senior role coincident with appointment as FTFA President & CEO, aligning administration and board oversight. |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Franklin Templeton funds | Trustee/Director (114 portfolios) | Since 2015 | Broad fiduciary oversight across 114 portfolios, coordinating governance and risk processes. |
| Putnam Family of Funds | Trustee (105 portfolios) | Not disclosed | Cross-complex governance exposure and potential information flow across major fund families. |
Fixed Compensation
WIA does not compensate officers or “interested” trustees. Independent trustees receive retainers/fees; Ms. Trust receives none from WIA.
| Component | Amount/Status | Notes |
|---|---|---|
| Aggregate Compensation from WIA (Trustee) | None | Interested trustees (Olson and Trust) are not compensated by the Fund. |
| Pension/Retirement Benefits from WIA | $0 | No accruals for interested trustees. |
| Estimated Annual Benefits Upon Retirement | $0 | Not applicable for interested trustees. |
| Total Compensation from Fund and Fund Complex Paid to Trustees (calendar 2024) | None | For Ms. Trust (interested trustee), “None.” |
| Fund Officer Compensation | No remuneration from WIA | Fund officers receive no pay from WIA; travel expense reimbursement only. |
Performance Compensation
No performance-based incentives (bonus/PSU/RSU/options) are reported by WIA for Ms. Trust; as an officer affiliated with FTFA, her compensation is not disclosed in WIA’s proxy.
Equity Ownership & Alignment
| Item | Disclosure | Notes |
|---|---|---|
| Dollar Range of WIA Shares | None | Ms. Trust reported “None” in WIA; trustees/officers as a group own <1% of WIA. |
| Aggregate Dollar Range in Family of Investment Companies | Over $100,000 | Aggregate holdings across Franklin Templeton family of funds. |
| Ownership as % of Shares Outstanding | <1% for trustees/officers as a group | Indicates limited direct WIA alignment among insiders. |
| Vested vs. Unvested Shares | Not disclosed | WIA proxy does not break out vesting detail by individual for WIA shares. |
| Options (Exercisable/Unexercisable) | Not disclosed | No Form 4 or options schedule provided in WIA proxy. |
| Shares Pledged/Hedged | Not disclosed | No pledging/hedging statement found for Ms. Trust in WIA proxy. |
Employment Terms
| Term | Disclosure | Notes |
|---|---|---|
| WIA Officer Start Date | Served since 2015 | President & CEO of WIA since 2015. |
| Trustee Term | Expires 2026 | Classified board; her trustee term expires in 2026. |
| Contract Term/Expiration | Not disclosed | Employment contract terms are at FTFA; not in WIA proxy. |
| Non-compete/Non-solicit | Not disclosed | No employment agreement terms reported in WIA proxy. |
| Change-in-Control/Severance | Not disclosed | No severance economics disclosed at WIA level. |
| Clawback/Ownership Guidelines | Not disclosed | WIA proxy does not disclose executive clawbacks or guidelines for Ms. Trust. |
Board Governance
| Attribute | Details | Notes |
|---|---|---|
| Board Independence | >75% Independent Trustees | Independent majority; Chair is Independent (William E.B. Siart). |
| Committee Chairs | All committees chaired by Independent Trustees | Audit, Governance, Contracts, Performance committees chaired by independents. |
| Committee Membership (Ms. Trust) | Investment and Performance Committee | Member of Performance Committee alongside independents and one other interested trustee. |
| Meeting Attendance (FY ended 11/30/2024) | ≥75% attendance for all Trustees | Board: 8; Audit: 6; Governance: 3; Performance: 5; Contracts: 2. |
| Independence Status (Ms. Trust) | “Interested person” under 1940 Act | Due to position with FTFA/affiliates. |
Investment Implications
- Pay-for-performance transparency is limited at WIA for Ms. Trust because the Fund does not remunerate officers or interested trustees; her compensation is set/paid at FTFA and is not reported in the WIA proxy, reducing ability to link cash/equity pay to Fund-specific metrics.
- Alignment risk: Ms. Trust reports no WIA share ownership while aggregate holdings across the Franklin Templeton family exceed $100,000; insider ownership of WIA is <1% as a group, indicating low direct “skin-in-the-game” at the Fund level and minimal insider selling pressure risk for WIA shares.
- Governance mitigants: Independent Chair, independent committee chairs, and >75% independent board offset dual-role concerns (Trustee + President/CEO), though her membership on the Performance Committee introduces potential for management influence within performance oversight; board structure and independent sessions aim to mitigate conflicts.
- Process integrity: Strong committee structure and documented oversight of audit/risk functions, with regular reporting by compliance and risk officers, supports governance quality despite limited officer-level compensation disclosure at the Fund.
Net takeaways: Lack of WIA-level pay disclosure and no fund-level ownership for Ms. Trust suggest limited direct incentive alignment to WIA’s share price, while governance design provides checks on dual-role conflicts. Trading signals from insider activity are muted given “None” holdings; monitor FTFA-level disclosures and any future Form 4 filings for changes.