Carol L. Colman
About Carol L. Colman
Carol L. Colman (birth year 1946) is a non‑interested, independent director of EHI, serving since 2003. She is President of Colman Consulting Co. and chairs the Board’s Pricing and Valuation Committee; she is also a member of the Nominating, Audit, and Compensation Committees. The proxy and committee materials describe her core credentials as a consultant and investment professional; she is identified as “Carol L. Colman, CFA” in Audit Committee submissions, indicating a CFA charterholder. She oversees 21 portfolios across the Franklin Templeton fund complex.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Colman Consulting Co. | President | Past five years | — |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| None reported | — | — | Proxy lists “None” for other directorships in the past five years |
Board Governance
- Independence and structure: EHI’s Board has eight directors, seven independent; all standing committees (Audit, Nominating, Compensation, Pricing & Valuation) are composed entirely of Independent Directors and chaired by Independent Directors. Eileen A. Kamerick is the Independent Chair of the Board.
- Attendance: In FY ended May 31, 2025, the Board held four regular and four special meetings; each Director attended at least 75% of Board and committee meetings for which he or she was eligible. In FY ended May 31, 2024, the Board held four regular and two special meetings; each Director attended at least 75% of meetings.
| Committee | Role | FY2025 Meetings | Notes |
|---|---|---|---|
| Audit | Member | 6 | Committee composed entirely of Independent Directors; financial experts designated (Kumar, Kamerick) |
| Nominating | Member | 5 | Independent-only; chaired by Hillary A. Sale |
| Compensation | Member | 3 | Independent-only; chaired by Peter Mason; operates under a written charter |
| Pricing & Valuation | Chair | 4 | Independent-only; assists Board oversight of valuation processes |
Fixed Compensation
Directors receive compensation for service across EHI and other funds in the complex; the Fund does not provide pension or retirement benefits to Directors. The proxy discloses aggregate amounts (Fund level) and total compensation from the Fund and Fund Complex (calendar year).
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Aggregate Compensation from EHI ($) | 17,872 | 10,714 | 9,128 | 8,641 | 10,397 |
| Metric | CY 2020 | CY 2021 | CY 2022 | CY 2023 | CY 2024 |
|---|---|---|---|---|---|
| Total Compensation from Fund and Fund Complex ($) | 342,000 | 304,000 | 314,000 | 332,000 | 371,000 |
- No pension/retirement benefits are provided to Directors.
- Each Director currently holds 21 investment company directorships within this Fund Complex (context for complex-wide compensation).
Performance Compensation
- The proxy provides only aggregate director compensation amounts and does not disclose any performance-based components (bonuses), stock awards, option grants, or compensation metrics for directors; the Compensation Committee “recommends the appropriate compensation” for Independent Directors and operates under a written charter.
Other Directorships & Interlocks
| Category | Disclosure |
|---|---|
| Public company boards (current/past 5y) | None listed for Ms. Colman |
| Potential interlocks with competitors/suppliers/customers | None indicated in proxy |
| Relationships with adviser/affiliates | “No Director…who is not an ‘interested person’… nor immediate family members… had any interest in the Fund’s investment adviser, or any person or entity… under common control with Franklin Resources, Inc.” as of Dec 31, 2024 |
Expertise & Qualifications
- Experience: Consultant and investment professional; long-serving director on Franklin Templeton fund boards.
- Credential: CFA (identified in Audit Committee report signature block).
- Valuation oversight: Chair of Pricing & Valuation Committee; active engagement in valuation processes (committee met 4 times in FY2025).
Equity Ownership
| As of Date | Dollar Range of EHI Equity Owned | Aggregate Dollar Range in Family of Investment Companies |
|---|---|---|
| 12/31/2021 | “C” = $10,001–$50,000 | “E” = Over $100,000 |
| 12/31/2023 | “C” = $10,001–$50,000 | “E” = Over $100,000 |
| 12/31/2024 | “C” = $10,001–$50,000 | “E” = Over $100,000 |
- At August 29, 2025, directors and officers as a group beneficially owned less than 1% of EHI’s outstanding common shares.
Governance Assessment
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Strengths:
- Independence and leadership: Non‑interested director; all key committees are independent; Ms. Colman chairs the Pricing & Valuation Committee—central to fair NAV reporting and investor protection.
- Engagement: Committee activity is robust (Audit 6x; Nominating 5x; Compensation 3x; Pricing & Valuation 4x) and Board held both regular and special meetings; attendance threshold met (≥75%).
- Conflicts: Proxy affirms no interests with the adviser or affiliates for independent directors, reducing related‑party risk.
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Watch items:
- Workload across complex: Ms. Colman oversees 21 portfolios; while common in fund complexes, this multi‑board load warrants monitoring for capacity and focus, especially given chair responsibilities in valuation.
- Ownership alignment: Beneficial ownership in EHI is in the “C” range ($10,001–$50,000) and group ownership is <1%; alignment is present but modest relative to complex‑wide cash compensation.
-
Compensation trends (context):
- EHI aggregate compensation for Ms. Colman increased from $8,641 (FY2024) to $10,397 (FY2025); complex‑wide total rose from $332,000 (CY2023) to $371,000 (CY2024). These changes align with expanded board composition and committee activity, but the proxy does not detail fee schedules or chair premiums.
Overall, Ms. Colman exhibits sustained independent oversight, valuation leadership, and committee participation with no disclosed conflicts; the principal governance consideration is workload across the fund complex and modest disclosed direct ownership in EHI.