Fred Jensen
About Fred Jensen
Fred Jensen (born 1963) is Chief Compliance Officer (CCO) of Western Asset Global High Income Fund Inc. (“EHI”) since 2020; he is Director – Global Compliance at Franklin Templeton (since 2020) and previously held senior compliance leadership roles at Legg Mason & Co. from 2006–2020 and earlier CCO roles at Legg Mason affiliates, The Reserve Funds (2004) and Ambac Financial Group (2000–2003) . As part of EHI’s risk oversight, the Board meets with the CCO, who reports directly to the Board, to discuss compliance risks and controls; officers receive no compensation from the Fund (they may be reimbursed for reasonable travel to Board meetings) . Fund performance context during his tenure is shown below (NAV and market-price total returns), providing a backdrop for risk/compliance stewardship rather than pay-for-performance linkages (fund officers are not paid by the Fund) .
Past Roles
| Organization | Role | Years | Strategic impact / notes |
|---|---|---|---|
| Franklin Templeton | Director – Global Compliance | 2020–present | CCO for EHI; Board meets with CCO for risk oversight; CCO reports directly to Board . |
| Legg Mason & Co. | Managing Director; Director of Compliance, Office of the CCO | 2006–2020 | Senior compliance leadership across adviser/distributor; multiple CCO roles at Legg Mason units prior to 2014/2013 . |
| Legg Mason Global Asset Allocation | Chief Compliance Officer | Prior to 2014 | CCO role (prior to 2014) . |
| Legg Mason Private Portfolio Group | Chief Compliance Officer | Prior to 2013 | CCO role (prior to 2013) . |
| The Reserve Funds (investment adviser, funds and broker-dealer) | Chief Compliance Officer | 2004 | CCO role in funds/adviser/broker-dealer complex . |
| Ambac Financial Group (investment adviser, funds and broker-dealer) | Chief Compliance Officer | 2000–2003 | CCO role in adviser/funds/broker-dealer context . |
External Roles
- None disclosed for Jensen (no public company directorships or external board roles listed in EHI’s proxy) .
Fixed Compensation
| Component | EHI disclosure |
|---|---|
| Base salary (from EHI) | $0; “Officers of the Fund receive no compensation from the Fund” . |
| Target/actual bonus (from EHI) | Not applicable; no officer bonuses paid by the Fund . |
| Travel reimbursement | Officers may be reimbursed for reasonable out-of-pocket travel expenses to attend Board meetings . |
Performance Compensation
| Incentive type | Metrics | Weighting/targets | Payout/vesting |
|---|---|---|---|
| Fund-based officer equity/bonus plans | Not disclosed/applicable; officers receive no compensation from the Fund and no Fund-based equity awards are disclosed . | — | — |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Officer/Director group beneficial ownership | At 8/29/2025, nominees, Directors and officers of the Fund as a group beneficially owned less than 1% of outstanding common stock . |
| Individual (Fred Jensen) | Not separately disclosed (group figure above includes officers) . |
| Pledged shares | Not disclosed . |
| Stock ownership guidelines | Not disclosed for officers . |
| Section 16(a) filings | Based on review/representations, all required filings met for FY ended 5/31/2025 . |
Employment Terms
| Provision | Term |
|---|---|
| Election/term | Executive officers are chosen each year at a regular Board meeting; serve until successors are duly elected and qualified . |
| Removal/resignation | Officers may resign by written notice; may be removed by the Board with or without cause at any time (bylaws) . |
| Vacancies | Board may fill officer vacancies for the unexpired term per bylaws . |
| Compensation setting | Compensation of officers is fixed by the Board, but EHI explicitly discloses that Fund officers receive no compensation from the Fund . |
| Bonds/security | Board may require bonds or other security for faithful performance (bylaws) . |
| CCO reporting line | CCO reports directly to the Board; Board meets with CCO as part of risk oversight . |
| Clawback policy | “Recovery of erroneously awarded compensation”: Not applicable (Form N‑CSR Item 18) . |
Performance & Track Record
Performance snapshot while Jensen has served as CCO (he joined 2020): fund total returns.
- Semiannual snapshot (six months ended Nov 30, 2024):
| Metric | Period | Return |
|---|---|---|
| Total return (NAV) | 6 months ended 11/30/2024 | 4.23% |
| Total return (Market Price) | 6 months ended 11/30/2024 | 2.70% |
- Fiscal-year total returns (oldest to newest):
| Metric | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|
| Total return (NAV) | 6.90% | (4.66)% | (6.65)% | 0.29% | 12.34% |
| Total return (Market Price) | 13.17% | (1.08)% | (1.84)% | (2.99)% | 17.46% |
Governance/process context:
- FY ended 5/31/2025: Board held four regular and four special meetings; independent chair; CCO oversight through Audit and Board processes .
- The Audit Committee met six times in FY 2025; the Board’s risk oversight includes regular sessions with the CCO .
Investment Implications
- Compensation alignment: With officers receiving no compensation from the Fund and no disclosed Fund-based equity awards or bonuses, there are no direct EHI pay-for-performance levers tied to Fund TSR/NAV; alignment depends on employer (Franklin Templeton) policies not disclosed in the proxy . Clawback is “not applicable” at the Fund level .
- Insider selling pressure: Management and Directors (including officers) as a group own less than 1% of shares; individual officer holdings are not detailed—suggesting low direct insider ownership and minimal structural selling pressure indications from award vesting at the Fund level .
- Retention/contract risk: Officers are elected annually and can be removed with or without cause per bylaws; no severance, change-in-control, non-compete, or vesting-acceleration terms are disclosed—implying standard fund-officer governance without bespoke protections or golden parachutes .
- Governance/risk oversight: The CCO reports directly to an independent-leaning Board, which regularly engages on compliance risk; this structure supports risk management continuity but provides limited trading signals for equity since officer incentives are not Fund-linked .
- Performance backdrop: Recent semiannual and FY returns indicate volatility consistent with the Fund’s high income/emerging/high yield mandate; however, there is no disclosed linkage between these outcomes and officer pay, limiting pay-for-performance read-throughs for equity holders .