Fred Jensen
About Fred Jensen
Fred Jensen is Chief Compliance Officer (CCO) of Western Asset Emerging Markets Debt Fund Inc. (EMD), serving since 2020, with a birth year of 1963 and current principal occupation as Director—Global Compliance at Franklin Templeton (since 2020) . Prior to Franklin Templeton, he held senior compliance roles across Legg Mason affiliates (Managing Director and Director of Compliance, 2006–2020) and earlier served as CCO at The Reserve Funds (2004) and Ambac Financial Group (2000–2003) . Officers of the Fund receive no compensation from the Fund (they may be reimbursed for reasonable out-of-pocket travel expenses to attend Board meetings), so the proxy does not provide executive-level performance pay metrics or TSR attribution for the CCO role . The Fund reports that, as a group, nominees, Directors and officers beneficially owned less than 1% of outstanding shares as of August 29, 2025, indicating limited insider ownership alignment at the fund level .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Franklin Templeton | Director—Global Compliance | 2020–Present | Senior compliance leadership across fund complex; EMD CCO since 2020 |
| Legg Mason & Co. | Managing Director; Director of Compliance, Office of the CCO | 2006–2020 | Oversight of compliance programs across affiliated funds and entities |
| Legg Mason Global Asset Allocation | Chief Compliance Officer | Prior to 2014 | CCO responsibilities for asset allocation affiliate |
| Legg Mason Private Portfolio Group | Chief Compliance Officer | Prior to 2013 | CCO responsibilities for private portfolio affiliate |
| The Reserve Funds (investment adviser, funds, broker-dealer) | Chief Compliance Officer | 2004 | CCO for adviser, funds, and broker-dealer platform |
| Ambac Financial Group (investment adviser, funds, broker-dealer) | Chief Compliance Officer | 2000–2003 | CCO across affiliated entities |
External Roles
No public company directorships or external board committee roles are disclosed for Jensen in the Fund’s proxy; disclosures list principal occupations within Franklin Templeton and prior compliance roles at Legg Mason, The Reserve Funds, and Ambac .
Fixed Compensation
| Component | Description | Amount/Terms | Source |
|---|---|---|---|
| Fund-paid compensation (EMD) | Officers of the Fund receive no compensation from the Fund | $0; officers may be reimbursed for reasonable out-of-pocket travel expenses for attending Board meetings |
Performance Compensation
- The Fund does not compensate officers; accordingly, no Fund-paid annual bonus, RSU/PSU, option awards, performance metrics, or vesting schedules are disclosed for officers in the proxy .
Equity Ownership & Alignment
| As of Date | Beneficial Ownership | Notes |
|---|---|---|
| August 29, 2025 | Nominees, Directors and officers of the Fund as a group beneficially owned less than 1% of outstanding Common Stock | Individual officer holdings (including Jensen) are not itemized in the proxy; director dollar ranges are disclosed separately; CCO is not a Director . |
Additional context:
- Section 16(a) compliance: Based on review of forms received or written representations, the Fund believes all filing requirements were met for the fiscal years ended December 31, 2024 and December 31, 2023 with respect to Directors, certain officers and 10% holders .
Employment Terms
- Officer status and appointment: The Fund’s executive officers, including the CCO, are chosen each year at a regular Board meeting and serve until their successors are duly elected and qualified .
- Compensation and expenses: Officers receive no compensation from the Fund; they may be reimbursed for reasonable out-of-pocket travel expenses for attending Board meetings .
- Role in risk oversight: The Board meets with the Fund’s CCO at regular meetings and as needed to discuss risk issues and the Fund’s policies, procedures and controls as part of risk oversight .
Investment Implications
- Pay-for-performance alignment: With no Fund-paid compensation for officers, there is no direct linkage between EMD-specific performance metrics (e.g., NAV/TSR) and Jensen’s cash or equity compensation at the Fund level; compensation and incentives likely reside at the adviser (Franklin Templeton) and are not disclosed in the Fund proxy, limiting visibility into incentive alignment for this role .
- Insider ownership and selling pressure: Group beneficial ownership by nominees, Directors and officers is less than 1%, implying minimal insider alignment via stock and low likelihood of insider selling pressure from officers, including the CCO, based on proxy disclosures; individual officer holdings are not itemized .
- Retention risk and contracts: Officers are appointed annually and receive no Fund compensation; no employment contracts, severance, change-of-control, clawbacks, hedging or pledging policies are disclosed for officers in the proxy, creating limited transparency into retention and termination economics specific to Jensen at the Fund level .
- Governance and compliance signal: The CCO’s long-tenured compliance background and the Fund’s stated record of meeting Section 16(a) reporting obligations for covered persons in recent years suggest a strong compliance posture; however, these disclosures are at the fund complex level and not individualized to Jensen’s compensation or ownership .
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