Bjorn A. Davis
About Bjorn A. Davis
Bjorn A. Davis (year of birth: 1965) serves as Chief Compliance Officer (CCO) of Templeton Emerging Markets Fund (EMF) and has held the role since October 2024. He is Vice President, Franklin Templeton Global Regulatory Compliance US Advisory Services and CCO of multiple Franklin affiliates (Franklin Advisers, Inc.; Franklin Mutual Advisers LLC; Franklin Templeton Institutional LLC; Templeton Investment Counsel LLC; Templeton Global Advisors Limited) since 2023; previously he was Director, Franklin Templeton Global Regulatory Compliance, and CCO of K2 Advisors, LLC and K2/D&S Management Co., LLC (2011–2023) . Officers are appointed by the Trustees and “serve at the pleasure of the Board,” and the Investment Manager or its affiliates (not the Fund) pay the salaries and expenses of officers . The proxy does not present officer‑linked TSR/revenue/EBITDA performance metrics or pay outcomes for EMF officers and states officers are not compensated by the Fund .
Past Roles
| Organization | Role | Years | Strategic impact / notes |
|---|---|---|---|
| Franklin Templeton Global Regulatory Compliance (US Advisory Services) | Vice President; formerly Director | Since 2023 (VP); “formerly” Director (dates not disclosed) | Senior compliance leadership within Franklin Templeton’s global regulatory function . |
| Franklin Advisers, Inc.; Franklin Mutual Advisers LLC; Franklin Templeton Institutional LLC; Templeton Investment Counsel LLC; Templeton Global Advisors Limited | Chief Compliance Officer | Since 2023 | Enterprise CCO coverage across multiple registered adviser affiliates . |
| K2 Advisors, LLC and K2/D&S Management Co., LLC | Chief Compliance Officer | 2011–2023 | Led compliance for alternatives/multi‑manager platform within Franklin Templeton . |
External Roles
- No public company board roles or external directorships are disclosed for Mr. Davis in EMF’s 2025 proxy statement .
Fixed Compensation
- EMF does not compensate its officers; salaries and expenses for officers are paid by the Investment Manager or its affiliates. Consequently, the Fund does not disclose Mr. Davis’s base salary, bonus, or equity awards in the EMF proxy .
| Element | EMF disclosure for Mr. Davis | Source |
|---|---|---|
| Base salary | Not disclosed by EMF (officers not paid by the Fund) | |
| Target/actual bonus | Not disclosed by EMF | |
| Cash perquisites | Not disclosed by EMF |
Performance Compensation
- The EMF proxy provides no officer‑level incentive plan detail (metrics, weightings, targets, payouts, vesting) for Fund officers; officers are paid by Franklin affiliates, not the Fund .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed for Fund officers | — | — | — | — | — |
Equity Ownership & Alignment
| Item | Detail | Source |
|---|---|---|
| EMF shares outstanding (as of Dec 16, 2024) | 15,172,860 | |
| Principal shareholders | City of London Investment Group PLC: 3,919,048 (25.7%); 1607 Capital Partners, LLC: 1,040,993 (6.84%); Allspring Global Investments Holdings, LLC: 1,023,890 (6.72%) | |
| Officer/Trustee group ownership | Trustees and officers, as a group, owned less than 1% of outstanding shares (as of Dec 16, 2024) | |
| Individual beneficial ownership for Mr. Davis | Not individually disclosed in EMF proxy | |
| Shares pledged/hedged | No pledging/hedging disclosure specific to Mr. Davis in EMF proxy | |
| Ownership guidelines | Board policy requires Trustees to invest one‑third of fees in Franklin Templeton funds until holdings reach ≥3× annual retainer/meeting fees; policy is stated for Trustees (not officers) |
Implication: With officer/trustee group holdings <1%, direct insider selling pressure from Fund insiders appears limited, and no pledging red flags are disclosed at the Fund level for Mr. Davis .
Employment Terms
| Term | Disclosure | Source |
|---|---|---|
| Role | Chief Compliance Officer | |
| Start date / tenure | Since October 2024 | |
| Appointment/termination | Officers are appointed by the Trustees and serve at the pleasure of the Board | |
| Employer/payor | Salaries and expenses of officers are paid by the Investment Manager or its affiliates (not the Fund) | |
| Employment contract, severance, change‑of‑control, clawbacks | Not disclosed by EMF for officers | |
| Non‑compete / non‑solicit / garden leave | Not disclosed by EMF for officers |
Investment Implications
- Compensation alignment: Because EMF does not compensate officers and provides no officer‑level incentive metrics, there is no Fund‑level pay‑for‑performance linkage to assess for Mr. Davis; his compensation and any incentive metrics reside within Franklin Templeton affiliates and are not disclosed in EMF’s proxy .
- Insider selling pressure: Trustees and officers collectively own <1% of EMF shares, and there is no pledging disclosure specific to Mr. Davis—suggesting low direct selling/pledging overhang from the CCO role at the Fund level .
- Retention dynamics: Mr. Davis’s CCO appointment is recent (Oct 2024) and officers serve at the Board’s pleasure. With no Fund‑level contract terms disclosed (severance/CoC/clawbacks), retention and economics are principally governed by Franklin affiliate employment rather than EMF itself .
- Ownership concentration/trading context: City of London Investment Group PLC holds approximately 25.7% of EMF, with additional >5% holders 1607 Capital Partners and Allspring—shareholder concentration can influence trading dynamics and governance engagement, though not directly tied to Mr. Davis’s incentives .
[Citations]
(EMF DEF 14A, 2025-01-06)
(EMF DEF 14A, 2024-01-04)