Manraj S. Sekhon

About Manraj S. Sekhon

Manraj S. Sekhon serves as President and Chief Executive Officer—Investment Management of EMF, and has held this role since 2018. His principal occupation over at least the past five years is Chief Investment Officer for Franklin Templeton Emerging Markets Equity, and he serves as an officer of certain funds within the Franklin Templeton fund complex; year of birth: 1969; address: 7 Temasek Blvd., Suntec Tower 1, #38-03, Singapore 038987 . EMF is listed on the NYSE (NYSE: EMF), with 15,172,860 shares outstanding as of December 16, 2024 . Fund-level TSR or operating metrics tied specifically to Sekhon’s tenure are not disclosed in EMF’s proxy statements; the Fund’s officers’ salaries are paid by the Investment Manager or affiliates and not by the Fund .

Past Roles

External Roles

Fixed Compensation

• EMF does not pay officer compensation; salaries and expenses of officers and Interested Trustees are paid by the Investment Manager (Templeton Asset Management Ltd.) or its affiliates, and no pension or retirement benefits are accrued as Fund expenses .
• Base salary, target/actual bonus, and perquisites for Sekhon are not disclosed at the EMF level; those would reside with Franklin Resources/Templeton affiliates rather than the Fund .

Performance Compensation

• Not disclosed for EMF officers (Sekhon’s incentive compensation terms, metrics, and vesting schedules are not included in EMF’s proxy filings) .

Equity Ownership & Alignment

• Officer-level beneficial ownership (Sekhon) is not disclosed in EMF’s proxy; EMF reports principal shareholders and total shares outstanding, but not officer holdings .
• Principal shareholders as of December 16, 2024:
  • City of London Investment Group PLC: 3,919,048 shares (25.7%) with sole voting/dispositive power per 13F-HR .
  • 1607 Capital Partners, LLC: 1,040,993 shares (6.84%) .
  • Allspring Global Investments Holdings, LLC: 1,023,890 shares (6.72%) .

Employment Terms

• Officers are appointed by the Trustees and serve at the pleasure of the Board; Sekhon has served as President and Chief Executive Officer—Investment Management since 2018 .
• Contract term, severance, change-of-control triggers, non-compete, non-solicit, and clawback provisions for Sekhon are not disclosed in EMF’s filings .

Investment Implications

• Pay-for-performance visibility risk: Because EMF does not pay officers and defers compensation to the Investment Manager/affiliates, Sekhon’s cash/equity mix, performance metrics, and vesting cannot be evaluated from EMF disclosures, limiting investor analysis of direct alignment with EMF shareholders at the Fund level .
• Ownership alignment opacity: Officer-level beneficial ownership, pledging or hedging policies for officers are not disclosed by EMF, constraining “skin-in-the-game” assessment for Sekhon specifically; however, EMF provides principal shareholder data and board investment guidelines for Trustees, not officers .
• Governance context: The Board structure emphasizes Independent Trustees and formal compliance/valuation oversight; EMF operates under Delaware control share provisions requiring disclosure of control share acquisitions, which may influence shareholder voting dynamics but do not directly inform Sekhon’s compensation or retention incentives .
• Retention and trading signals: Absent employment agreement disclosures (severance, CoC, vesting accelerators) and insider transaction visibility at the EMF level, it is difficult to derive near-term selling pressure or retention risk signals tied to Sekhon from Fund documents alone; supplementing with Franklin Resources-level disclosures would be required but are outside EMF filings .