Mary C. Choksi
About Mary C. Choksi
Independent Trustee of Templeton Emerging Markets Fund (EMF) since 2016; year of birth 1950; extensive asset management background including founding roles at Strategic Investment Group and Emerging Markets Management LLC, and prior service at the World Bank Group . She oversees 118 portfolios within the Franklin Templeton fund complex and serves as a director at Omnicom Group Inc. and White Mountains Insurance Group, Ltd.; formerly a director at Avis Budget Group Inc. .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Strategic Investment Group | Founder and Senior Advisor; previously Founding Partner and Senior Managing Director | 2015–2017; 1987–2015 | Founded and led multi-asset investment firm aligning institutional portfolios |
| Emerging Markets Management LLC | Founding Partner and Managing Director | 1987–2011 | Led emerging markets investment strategies |
| World Bank Group | Loan Officer/Senior Loan Officer/Senior Pension Investment Officer | 1977–1987 | Global finance and pension investment experience |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Omnicom Group Inc. | Director | 2011–present | Board service at global advertising and marketing communications company |
| White Mountains Insurance Group, Ltd. | Director | 2017–present | Board service at financial holding company for insurance businesses |
| Avis Budget Group Inc. | Director (former) | 2007–2020 | Prior board service; no current interlock disclosed with EMF |
Board Governance
- Independence: Independent Trustee; Board is 75%+ Independent Trustees with a Lead Independent Trustee structure .
- Committee memberships: Not listed on EMF’s Audit Committee (members: Niemiec, Bates, Checki, Luttig, Tseretopoulos) and not listed on the Nominating & Corporate Governance Committee (members: Holiday, Luttig, Thompson) .
- Attendance: Each Trustee attended at least 75% of Board and applicable committee meetings in FY ended Aug 31, 2024; similarly at least 75% in FY ended Aug 31, 2023 .
- Annual meeting engagement: No Trustees attended the annual meeting held March 4, 2024 .
- Lead Independent oversight: Lead Independent Trustee presides at separate meetings of Independent Trustees held in advance of each scheduled Board meeting .
Fixed Compensation
Compensation framework for EMF Independent Trustees and Mary’s actuals:
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Annual retainer (Independent Trustees) | Up to $245,000 (structure as of Jan 1, 2018) | $220,000 (structure as of Mar 1, 2023) |
| Regular Board meeting fee | $7,000 per meeting | $10,000 per meeting |
| Lead Independent supplemental retainer | $50,000 (paid to Lead Independent Trustee) | $50,000 (paid to Lead Independent Trustee) |
| Audit Committee member retainer | Up to $10,000 + $3,000 per meeting | Up to $10,000 + $3,000 per meeting |
| Audit Committee Chair additional retainer | $25,000 per year | $25,000 per year |
| Mary C. Choksi — Aggregate compensation from EMF | $2,475.52 | $2,573.31 |
| Mary C. Choksi — Total compensation from FT Fund Complex | $683,756 (calendar 2022) | $695,225 (calendar 2023) |
| Pension/retirement accruals at Fund expense | None | None |
Performance Compensation
- No performance-based bonuses, stock awards (RSUs/PSUs), options, or pay-for-performance metrics disclosed for EMF Trustees; compensation is cash retainers and meeting fees only .
Other Directorships & Interlocks
| Company | EMF Relationship | Potential Interlock/Conflict Note |
|---|---|---|
| Omnicom Group Inc. | No disclosed EMF transactions | Standard outside directorship; no EMF-related party transactions disclosed |
| White Mountains Insurance Group, Ltd. | No disclosed EMF transactions | Standard outside directorship; no EMF-related party transactions disclosed |
| Avis Budget Group Inc. (former) | No disclosed EMF transactions | Former role; no EMF interlocks disclosed |
The Audit Committee charter includes review of related party transactions and auditor independence safeguards; no Mary-specific related party transactions are disclosed in EMF’s proxy .
Expertise & Qualifications
- Asset management founder and senior executive (Strategic Investment Group and Emerging Markets Management LLC) providing emerging markets and institutional investment expertise .
- Prior World Bank Group investment and lending roles, adding global finance and pension investment competency .
- Current public company board experience (Omnicom, White Mountains), indicating governance fluency across sectors .
Equity Ownership
| Item | EMF Holding | Complex Holdings/Guidelines |
|---|---|---|
| Dollar range of equity securities in EMF | None | — |
| Aggregate dollar range in all Franklin Templeton funds | Over $100,000 | — |
| Ownership as % of EMF shares outstanding | Less than 1%; no Trustee owns ≥1% | Trustees and officers as a group own <1% |
| Stock ownership policy | Must invest one-third of fees until holdings ≥3x annual retainer + meeting fees; three-year phase-in for new members; all current members compliant |
Governance Assessment
- Strengths: Deep emerging markets/asset management background supports EMF’s strategy; long tenure since 2016 provides continuity; robust independent board structure with Lead Independent oversight and active Audit Committee .
- Alignment: Compliant with fund complex ownership guidelines; aggregate holdings over $100k across funds, though no direct EMF share ownership reported .
- Engagement: Meets minimum attendance threshold (≥75%); however, no Trustees attended the March 4, 2024 annual meeting, a potential investor relations signal .
- Compensation: Cash-only director compensation with clear structure and no pensions; Mary’s EMF-specific pay is modest given allocations across 34 boards, indicating broad cross-fund responsibilities .
- RED FLAGS: No EMF share ownership disclosed (alignment concern for fund-specific exposure) ; absence from annual meeting (engagement optics) ; high oversight load (118 portfolios, 34 boards) may raise time-commitment questions typical for complex-wide trustees, though attendance met policy .