Susan Kerr
About Susan Kerr
Susan Kerr is Vice President—AML Compliance at Templeton Emerging Markets Fund (EMF) and has served as an Executive Officer since 2021; she was born in 1949 and is based in New York, NY . Her background includes Senior Compliance Analyst at Franklin Templeton, Chief Anti-Money Laundering (AML) Compliance Officer at Legg Mason & Co. (and affiliates), AML Compliance Officer, and Senior Compliance Officer at Franklin Distributors/LMIS, and she serves as an officer of certain funds within the Franklin Templeton fund complex . Officers of the Fund are appointed by the Trustees and serve at the pleasure of the Board; salaries and expenses of officers are paid by the Investment Manager or its affiliates, not by EMF . Fund performance during her tenure includes multi-year NAV and market returns as shown below, providing context for EMF’s TSR against the MSCI EM benchmark .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Franklin Templeton | Senior Compliance Analyst | Not disclosed (within past 5 years) | AML/compliance leadership; officer of certain funds in the Franklin Templeton fund complex |
| Legg Mason & Co., or affiliates | Chief Anti-Money Laundering Compliance Officer | Not disclosed (within past 5 years) | AML policy and regulatory compliance leadership |
| Franklin Distributors, LLC / LMIS | AML Compliance Officer; Senior Compliance Officer | Not disclosed (within past 5 years) | Distribution compliance and AML oversight |
External Roles
No external directorships or outside public company board roles are disclosed for Susan Kerr in EMF’s proxy statements .
Fixed Compensation
Officers’ compensation is not paid by EMF and is not detailed in EMF’s proxy; Franklin Templeton’s Investment Manager or affiliates pay salaries and officer expenses.
| Component | 2024 | 2025 | Notes |
|---|---|---|---|
| Base salary | Not disclosed (officers compensated by Investment Manager, not EMF) | Not disclosed (officers compensated by Investment Manager, not EMF) | EMF does not pay officer salaries |
| Target bonus % | Not disclosed | Not disclosed | Not disclosed in EMF proxy |
| Actual bonus paid | Not disclosed | Not disclosed | Not disclosed in EMF proxy |
| Pension/SERP | No pension or retirement benefits accrued as Fund expenses | No pension or retirement benefits accrued as Fund expenses | Applies to Fund-level expenses |
Performance Compensation
No EMF-specific equity or option awards for officers are disclosed; EMF does not report performance-based pay plans for officers in its proxy materials.
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| EMF officer PSUs/RSUs | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
| EMF officer options | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
Equity Ownership & Alignment
- Officer beneficial ownership (shares, exercisable/unexercisable options, pledged shares) for Susan Kerr is not disclosed in EMF’s proxy statements .
- Trustee holdings and a board investment policy requiring trustees to invest one-third of fees annually until holdings reach three times retainer are disclosed (trustees only) .
Employment Terms
| Term | Detail |
|---|---|
| Appointment and tenure | Officers are appointed by Trustees and serve at the pleasure of the Board |
| Current role start date | Vice President—AML Compliance since 2021 |
| Contract term length | Not disclosed in EMF proxy |
| Severance / change-of-control | Not disclosed in EMF proxy |
| Non-compete / non-solicit / garden leave | Not disclosed in EMF proxy |
| Clawbacks / tax gross-ups | Not disclosed in EMF proxy |
| Compensation payer | Salaries and officer expenses paid by Investment Manager/affiliates, not EMF |
Performance & Track Record
Fund total returns during Susan Kerr’s tenure:
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Total return (NAV) | 18.04% | (27.44%) | 8.26% | 14.50% |
| Total return (Market) | 20.40% | (29.18%) | 8.59% | 16.11% |
Latest semiannual returns and distribution context:
| Metric | 6M (to 2/28/2025) | 1Y (to 2/28/2025) |
|---|---|---|
| Total return (NAV) | 4.26% | 15.40% |
| Total return (Market) | 3.37% | 14.84% |
| Managed distribution plan (effective 3/1/2025) | $0.22 per share quarterly; intended to narrow discount vs NAV | $0.22 per share quarterly; intended to narrow discount vs NAV |
Additional fund operational context:
- Officers and Interested Trustees are not compensated by the Fund; Independent Trustees’ fee schedules and board activity/attendance are detailed (Fund-level governance) .
Investment Implications
- Compensation alignment and trading signals: EMF does not disclose officer pay structures or equity awards for Susan Kerr; salaries are paid by Franklin Templeton affiliates and not by EMF, limiting pay-for-performance transparency and insider selling pressure signals at the Fund level .
- Retention risk: Officers serve at the pleasure of the Board; absence of disclosed employment contracts or severance/change-of-control terms makes retention economics opaque, though typical fund practice suggests employment governed by Franklin Templeton policies rather than EMF-specific arrangements .
- Governance and role impact: Kerr’s AML compliance leadership across the Franklin Templeton/Legg Mason fund complex supports regulatory risk management; however, investor-facing performance levers (distribution policy, portfolio strategy) are driven by investment management, not AML functions .
- Performance context: EMF’s returns over 2021–2024 and the positive 1-year and 6-month trends to 2/28/2025 contextualize Fund TSR; the new managed distribution plan may influence discount narrowing, but this is a Fund-level dynamic not tied to officer incentives .