Terrence J. Checki
About Terrence J. Checki
Independent Trustee of Templeton Emerging Markets Fund (EMF) since 2023; year of birth 1945. Former Executive Vice President of the Federal Reserve Bank of New York, where he led the Emerging Markets and Internal Affairs Group (1995–2014), bringing deep macro and emerging markets risk expertise to the Board. He currently serves on EMF’s Audit Committee and oversees 118 portfolios within the Franklin Templeton fund complex; he is also a director of Hess Corporation (2014–present) and an active member of leading foreign policy and economic organizations .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Federal Reserve Bank of New York | Executive Vice President; Head, Emerging Markets and Internal Affairs Group; Member of Management Committee | 1995–2014 | Senior leadership focused on macro/EM risk and market dynamics |
| Council on Foreign Relations | Visiting Fellow | 2014 | Policy engagement and research (post-FRBNY) |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Hess Corporation | Director | 2014–present | Public company board service |
| Council on Foreign Relations | Member | 1996–present | Global policy network |
| National Committee on U.S.-China Relations | Member | 1999–present | U.S.-China policy forum |
| Economic Club of New York | Trustee | 2013–present | Economic policy forum |
| Foreign Policy Association | Trustee | 2005–present | Foreign policy education |
| Council of the Americas | Director | 2007–present | Western Hemisphere business/policy |
| Tallberg Foundation | Director | 2018–present | Global leadership nonprofit |
Board Governance
| Item | Detail |
|---|---|
| Board status | Independent Trustee; trustee since 2023 |
| Committees | Audit Committee member (independent under NYSE standards); not the chair |
| Nominating Committee | Current members are Edith E. Holiday (Chair), J. Michael Luttig, Larry D. Thompson (not listed as a member) |
| Lead Independent Director | Edith E. Holiday |
| Meetings/attendance (FY2024) | Board (5), Audit (4), Nominating (3); each Trustee attended ≥75% of aggregate Board and committee meetings |
| Annual shareholder meeting attendance | “No Trustees attended” the March 4, 2024 annual meeting (no formal policy on attending) |
| Independence/financial literacy | Audit Committee entirely independent; charter requires financial literacy and at least one “audit committee financial expert” on the committee (board-level requirement) |
Fixed Compensation
| Component | Amount/Policy |
|---|---|
| Annual retainer (Independent Trustees) | $220,000 (as of Mar 1, 2023; allocated across Templeton investment companies) |
| Regular Board meeting fee | $10,000 per regularly scheduled meeting |
| Audit Committee retainer | Up to $10,000 annually |
| Audit Committee meeting fee | $3,000 per meeting |
| Lead Independent Trustee supplemental retainer | $50,000 (not applicable to Checki) |
| Aggregate compensation from EMF (FY ended Aug 31, 2024) | $2,762.19 |
| Total compensation from Franklin Templeton fund complex (CY2023) | $759,849 |
| Number of FT fund boards served (U.S. registered investment companies) | 34 |
| Historical structure (reference) | Prior schedule showed up to $245,000 retainer and $7,000 per regular Board meeting (2018 basis) |
Performance Compensation
| Performance-based element | Status/Details |
|---|---|
| Bonus/short-term incentives | None disclosed for Independent Trustees; compensation is retainer/meeting-based |
| Equity grants (RSUs/PSUs/options) | Not disclosed for Independent Trustees; no option awards disclosed |
| Performance metrics used (revenue, EPS, TSR, ESG, etc.) | None disclosed for director compensation |
| Ownership policy (alignment mechanism) | Board policy requires each Board member to invest one-third of director fees (excl. committee fees) annually into Templeton funds until holdings ≥ 3x annual retainer + regular meeting fees; all current Board members are compliant |
Other Directorships & Interlocks
| Company | Role | Interlock/Notes |
|---|---|---|
| Hess Corporation | Director (2014–present) | Interlock: EMF Lead Independent Trustee Edith E. Holiday also serves as a Hess director (1993–present) |
Expertise & Qualifications
- Former FRBNY executive with “vast experience evaluating economic forces and their impact on markets, including emerging markets,” aligning with EMF’s mandate .
- Longstanding engagement in U.S.-China and global policy fora (CFR, NCUSCR), and economic policy organizations, adding macro, geopolitical, and policy-risk insight to the Board .
- Audit Committee membership; committee requires independence and financial literacy under charter and NYSE standards .
Equity Ownership
| Owner | EMF Holdings (Dollar Range) | Aggregate Holdings Across Franklin Templeton Funds (Dollar Range) | Notes |
|---|---|---|---|
| Terrence J. Checki | None | Over $100,000 | Ownership policy requires 1/3 of fees invested in Templeton funds until ≥3x retainer+meeting fees; Board states all members are compliant |
| Trustees/officers as a group | <1% of EMF outstanding shares | — | No individual nominee/Trustee owned ≥1% of EMF |
Governance Assessment
- Strengths: Independent status, Audit Committee service, and FRBNY emerging markets background support risk oversight and portfolio governance fit for an EM mandate . The ownership policy requiring material personal investment in Templeton funds enhances alignment, and compliance is reported across the Board .
- Watch items: EMF-specific ownership is disclosed as “None” for Checki, which may dilute single-fund alignment even as complex-level holdings are “Over $100,000” . No Trustees attended the 2024 annual meeting, which can be perceived as limited shareholder engagement (though the Board has no formal attendance policy) .
- Interlocks: Concurrent Hess board service with EMF’s Lead Independent Trustee (Holiday) is a notable interlock; while not inherently a conflict, investors may monitor potential information flow and any EMF exposure to Hess or sector-adjacent issues (no EMF holdings discussed in the proxy) .
- Workload: Checki oversees 118 portfolios and serves on 34 U.S. registered investment company boards in the FT complex; while the complex argues this improves oversight efficiency, investors may balance the benefits of experience against potential overboarding concerns .