Fred Jensen
About Fred Jensen
Fred Jensen serves as Chief Compliance Officer (CCO) of ClearBridge Energy Midstream Opportunity Fund Inc. (EMO); he has held the role since April 17, 2020 and was born in 1963 . EMO’s proxies disclose his current and prior compliance leadership roles but do not provide education details, nor do they tie his compensation to Fund performance metrics such as TSR, revenue growth, or EBITDA growth; officers receive no compensation from the Fund and may only be reimbursed for reasonable out-of-pocket travel expenses to attend Board meetings . As part of governance, the Board meets with the Fund’s CCO to discuss risk issues and the Fund’s policies, procedures, and controls, underscoring his remit in risk oversight .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Franklin Templeton | Director — Global Compliance | Since 2020 | Global compliance leadership; serves as Fund’s CCO |
| Legg Mason & Co. | Managing Director; Director of Compliance, Office of the Chief Compliance Officer | 2006–2020 | Compliance leadership across investment adviser and fund complex |
| Legg Mason Global Asset Allocation | Chief Compliance Officer | Prior to 2014 | Registered adviser/fund CCO responsibilities |
| Legg Mason Private Portfolio Group | Chief Compliance Officer | Prior to 2013 | Registered adviser/fund CCO responsibilities |
| The Reserve Funds (investment adviser, funds, broker-dealer) | Chief Compliance Officer | 2004 | CCO for adviser, funds, and broker-dealer |
| Ambac Financial Group (investment adviser, funds, broker-dealer) | Chief Compliance Officer | 2000–2003 | CCO for adviser, funds, and broker-dealer |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Franklin Templeton | Director — Global Compliance | Since 2020 | Global compliance oversight at parent firm |
| Legg Mason & Co. | Managing Director; Director of Compliance | 2006–2020 | Compliance leadership at legacy parent |
| The Reserve Funds | Chief Compliance Officer | 2004 | CCO across adviser/funds/broker-dealer |
| Ambac Financial Group | Chief Compliance Officer | 2000–2003 | CCO across adviser/funds/broker-dealer |
Fixed Compensation
| Component | Plan Design | Amount/Status |
|---|---|---|
| Fund-paid cash compensation | Officers receive no compensation from the Fund | $0 (Fund-paid) |
| Travel expense reimbursement | Reasonable out-of-pocket travel expenses for attending Board meetings | Not disclosed (policy exists) |
Officers are appointed annually by the Board and serve until successors are elected; compensation is not paid by the Fund (any employer-level pay at Franklin Templeton is not disclosed in EMO’s proxy) .
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Fund-based variable pay (cash/equity) | None disclosed for Fund officers | N/A | N/A | N/A | N/A | N/A |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Officers & Directors group ownership | Less than 1% of outstanding Common and Preferred shares (as of February 7, 2025) |
| Individual officer holdings disclosure | EMO proxies provide dollar-range ownership for Directors only; officers’ specific share counts not itemized. Group ownership remains <1% |
| Section 16(a) filings compliance | Fund believes all filing requirements were met for FY ended Nov 30, 2024; similar disclosures in prior proxies |
| Recent Form 3 patterns for insiders | Multiple EMO insiders (directors/sub-adviser personnel) reported “No securities are beneficially owned” upon appointment (illustrative Form 3s) |
Employment Terms
| Term | Detail |
|---|---|
| Appointment to CCO | Effective April 17, 2020 |
| Annual appointment & tenure | Officers are chosen each year at a regular Board meeting and serve until successors are elected and qualified |
| Compensation from Fund | None; officers receive no compensation from the Fund |
| Perquisites | Reimbursement of reasonable out-of-pocket travel expenses to attend Board meetings |
| Severance / change-of-control | Not disclosed in EMO filings (no officer contract economics presented) |
Investment Implications
- Pay-for-performance alignment: Fund-level incentives do not apply to officers; EMO pays no officer compensation, and equity alignment is minimal (<1% group ownership), limiting compensation-driven trading signals at the Fund level .
- Insider selling pressure: Recent Section 16 Form 3s for multiple insiders show no beneficial ownership, and the group’s <1% stake implies low forced-selling or pledge-related pressure from officers; no pledging disclosures observed in the proxy .
- Retention risk: Role stability since 2020 and annual appointment structure indicate continuity in compliance leadership; the absence of Fund-paid compensation and of severance/change-of-control provisions in Fund filings suggests retention depends on Franklin Templeton employment terms, not EMO .
- Governance and execution: The Board’s regular engagement with the CCO on risk issues, policies, and controls points to institutionalized compliance oversight, reducing operational execution risk for the Fund .