Bjorn Davis
About Bjorn Davis
Bjorn A. Davis (born 1965) serves as Chief Compliance Officer (CCO) of Franklin Universal Trust (FT) since October 2024; he is based in Stamford, CT. Over the past five years he has held senior compliance leadership roles across Franklin Templeton subsidiaries and previously served as CCO at K2 Advisors for over a decade, indicating deep regulatory and control expertise . FT discloses fund performance metrics (not corporate revenue/EBITDA): the fund’s 5-year average annual total return (AATR) was 8.27% as of 5/31/2025 and 7.13% as of 7/31/2025, with an annualized distribution rate of 6.20% and 6.05%, respectively, and cumulative NAV total return year-to-date of 4.99% and 8.77% over those cutoffs .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Franklin Templeton Global Regulatory Compliance (US Advisory Services) | Vice President | 2023–present | Oversees regulatory compliance across U.S. advisory entities, enhancing complex-wide control environment |
| Franklin Advisers, Inc.; Franklin Mutual Advisers LLC; Franklin Templeton Institutional LLC; Templeton Investment Counsel LLC; Templeton Global Advisors Limited | Chief Compliance Officer | 2023–present | Enterprise compliance leadership across multiple registered advisers supporting robust fiduciary and control frameworks |
| Franklin Templeton Global Regulatory Compliance | Director | Prior to 2023 | Directed compliance programs contributing to consistency of policies and procedures across the fund complex |
| K2 Advisors, LLC and K2/D&S Management Co., LLC | Chief Compliance Officer | 2011–2023 | Built and ran alternative strategies compliance function (hedge fund/FOHF), improving regulatory posture and risk controls |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Franklin Templeton affiliated funds (FT) | Officer appointed by Trustees; serves at pleasure of the Board | Since Oct 2024 | CCO role directly supports board risk oversight and compliance reporting cadence |
Fixed Compensation
- FT states the Investment Manager or its affiliates pay the salaries and expenses of the officers; the fund does not accrue pension or retirement benefits as part of fund expenses. Individual officer compensation (base salary, bonus, equity) is not disclosed at the fund level .
Performance Compensation
- FT does not disclose officer bonus targets, PSU/RSU structures, option awards, or performance metric weightings at the fund level. Officers are employees of Franklin Templeton affiliates; any incentive plans would be governed at the adviser level and are not detailed in FT’s proxy .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Officer/Trustee Group Ownership | Officers and Trustees, as a group, owned less than 1% of FT’s outstanding shares as of 1/10/2025 |
| Independent Trustee Holdings (Dollar Ranges) | Provided for Trustees; ranges include “None” to “$10,001–$50,000” in FT, with “Over $100,000” aggregate across the complex (illustrative of board alignment policy) |
| Officer-Specific Holdings (Bjorn Davis) | Not disclosed in FT proxy; however, Mr. Davis executed a Section 13/16 Limited Power of Attorney on 8/21/2024, indicating readiness for beneficial ownership reporting (Form 3/4/5) across Franklin entities and FT as applicable |
| Pledging/Hedging | No pledging/hedging disclosures for officers found in FT proxy |
Board alignment note: Franklin Templeton boards require substantial investments by board members across funds (policy formalized since 1998), but this policy applies to trustees rather than fund officers .
Employment Terms
| Term | Disclosure |
|---|---|
| Appointment & Tenure | Officers are appointed by Trustees and serve at the pleasure of the Board; Bjorn A. Davis has served as CCO since October 2024 |
| Employer of Record | Salaries and officer expenses paid by Franklin Advisers, Inc. or affiliates (not by FT); no pension/retirement benefits accrued as fund expenses |
| Contracts/Severance/Change-of-Control | No officer employment agreements, severance multiples, or change-of-control provisions are disclosed in FT proxy materials |
| Governance Interface | Independent Trustees meet regularly with the CCO; the CCO presents an annual written compliance report; independent sessions occur per SEC rules |
Performance & Track Record (Fund Context)
| Metric | As of 5/31/2025 | As of 7/31/2025 |
|---|---|---|
| Average Annual Total Return (5-year, NAV) | 8.27% | 7.13% |
| Annualized Distribution Rate (NAV basis, fiscal period to date) | 6.20% | 6.05% |
| Cumulative Total Return (NAV, fiscal period to date) | 4.99% | 8.77% |
| Cumulative FYTD Distribution Rate (NAV basis) | 4.65% | 5.55% |
FT monthly distribution examples in 2025: $0.0425 per share (June, July, August, September notices), with Section 19(a) breakdowns showing portions from net investment income and return of capital, underscoring income and distribution policy mechanics rather than corporate operating metrics .
Board Governance (Interface Relevant to CCO)
- Audit Committee composition includes Independent Trustees; the Board receives regular compliance reports prepared by the investment manager’s compliance group and meets regularly with the Fund’s CCO, including executive sessions; the CCO provides an annual written compliance report to the Board .
Say-on-Pay & Peer Group
- FT proxy statements do not include “say-on-pay” votes or corporate compensation peer groups applicable to fund officers; board compensation and audit/nominating committee charters are disclosed, not officer incentive frameworks .
Investment Implications
- Compensation alignment and trading signals: FT does not disclose officer-level pay structures, performance metrics, or equity incentives for the CCO; thus traditional pay-for-performance analysis and vesting-related selling pressure cannot be assessed from FT materials . The existence of a Section 13/16 Limited POA suggests the potential for ownership filings (Form 3/4/5) by Mr. Davis; we did not locate Form 4 transactions in FT’s current document index, limiting insider-selling signal detection .
- Retention and execution risk: Mr. Davis’s multi-entity CCO responsibilities across Franklin Templeton advisers and prior decade-plus CCO tenure at K2 Advisors point to deep institutional/regulatory experience, which is additive to FT’s risk oversight posture; officers serve at Board pleasure, and compensation is paid by the adviser, reducing direct fund-level severance/change-of-control exposure .
- Performance context: FT is a closed-end fund; investor outcomes hinge on NAV performance, distribution sustainability, and governance/controls. The CCO’s role is non-revenue generating but central to compliance risk management; recent fund performance/distribution rates provide portfolio-level context rather than executive scorecards .