Harris Ashton
About Harris J. Ashton
Harris J. Ashton is an Independent Trustee of Franklin Universal Trust (FT), serving since 1988, and was born in 1932. His background includes senior leadership roles at General Host Corporation and directorships at financial and consumer companies; he oversees 115 portfolios within the Franklin Templeton fund complex and serves on FT’s Nominating Committee. He is classified as an Independent Trustee under the Investment Company Act and is not listed on FT’s Audit Committee; the Lead Independent Trustee is Edith E. Holiday .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| General Host Corporation (nursery and craft centers) | President, CEO, Chairman | Until 1998 | Senior operating leadership; governance and oversight |
| RBC Holdings, Inc. (bank holding company) | Director | Until 2002 | Board governance; financial services oversight |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Bar-S Foods (meat packing company) | Director | 1981–2010 | Consumer/industrial board experience |
Board Governance
- Independent Trustee (Class II), Trustee since 1988; not an “interested person” under the 1940 Act .
- Nominating Committee member (all independent trustees), which sets qualifications, oversees independence, and recommends committee and board nominees .
- Audit Committee membership does not include Ashton; current members are Checki (Chair), Choksi, Holiday, Luttig, Thompson .
- Attendance and engagement: during FY ended Aug 31, 2024, the Board held 8 regular and 1 special meeting; 10 Audit Committee meetings and 1 Nominating Committee meeting; all Trustees attended at least 75% of combined Board and committee meetings .
- Shareholder meeting engagement: none of the Trustees attended the March 7, 2024 Annual Shareholders’ Meeting .
- Board structure: ≥75% independent; Lead Independent Trustee is Edith E. Holiday, who presides over independent sessions with the CCO and management .
Fixed Compensation
Director compensation for Independent Trustees is paid across the Franklin Templeton fund complex, with a portion allocated to FT. Schedule and Ashton’s actual receipts:
| Metric | 2024 Proxy (disclosed for current schedule) | 2025 Proxy (disclosed for current schedule) |
|---|---|---|
| Annual retainer (Independent Trustees) | $304,000 | $304,000 |
| Per regular Board meeting fee | $7,000 | $7,000 |
| Audit Committee member retainer | $10,000 | $10,000 |
| Audit Committee meeting fee | $3,000 | $3,000 |
| Audit Committee Chair fee (in lieu of member retainer) | $50,000 | $50,000 |
| Lead Independent Trustee supplemental retainer | $40,000 | $50,000 |
| Metric | FY Ended Aug 31, 2023 | FY Ended Aug 31, 2024 |
|---|---|---|
| Aggregate Compensation From FT ($USD) | $257 | $246 |
| Total Compensation from Franklin Templeton Fund Complex ($USD) | $650,849 | $650,849 |
| Number of Boards within Franklin Templeton Fund Complex | 35 | 34 |
Performance Compensation
- Proxies disclose cash-based retainers and meeting fees for Independent Trustees; no performance-based bonus metrics or equity awards are described for directors, and no option awards are indicated .
| Performance Metric | FY Ended Aug 31, 2023 | FY Ended Aug 31, 2024 |
|---|---|---|
| Bonus metrics (e.g., revenue, TSR) | Not disclosed; director comp described as fixed cash | Not disclosed; director comp described as fixed cash |
| Stock/Option awards | Not disclosed; compensation schedule lists cash retainers/fees | Not disclosed; compensation schedule lists cash retainers/fees |
| Clawbacks/COC provisions | Not disclosed in director context | Not disclosed in director context |
Other Directorships & Interlocks
| Company | Role | Years | Potential Interlock/Notes |
|---|---|---|---|
| Bar-S Foods | Director | 1981–2010 | Consumer/industrial; historical role |
| RBC Holdings, Inc. | Director | Until 2002 | Financial services; historical role |
| General Host Corporation | President/CEO/Chairman | Until 1998 | Executive role; historical employer |
Expertise & Qualifications
- Senior executive experience (President/CEO/Chairman at General Host); broad board experience at consumer and financial firms .
- Oversees 115 portfolios in the Franklin Templeton complex, indicating extensive fund governance exposure .
- Nominating Committee service underscores independence focus, candidate evaluation, and governance process responsibility .
Equity Ownership
Director “skin-in-the-game” and alignment disclosures (dollar ranges):
| Metric | As of Dec 31, 2023 | As of Jan 10, 2025 |
|---|---|---|
| FT shareholdings (dollar range) | $1–$10,000 | None |
| Aggregate holdings across Franklin Templeton fund complex (dollar range) | Over $100,000 | Over $100,000 |
| Shares outstanding (FT) | 25,131,894 | 25,131,894 |
| Officers/Trustees group % ownership | <1% of outstanding shares | <1% of outstanding shares |
| Ownership guidelines/policy | Directors must invest one‑third of fees in Franklin/Templeton funds until holdings ≥5× annual retainer + regular meeting fees (3‑year phase‑in for new directors) | Same policy reaffirmed |
Note: Compliance status against the 5× guideline is not disclosed for individual directors .
Governance Assessment
- Strengths: Ashton is an Independent Trustee with long tenure, serves on the Nominating Committee, and met Board/committee attendance thresholds (≥75%) in FY 2024, supporting continuity and process discipline .
- Alignment policy: The Board mandates ongoing personal investment of director fees into Franklin/Templeton funds (target ≥5× annual retainer + regular meeting fees), encouraging fund-complex alignment .
- Engagement red flag: None of the Trustees attended the March 7, 2024 Annual Shareholders’ Meeting, which may be viewed negatively for investor-facing engagement .
- Ownership signal: Ashton reported no FT shareholdings as of Jan 10, 2025, down from $1–$10,000 as of Dec 31, 2023; aggregate holdings across the fund complex remain “Over $100,000,” but direct FT alignment diminished year-over-year .
- Overboarding risk consideration: Ashton serves across 34 Franklin Templeton investment company boards (down from 35), which may constrain capacity but is typical in fund complexes; he is not on FT’s Audit Committee, mitigating audit committee multi-board limits .
- Conflicts/related-party: No related-party transactions disclosed involving Ashton; principal shareholders >5% not identified; officers and Trustees collectively own <1% of FT shares, limiting control concerns .