Navid Tofigh
About Navid Tofigh
Navid J. Tofigh (year of birth: 1972) serves as Vice President (since 2015) and Secretary (since 2023) of Franklin Universal Trust (NYSE: FT). His principal occupation over the past five years is Senior Associate General Counsel at Franklin Templeton, and he serves as an officer of certain Franklin Templeton funds . Officers’ salaries and expenses are paid by Franklin Advisers, Inc. (the Investment Manager) or its affiliates; the Fund does not disclose officer compensation or pay pensions/retirement benefits, and no pay-for-performance metrics are reported for Fund officers .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Franklin Universal Trust (FT) | Vice President | Since Nov 2015 | Fund executive officer supporting governance and legal administration . |
| Franklin Universal Trust (FT) | Assistant Secretary | 2019–2022 (as evidenced by signature lines) | Assisted Board/Trust administration; signed Fund proxy materials . |
| Franklin Universal Trust (FT) | Secretary | Since Jun 2023 | Corporate Secretary functions for FT . |
| Franklin Templeton | Associate General Counsel | 2015–2023 (as disclosed) | Legal counsel; officer across many Franklin Templeton investment companies (e.g., 44 in 2019; 41 in 2021) . |
| Franklin Templeton | Senior Associate General Counsel | 2024–present | Senior legal role; officer of certain funds in the Franklin Templeton fund complex . |
External Roles
No external public-company directorships or committee roles are disclosed for Tofigh in FT’s proxy statements reviewed (2016–2025); officer biographies list Franklin Templeton roles only .
Fixed Compensation
- Officers’ salaries and expenses are paid by Franklin Advisers, Inc. (Investment Manager) or affiliates; the Fund does not disclose officer base salary, bonus, or pension benefits. No pension or retirement benefits are accrued as part of Fund expenses for officers .
| Component | Disclosure | Source |
|---|---|---|
| Base salary | Not disclosed by the Fund; paid by Investment Manager/affiliates | |
| Target/actual bonus | Not disclosed by the Fund | |
| Pension/retirement | Not accrued as Fund expenses | |
| Perquisites | Not disclosed by the Fund | |
| Cash fees | Not applicable to officers (trustee fees disclosed separately) |
Performance Compensation
- No RSU/PSU/option grants or vesting schedules for Fund officers are disclosed in FT proxy statements. No performance metrics (e.g., revenue/EBITDA/TSR) are tied to officer compensation at the Fund in the disclosures .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed for Fund officers | — | — | — | — | — |
Equity Ownership & Alignment
| Item | Detail | Source |
|---|---|---|
| Beneficial ownership (officers and Trustees as a group) | Less than 1% of FT’s outstanding shares as of Jan 10, 2025 | |
| Individual officer holdings (Tofigh) | Not individually disclosed in FT proxy statements | |
| Dollar range holdings | Reported for Trustees (not officers) by range; e.g., several trustees disclosed dollar ranges in FT | |
| Pledging of company stock | No pledging disclosures for officers in FT proxy statements reviewed | |
| Ownership guidelines | Board policy requires Trustees to invest one-third of fees into Franklin/Templeton funds until holdings ≥5× annual retainer + meeting fees; applies to Trustees, not officers |
Employment Terms
| Term | Detail | Source |
|---|---|---|
| Appointment basis | Officers are appointed by Trustees and serve at the pleasure of the Board | |
| Role start dates | Vice President since Nov 2015; Secretary since Jun 2023 | |
| Contract term/expiration | Not disclosed | |
| Severance/change-of-control | Not disclosed; no severance/COC economics reported for officers | |
| Clawbacks/tax gross-ups | Not disclosed | |
| Non-compete/non-solicit | Not disclosed | |
| Garden leave/consulting | Not disclosed |
Performance & Track Record
- Officer role is legal/secretarial; FT proxy statements do not disclose performance metrics tied to Tofigh’s compensation or role execution. Officer biographies emphasize legal responsibilities within Franklin Templeton’s fund complex .
- FT’s proxies disclose shares outstanding and listing but do not provide officer-specific performance outcomes or stock-based incentives .
Governance Context
- Committees disclosed for FT include Audit and Nominating; trustee compensation and meeting attendance are detailed, but there is no compensation committee overseeing Fund officer pay (officer salaries are paid by Investment Manager/affiliates) .
Investment Implications
- Pay-for-performance alignment signals are limited: FT does not disclose officer compensation structures, metrics, or equity awards; officers’ compensation is borne by Franklin Advisers, Inc., suggesting enterprise-level alignment rather than fund-level incentives .
- Insider-selling pressure appears low from Fund-level disclosures: officers and Trustees as a group own <1% of outstanding FT shares, and officer-specific holdings/pledging are not disclosed; monitor Form 4 filings for additional insight on trading behavior .
- Retention/contract risk is opaque: Officers serve at the pleasure of the Board with no disclosed severance or change-of-control protections at the Fund level; stability likely depends on Franklin Templeton employment arrangements not disclosed in FT proxy materials .
- Trading signals from compensation/ownership are minimal based on Fund filings; governance processes and trustee oversight are well-documented, but there is no disclosed incentive linkage for Fund officers that would indicate near-term behavior-driven impacts on FT .