Bjorn A. Davis
About Bjorn A. Davis
Bjorn A. Davis (born 1965) is Chief Compliance Officer (CCO) of Franklin Limited Duration Income Trust (FTF). He was appointed in 2024 and serves at the pleasure of the Board . His recent experience includes leadership roles across Franklin Templeton’s global regulatory compliance function and CCO roles at multiple Franklin advisers; previously he spent 2011–2023 as CCO at K2 Advisors-affiliated entities . The proxy does not link executive compensation to fund performance metrics (TSR, revenue, EBITDA) at the Fund level, and officers’ compensation is paid by the investment manager rather than by the Fund .
Past Roles
| Organization | Role | Years | Evidence/Notes |
|---|---|---|---|
| Franklin Templeton Global Regulatory Compliance (US Advisory Services) | Vice President | Recent years (current) | Listed as principal occupation; indicates leadership within global regulatory compliance . |
| Franklin Advisers, Inc.; Franklin Mutual Advisers LLC; Franklin Templeton Institutional LLC; Templeton Investment Counsel LLC; Templeton Global Advisors Limited | Chief Compliance Officer | Since 2023 | CCO across multiple Franklin adviser affiliates (current) . |
| Franklin Templeton Global Regulatory Compliance | Director | Prior to 2023 | Earlier leadership role in global regulatory compliance . |
| K2 Advisors, LLC and K2/D&S Management Co., LLC | Chief Compliance Officer | 2011–2023 | CCO for K2-affiliated advisers prior to current Franklin roles . |
External Roles
None disclosed in Fund proxy materials for Mr. Davis beyond Franklin Templeton and K2-affiliated capacities .
Fixed Compensation
Officers of the Fund (including the CCO) are paid by the Investment Manager or its affiliates; the Fund does not report officer salary/bonus detail and accrues no pension or retirement benefits for officers.
| Component | Disclosure Status | Source |
|---|---|---|
| Base salary | Paid by Investment Manager; not itemized in Fund proxy | |
| Target/actual bonus | Not itemized in Fund proxy (officers compensated by Investment Manager) | |
| Pension/retirement accruals (Fund) | None accrued as Fund expense |
Performance Compensation
The Fund’s proxy does not disclose performance-based incentive metrics (e.g., revenue, EBITDA, TSR) for Fund officers. Officers’ compensation is paid by the Investment Manager, and no grant-level details (RSUs/PSUs/options) are presented at the Fund level .
| Incentive Type | Metric(s) | Weighting | Target | Actual/Payout | Vesting | Fund-Level Disclosure |
|---|---|---|---|---|---|---|
| Annual cash incentive | Not disclosed at Fund level | — | — | — | — | Officers are compensated by Investment Manager; no Fund-level metrics disclosed . |
| RSUs/PSUs | Not disclosed at Fund level | — | — | — | — | No equity award detail in Fund proxy for officers . |
| Stock options | Not disclosed at Fund level | — | — | — | — | No option award detail in Fund proxy for officers . |
Equity Ownership & Alignment
The proxy includes ownership tables for Trustees, and notes that, as of August 4, 2025, the Officers and Trustees of the Fund, as a group, owned less than 1% of outstanding shares. Individual officer-level ownership (including for the CCO) is not broken out in the proxy .
| Item | Disclosure | Source |
|---|---|---|
| Shares outstanding (as of Aug 4, 2025) | 40,405,374 | |
| Officers and Trustees (group) ownership | <1% of outstanding shares | |
| Individual officer (CCO) holdings | Not itemized in proxy; only group figure provided | |
| Pledging/hedging by officers | Not addressed in proxy for officers |
Employment Terms
| Term | Details | Source |
|---|---|---|
| Appointment/tenure | Officers are appointed by the Trustees and serve at the pleasure of the Board; Davis listed as CCO since 2024 | |
| Employer of record | Investment Manager or its affiliates pay officer salaries/expenses (not the Fund) | |
| Severance/Change of control | No officer severance or CoC economics disclosed at the Fund level | |
| Clawback/tax gross-up | Not addressed for Fund officers | |
| Compliance governance | The CCO provides regular compliance reporting; Independent Trustees meet at least quarterly in executive session with the CCO; annual written compliance report presented to the Board |
Investment Implications
- Pay-for-performance insight is limited at the Fund level: because officer compensation is paid by the Investment Manager and not detailed in the Fund’s proxy, there is no visibility into Mr. Davis’s salary/bonus levels, equity mix, or performance metrics. This reduces the ability to assess incentive alignment with FTF shareholders from Fund disclosures .
- Insider selling pressure and vesting schedules: the proxy does not report officer-level equity holdings or grant schedules for Fund officers; no Form 4 activity for Mr. Davis was identified in Fund proxy content. The Officers and Trustees as a group held less than 1% of shares as of August 4, 2025, suggesting limited direct ownership-driven selling pressure at the aggregate level .
- Retention risk appears tied to Franklin Templeton policies rather than Fund-specific contracts: officers serve at the pleasure of the Board, with no Fund-level severance or change-in-control terms disclosed; stability of the compliance function depends on Franklin’s broader compensation/retention framework and succession depth .
- Execution risk in role: as CCO, Davis’s remit centers on regulatory compliance oversight rather than investment performance. The Board’s governance framework indicates regular compliance reporting and independent sessions with the CCO, which supports risk oversight continuity for the Fund .