Navid J. Tofigh
About Navid J. Tofigh
Navid J. Tofigh (year of birth: 1972) serves as Vice President and Secretary of Franklin Limited Duration Income Trust (FTF). He has been Vice President since 2015 and Secretary since 2023; his principal occupation over the past five years is Senior Associate General Counsel at Franklin Templeton and officer of certain funds in the Franklin Templeton fund complex . As an officer, his salary and expenses are paid by the Investment Manager or its affiliates rather than the Fund, and the Fund does not accrue pension benefits for officers . Fund-level TSR or financial performance metrics are not disclosed as tied to his compensation in FTF proxies; no executive performance metrics are specified for his role .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Franklin Limited Duration Income Trust (FTF) | Vice President | Since 2015 | Officer of the Fund; supports governance and regulatory compliance . |
| Franklin Limited Duration Income Trust (FTF) | Secretary | Since June 2023 | Corporate secretary responsibilities, including proxy and meeting documentation . |
| Franklin Templeton (Resources/Advisers) | Senior Associate General Counsel | Last 5+ years (ongoing) | Legal oversight across Franklin Templeton fund complex; officer of certain funds . |
| Franklin Templeton Limited Duration Income Trust (Delaware Statutory Trust) | Vice President (signatory) | 2018 | Executed Certificate of Amendment to the Trust’s Declaration, evidencing governance leadership . |
| SEC Filings Liaison (FTF registration/offerings) | Legal contact/recipient (cc) | 2018 | Involved in SEC correspondence on registration and offering matters . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| None disclosed | — | — | No public company directorships or external roles disclosed in FTF proxies/N-2 filings . |
Fixed Compensation
- Officer compensation structure and amounts for FTF executives (including Mr. Tofigh) are not disclosed by the Fund. The Investment Manager or its affiliates pay the salaries and expenses of officers; no pension or retirement benefits are accrued as Fund expenses .
Performance Compensation
- No performance-based compensation metrics (e.g., revenue growth, EBITDA, TSR, ESG goals) are disclosed for FTF officers; the proxies do not present bonus targets, RSU/PSU frameworks, or option awards for Mr. Tofigh .
- Officers serve at the pleasure of the Board; compensation and incentive design for FTF officers is not detailed in Fund filings .
Equity Ownership & Alignment
| Item | Disclosure |
|---|---|
| Total beneficial ownership (shares) | Not disclosed for officers; beneficial ownership tables are provided for Trustees, not officers . |
| Ownership as % of shares outstanding | Not disclosed for Mr. Tofigh . |
| Vested vs unvested shares | Not disclosed . |
| Options (exercisable/unexercisable) | Not disclosed . |
| Shares pledged as collateral | No pledging disclosure for officers in FTF filings . |
| Stock ownership guidelines (officers) | Not disclosed; Trustee ownership policy exists but pertains to Trustees, not officers . |
Context on Fund capital:
- As of August 4, 2025, FTF had 40,405,374 common shares outstanding; principal shareholders included First Trust Portfolios L.P. with 3,756,224 shares (9.30%) .
Employment Terms
| Term | Detail |
|---|---|
| Appointment basis | Officers are appointed by the Trustees and serve at the pleasure of the Board . |
| Start dates | Vice President since 2015; Secretary since June 2023 . |
| Contract term/expiration | Not disclosed; no employment agreement terms presented in Fund filings . |
| Non-compete/non-solicit | Not disclosed . |
| Severance provisions | Not disclosed; no multiples or change‑of‑control economics presented for officers . |
| Change-of-control (trigger/accelerated vesting) | Not disclosed . |
| Clawback provisions | Not disclosed for officers . |
| Perquisites/gross‑ups | Not disclosed for officers . |
Performance & Track Record
- Role scope: Senior Associate General Counsel and Fund officer; responsibilities are legal, governance, and administrative rather than portfolio management .
- Governance actions: Signatory on 2018 Certificate of Amendment to Trust’s Declaration ; author/attestation on proxy materials in 2023, reflecting governance continuity .
- Fund or TSR attribution to his tenure is not disclosed in filings; no officer-linked performance scorecard exists in proxies .
Risk Indicators & Red Flags
- Related-party transactions | None identified concerning Mr. Tofigh in FTF filings reviewed .
- Hedging/pledging | No officer pledging disclosures; trustee holdings policy discussed, not applicable to officers .
- Compensation modifications/repricings | No executive equity award disclosures; therefore no repricing/modification items for Mr. Tofigh .
- Legal proceedings/SEC investigations | None noted regarding Mr. Tofigh in the referenced filings .
Compensation Peer Group, Say‑on‑Pay, and Committee Analysis
- FTF proxies present Trustee compensation details and board policies; they do not define an officer compensation peer group, say‑on‑pay outcomes, or compensation committee frameworks applicable to officers .
- Independent Trustee fees and policies are disclosed (retainers, meeting fees), but these do not pertain to Mr. Tofigh .
Investment Implications
- Alignment: Officer compensation is borne by the Investment Manager and not disclosed by the Fund, limiting pay‑for‑performance analysis at the executive level; absence of disclosed share ownership, options, or pledging by Mr. Tofigh suggests low direct equity‑linked selling pressure, but also limited visibility on “skin in the game” .
- Retention risk: Long tenure as Vice President (since 2015) and elevation to Secretary (2023) point to continuity; lack of disclosed severance or CoC protections implies standard at‑will officer status within the fund complex .
- Trading signals: With no insider ownership/transactions disclosed and no officer‑specific performance incentives reported, there are minimal direct trading signals tied to Mr. Tofigh; governance stability is evidenced by repeated proxy attestations and the 2018 trust amendment execution .
- Monitoring: Focus diligence on future Item 5.02 8‑Ks for officer changes, any introduction of officer equity programs, or updates to governance documents that may alter executive economics or alignment at FTF .