Fred Jensen
About Fred Jensen
Fred Jensen (born 1963) serves as Chief Compliance Officer (CCO) of IGI and has held this role since 2020, following senior compliance leadership roles at Franklin Templeton and Legg Mason & Co. His responsibilities include reporting directly to the Board as part of the Fund’s risk oversight framework, supporting identification and mitigation of compliance and valuation risks; the Fund noted all Section 16(a) beneficial ownership filing requirements were met for the fiscal year ended November 30, 2024 . Officers receive no compensation from the Fund, and are appointed annually by the Board to hold office until successors are elected and qualified .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Franklin Templeton | Director – Global Compliance | Since 2020 | Leads global compliance; supports Board risk oversight via CCO reporting |
| Legg Mason & Co. | Managing Director | 2006–2020 | Senior compliance leadership within fund complex |
| Legg Mason Office of the Chief Compliance Officer | Director of Compliance | 2006–2020 | Oversight of enterprise compliance programs |
| Legg Mason Global Asset Allocation | Chief Compliance Officer | Prior to 2014 | Portfolio compliance for asset allocation strategies |
| Legg Mason Private Portfolio Group | Chief Compliance Officer | Prior to 2013 | Managed compliance for private portfolio mandates |
| The Reserve Funds | Chief Compliance Officer | 2004 | Adviser/funds/broker-dealer compliance oversight |
| Ambac Financial Group | Chief Compliance Officer | 2000–2003 | Adviser/funds/broker-dealer compliance oversight |
External Roles
No external directorships or roles are disclosed for Jensen in the IGI proxy statements reviewed .
Fixed Compensation
- Officers receive no compensation from the Fund; they may be reimbursed for reasonable out-of-pocket travel expenses for attending Board meetings .
- The proxy does not disclose base salary, target bonus, or equity awards for officers, as compensation is not paid by the Fund .
Performance Compensation
- No performance-based compensation (bonus metrics, PSUs/RSUs, options, vesting schedules) is disclosed for officers, as officers receive no compensation from the Fund .
Equity Ownership & Alignment
| Item | As-of Date | Detail |
|---|---|---|
| Beneficial ownership (Directors and officers as a group) | February 7, 2025 | Less than 1% of outstanding shares of Common Stock |
| Section 16(a) compliance | FY ended November 30, 2024 | The Fund believes all required beneficial ownership filings were met |
The proxy provides dollar-range ownership detail for Directors but does not present individual holdings for officers; thus Jensen’s individual share ownership and any pledging/hedging is not disclosed .
Employment Terms
| Term | Provision |
|---|---|
| Appointment & tenure | Executive officers are chosen each year at a regular meeting of the Board; hold office until successors are duly elected and qualified |
| Compensation from Fund | None; officers may be reimbursed for reasonable out-of-pocket travel expenses for attending Board meetings |
| Reporting line | CCO reports directly to the Board as part of risk oversight (investment, compliance, valuation risks) |
Investment Implications
- Pay-for-performance alignment with Fund equity is minimal at the Fund level: officers are not compensated by the Fund and group beneficial ownership is under 1% of outstanding shares, limiting direct equity-linked incentives and reducing insider selling pressure tied to Fund-paid equity awards .
- Governance and compliance rigor: Jensen’s long-tenured compliance leadership across Franklin Templeton/Legg Mason implies a strong compliance infrastructure; as CCO reporting to the Board, he is central to risk oversight for valuation and regulatory risks that can influence trading dynamics (discount/premium to NAV, audit outcomes) .
- Retention risk and change-of-control economics are not disclosed at the Fund level (officers are appointed annually and not paid by the Fund), suggesting employment and compensation details reside with the adviser (Franklin Templeton); investors should monitor adviser-level disclosures and 8-Ks for any officer transition signals .