Bjorn A. Davis
About Bjorn A. Davis
Bjorn A. Davis (year of birth: 1965) serves as Chief Compliance Officer of Templeton Dragon Fund (“TDF”) and has held the role since October 2024; officers serve at the pleasure of the Board and are appointed by the Directors . His recent experience spans senior compliance leadership across Franklin Templeton’s advisory subsidiaries (CCO since 2023 at multiple advisers; formerly Director of Global Regulatory Compliance; previously CCO at K2 Advisors and K2/D&S from 2011–2023), positioning him as a regulatory and controls-focused executive rather than a portfolio or financial performance owner . The Fund’s proxy does not disclose education, TSR, revenue, EBITDA, or performance metrics tied to his role .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Franklin Templeton Global Regulatory Compliance US Advisory Services | Vice President | Since 2023 | Oversight of regulatory compliance for US advisory services across Franklin Templeton |
| Franklin Advisers, Inc.; Franklin Mutual Advisers LLC; Franklin Templeton Institutional LLC; Templeton Investment Counsel LLC; Templeton Global Advisors Limited | Chief Compliance Officer | Since 2023 | Enterprise compliance accountability across multiple registered advisers |
| Franklin Templeton Global Regulatory Compliance | Director | Prior to 2023 | Led global regulatory compliance initiatives within Franklin Templeton |
| K2 Advisors, LLC; K2/D&S Management Co., LLC | Chief Compliance Officer | 2011–2023 | Hedge fund platform compliance oversight and control environment leadership |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not Applicable | — | — | No other directorships or external roles disclosed for the past five years |
Fixed Compensation
- Officers of the Fund (including the Chief Compliance Officer) are not compensated by the Fund; salaries and expenses are paid by the Investment Manager or its affiliates (Franklin Templeton). No pension or retirement benefits accrue as Fund expenses, and the proxy provides no officer-specific salary/bonus/perquisite amounts .
- As a result, pay-for-performance linkages (e.g., bonus metrics, equity mix) for Fund officers are not disclosed in the Fund’s proxy .
Performance Compensation
- The proxy does not disclose performance-based compensation structures (bonus targets, RSUs/PSUs, options), performance metrics, or vesting schedules for Fund officers; officers are compensated by the Investment Manager rather than the Fund .
Equity Ownership & Alignment
- Shares outstanding: 25,353,031 as of March 10, 2024 .
- Ownership concentration: principal holders include City of London Investment Group PLC (34.49%), Lazard Asset Management (10.55%), and Allspring Global Investments (7.94%) as of early 2025 .
- Directors and officers of the Fund, as a group, owned less than 1% of outstanding shares as of March 10, 2025; no individual Director owned ≥1% .
- Director stock ownership guidelines require investment of a portion of fees and target ownership equal to or exceeding three times annual retainer/meeting fees; this policy applies to Directors and is noted as compliant, not to officers .
Employment Terms
- Officers are appointed by the Directors and serve at the pleasure of the Board .
- Davis has served as Chief Compliance Officer since October 2024 .
- No employment agreement terms, severance provisions, change-of-control economics, non-compete, garden leave, or clawback provisions are disclosed for Fund officers in the proxy .
Investment Implications
- Compensation alignment: With officers paid by the Investment Manager and no Fund-level disclosure of salaries, incentives, or equity awards, there is limited visibility into pay-for-performance linkages for Davis at the Fund level; compensation appears geared to regulatory compliance objectives rather than Fund NAV/TSR outcomes .
- Insider selling pressure: The proxy provides no indication of Fund-based RSU/PSU/option grants to officers; combined with <1% aggregate ownership by Directors and officers, near-term selling pressure from officer vesting is unlikely at the Fund level .
- Retention and change-in-control risk: Absence of disclosed employment agreements, severance, or change-of-control terms for officers limits analysis of retention risk and event-driven payouts; governance signals center on compliance oversight rather than economic incentives .
- Alignment: Director-level ownership policy does not extend to officers; with minimal disclosed officer ownership at the Fund level, alignment levers for Davis are primarily fiduciary/compliance responsibilities enforced by the Board rather than equity incentives .