Mary C. Choksi
About Mary C. Choksi
Independent Director of Templeton Dragon Fund, Inc. (TDF); born 1950; director since 2016. Asset management veteran and firm founder with deep emerging markets experience, including roles at Strategic Investment Group, Emerging Markets Management LLC, and the World Bank Group .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Strategic Investment Group | Founder and Senior Advisor | 2015–2017 | Not disclosed |
| Strategic Investment Group | Founding Partner and Senior Managing Director | 1987–2015 | Not disclosed |
| Emerging Markets Management LLC | Founding Partner and Managing Director | 1987–2011 | Not disclosed |
| World Bank Group | Loan Officer / Senior Loan Officer / Senior Pension Investment Officer | 1977–1987 | Not disclosed |
External Roles
| Company | Role | Tenure | Notes |
|---|---|---|---|
| Omnicom Group Inc. (OMC) | Director | 2011–present | MarketScreener lists as Lead Independent Director |
| White Mountains Insurance Group, Ltd. (WTM) | Director | 2017–present | Not disclosed beyond role |
| Avis Budget Group Inc. (CAR) | Director (former) | 2007–2020 | Not disclosed beyond role |
Board Governance
- Independence: Classified as Independent Director under the Investment Company Act of 1940 .
- Committee memberships at TDF: Not listed on the Audit Committee (members: Niemiec (Chair), Bates, Checki, Luttig, Tseretopoulos) . The Nominating Committee comprises Holiday (Chair), Luttig, Thompson; Mary is not listed .
- Board/Committee activity (FY ended Dec 31, 2024): Board met 5 times; Audit Committee met 4 times; Nominating Committee met 2 times. Each director then in office attended at least 75% of meetings of the Board and committees on which they served; no directors attended the May 23, 2024 annual shareholders’ meeting .
- Oversight span: Oversees 115 portfolios within the Franklin Templeton fund complex .
Fixed Compensation
| Component | Amount | Applicability |
|---|---|---|
| Annual retainer (Independent Directors) | $220,000 | Paid across Templeton investment companies; portion allocated to TDF |
| Regular Board meeting fee | $10,000 per meeting | Portion allocated to TDF |
| Special Board meeting compensation | May be paid if applicable | Portion allocated to TDF |
| Lead Independent Director supplemental retainer | $50,000 | Portion allocated to TDF (Holiday, not Choksi) |
| Audit Committee annual retainer | Up to $10,000 | Portion allocated to TDF |
| Audit Committee meeting fee | $3,000 per meeting | Portion allocated to TDF |
| Audit Committee Chair additional retainer | $25,000 | Portion allocated to TDF (Niemiec, not Choksi) |
| Name | Aggregate Compensation from TDF (FY 2024) | Total Compensation from Franklin Templeton Fund Complex (CY 2024) | Number of Boards in Complex |
|---|---|---|---|
| Mary C. Choksi | $3,132 | $667,000 | 34 |
- No pension or retirement benefits accrued as part of Fund expenses .
Performance Compensation
| Feature | TDF Disclosure | Notes |
|---|---|---|
| Performance-based bonus for directors | Not disclosed / not applicable | Director pay is fixed retainers and fees; no performance metrics specified |
| Equity/option awards to directors | Not disclosed / none referenced | Proxy details do not include RSUs/PSUs/options for directors |
Other Directorships & Interlocks
| Company | Relationship to TDF | Potential Interlock |
|---|---|---|
| Omnicom Group Inc. | Unrelated to TDF’s service providers; advertising/marketing company | Not disclosed in TDF filings |
| White Mountains Insurance Group, Ltd. | Unrelated to TDF’s service providers; insurance holding company | Not disclosed in TDF filings |
| Avis Budget Group Inc. (former) | Unrelated to TDF’s service providers; car rental | Not disclosed in TDF filings |
- TDF service providers include Templeton Asset Management (Investment Manager), FT Services (Administrator), Equiniti Trust (Transfer Agent), JP Morgan (Custodian/Sub-admin), PwC (auditor) — no disclosed related-party ties to Choksi’s external boards .
Expertise & Qualifications
- Extensive asset management and emerging markets investing background; firm founder (Strategic Investment Group; Emerging Markets Management LLC) .
- Oversight experience across 115 portfolios, indicating broad governance exposure within a large fund complex .
- Prior World Bank Group roles signal institutional investment and risk familiarity .
Equity Ownership
| As of March 10, 2025 | Dollar Range of Equity Securities in TDF | Aggregate Dollar Range in all Franklin Templeton U.S. registered funds |
|---|---|---|
| Mary C. Choksi | None | Over $100,000 |
- Ownership concentration: No director owned ≥1% of TDF; directors and officers as a group owned <1% .
- Director ownership policy: Each Board member must invest one-third of fees annually in Templeton funds until holdings equal/exceed three times annual retainer + regular meeting fees; all current Board members (including Choksi) compliant .
Insider Trades
| Period | TDF Insider Buys | TDF Insider Sells | Net |
|---|---|---|---|
| Past 3 months | 0 | 0 | 0 |
| Past 18 months | 0 | 0 | 0 |
- Mary C. Choksi SEC CIK: 0001205706 .
Governance Assessment
-
Strengths:
- Independent status and significant asset management expertise aligned with TDF’s emerging markets mandate .
- Attendance met the ≥75% threshold across Board/committee meetings in FY 2024, indicating engagement .
- Formalized director investment requirement with confirmed compliance enhances alignment with fund investors .
- Robust risk oversight architecture (Board risk reporting; Audit Committee; Valuation and compliance processes) supports governance quality .
-
Potential red flags and considerations:
- No direct TDF share ownership (Dollar Range: None) could be viewed as limited “skin in the game” at the single-fund level, although aggregate fund-complex holdings meet policy requirements .
- Overboarding risk: Serving on 34 boards within the complex may constrain capacity; NYSE/committee charters contemplate limits and require specific determinations for audit committee overboarding across public companies .
- Not on key TDF committees (Audit; Nominating), which may limit direct influence over auditor selection or director nominations; however, independence is maintained .
- No directors attended the 2024 annual shareholders’ meeting; while permitted, absence may be negatively perceived by some investors .
RED FLAGS: Absence of direct TDF holdings ; multi-board commitments (34) ; non-attendance at 2024 shareholder meeting .