David Niemiec
About David W. Niemiec
Independent Trustee of TEI since 2005; born 1949 (approx. age 76 in 2025). He chairs the Audit Committee and oversees 26 portfolios within the Franklin Templeton fund complex, bringing deep CFO and investment banking experience to the board . Biography highlights: Advisor at Saratoga Partners; former Vice Chairman and CFO at Dillon, Read & Co.; former Managing Director at SBC Warburg Dillon Read .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Saratoga Partners | Advisor | Past 5 years (ongoing) | Private equity advisory; financial oversight credentials |
| Saratoga Partners | Managing Director | 1998–2001 | Transaction leadership; portfolio company oversight |
| SBC Warburg Dillon Read | Managing Director | 1997–1998 | Investment banking leadership |
| Dillon, Read & Co. Inc. | Vice Chairman | 1991–1997 | Senior corporate leadership; governance exposure |
| Dillon, Read & Co. Inc. | Chief Financial Officer | 1982–1997 | Financial stewardship; internal controls |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Hess Midstream LP | Director | 2017–present | Public company board; oil & gas midstream exposure |
Board Governance
- Committee assignments: Audit Committee Chair; other members include Ann Torre Bates, Terrence J. Checki, J. Michael Luttig, and Constantine D. Tseretopoulos . The Audit Committee members are all independent under NYSE listing standards .
- Independence and board structure: 75%+ of Board members are Independent Trustees; a Lead Independent Trustee (Edith E. Holiday) presides over independent sessions in advance of each scheduled board meeting .
- Attendance and engagement (FY 2024): Board met 5 times; Audit Committee 4; Nominating Committee 2. Each Trustee attended at least 75% of aggregate Board and committee meetings; no Trustees attended the annual meeting on May 23, 2024 .
- Tenure: Trustee since 2005 (≈20 years as of 2025) .
Fixed Compensation
| Component | Amount (USD) | Notes |
|---|---|---|
| Annual retainer (Independent Trustee) | $220,000 | Paid across Templeton investment companies; portion allocated to TEI |
| Per regularly scheduled Board meeting | $10,000 | Portion allocated to TEI; special meeting fees may also be paid |
| Audit Committee member annual retainer | Up to $10,000 | Portion allocated to TEI |
| Audit Committee meeting fee | $3,000 per meeting | Portion allocated to TEI |
| Audit Committee Chair supplemental retainer | $25,000 | Additional annual retainer; portion allocated to TEI |
| Lead Independent Trustee supplemental retainer | $50,000 | Not applicable to Niemiec (Lead Independent is Holiday) |
| FY 2024 Actuals | Value |
|---|---|
| Aggregate compensation from TEI | $3,953 |
| Total compensation across Franklin Templeton fund complex | $611,000 |
| Number of boards within Franklin Templeton fund complex | 13 |
- No pension or retirement benefits are accrued as Fund expenses; officers and Interested Trustees’ salaries are paid by affiliates, not the Fund .
Performance Compensation
| Item | Details |
|---|---|
| Performance-based cash bonus | None disclosed for Independent Trustees; compensation is retainer and meeting/committee fees |
| Equity awards (RSUs/PSUs/options) | None disclosed for Independent Trustees |
| Performance metrics tied to pay (EBITDA, TSR, ESG, etc.) | None disclosed for Independent Trustees |
| Clawbacks/COC provisions | Not disclosed for Independent Trustees |
Other Directorships & Interlocks
| Company | Role | Overlap/Interlock Risk |
|---|---|---|
| Hess Midstream LP | Director (2017–present) | Sector exposure in energy midstream; no explicit TEI transaction linkage disclosed |
- Multiple fund-complex boards: serves on 13 boards within Franklin Templeton; audit committee charter requires board determinations if members serve on >3 public company audit committees, counting multiple boards in the same complex as one for this purpose (NYSE-listed funds only) .
Expertise & Qualifications
- CFO and finance leadership background (CFO and Vice Chairman at Dillon Read), indicating financial literacy suitable for audit oversight .
- Audit Committee charter requires all members to be financially literate and at least one “audit committee financial expert” designated annually by the Board; Niemiec serves as Chair, aligning with financial oversight competence (designation of the specific expert not disclosed) .
Equity Ownership
| As of March 10, 2025 | Dollar Range |
|---|---|
| TEI holdings | None |
| Aggregate holdings across all Franklin Templeton funds | Over $100,000 |
- Ownership alignment policy: Board members must invest one-third of fees (excluding committee fees) annually in Templeton funds until holdings equal/exceed 3× annual retainer + regular meeting fees; all current Board members are compliant with this policy .
Governance Assessment
- Strengths: Long tenure and deep CFO background bolster audit oversight; Chair of Audit Committee with independent status under NYSE; Board structure features a Lead Independent Trustee and independent sessions supporting effective oversight .
- Alignment: Complies with fund-complex investment policy; however, no direct TEI share ownership may be viewed as weaker “skin-in-the-game” at the specific fund level despite aggregate fund holdings over $100k .
- Workload and capacity: Oversees 26 portfolios and serves on 13 boards within the complex, which can indicate heavy workload; the audit charter addresses multi-committee service in public companies for effectiveness considerations .
- Attendance signal: Each Trustee met the ≥75% threshold, but no Trustees attended the 2024 annual shareholder meeting—a potential investor relations red flag for engagement optics .
- Conflicts/related-party exposure: Audit Committee is tasked to review related party transactions and conflicts; no Niemiec-specific related party transactions are disclosed; Interested Trustees have ties to Resources, but Niemiec is an Independent Trustee .
RED FLAGS
- No TEI shares owned as of March 10, 2025 (though aggregate Franklin Templeton holdings exceed $100k) .
- No Trustees attended the May 23, 2024 annual meeting .
- Extensive multi-board responsibilities (13 boards, 26 portfolios) may present bandwidth risk for deep engagement on fund-specific issues .
[Citations: 2025 DEF 14A for TEI: Audit Committee composition/independence, board structure, compensation schedules, attendance, biography, ownership ranges, and fund-complex investment policy]