Gregory Johnson
About Gregory Johnson
Gregory E. Johnson serves as Chairman of the Board, Vice President, and Trustee of Templeton Emerging Markets Income Fund (TEI); he is categorized as an “Interested Trustee” under the Investment Company Act due to his executive roles at Franklin Resources, Inc. and his position with the Fund . His principal occupation includes Executive Chairman, Chairman of the Board and Director of Franklin Resources, Inc.; previously Chief Executive Officer (2013–2020) and President (1994–2015) of Franklin Resources, Inc. . He was born in 1961 and has been a Trustee of TEI since 2007, with Chairman and Vice President roles since 2023 . TEI proxies do not disclose TSR, revenue or EBITDA metrics tied to Mr. Johnson’s compensation; Interested Trustees are not compensated by the Fund, indicating no disclosed performance-based pay linkage at TEI .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Franklin Resources, Inc. (NYSE: BEN) | Executive Chairman; Chairman of the Board and Director | Current; prior CEO 2013–2020; President 1994–2015 | Senior leadership of Franklin Templeton’s global investment management operations, which provide investment management, distribution, transfer agent and administration across fund complex |
| Templeton Emerging Markets Income Fund (TEI) | Trustee | Since 2007 | Board oversight of fund operations, investment performance, and service providers |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Investment Company Institute | Vice Chairman | At least during the past five years | Industry leadership and policy engagement (role cited in principal occupation) |
| Other directorships (past five years) | None listed | N/A | No additional public board roles disclosed for last five years |
Fixed Compensation
| Component | TEI Disclosure | Amount/Terms | Notes |
|---|---|---|---|
| Fund compensation to Gregory E. Johnson (Interested Trustee) | Not paid by the Fund | None | Salaries and expenses for Interested Trustees are paid by Investment Manager or affiliates; may receive indirect remuneration via management fees |
| Independent Trustee annual retainer (context) | Paid to Independent Trustees | $220,000 annual retainer; $10,000 per regularly scheduled Board meeting; Audit Committee $10,000 annual retainer + $3,000 per meeting; Audit Chair additional $25,000; Lead Independent supplemental $50,000 | Gregory E. Johnson does not receive these fees from TEI as an Interested Trustee |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Performance-based compensation at TEI (Interested Trustee) | N/A | N/A | N/A | N/A | N/A (TEI does not pay performance-based compensation to Interested Trustees) |
Equity Ownership & Alignment
| Item | Value | Date/Period | Notes |
|---|---|---|---|
| Dollar range of TEI equity securities (Gregory E. Johnson) | None | As of March 10, 2025 | Based on NYSE closing price methodology in proxy |
| Aggregate dollar range across Franklin Templeton fund complex (Gregory E. Johnson) | Over $100,000 | As of March 10, 2025 | Fund-complex aggregation disclosed in proxy |
| Ownership as % of TEI shares outstanding (individual) | <1% (no nominee or Trustee ≥1%) | As of March 10, 2025 | TEI total shares outstanding: 47,228,418 |
| Ownership as % of TEI shares outstanding (Trustees & officers as a group) | <1% | As of March 10, 2025 | Group total holdings below 1% |
| Shares pledged/hedged | Not disclosed | N/A | No pledging/hedging disclosure specific to Mr. Johnson in TEI proxy |
| Stock ownership guidelines (Templeton funds board policy) | Each Board member invests one-third of director/trustee fees annually until holdings ≥3× annual retainer + meeting fees; family/entity holdings count; 3-year phase-in for new members | Policy revised May 2019; originally adopted Feb 1998 | Proxy states all current Board members, including nominees, are compliant |
Employment Terms
| Term | Disclosure | Details |
|---|---|---|
| TEI appointment dates | Trustee since 2007; Chairman of the Board and Vice President since 2023 | Current roles and tenure at TEI |
| Contract term length/expiration | Not disclosed | Officers serve at the pleasure of the Board |
| Auto-renewal clauses | Not disclosed | N/A |
| Severance/change-of-control economics | Not disclosed | No severance or CoC terms disclosed for TEI officers/Trustees |
| Clawback provisions | Not disclosed | N/A |
| Non-compete/non-solicit; garden leave; post-termination consulting | Not disclosed | N/A |
Board Governance
- Independence status and dual roles: Gregory E. Johnson is an “Interested Trustee” due to his executive roles and shareholdings at Franklin Resources and his TEI positions; he is also the nephew of Trustee Rupert H. Johnson, Jr. .
- Board structure: ≥75% of TEI Board members are Independent Trustees; the Board has a Lead Independent Trustee (Edith E. Holiday) who presides over separate meetings of Independent Trustees ahead of each scheduled Board meeting and liaises with management .
- Committee memberships: Audit Committee comprises Independent Trustees (Chair: David W. Niemiec); Nominating and Corporate Governance Committee comprises Independent Trustees (Chair: Edith E. Holiday) .
- Attendance: In FY2024, the Board met five times; Audit Committee met four times; Nominating Committee met twice. Each Trustee attended at least 75% of aggregate Board and committee meetings; no Trustees attended the May 23, 2024 annual meeting .
Director Compensation
| Component | TEI Policy | Amount/Terms |
|---|---|---|
| Compensation to Interested Trustees (incl. Gregory E. Johnson) | Not paid by TEI; salaries/expenses paid by Investment Manager or affiliates | None from TEI |
| Independent Trustee compensation | Annual retainer $220,000; $10,000 per regularly scheduled Board meeting; Audit Committee $10,000 annual retainer + $3,000 per meeting; Audit Chair additional $25,000; Lead Independent supplemental $50,000 | Paid and allocated across Templeton funds in the complex |
Other Directorships & Interlocks
- Other directorships in the past five years: None listed for Gregory E. Johnson in TEI proxy .
- Family relationship: Rupert H. Johnson, Jr. (Interested Trustee) is Gregory E. Johnson’s uncle .
- Complex-wide oversight: Mr. Johnson oversees 124 portfolios in the Franklin Templeton fund complex as a TEI Trustee/Chairman/Vice President .
Investment Implications
- Pay-for-performance alignment at TEI: As an Interested Trustee, Mr. Johnson receives no TEI director fees and no performance-based compensation from the Fund, limiting direct pay linkage to TEI outcomes; his compensation resides at Franklin Resources, not at TEI . This structure reduces typical trustee-related selling pressure risk (no RSUs/options from TEI) but also limits TEI-specific incentive alignment .
- Ownership alignment: Mr. Johnson reported “None” for TEI fund equity dollar-range as of March 10, 2025, while holding “Over $100,000” in the broader fund complex; Trustees and officers as a group own <1% of TEI, which suggests modest TEI-specific skin-in-the-game . The Board’s investment policy requires Board members to invest one-third of director/trustee fees until holdings equal/exceed three times retainers and meeting fees; the proxy states all Board members are compliant, supporting general fund complex alignment even if TEI-specific holdings are low .
- Governance risk mitigants and dual-role considerations: Despite the Chairman role being held by an Interested Trustee, TEI maintains a majority-independent Board and a Lead Independent Trustee who convenes separate sessions and coordinates agendas, which mitigates independence concerns; however, the family relationship with Rupert H. Johnson, Jr. warrants ongoing monitoring of conflicts management . Committee leadership (Audit/Nominating) is entirely independent, providing further oversight structure .
- Trading signals: Absence of TEI-linked compensation and lack of TEI equity holdings for Mr. Johnson point to minimal personal selling pressure tied to TEI awards; governance structure and independence mechanisms are robust, but investors should factor that strategic decisions may be influenced through Franklin Resources’ broader complex priorities rather than TEI-specific incentive structures .