Mary Choksi
About Mary C. Choksi
Independent Trustee of Templeton Emerging Markets Income Fund (TEI) since 2016, born in 1950. Choksi is a veteran asset manager who co-founded Strategic Investment Group and Emerging Markets Management and previously served in investment roles at the World Bank Group. She currently oversees 115 portfolios across the Franklin Templeton fund complex and is nominated to continue as an Independent Trustee through the 2028 annual meeting. She is explicitly designated as an Independent Trustee.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Strategic Investment Group | Founding Partner & Senior Managing Director; later Founder & Senior Advisor | 1987–2015; 2015–2017 | Co-founded multi-asset OCIO firm; leadership through 2015; advisory role 2015–2017 |
| Emerging Markets Management LLC | Founding Partner & Managing Director | 1987–2011 | Built emerging markets investment platform |
| World Bank Group | Loan Officer / Senior Loan Officer / Senior Pension Investment Officer | 1977–1987 | Investment and pension oversight for an international financial institution |
External Roles
| Company | Role | Tenure | Notes |
|---|---|---|---|
| Omnicom Group Inc. (NYSE: OMC) | Director | 2011–present | Advertising and marketing communications services |
| White Mountains Insurance Group, Ltd. (NYSE: WTM) | Director | 2017–present | Holding company; insurance focus |
| Avis Budget Group Inc. (NASDAQ: CAR) | Director (former) | 2007–2020 | Car rental (former) |
Board Governance
- Status and tenure: Independent Trustee since 2016; oversees 115 Franklin Templeton portfolios.
- Committee assignments: Not listed as a member of TEI’s Audit Committee (members: Niemiec (Chair), Bates, Checki, Luttig, Tseretopoulos). Not listed on the Nominating & Corporate Governance Committee (members: Holiday (Chair), Luttig, Thompson).
- Attendance and engagement: In FY ended Dec 31, 2024, the Board met 5 times; Audit Committee 4; Nominating Committee 2. Each Trustee attended at least 75% of total Board and relevant committee meetings. No Trustees attended the May 23, 2024 annual meeting.
- Board structure context: ≥75% of the Board are Independent Trustees; the Board has a Lead Independent Trustee (Edith E. Holiday).
- Shareholder support history: Elected at the 2019 annual meeting with the following vote results.
| 2019 Trustee Election (Term Expiring 2022) | For (shares) | % of Outstanding Shares | % of Shares Present | Withheld (shares) | % of Outstanding Shares | % of Shares Present |
|---|---|---|---|---|---|---|
| Mary C. Choksi | 30,542,507 | 63.63% | 96.40% | 1,141,213 | 2.38% | 3.60% |
Fixed Compensation
Compensation structure for Independent Trustees (paid across certain Templeton funds with portions allocated to TEI):
- Annual retainer: $220,000; Regular Board meeting fee: $10,000 per meeting (portion allocated to TEI).
- Lead Independent Trustee supplemental retainer: $50,000 (portion allocated).
- Audit Committee: Up to $10,000 annual retainer; $3,000 per meeting; Audit Committee Chair additional $25,000 (portions allocated).
Actual FY 2024 compensation reported for Choksi:
| Metric | Amount |
|---|---|
| Aggregate Compensation from TEI (FY 2024) | $3,410 |
| Total Compensation from Franklin Templeton Fund Complex (12 months ended Dec 31, 2024) | $667,000 |
| Number of Boards within Franklin Templeton Fund Complex | 34 |
Director investment policy: Each Board member must invest one-third of fees (excluding committee fees) annually in Templeton funds until holdings equal or exceed 3× the annual retainer and regular meeting fees; all current Board members are compliant.
Performance Compensation
| Pay Element | Performance Metric(s) | Weight | Notes |
|---|---|---|---|
| Performance-based compensation | Not disclosed for Independent Trustees | — | Proxy discloses cash retainers/meeting fees and committee fees; no performance metrics described. |
| Equity/Option awards | Not disclosed for Independent Trustees | — | No equity or options described in director compensation section. |
Other Directorships & Interlocks
| Person/Entity | Interlock/Overlap | Relevance |
|---|---|---|
| Choksi – White Mountains Insurance Group, Ltd. (current) and TEI Trustee Edith E. Holiday – White Mountains (former, 2004–2021) | Historical board network overlap at White Mountains | Indicates a prior interlock with TEI’s Lead Independent Trustee at a separate public company, which can influence information flow (no conflict indicated). |
Expertise & Qualifications
- Founding investor and senior executive in asset management (Strategic Investment Group; Emerging Markets Management), with deep emerging markets experience.
- Prior institutional investment roles at the World Bank Group (pensions and lending).
- Current public company board experience at Omnicom and White Mountains; former at Avis Budget.
- Oversees 115 portfolios within Franklin Templeton complex, evidencing significant governance workload and cross-fund oversight.
Equity Ownership
| Category | Disclosure |
|---|---|
| Dollar Range of Equity Securities in TEI | None (as of Mar 10, 2025) |
| Aggregate Dollar Range in All Franklin Templeton Funds | Over $100,000 (as of Mar 10, 2025) |
| Ownership Policy | Must invest one-third of fees annually in Templeton funds until holdings ≥ 3× annual retainer + meeting fees; 3-year phase-in for new members. |
| Policy Compliance | All current Board members compliant. |
| Concentration Context | No nominee or Trustee owned ≥1% of TEI; Trustees and officers as a group owned <1% (as of Mar 10, 2025). |
Governance Assessment
-
Strengths
- Independent status with long-tenured, relevant investment background and current public company board experience; nominated again for 2028 term.
- Consistent meeting participation (≥75% attendance in 2024) and established Board processes (risk oversight, audit).
- Director pay is standardized across the complex and accompanied by an ownership policy requiring reinvestment of fees; compliance reported.
-
Watch items
- Not listed on the Audit or Nominating & Corporate Governance Committees—limits direct committee-level influence at TEI.
- TEI-specific ownership is disclosed as “None” (dollar range), though aggregate Franklin Templeton fund holdings exceed $100,000 under the Board’s reinvestment policy.
- No Trustees attended the 2024 annual meeting, which some investors scrutinize for engagement optics (though not uncommon for funds).
-
Shareholder support signal
- Strong support in prior election cycle (2019): 96.40% of shares present voted “For” (63.63% of outstanding).