Susan Kerr
About Susan Kerr
Susan Kerr (born 1949) serves as Vice President—AML Compliance for TEI and has held this officer role since 2021, with her principal occupation over at least the past five years spanning AML and compliance leadership roles across Franklin Templeton and the legacy Legg Mason fund complex . Officers of the Fund are paid by the Investment Manager or its affiliates and are not compensated by the Fund; no officer compensation metrics, incentive linkages, or pension accruals are disclosed at the Fund level . The proxy does not disclose TSR, revenue growth, or EBITDA growth tied to her performance; Trustees and officers as a group own less than 1% of TEI shares outstanding (47,228,418 as of March 10, 2025), and no individual officer ownership detail is provided .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Franklin Templeton | Senior Compliance Analyst | Past 5 years (exact dates not disclosed) | Not disclosed |
| Legg Mason & Co., or affiliates | Chief Anti-Money Laundering Compliance Officer | Past 5 years (exact dates not disclosed) | Not disclosed |
| Franklin Distributors, LLC | AML Compliance Officer; Senior Compliance Officer | Past 5 years (exact dates not disclosed) | Not disclosed |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Franklin Templeton fund complex | Officer of certain funds | Past 5 years (exact dates not disclosed) | Roles span AML/compliance across multiple funds |
| Franklin Templeton fund complex (legacy Legg Mason) | Officer of certain funds | Past 5 years (exact dates not disclosed) | Continued service across the combined complex |
Fixed Compensation
| Item | Disclosure |
|---|---|
| Base salary | Not disclosed at Fund level; officers’ salaries are paid by Investment Manager or affiliates |
| Target bonus % | Not disclosed |
| Actual bonus paid | Not disclosed |
| Pension/SERP | No pension or retirement benefits accrued as Fund expenses |
| Perquisites | Not disclosed |
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Cash/STI | Not disclosed | — | — | — | — | — |
| RSUs/PSUs | Not disclosed | — | — | — | — | — |
| Stock Options | Not disclosed | — | — | — | — | — |
| Clawbacks | Not disclosed | — | — | — | — | — |
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Total beneficial ownership by Trustees and officers as a group | <1% of shares outstanding as of March 10, 2025 |
| Shares outstanding | 47,228,418 (as of March 10, 2025) |
| Individual officer (Susan Kerr) holdings | Not disclosed |
| Shares pledged as collateral | Not disclosed |
| Stock ownership guidelines | Policy applies to Board members to invest up to 3x annual retainers; officers not covered |
Employment Terms
| Term | Details |
|---|---|
| Appointment | Officers are appointed by Trustees and serve at the pleasure of the Board |
| Employment start date (TEI officer) | Since 2021 |
| Contract term length / expiration | Not disclosed |
| Severance | Not disclosed |
| Change-of-control | Not disclosed |
| Non-compete / non-solicit | Not disclosed |
| Garden leave / post-termination | Not disclosed |
Investment Implications
- Pay-for-performance alignment is not assessable for Susan Kerr: officer compensation is paid by the Investment Manager and not disclosed at the Fund level, with no visible equity incentives or metrics (revenue/EBITDA/TSR) tied to Fund outcomes .
- Retention risk appears low from Fund disclosures: officers serve at the pleasure of the Board without disclosed employment contracts, severance, or change-of-control economics; however, absence of disclosure limits definitive assessment .
- Trading signals linked to insider selling/vesting schedules are not present: no Form 4 data in the proxy and individual officer holdings are not disclosed; trustees and officers as a group own <1% of shares outstanding, suggesting limited direct ownership alignment at the Fund level .
- Governance note: ownership guidelines and compensation disclosure focus on Independent Trustees, not Fund officers; AML/compliance leadership responsibilities are described broadly but without performance quantification, implying minimal direct linkage between the AML officer role and Fund share performance .
Overall, Susan Kerr’s AML/compliance function is operational and not compensated or structured at the Fund level to create pay-for-performance or vesting-related trading signals; the lack of officer-specific equity or compensation disclosure suggests limited direct alignment levers for investors to monitor in TEI’s proxy framework .