Terrence Checki
About Terrence J. Checki
Independent Trustee of TEI since 2023; year of birth 1945. Former Executive Vice President of the Federal Reserve Bank of New York, where he led the Emerging Markets and Internal Affairs Group and served on the management committee, with extensive experience in evaluating macroeconomic forces and emerging markets risk. Oversees 115 portfolios within the Franklin Templeton fund complex; currently serves on TEI’s Audit Committee as an Independent Trustee under NYSE standards. Other public company directorship: Hess Corporation (2014–present).
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Federal Reserve Bank of New York | Executive Vice President; Head of Emerging Markets & Internal Affairs Group; Member of Management Committee | 1995–2014 | Led EM risk evaluation and policy; macro markets expertise |
| Council on Foreign Relations | Visiting Fellow | 2014 | Policy research engagement |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Hess Corporation | Director | 2014–present | Public company board (oil & gas exploration) |
| Council on Foreign Relations | Member | 1996–present | Geopolitical and policy network |
| National Committee on U.S.–China Relations | Member | 1999–present | U.S.–China expertise |
| Economic Club of New York | Board of Trustees (member) | 2013–present | Economic policy forum |
| Foreign Policy Association | Board of Trustees (member) | 2005–present | International affairs network |
| Council of the Americas | Director | 2007–present | Western Hemisphere economic policy |
| Tallberg Foundation | Director | 2018–present | Global leadership forum |
Board Governance
- Independence: TEI’s Audit Committee members, including Checki, are Independent Trustees and “independent” per NYSE listing standards.
- Committee memberships: Audit Committee member; current roster—David W. Niemiec (Chair), Ann Torre Bates, Terrence J. Checki, J. Michael Luttig.
- Nominating Committee composition: Edith E. Holiday (Chair), J. Michael Luttig, Larry D. Thompson—Checki is not a member.
- Attendance: In FY ended Dec 31, 2024, the Board met 5 times; Audit Committee met 4 times; Nominating Committee met 2 times; each Trustee attended at least 75% of aggregate Board and committee meetings on which they served. No Trustees attended the annual shareholder meeting on May 23, 2024 (no formal policy on annual meeting attendance).
- Lead Independent Director: Edith E. Holiday (Trustee since 1996; Lead Independent since 2007).
- Ownership/Alignment policy: Board members must invest one-third of fees (excluding committee fees) annually into Templeton funds until holdings equal/exceed 3× annual retainer + regular meeting fees; all current Board members are compliant.
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual retainer (Independent Trustees) | $220,000 | Effective March 1, 2023; portion allocated to TEI |
| Regular Board meeting fee | $10,000 per meeting | Portion allocated to TEI; special meetings may also be compensated |
| Audit Committee member retainer | Up to $10,000 per year | Portion allocated to TEI |
| Audit Committee meeting fee | $3,000 per meeting | Portion allocated to TEI |
| Audit Committee Chair additional retainer | $25,000 per year | Portion allocated to TEI |
| Lead Independent supplemental retainer | $50,000 per year | Portion allocated to TEI |
| Pay Outcome (FY 2024) | TEI Aggregate Compensation | Total Compensation from Franklin Templeton Fund Complex | Boards Served within FT Complex |
|---|---|---|---|
| Terrence J. Checki | $3,639 | $725,000 | 34 |
Performance Compensation
| Performance-Linked Element | Details |
|---|---|
| Not disclosed/Not applicable | Proxy describes cash retainers and meeting fees for Independent Trustees; no performance-based metrics, bonuses, options, PSUs, or severance provisions are outlined for directors. |
Other Directorships & Interlocks
| Person | External Board | Role | Tenure | Interlock Relevance |
|---|---|---|---|---|
| Terrence J. Checki | Hess Corporation | Director | 2014–present | Monitor for potential conflicts if TEI invests in Hess-related securities (no related-party transactions disclosed in proxy). |
| David W. Niemiec (TEI Trustee) | Hess Midstream LP | Director | 2017–present | Network overlap with Hess group; independent status maintained. |
Expertise & Qualifications
- Macroeconomics and emerging markets expertise from senior leadership at FRBNY, including crisis management and market oversight.
- Deep policy networks across CFR, Council of the Americas, and U.S.–China relations, supporting geopolitical risk assessment relevant to TEI’s strategy.
- Service as Independent Trustee across 115 portfolios enhances cross-fund governance experience and oversight breadth.
Equity Ownership
| Holder | Dollar Range in TEI | Aggregate Dollar Range in All Franklin Templeton Funds |
|---|---|---|
| Terrence J. Checki | None | Over $100,000 |
- Ownership guideline: One-third of fees invested annually into Templeton funds until holdings ≥ 3× annual retainer + meeting fees; current Board (including nominees) is compliant.
Governance Assessment
- Strengths: Independent status; active Audit Committee membership; macro/emerging markets acumen from FRBNY; robust attendance compliance; formalized ownership-alignment policy requiring ongoing investment in Templeton funds.
- Potential watch items: No TEI fund holdings reported by Checki (though aggregate Franklin Templeton fund holdings >$100k and policy compliance affirmed); annual meeting non-attendance by all Trustees in 2024 (Fund has no formal attendance policy).
- Conflicts: External directorship at Hess Corporation; monitor TEI holdings for any exposure to Hess or affiliates—proxy does not disclose related-party transactions involving directors.
- Board composition/independence processes: Nominating & Corporate Governance Committee entirely independent; charter emphasizes independence “in letter and spirit” and screening for conflicts beyond 1940 Act requirements.