Franklin Resources (BEN) Proxy Filing summary

Executive summary

• Annual meeting scheduled for February 4, 2025, will be held virtually, with shareholders encouraged to vote in advance via internet, phone, mail, or during the meeting.

• Record assets under management (AUM) reached $1.68 trillion as of September 30, 2024, with a 25% increase in long-term gross inflows to $319 billion compared to the prior year.

• Acquisition of Putnam Investments closed January 1, 2024, with Putnam's AUM growing 21% to $180 billion and $11 billion in net inflows to Putnam strategies.

• $946 million returned to shareholders through dividends and share repurchases; $250 million senior note paid down.

Voting matters and shareholder proposals

• Shareholders will vote on the election of 11 directors and the ratification of PricewaterhouseCoopers LLP as independent auditor for fiscal year 2025.

• Proxy access allows a group of up to 20 shareholders owning at least 3% of shares for three years to nominate up to 20% of the board.

• Shareholder proposals for the 2026 meeting must be submitted between July 23, 2025, and August 22, 2025.

Board of directors and corporate governance

• Board consists of a majority of independent directors, with diversity in gender and ethnicity (27% female, 27% ethnically diverse).

• Key skills represented include financial, global business, risk management, technology, and sustainability.

• Lead Director role held by Mariann Byerwalter; board leadership structure separates CEO and Chairman roles.

• Annual board and committee evaluations are conducted to improve governance.

• Stock ownership guidelines require directors and executives to hold significant equity stakes.