I had the same question this week!
NEC 450.10 states that "Where grounded, exposed non-current carrying metal parts of transformer installations, including fences guards, and so forth, shall be grounded and bonded under the conditions and in the manner specified for electrical equipment and other exposed metal parts in Parts V,VI, and VII of Article 250".
So you have to ground it.
A review of Article 250 is not very clear to me when trying to figure out how to bond the fence. It would seem to be based on the size of the energized conductors in table 250.66 but I'm not positive on this since there seem to be a number of exceptions and it never calls out fencing anywhere in article 250.
I ended up just running some 4/0 bare copper at the posts and using braided copper to the gates. They make some nice clamps for the fence posts and rails and use split bolts for the mesh. Probably overkill but safe. We were already installing some 4/0 grounding on the structural metal back to the ground grid, so it was easy to keep using 4/0.
By the way, OSHA calls out for a 7' fence to limit access. I used 6' fence plus barbed wire to meet this.
Hope this helps.
TxEngr