Richard Prins
About Richard T. Prins
Richard T. Prins (age 74 as of March 31, 2025) is an independent director of Associated Capital Group, Inc. (AC), serving since June 2021. He spent 35 years as a partner at Skadden, Arps, Slate, Meagher & Flom LLP, retiring at the end of 2020, where he founded the firm’s investment management practice and served on its management committee; he has deep expertise structuring investment funds and securities products, addressing complex regulatory issues, and executing IPOs, follow-on financings, and M&A transactions. He holds a J.D. (with honors) from the University of Michigan Law School (1977) and a bachelor’s degree from Calvin University (1972) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Skadden, Arps, Slate, Meagher & Flom LLP | Partner; Founder, Investment Management Practice | 35 years; retired end of 2020 | Served on Skadden’s management committee; led complex investment management regulatory, IPO, and M&A matters |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Gracie Point Holdings, LLC | Director | Since 2018 | Director oversight for insurance premium finance solutions |
| Chamber Music Society of Lincoln Center | Director | Not disclosed | Active in committee work |
| Skowhegan School of Painting & Sculpture | Director | Not disclosed | Active in committee work |
Board Governance
- Independence: The Board specifically considered Mr. Prins’ prior representation of GAMCO and affiliates while at Skadden and concluded he is independent, citing lack of economic dependence and independent-minded attributes .
- Committee assignments: In the committee roster provided in the 2024 and 2025 proxies, Mr. Prins is not listed on Audit, Compensation, Governance, or Nominating (chairs: Sodano, Salerno, Lisman, and Wilson, respectively). Committee assignments for 2025 are to be made after the annual election .
- Attendance: During 2024, all directors attended at least 75% of meetings of the Board and the committees on which they served; the company has no policy on director attendance at annual meetings .
- Tenure on AC Board: Director since June 2021 .
Fixed Compensation
- AC uses a cash-heavy structure for non-employee directors (retainers + meeting fees). Effective Jan 1, 2025, the annual cash retainer increased to $100,000 from $60,000 in 2024 (+66.7%); meeting and chair fees unchanged .
| Fee Element | 2024 Amount ($) | 2025 Amount ($) |
|---|---|---|
| Board Member Annual Retainer | 60,000 | 100,000 |
| Audit Committee Chair Retainer | 20,000 | 20,000 |
| Compensation Committee Chair Retainer | 12,000 | 12,000 |
| Governance Committee Chair Retainer | 12,000 | 12,000 |
| Per Board Meeting | 5,000 | 5,000 |
| Per Audit Committee Meeting | 4,000 | 4,000 |
| Per Compensation/Governance Committee Meeting | 3,000 | 3,000 |
Director compensation actually paid/earned in 2024 (non-employee directors):
| Name | Fees Earned or Paid in Cash ($) | Stock Awards ($) | Option Awards ($) | Total ($) |
|---|---|---|---|---|
| Richard T. Prins | 80,000 | 0 | 0 | 80,000 |
Performance Compensation
| Component | 2024 | Notes |
|---|---|---|
| Equity awards (RSUs/DSUs) | $0 | No stock awards granted to non-employee directors in 2024 |
| Option awards | $0 | No options granted in 2024 |
| Performance metrics tied to director pay | N/A | Director compensation is cash retainers + meeting fees (no disclosed performance metrics) |
Other Directorships & Interlocks
| Category | Company/Entity | Role/Notes |
|---|---|---|
| Private company | Gracie Point Holdings, LLC | Director since 2018 |
| Non-profit | Chamber Music Society of Lincoln Center | Director; active in committee work |
| Non-profit | Skowhegan School of Painting & Sculpture | Director; active in committee work |
| Interlock/Considerations | Independence review | Board considered Mr. Prins’ prior representation of GAMCO affiliates while at Skadden and deemed him independent |
Expertise & Qualifications
- Investment management legal/regulatory expert; founded Skadden’s investment management practice and handled fund structuring, complex regulatory issues, IPOs/follow-ons, and M&A .
- Governance experience via service on Skadden’s management committee and other committees .
- Education: J.D. (with honors), University of Michigan Law School (1977); B.A., Calvin University (1972) .
Equity Ownership
- As of April 16, 2025, Mr. Prins beneficially owned 0 shares of Class A common stock (represents less than 1% of Class A); he is not shown with Class B holdings in the beneficial ownership table .
| Security Class (as of Apr 16, 2025) | Shares Beneficially Owned | Percent of Class |
|---|---|---|
| Class A | 0 | <1% |
Section 16(a) compliance: Based on the company’s review, directors, executive officers, and 10% holders complied with Section 16(a) reporting in 2024 .
Governance Assessment
- Independence and conflicts: The Board explicitly reviewed Mr. Prins’ past legal representation of GAMCO-affiliated entities and concluded he is independent. This mitigates perceived conflicts, though his historical ties are relevant context for investors monitoring board objectivity .
- Committee effectiveness: Mr. Prins is not listed on AC’s standing committees in the 2024/2025 rosters; key oversight roles (Audit, Governance, Compensation, Nominating) are chaired by other directors. Committee assignments for 2025 will be finalized post-election, so his committee engagement should be monitored for changes .
- Attendance/engagement: All directors met at least the 75% attendance threshold in 2024, indicating baseline engagement .
- Ownership alignment: Mr. Prins reported no Class A shares beneficially owned as of the record date (<1%), and AC reported no equity awards for directors in 2024, pointing to low direct ownership alignment versus pure cash compensation .
- Structural governance environment: GGCP (controlled by Mario J. Gabelli) indirectly held ~96.1% of AC’s combined voting power as of March 1, 2025, a control feature that can concentrate influence. While not specific to Mr. Prins, this context is material for assessing the practical independence of the Board as a whole .
- Compensation structure signal: The director annual retainer increased from $60,000 (2024) to $100,000 (2025) with no offsetting equity component disclosed; this strengthens cash pay while maintaining zero equity for directors (in 2024), which may weaken “skin-in-the-game” incentives for non-employee directors .
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