Agnes Mullady
About Agnes Mullady
Agnes Mullady (born 1958) has served on the Bancroft Fund Ltd. (BCV) Board since March 25, 2021 and is currently nominated to serve through the 2028 annual meeting. She is classified as an “interested person” (not independent) due to a direct or indirect beneficial interest in the Adviser and a prior business/professional relationship. Mullady’s background spans senior leadership at Gabelli Funds and affiliates, including President & COO of the Fund Division (2010–2019), CEO of G.distributors (2011–2019), SVP at GAMCO Investors (2009–2019), and EVP at Associated Capital Group (2016–2019); earlier roles include SVP at U.S. Trust and Treasurer/CFO of the Excelsior Funds. She holds an MBA in Finance (New York Institute of Technology) and a B.A. in Accounting (Queens College) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Gabelli Funds, LLC (Fund Division) | President & Chief Operating Officer | 2010–2019 | Led fund division operations |
| G.distributors, LLC | Chief Executive Officer | 2011–2019 | Oversaw distribution for fund complex |
| GAMCO Investors, Inc. (GAMI) | Senior Vice President | 2009–2019 | Senior leadership at parent adviser |
| Gabelli Funds, LLC | Vice President | 2006–2019 | Fund complex leadership |
| Associated Capital Group, Inc. | Executive Vice President | 2016–2019 | Alternative management affiliate |
| U.S. Trust Company | Senior Vice President | 2004–2005 | Private banking/wealth management |
| Excelsior Funds | Treasurer & Chief Financial Officer | 2004–2005 | Fund finance leadership |
| Gabelli/GAMCO/Teton Funds | Officer across registered funds | 2006–2019 | Complex-wide officer roles |
External Roles
| Organization | Role | Tenure/Notes |
|---|---|---|
| GAMCO Investors, Inc. | Director | Other public company directorship within past five years (excluding other funds) |
Board Governance
| Item | Detail |
|---|---|
| Board class/term | Nominee to serve until the 2028 Annual Meeting |
| Years of service | Trustee since March 25, 2021 |
| Independence status | Interested Trustee (not “Independent”) due to beneficial interest and prior relationship with Adviser |
| Committee memberships | None disclosed; Audit (Harding, Bizzell, Bogan), Nominating (Melarkey, Fahrenkopf, Platt), and ad hoc Proxy Voting are chaired and composed by Independent Trustees |
| Lead Independent Director | James P. Conn |
| Board meetings (FY 2024) | 4 meetings; each Trustee attended at least 75% |
| Shareholder meeting attendance | Trustees/nominees not expected to attend; none attended May 13, 2024 annual meeting |
| Executive sessions | Independent Trustees meet regularly in executive session |
Fixed Compensation
| Component | Amount/Policy |
|---|---|
| Annual retainer (cash) | $8,500 |
| Board meeting fee (cash) | $1,000 per meeting |
| Committee meeting fee (cash) | $500 per meeting |
| Audit Committee Chair fee | $2,000 annually (applies to Harding) |
| Nominating Committee Chair fee | $2,000 annually (applies to Melarkey) |
| Lead Independent Trustee fee | $1,000 annually (applies to Conn) |
| Aggregate compensation paid to Mullady (Fund, FY 2024) | $12,500 (retainer + four meetings) |
| Aggregate compensation paid to Mullady (Fund Complex, CY 2024) | $131,500 across 14 funds |
No equity grants or meeting-based equity were disclosed for Trustees; compensation is cash-based retainers and meeting fees .
Performance Compensation
| Performance-linked element | Detail |
|---|---|
| Bonus/variable cash | Not disclosed for Trustees; Board compensation presented as fixed retainers/meeting fees |
| Stock awards (RSUs/PSUs) | Not disclosed |
| Options (strike/vesting) | Not disclosed |
| Performance metrics (TSR/EBITDA/ESG) | Not disclosed for Trustee pay |
| Clawbacks | Not disclosed for Trustees |
| Change-of-control/severance | Not disclosed for Trustees |
Other Directorships & Interlocks
| Entity | Nature | Governance note |
|---|---|---|
| GAMCO Investors, Inc. | Public company directorship | Adviser-affiliated company; indicates interlock within the Gabelli complex |
| Adviser affiliation | Prior senior roles at Gabelli/GAMCO/Associated Capital | Board classifies Mullady as “interested person,” signaling alignment with Adviser rather than independence |
Expertise & Qualifications
- Finance and fund operations executive: President/COO (Fund Division), CEO of distribution, SVP and VP roles across Gabelli/GAMCO; Treasurer/CFO of Excelsior Funds .
- Education: MBA (Finance) – New York Institute of Technology; BA (Accounting) – Queens College .
Equity Ownership
| Holder | Shares | Percent of Outstanding | Dollar Range in Fund | Aggregate Dollar Range in Fund Complex |
|---|---|---|---|---|
| Agnes Mullady | 150 Common Shares | <1% | B ($1–$10,000) | E (Over $100,000) |
Section 16(a) filings were in compliance during FY 2024 based on the Fund’s review; no delinquent reports noted .
Insider Trades
| Date | Form | Type | Shares | Price | Source |
|---|---|---|---|---|---|
| Feb 17, 2022 | Form 4 | Purchase | 150 | ~$23.00 |
Governance Assessment
- Independence and conflicts: Mullady is an “interested” Trustee due to beneficial interest and prior roles with the Adviser and affiliates; she also holds a directorship at GAMCO Investors. This represents a governance interlock and potential conflict versus investor preference for independent oversight .
- Committee participation: Key oversight committees (Audit, Nominating, ad hoc Proxy Voting) are chaired and composed by Independent Trustees; Mullady is not listed as a member, limiting direct involvement in core oversight functions .
- Engagement/attendance: The Board met four times in FY 2024 with at least 75% attendance per Trustee, but Trustees/nominees were not expected to attend the annual shareholder meeting and none attended May 13, 2024—an investor-relations engagement gap .
- Pay structure and alignment: Trustee compensation is modest and cash-based (retainer + meeting fees) at the Fund level ($12,500 for FY 2024 for Mullady), with higher aggregate compensation across the Gabelli fund complex ($131,500, 14 funds). No performance-linked or equity compensation is disclosed, and her BCV ownership is small (150 shares, <1%), implying limited direct “skin in the game” .
- RED FLAGS: Non-independence/interlocks with Adviser; small BCV share ownership; no shareholder meeting attendance in 2024; overall limited committee oversight role for an interested director .