Anthonie C. van Ekris
About Anthonie C. van Ekris
Anthonie C. van Ekris (born 1934) is an Independent Trustee of Bancroft Fund Ltd. (BCV) serving since 2015, and was nominated in 2025 to serve a term expiring at the 2028 annual meeting . He is Chairman and CEO of BALMAC International, Inc. (global import/export) with over fifty-five years of leadership experience in international trading and commodity trading; he also serves on boards of other funds in the Gabelli Fund Complex and as a director of GAMCO International SICAV . He oversees 23 portfolios in the Fund Complex and is classified as an Independent Trustee under the 1940 Act .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| BALMAC International, Inc. | Chairman & Chief Executive Officer | Over twenty years | Global import/export leadership; long-tenured operating executive |
| Large public jewelry chain | Chairman and/or CEO | Nearly twenty years | Led a large public retail chain |
| Oil & gas operations company | Director (former) | Not disclosed | Industry oversight experience |
| Salvation Army of Greater New York (Advisory Board) | Advisory Board member | More than ten years | Non-profit governance service |
| Various public companies | Director (past) | Not disclosed | Broader public company board exposure |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| GAMCO International SICAV | Director | Not disclosed | International fund governance |
| Other funds in Gabelli Fund Complex | Director/Trustee | Ongoing; 23 portfolios overseen | Cross-fund oversight within adviser’s complex |
Board Governance
- Independence: Classified as Independent Trustee; all committees are chaired by Independent Trustees; non-independent Trustees are Mario J. Gabelli, Agnes Mullady, Jane D. O’Keeffe, and Christina A. Peeney .
- Board structure: Twelve Trustees divided into three classes with staggered three-year terms; van Ekris nominated in 2025 for a term through the 2028 annual meeting .
- Lead Independent Trustee: James P. Conn serves as Lead Independent Trustee and presides over executive sessions .
- Committee membership (BCV-specific): Audit Committee – Harding (Chair), Bizzell, Bogan; Nominating Committee – Melarkey (Chair), Fahrenkopf Jr., Platt; Proxy Voting Committee – chaired by Fahrenkopf; Pricing Committee – ad hoc; van Ekris is not listed among members/chairs of these committees in the 2025 proxy .
- Meetings and attendance: Board met 4 times in FY2024; each Trustee attended at least 75% of Board meetings and applicable committee meetings .
- Shareholder meeting attendance: The Fund does not expect Trustees to attend shareholder meetings; no Trustee or nominee attended the May 22, 2023 annual meeting .
Committee Composition Snapshot
| Committee | Members | Chair | van Ekris Involvement |
|---|---|---|---|
| Audit | Harding, Bizzell, Bogan | Harding | Not listed |
| Nominating | Melarkey, Fahrenkopf Jr., Platt | Melarkey | Not listed |
| Proxy Voting (ad hoc) | Not fully listed; Fahrenkopf Chair; Platt, Conn noted on committee | Fahrenkopf | Not listed |
| Pricing (ad hoc) | Conn, Fahrenkopf noted on committee | Not disclosed | Not listed |
Fixed Compensation
| Component | FY 2024 | Notes |
|---|---|---|
| Annual retainer (Independent Trustee) | $8,500 | Cash retainer |
| Per Board meeting fee | $1,000 | Cash per meeting |
| Committee meeting fee | $500 | Cash per committee meeting |
| Audit Committee Chair fee | $2,000 | Additional annual chair fee |
| Nominating Committee Chair fee | $2,000 | Additional annual chair fee |
| Lead Independent Trustee fee | $1,000 | Additional annual fee |
| Aggregate remuneration to Trustees (Fund-level) | $125,750 | FY2024 total (excl. expenses) |
| Metric | FY 2023 (Fund only) | CY 2023 (Fund Complex) |
|---|---|---|
| Aggregate compensation to Anthonie C. van Ekris | $12,500 | $216,000 (23 portfolios) |
The compensation disclosure for Trustees focuses on cash retainers and meeting fees; equity grants for Trustees are not disclosed in the proxy materials reviewed .
Performance Compensation
| Metric Category | FY 2023 | FY 2024 |
|---|---|---|
| Equity awards to Trustees (RSUs/PSUs) | Not disclosed for Trustees; compensation described as cash retainers/fees | Not disclosed for Trustees; compensation described as cash retainers/fees |
| Option awards to Trustees | Not disclosed | Not disclosed |
| Performance metrics tied to Director pay | Not disclosed | Not disclosed |
Other Directorships & Interlocks
| Company | Role/Interest | Title of Class | Value | % of Class |
|---|---|---|---|---|
| LICT Corp. | Beneficial interest (Independent Trustee’s immediate family/related holdings) | Common Stock | $217,200 | * |
| The LGL Group, Inc. | Beneficial interest | Common Stock | $13,508 | * |
| CIBL, Inc. | Beneficial interest | Common Stock | $42,480 | * |
| The LGL Group, Inc. | Beneficial interest | Warrants | $616 | * |
| M-Tron Industries Inc. | Beneficial interest | Common Stock | $39,270 | * |
| MachTen Inc. | Beneficial interest | Common Stock | $28,080 | * |
| GAMCO International SICAV | Director | N/A | N/A | N/A |
| Other funds in Gabelli Fund Complex | Director/Trustee | N/A | N/A | 23 portfolios |
Note: The “beneficial interests” table appears in the proxy as holdings in entities that may be deemed under common control with the Fund’s Adviser and/or affiliates (including Mario J. Gabelli), which is a potential related-party/interlock consideration .
Expertise & Qualifications
- Over fifty-five years as Chairman/CEO in international trading and commodity trading; long-tenured leadership in a large public jewelry chain .
- Current Chairman & CEO of BALMAC International; director of GAMCO International SICAV; prior public company directorships; extensive fund complex board exposure (23 portfolios) .
- Board asserts Trustees collectively bring independent business judgment, effective interaction with service providers, and enhanced capability through education/training and prior governance roles .
Equity Ownership
| As-of Date | Shares Beneficially Owned | % of Shares Outstanding | Notes |
|---|---|---|---|
| Dec 31, 2023 | 2,150 | * (less than 1%) | All 2,150 shares owned by his children; he disclaims beneficial ownership |
| Dec 31, 2024 | 2,150 | * (less than 1%) | All 2,150 shares owned by his children; he disclaims beneficial ownership |
| Record Date Context | Common Shares Outstanding | Preferred Shares Outstanding |
|---|---|---|
| 2025 Proxy Record Date | 5,862,058 | 1,147,349 |
Governance Assessment
- Strengths: Independent Trustee; significant operating and international trading experience; broad fund complex familiarity; Board has a Lead Independent Trustee and holds executive sessions; Audit and Nominating Committees composed solely of Independent Trustees .
- Engagement: Board met quarterly (four meetings) with each Trustee meeting at least a 75% attendance threshold; indicates baseline engagement, though the Fund does not expect Trustees to attend shareholder meetings and none attended the May 22, 2023 annual meeting .
- Compensation alignment: Cash-only retainer/meeting fee structure suggests limited pay-for-performance risk for directors; van Ekris’s Fund Complex compensation reflects service across 23 portfolios rather than BCV-specific incentives .
- Potential conflicts (RED FLAGS): Beneficial interests in entities under common control with the Adviser/affiliates (LICT, LGL, CIBL, M-Tron, MachTen) present related-party exposure and network interlocks that warrant monitoring for independence in oversight roles .
- Committee impact: Not listed on Audit or Nominating Committees; absence from key oversight committees reduces direct influence on financial reporting and trustee nominations at BCV, though he serves across the fund complex broadly .
Overall: Van Ekris brings seasoned operating leadership and fund complex governance breadth as an Independent Trustee. Investors should weigh his long-tenured executive background and broad oversight against related-party exposure through Adviser-affiliated holdings and limited committee roles at BCV, ensuring robust independent challenge remains across key committees .