Elizabeth C. Bogan
About Elizabeth C. Bogan
Independent Trustee of Bancroft Fund Ltd. (BCV) since 1990; year of birth 1944. Former Senior Lecturer in Economics at Princeton University with a Ph.D. in Economics from Columbia University, an M.A. in Quantitative Economics from the University of New Hampshire, and a B.A. in Economics from Wellesley College. Serves on BCV’s Audit Committee and oversees 12 portfolios in the Gabelli Fund Complex; independence status affirmed under the 1940 Act . Trustees met four times in FY2024 and each then-serving Trustee attended at least 75% of Board and committee meetings .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Princeton University | Senior Lecturer in Economics | 1992–2020 | Teaching/research in economics |
| Fairleigh Dickinson University | Chair, Economics & Finance Department; member, Executive Committee, College of Business Administration | N/D | Department leadership and governance |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Gabelli Fund Complex (another fund) | Audit Committee Member | Current | Parallel audit oversight responsibilities |
Board Governance
- Board class: Nominee to serve term through the 2028 Annual Meeting (three-year term structure) .
- Independence: Independent Trustee (not an “interested person” under the 1940 Act) .
- Committee assignments: Audit Committee member; Audit Committee met two times in FY2024; committee found financially literate; Daniel D. Harding designated Audit Committee Financial Expert .
- Attendance: Trustees met four times in FY2024; each then-serving Trustee attended at least 75% of Board and applicable committee meetings .
- Engagement signal: The Fund does not expect Trustees/nominees to attend annual shareholder meetings; none attended the May 13, 2024 meeting (potential engagement concern) .
- Lead Independent Director: James P. Conn; Independent Trustees chair all Board committees .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual retainer (Independent and certain Interested Trustees) | $8,500 | Paid by Fund |
| Board meeting fee | $1,000 per meeting | Paid by Fund |
| Committee meeting fee | $500 per meeting | Paid by Fund |
| Audit Committee Chair fee | $2,000 annual | Chair only; Bogan is a member, not chair |
| Nominating Committee Chair fee | $2,000 annual | Not applicable to Bogan |
| Lead Independent Trustee fee | $1,000 annual | Not applicable to Bogan |
| Aggregate remuneration paid by Fund to Trustees (FY2024) | $125,750 | Excludes expenses |
| Person | Aggregate Compensation from BCV (FY2024) | Aggregate from Fund Complex (CY2024) |
|---|---|---|
| Elizabeth C. Bogan | $13,500 | $152,000 (across 12 companies/portfolios) |
Performance Compensation
| Element | Status | Details |
|---|---|---|
| Equity awards (RSUs/PSUs), options, bonuses | None disclosed for Trustees | Proxy compensation schedule and table reflect cash retainers/fees; no performance-linked elements for Trustees |
Other Directorships & Interlocks
| Type | Role | Details |
|---|---|---|
| Public company boards | None | “Other Directorships” shown as “—” (excludes other Gabelli-managed funds) |
| Fund complex oversight | Trustee across portfolios | Oversees 12 portfolios in the Gabelli Fund Complex |
| Committee roles (complex-wide) | Audit Committee member (another fund) | Additional audit oversight in complex |
Expertise & Qualifications
- Academic credentials: BA Economics (Wellesley), MA Quantitative Economics (UNH), PhD Economics (Columbia) .
- Functional expertise: Economics, quantitative analysis, audit oversight; Board deems Trustees able to exercise effective and independent business judgment .
- Financial literacy: Determined by Board for Audit Committee members; Harding designated financial expert .
Equity Ownership
| Holder | Common Shares Owned | % of Common Shares Outstanding | Dollar Range (Fund) | Aggregate Dollar Range (Fund Complex) |
|---|---|---|---|---|
| Elizabeth C. Bogan | 5,073 | ~0.09% (5,073 / 5,862,058)* | D ($50,001–$100,000) | E (Over $100,000) |
*Calculated from reported shares owned and total shares outstanding; the proxy denotes “<1%” .
- Pledging/hedging: Not disclosed.
- Ownership guidelines: Not disclosed.
Insider Trades
| Period | Form 4 Transactions (Bogan) | Notes |
|---|---|---|
| FY2024 | None disclosed in proxy | Fund states covered insiders complied with Section 16(a) filings during FY2024 |
Governance Assessment
- Strengths: Long-tenured independent Trustee with deep economics/quantitative background; active Audit Committee member; Board affirms financial literacy; independence affirmed with no noted interests in the Adviser or its controlled affiliates for Independent Trustees as of Dec 31, 2024 .
- Alignment: Owns 5,073 BCV shares and has a mid-level Fund dollar range (D) with high aggregate dollar range across the complex (E); compensation is primarily cash retainers/meeting fees, no performance-linked pay, limiting pay-for-performance risk for a director role .
- Engagement/attendance: Board and Audit Committee met regularly; each Trustee met the ≥75% attendance threshold; however, non-attendance at the 2024 annual shareholder meeting is a notable engagement negative for investors focused on shareholder access .
- Conflicts: No external public company boards reduce external interlocks; Independent Trustees (including Bogan) lack interests in the Adviser/affiliates (positive). Multi-fund oversight and compensation across the Gabelli Fund Complex ($152k) may create perceived economic dependency on complex governance outcomes; mitigated by independence designations and committee structures .
- Red flags: Shareholder meeting non-attendance policy and practice (none attended in 2024); control-share statute environment may complicate shareholder voting dynamics broadly, though not specific to Bogan .
Overall: Governance profile reflects an academically grounded, independent audit-focused Trustee with cash-only director pay and direct BCV share ownership. Monitor shareholder engagement practices (meeting attendance) and complex-wide economic ties as potential optics concerns for some investors .