Joshua Bradshaw
About Joshua Bradshaw
Joshua G. Bradshaw (born June 1988) is an Interested Director of Cornerstone Strategic Value Fund, Inc. (CLM) and serves as Assistant Secretary of the Fund; he became Chief Executive Officer of the Fund’s Investment Adviser (Cornerstone Advisors, LLC) in January 2025 after serving as Chief Operating Officer from May 2023 to December 2024 and Vice President from May 2019 to April 2023; he was previously a Vice President at the Former Investment Adviser from 2016 to April 2019 . He oversees operations at the Investment Adviser and also serves as a Portfolio Manager of the Fund; his education includes a B.Arch. from the University of Tennessee, an MBA in International Business from Liberty University, and a Certificate in Business Excellence from Columbia Business School .
Past Roles
| Organization | Role | Years | Strategic Impact/Notes |
|---|---|---|---|
| Cornerstone Advisors, LLC (Investment Adviser) | Chief Executive Officer | Jan 2025 – Present | Leads the Investment Adviser that manages CLM; oversees operations . |
| Cornerstone Advisors, LLC (Investment Adviser) | Chief Operating Officer | May 2023 – Dec 2024 | Oversaw operations at the Investment Adviser; also a Portfolio Manager for the Fund . |
| Cornerstone Advisors, LLC (Investment Adviser) | Vice President | May 2019 – Apr 2023 | Senior leadership at the Adviser prior to COO role . |
| Cornerstone Advisors, Inc. (Former Investment Adviser) | Vice President | 2016 – Apr 2019 | Vice President of the Former Investment Adviser to CLM . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Cornerstone Strategic Value Fund, Inc. (CLM) | Director; Assistant Secretary | Director since 2021 | Class III Interested Director; Assistant Secretary of the Fund . |
| Cornerstone Total Return Fund, Inc. | Director; Assistant Secretary | — | Serves as a Director and Assistant Secretary of the sister fund . |
| Cornerstone Trust (owner of Cornerstone Advisors, LLC) | Trustee | Established Jan 29, 2019 | Trustees include Joshua G. Bradshaw; the Trust owns the Investment Adviser . |
| Other public company boards | None disclosed | — | “Directorships Held…Outside of Fund Complex: None” for Joshua Bradshaw . |
Fixed Compensation
The Fund states it has no bonus, profit sharing, pension or retirement plans for directors .
| Year | Aggregate Compensation From Fund | Total Compensation from Fund and Fund Complex | Notes |
|---|---|---|---|
| 2023 | $0 | $0 | Interested Director; receives no director fees from the Fund/complex . |
| 2024 | $0 | $0 | Interested Director; receives no director fees from the Fund/complex . |
Performance Compensation
- No performance-based compensation is disclosed for Interested Directors; the Board’s only standing committees are Audit and Nominating & Corporate Governance (no compensation committee), and Interested Directors receive $0 in director compensation .
Equity Ownership & Alignment
| Item (as of Dec 31, 2024 unless noted) | Disclosure |
|---|---|
| Dollar range of CLM equity owned (personal) | $10,001 – $50,000 . |
| Aggregate dollar range across Fund Complex | $10,001 – $50,000 . |
| Ownership as % of shares outstanding | Not individually disclosed; all directors and executive officers in aggregate own <1% of outstanding shares . |
| 5%+ shareholders | None (as of Dec 31, 2024) . |
| Section 16 compliance | Fund reports that directors/officers and the Adviser complied with applicable filing requirements for 2024 . |
| Pledging/hedging disclosures | Not disclosed in the proxy cited . |
Employment Terms
- Employment relationship is with Cornerstone Advisors, LLC (the Investment Adviser), not the Fund; the Fund proxy provides director pay only and does not disclose adviser employee compensation contracts (base pay, bonus targets, severance, CoC terms, clawbacks, etc.) .
- The Investment Adviser is owned by the Cornerstone Trust; trustees include Ralph W. Bradshaw, Joshua G. Bradshaw, and Daniel W. Bradshaw; the investment management agreement was last approved by the Board on February 7, 2025 .
Board Service and Governance
- Classification and term: Class III Interested Director; director since 2021; nominated to serve until the 2028 Annual Meeting (staggered board) .
- Interested status: “Interested person” under the Investment Company Act due to affiliation with the Investment Adviser .
- Committees: The Board has only Audit and Nominating & Corporate Governance Committees, composed entirely of non-interested Directors; Joshua Bradshaw does not serve on these committees .
- Committee chairs: Audit Committee chaired by Frank J. Maresca; Nominating & Corporate Governance Committee chaired by Andrew A. Strauss .
- Leadership structure: Chairman is Ralph W. Bradshaw (an Interested Director and President of the Fund and of the Investment Adviser); the Board does not have a Lead Independent Director .
- Meetings and attendance: Board met 4 times in 2024; each Director attended at least 75% of Board and committee meetings for which they were a member .
- Staggered board implication: The Board is divided into three classes serving three-year terms; the structure limits the ability of outside parties to gain control quickly by delaying replacement of a Board majority .
Investment Implications
- Transparency and incentive alignment: The proxy discloses only director compensation; as an Interested Director, Joshua Bradshaw receives $0 from the Fund/complex, and the Fund has no director bonus/retirement plans—his economic incentives reside at the Investment Adviser, which are not detailed in the Fund proxy, limiting pay-for-performance visibility for investors .
- Ownership alignment: Joshua’s personal stake in CLM is in the $10,001–$50,000 range and aggregate insider ownership across directors/officers is <1% of shares outstanding, indicating modest direct ownership alignment; there were no 5%+ shareholders as of year-end 2024 .
- Governance risk considerations: Multiple family-affiliated Interested Directors (Ralph, Daniel, Joshua), no Lead Independent Director, and a staggered board structure elevate governance scrutiny; committees are fully independent, and the Audit Committee designates a financial expert (Maresca) which partially mitigates oversight concerns .
- Adviser control and potential conflicts: The Investment Adviser is owned by the Cornerstone Trust with Joshua among its trustees, and the advisory agreement is periodically approved (most recently Feb 7, 2025), underscoring related-party dynamics that warrant monitoring during fee approvals and performance evaluations .