Anthonie C. van Ekris
About Anthonie C. van Ekris
Independent Trustee of Ellsworth Growth and Income Fund Ltd. (ECF) since November 1, 2015; year of birth 1934. Chairman and Chief Executive Officer of BALMAC International, Inc., with over fifty-five years of experience as Chairman and/or CEO in international trading and commodity trading, including nearly twenty years leading a large public jewelry chain; former director of an oil and gas operations company; advisory board service for more than ten years at the Salvation Army of Greater New York. Oversees 23 portfolios in the Gabelli Fund Complex and is nominated to serve until the 2028 Annual Meeting if re-elected.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| BALMAC International, Inc. | Chairman & CEO | “over twenty years” | Global import/export leadership |
| Large public jewelry chain | Chairman & CEO | “nearly twenty years” | Retail operations oversight |
| Oil & gas operations company | Director (former) | Not disclosed | Board governance |
| Salvation Army of Greater New York (Advisory Board) | Advisory Board Member | >10 years | Community oversight |
External Roles
| Organization | Role | Nature of Interlock | Notes |
|---|---|---|---|
| Gabelli International Ltd. | Independent Director | May be deemed under common control with ECF’s Adviser | Footnote highlights common control via Mario J. Gabelli / affiliates |
| Gabelli Fund LDC | Independent Director | May be deemed under common control | |
| GAMA Capital Opportunities Master Ltd. | Independent Director | May be deemed under common control | |
| GAMCO International SICAV | Director | May be deemed under common control | Also noted in biography |
| Gabelli Fund Complex (U.S. registered funds) | Trustee/Director across funds | Oversees 23 portfolios | Fund-complex wide oversight |
Board Governance
- Independence: Classified as an Independent Trustee (not an “interested person” under the 1940 Act) .
- Committees: Audit Committee (Harding—Chair, Bizzell, Bogan); Nominating Committee (Melarkey—Chair, Fahrenkopf, Platt); ad hoc Proxy Voting Committee chaired by Fahrenkopf with Conn and Platt; no standing committee assignment disclosed for van Ekris .
- Lead Independent Director: James P. Conn; Independent Trustees meet regularly in executive session .
- Attendance: FY2024—Board met 4 times; FY2023—5 times; each Trustee then serving attended at least 75% of Board meetings and relevant committees .
- Annual Meeting Engagement: Trustees/nominees are not expected to attend; none attended the 2024 or 2023 annual meetings .
- Tenure/Election: Trustee since 2015; nominated in 2025 to serve until the 2028 Annual Meeting .
Fixed Compensation
Director fee schedule (cash-only; no equity awards or options disclosed):
| Component | Amount | Notes |
|---|---|---|
| Annual retainer (Independent Trustee) | $8,500 | Per year |
| Board meeting fee | $1,000 per meeting | Each Board meeting attended |
| Committee meeting fee | $500 per meeting | All committee members |
| Audit Committee Chair fee | $2,000 per year | Additional to retainer |
| Nominating Committee Chair fee | $2,000 per year | Additional to retainer |
| Lead Independent Trustee fee | $1,000 per year | Additional to retainer |
| Aggregate Fund remuneration to all Trustees (FY2024) | $103,875 | Excludes out-of-pocket expenses |
| Aggregate Fund remuneration to all Trustees (FY2023) | $128,721 | Excludes out-of-pocket expenses |
Compensation received by Anthonie C. van Ekris:
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Aggregate compensation from ECF (Fund) | $13,500 | $12,500 |
| Metric | CY 2023 | CY 2024 |
|---|---|---|
| Aggregate compensation from Fund Complex (number of funds) | $216,000 (23) | $212,000 (23) |
Performance Compensation
No performance-based compensation or equity awards are disclosed for Independent Trustees; compensation consists of cash retainer and meeting fees, with chair stipends where applicable. No performance metrics (e.g., TSR, EBITDA, ESG) tied to director pay are disclosed.
| Performance Metric | Target | Payout | Notes |
|---|---|---|---|
| Equity awards (RSUs/PSUs) | — | — | Not disclosed for Independent Trustees |
| Options | — | — | Not disclosed for Independent Trustees |
| Bonus tied to KPIs | — | — | Not disclosed for Independent Trustees |
Other Directorships & Interlocks
| Entity | Relationship | Evidence of Affiliation | Potential Conflict Consideration |
|---|---|---|---|
| Gabelli International Ltd.; Gabelli Fund LDC; GAMA Capital Opportunities Master Ltd.; GAMCO International SICAV | Independent Director | May be deemed under common control by Mario J. Gabelli/affiliates | Multiple roles within Gabelli-affiliated entities may create perceived interlocks with Adviser |
| Gabelli Fund Complex | Oversees 23 portfolios | Same adviser family | Extensive complex-wide oversight |
Expertise & Qualifications
- 55+ years leading public/private companies in international and commodity trading; decades of CEO/Chair experience .
- Global import/export expertise via BALMAC International, Inc. .
- Prior board service in oil & gas operations; long-standing non-profit board advisory experience .
Equity Ownership
ECF share ownership and ranges:
| Item | Value | Notes |
|---|---|---|
| Common shares | 5,309 | All owned by his children; he disclaims beneficial ownership |
| Percent of shares outstanding | <1% (asterisk) | As reported in proxy |
| Dollar range of equity in ECF (as of 12/31/2023) | C ($10,001–$50,000) | Proxy range table |
| Dollar range of equity in ECF (as of 12/31/2024) | D ($50,001–$100,000) | Proxy range table |
| Aggregate dollar range in Fund Complex | E (Over $100,000) | Across related registered funds |
Beneficial interests in Adviser-affiliated companies (as of 12/31/2023):
| Company | Security | Reported Value | Percent of Class |
|---|---|---|---|
| LICT Corp. | Common Stock | $217,200 | * <1% |
| The LGL Group, Inc. | Common Stock | $13,508 | * <1% |
| CIBL, Inc. | Common Stock | $42,480 | * <1% |
| The LGL Group, Inc. | Warrants | $616 | * <1% |
| M-Tron Industries Inc. | Common Stock | $39,270 | * <1% |
| MachTen Inc. | Common Stock | $28,080 | * <1% |
Note: The 2025 proxy presents a shorter affiliate-interest table and does not list van Ekris; 2024 proxy details above show holdings in entities linked to the Gabelli network.
Insider Trades & Section 16(a) Compliance
| Period | Disclosure | Note |
|---|---|---|
| FY 2023 | One late Form 4 filing by Mr. van Ekris | Compliance exception reported |
| FY 2024 | All applicable persons complied with filing requirements | No late filings reported |
Governance Assessment
- Alignment: Cash-only director pay; no equity-linked incentives; direct ECF ownership effectively nil (disclaimed), which weakens “skin-in-the-game” alignment relative to equity grants seen at operating companies.
- Engagement: Attendance threshold met (≥75%) in FY2023–FY2024; however, no attendance at annual meetings, consistent with fund practice, which limits direct shareholder interaction.
- Independence & Interlocks: Classified independent, but holds director roles across multiple Gabelli-affiliated entities and reported personal holdings in Gabelli-linked companies—creates perceived interlocks and potential related-party exposure.
- Committee Influence: No standing committee membership disclosed for van Ekris; governance influence appears primarily through full Board rather than committees (Audit/Nominating led by other trustees).
- Tenure & Experience: Long-tenured (since 2015) with deep CEO and trading background; valuable operational expertise for a closed-end fund board.
RED FLAGS
- Related-party exposure/interlocks: Multiple directorships and reported security holdings tied to Adviser-affiliated entities (LICT, LGL, CIBL, M-Tron, MachTen). Potential for perceived conflicts.
- Section 16(a) late filing: One late Form 4 in FY2023.
- Low ownership alignment: Disclaims beneficial ownership of 5,309 ECF common shares; no equity compensation.
Overall Implication: Investors should monitor potential conflicts stemming from Gabelli-affiliated interlocks and ensure robust independent committee oversight continues to counterbalance perceived influence. Cash-only compensation and limited direct ECF ownership reduce pay-performance alignment, placing greater emphasis on board process quality and independence safeguards.