Elizabeth C. Bogan
About Elizabeth C. Bogan
Independent Trustee of Ellsworth Growth and Income Fund Ltd. since 1986; born 1944. Former Senior Lecturer in Economics at Princeton University (1992–2020) with prior academic leadership as Chair of the Economics and Finance Department at Fairleigh Dickinson University. She holds a BA (Economics, Wellesley), MA (Quantitative Economics, University of New Hampshire), and PhD (Economics, Columbia). She is designated an Independent Trustee and oversees 12 portfolios in the Gabelli fund complex; currently serves on ECF’s Audit Committee.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Princeton University | Senior Lecturer in Economics | 1992–2020 | Senior teaching role in economics; relevant to audit/financial literacy |
| Fairleigh Dickinson University | Chair, Economics and Finance Dept.; Executive Committee, College of Business Administration | n/a | Academic leadership; governance experience |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Other Public Company Boards (last 5 years) | None disclosed | — | — |
| Another fund in Gabelli Fund Complex | Independent Trustee; Audit Committee member | Current | Audit Committee service |
Board Governance
- Independence and tenure: Independent Trustee (not an “interested person”); Trustee since 1986. The Board is classified into three classes; ECF’s Board counts nine Independent Trustees out of eleven.
- Committees: Member, Audit Committee (3 members: Harding—Chair, Bizzell, Bogan). Audit Committee met 2 times in FY2024; Harding designated Audit Committee Financial Expert.
- Leadership/structure: Lead Independent Trustee (James P. Conn) presides over executive sessions; Independent Trustees chair all committees; independent trustees meet regularly in executive session.
- Attendance: Board met 4 times in FY2024; each Trustee then serving attended at least 75% of Board and applicable committee meetings.
- Annual meeting engagement: ECF does not expect trustees/nominees to attend the shareholder meeting; no Trustee or nominee attended the May 13, 2024 annual meeting.
Fixed Compensation
| Component | Rate/Policy | FY2024 Activity | FY2024 Actual from ECF | Notes |
|---|---|---|---|---|
| Annual retainer (Independent Trustees) | $8,500 | n/a | Included in total | Standard cash retainer |
| Board meeting fee | $1,000 per meeting | 4 meetings | Included in total | FY2024 Board held 4 meetings |
| Committee meeting fee | $500 per meeting | Audit Committee met 2 times | Included in total | Applies per committee meeting attended |
| Chair/role premia | Audit Chair $2,000; Nominating Chair $2,000; Lead Independent $1,000 | n/a | n/a | Bogan is not a chair or Lead Independent |
| Aggregate compensation from ECF (FY2024) | — | — | $13,500 | Consistent with retainer + meeting fees |
| Aggregate from Fund Complex (CY2024) | — | — | $152,000 (across 12 funds) | Indicates multi-fund responsibilities |
Director compensation at ECF is cash-only (retainers/meeting fees); no equity awards are disclosed.
Performance Compensation
No performance-based pay (no bonus/PSU/option programs or performance metrics) is disclosed for directors; compensation is fixed cash retainers and meeting fees.
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company directorships | None disclosed for Bogan (past five years) |
| Fund-complex roles | Audit Committee member at another Gabelli closed-end fund |
| Potential interlocks/related interests | Bogan is not listed among Independent Trustees with beneficial interests in adviser-controlled entities; such interests are disclosed for certain other trustees, not for Bogan. |
Expertise & Qualifications
| Credential | Institution | Field/Notes |
|---|---|---|
| BA | Wellesley College | Economics |
| MA | University of New Hampshire | Quantitative Economics |
| PhD | Columbia University | Economics |
| Financial literacy | — | Audit Committee member; committee confirms members can read/understand fundamental financial statements |
Equity Ownership
| Security | Amount Beneficially Owned | Percent of Class | As of |
|---|---|---|---|
| ECF Common Shares | 18,186 | <1% | December 31, 2024 |
| Dollar Range in ECF | Over $100,000 (Range E) | — | December 31, 2024 |
| Aggregate Dollar Range in Fund Complex | Over $100,000 (Range E) | — | December 31, 2024 |
No stock options, RSUs/PSUs, or pledging/hedging disclosures for directors are provided in the proxy; ownership is reported as beneficial shares and dollar ranges.
Governance Assessment
- Strengths: Long-standing independent oversight (Trustee since 1986) with deep economics background; active Audit Committee membership; Board structure includes a Lead Independent Trustee and regular executive sessions; audit function documented with two meetings in FY2024 and formal reporting.
- Alignment: Meaningful share ownership (18,186 common shares; dollar range “Over $100,000”) plus cash-only director fees (avoids equity award conflicts).
- Independence/Conflicts: Classified as Independent; no other public company directorships disclosed; not listed with adviser-controlled entity interests (in contrast to certain other trustees).
- Engagement watchpoint: ECF does not expect trustee attendance at annual meetings; none attended in 2024—potential investor-engagement concern for some shareholders.
- Workload: Oversees 12 funds within the complex; the Nominating Committee indicates time availability is an explicit screening criterion for trustees.
- Attendance: All trustees met at least the 75% threshold in FY2024 across board/committee meetings; Audit Committee recommended inclusion of audited financials in the annual report.
No red flags identified specific to Bogan regarding related-party transactions, Section 16 filings, or legal/regulatory issues in the latest proxy; the Fund reports insiders complied with Section 16(a) in FY2024.