Agnes Mullady
About Agnes Mullady
Agnes Mullady (born 1958) serves as a Director of The Gabelli Equity Trust Inc. (GAB) since March 25, 2021, with her current term continuing until the Fund’s 2027 Annual Meeting of Stockholders or until her successor is duly elected and qualified. She is classified as an “interested person” of the Fund under the 1940 Act due to direct or indirect beneficial interest in the Adviser and prior professional relationships; she is not an Independent Director. Ms. Mullady holds an MBA in Finance from New York Institute of Technology and a BA in Accounting from Queens College, with extensive fund administration and distribution leadership experience across Gabelli/GAMCO affiliates and prior senior roles at U.S. Trust/Excelsior Funds .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| GAMCO Investors, Inc. | Senior Vice President | 2008–2019 | Senior leadership across asset management affiliate; fund complex operations |
| Associated Capital Group, Inc. | Executive Vice President | Nov 2016–2019 | Executive role at GGCP-affiliated alternative management entity |
| Gabelli Funds, LLC (Fund Division) | President & Chief Operating Officer | 2010–2019 | Led fund division operations; oversight of registered investment companies |
| Gabelli Funds, LLC | Vice President | 2006–2019 | Officer of Gabelli/GAMCO/Teton funds; complex-wide responsibilities |
| G.distributors, LLC | Chief Executive Officer | 2011–2019 | Led distribution; sales/marketing governance for fund offerings |
| Gabelli/GAMCO/Teton Funds | Officer (various) | 2006–2019 | Complex-wide fund officer roles |
| U.S. Trust Company | Senior Vice President | 2004–2005 | Treasury/fund oversight at bank-affiliated asset manager |
| Excelsior Funds | Treasurer & Chief Financial Officer | 2004–2005 | Fund finance leadership (Treasurer/CFO) |
External Roles
| Organization | Role | Tenure | Interlocks/Notes |
|---|---|---|---|
| GAMCO Investors, Inc. | Director | Past five years (as disclosed) | Directorship at the Adviser’s public affiliate; supports “interested person” classification |
Board Governance
| Item | Status | Notes |
|---|---|---|
| Independence status | Interested Director | Considered “interested person” due to beneficial interest/prior business ties to Adviser |
| Years of service on GAB board | Since March 25, 2021 | Class serving until 2027 Annual Meeting |
| Lead Independent Director | James P. Conn | Presides over executive sessions; liaison among board and service providers |
| Committees | No committee roles disclosed for Mullady | Audit Committee: Heitmann (Chair), Conn, Zizza; Nominating Committee: Fahrenkopf (Chair), Zizza; Independent Directors chair all committees |
| Board meetings in FY2024 | 4 | Directors met quarterly |
| Attendance | ≥75% threshold met (board-wide) | Each Director then serving attended ≥75% of board and applicable committee meetings |
| Executive sessions | Regularly held | Independent Directors meet regularly in executive session |
| Portfolios overseen in Fund Complex | 14 | Oversees 14 registered investment companies in complex |
Fixed Compensation
| Component | FY2024 Detail | FY2023 Detail |
|---|---|---|
| Annual cash retainer | $15,000 per year (policy) | $15,000 per year (policy) |
| Board meeting fee | $2,000 per meeting; 4 meetings held in 2024 | $2,000 per meeting; 4 meetings held in 2023 (quarterly cadence) |
| Committee fees (member) | $1,000 per committee meeting (policy) | $1,000 per committee meeting (policy) |
| Committee chair/lead fees | Audit Chair $3,000; Proxy Voting Chair $1,500; Nominating Chair $2,000; Lead Independent Director $2,000 (policy) | Same policy |
| Aggregate compensation from GAB (actual) | $23,000 (Mullady) | $23,000 (Mullady) |
| Aggregate compensation from Fund Complex (actual) | $131,500 (Mullady) | $134,500 (Mullady) |
Notes: The $23,000 aggregate from GAB is consistent with retainer plus meeting attendance; committee roles are not disclosed for Ms. Mullady at GAB .
Performance Compensation
- No director equity awards (RSUs/PSUs), stock options, performance-based bonuses, or incentive metrics are disclosed for directors in the proxy. Directors are compensated via cash retainers and meeting fees; no performance-metric linkage is described for director pay .
Other Directorships & Interlocks
| Company | Relationship | Potential Conflict Vector |
|---|---|---|
| GAMCO Investors, Inc. | Director (past five years) | Adviser affiliate interlock; supports “interested person” classification; independence is impaired relative to Adviser |
Expertise & Qualifications
- Fund operations and distribution leadership: President & COO of Gabelli Funds Fund Division; CEO of G.distributors; officer across Gabelli/GAMCO/Teton funds .
- Financial management credentials: U.S. Trust SVP; Excelsior Funds Treasurer & CFO .
- Education: MBA in Finance (New York Institute of Technology); BA in Accounting (Queens College) .
- Fund complex oversight: Oversees 14 portfolios within the Gabelli Fund Complex .
Equity Ownership
| Holder | Security | Amount | % of Class | Dollar Range in GAB | Aggregate Range in Fund Complex | Valuation Date |
|---|---|---|---|---|---|---|
| Agnes Mullady | Common Stock | 150 shares | <1% | B ($1–$10,000) | E (Over $100,000) | December 31, 2024 |
The proxy emphasizes dollar range categories rather than precise market values; “Beneficial Ownership” per Rule 13d-3 and Rule 16a-1 definitions .
Governance Assessment
- Independence risk: Ms. Mullady is an “interested person” of the Fund due to beneficial interest in/relationships with the Adviser (Gabelli/GAMCO affiliates), and she serves as a Director of GAMCO Investors, Inc. in the past five years; these interlocks present potential conflicts in negotiations and oversight of service providers .
- Committee structure mitigants: All Board committees are chaired by Independent Directors; Audit Committee (Heitmann Chair, with Conn and Zizza) and Nominating Committee (Fahrenkopf Chair, with Zizza) exclude interested directors from formal oversight roles, which supports effective independent oversight .
- Attendance and engagement: The Board met four times in FY2024; each Director then serving met the ≥75% attendance threshold. The Fund does not expect directors to attend the annual stockholder meeting, and none did in 2024, which is customary in this complex and not necessarily indicative of low engagement .
- Ownership alignment: Ms. Mullady’s direct holding in GAB is modest (150 shares, dollar range B), with an aggregate E-category across the complex. The small direct GAB position may limit alignment with common shareholders of this specific fund, though complex-wide exposure is higher .
- Overall signal: Governance controls rely on independent committee leadership and a designated Lead Independent Director (Conn). Ms. Mullady’s interested status and adviser interlocks warrant monitoring for related-party dynamics; however, current committee architecture and disclosure of interests provide transparency for investors .