Elizabeth C. Bogan
About Elizabeth C. Bogan
Independent Director of The Gabelli Equity Trust Inc. (GAB) since March 25, 2021; born 1944. Former Senior Lecturer in Economics at Princeton University (1992–2020) with prior academic leadership as Chair of the Economics & Finance Department at Fairleigh Dickinson University. Education: B.A. in Economics (Wellesley), M.A. in Quantitative Economics (University of New Hampshire), Ph.D. in Economics (Columbia University) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Princeton University | Senior Lecturer in Economics | 1992–2020 | Faculty leadership and teaching; senior academic role |
| Fairleigh Dickinson University | Chair, Economics & Finance Department; member of Executive Committee for College of Business Administration | Not disclosed | Academic departmental leadership and governance |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Gabelli Fund Complex (other registered funds) | Committee member (across other funds in complex) | Ongoing | Serves on committees for other funds managed by Gabelli Funds, LLC |
Board Governance
| Attribute | Detail |
|---|---|
| Board class/term | Director since 2021; term continues until the 2027 Annual Meeting and until successor is qualified |
| Independence | Independent Director (not an “interested person” under the 1940 Act) |
| Committee assignments (GAB) | Not listed as a member of Audit (Heitmann, Conn, Zizza) or Nominating (Fahrenkopf, Zizza) committees |
| Lead Independent Director | James P. Conn |
| Board meetings FY2024 | 4 regular quarterly meetings |
| Attendance FY2024 | Each Director then serving attended at least 75% of Board and applicable committee meetings |
| Executive sessions | Independent Directors meet regularly in executive session; they chair all committees |
| Shareholder meeting attendance | No Director or nominee attended the May 13, 2024 annual meeting; the Fund does not expect Directors to attend the meeting |
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual retainer (Independent and certain Interested Directors) | $15,000 | Paid by Fund |
| Board meeting fee | $2,000 per meeting attended | Paid by Fund |
| Committee meeting fee | $1,000 per committee meeting attended | Paid by Fund |
| Audit Committee Chair fee | $3,000 annually | Heitmann; not applicable to Bogan |
| Proxy Voting Committee Chair fee | $1,500 annually | Not applicable to Bogan |
| Nominating Committee Chair fee | $2,000 annually | Fahrenkopf; not applicable to Bogan |
| Lead Independent Director fee | $2,000 annually | Conn; not applicable to Bogan |
| Aggregate remuneration paid by GAB to all Directors FY2024 | $220,000 | Excludes expenses |
| Director | Aggregate Compensation from GAB | Aggregate Compensation from Fund Complex | Year |
|---|---|---|---|
| Elizabeth C. Bogan | $23,000 | $152,000 (across 12 funds overseen) | 2024 |
| Elizabeth C. Bogan | $23,000 | $153,000 (across 12 funds overseen) | 2023 |
Performance Compensation
| Item | Disclosure | Evidence |
|---|---|---|
| Equity awards (RSUs/DSUs/PSUs) | None disclosed for Directors | Compensation table shows cash only; no equity entries |
| Option awards | None disclosed for Directors | No options listed in compensation disclosures |
| Performance-based bonuses | None disclosed for Directors | Director pay structured as retainer/meeting fees |
| Performance metrics tied to pay (e.g., TSR, revenue, ESG) | None disclosed for Directors | No performance metrics described for director compensation |
| Clawback provisions for Director pay | Not disclosed | Proxy does not specify clawbacks for director compensation |
| Change-of-control, severance | Not disclosed for Directors | No director COC/severance terms disclosed |
Other Directorships & Interlocks
| Company | Role | Committees/Notes |
|---|---|---|
| — | None listed outside of other Gabelli-managed funds | Proxy’s “Other Directorships” column for Bogan shows none (excluding other funds) |
- Adviser/affiliate interests: None of the Independent Directors (with exceptions noted elsewhere in proxy) nor their family members had any interest in the Adviser or its control affiliates as of December 31, 2024; Bogan not named among exceptions and not listed with affiliate interests .
Expertise & Qualifications
- Ph.D. in Economics (Columbia), M.A. in Quantitative Economics (University of New Hampshire), B.A. in Economics (Wellesley) .
- Deep academic economics background; former senior lecturer at Princeton; prior department chair responsibilities indicating governance and oversight experience .
- Oversees 12 registered investment companies within the Gabelli Fund Complex, evidencing breadth of fund governance exposure .
Equity Ownership
| Measure | Value |
|---|---|
| GAB Common Shares owned (12/31/2024) | 0 shares; “Dollar Range in Fund” = A (None) |
| Percent of shares outstanding | Less than 1% (group of Directors/officers <1%) |
| Aggregate Dollar Range across Family of Investment Companies | E (Over $100,000) |
| Shares pledged/hedged | Not disclosed; no pledging/hedging policy disclosure observed |
Governance Assessment
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Strengths: Independent status; regular executive sessions; Audit and Nominating committees staffed by independent directors; Audit Charter updated February 13, 2025; PCAOB-standard audit oversight; Section 16 filings compliant in FY2024 .
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Alignment considerations: Bogan holds no GAB Common shares (Dollar Range A: None), and director compensation appears entirely cash-based without equity grants—limiting direct alignment with GAB’s common shareholders, though she holds over $100k across the fund complex broadly .
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Engagement: Board met 4 times in FY2024; each Director attended at least 75% of Board and committee meetings, but Directors did not attend the 2024 annual meeting (the Fund does not expect Directors to attend) .
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Conflicts: No related-party transactions or affiliate interests disclosed for Bogan; independent directors broadly free of Adviser interests, with exceptions applying to other named directors (not Bogan) .
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RED FLAGS:
- No direct GAB share ownership as of 12/31/2024 (Dollar Range A: None), which may signal lower “skin-in-the-game” alignment relative to cash-only compensation structure .
- Not a member of key standing committees (Audit, Nominating) based on committee rosters, limiting direct influence on audit/nominating oversight for GAB .
- No director equity, options, or performance-linked compensation disclosed; absence of equity-based retainers may reduce direct long-term alignment at the individual fund level .