Mario J. Gabelli
About Mario J. Gabelli
Mario J. Gabelli (born 1942) is Chairman of the Board and Chief Investment Officer of The Gabelli Equity Trust Inc. (GAB) and has served as a Director since the Fund’s organizational meeting on July 14, 1986; he is nominated to serve through the 2028 annual meeting . He holds a B.S. from Fordham University and an MBA from Columbia Business School; he is a CFA charterholder and has received honorary doctorates from Fordham University and Roger Williams University . Gabelli is deemed an “interested person” (not independent) due to his affiliation with the Fund’s Adviser (Gabelli Funds, LLC) and related entities .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Morgan Group Holding Co. | Chair of the Board; CEO | Chair: 2001–Oct 2019; CEO: 2001–Nov 2012 | Holding company leadership; oversight of strategic direction |
| ICTC Group Inc. | Director | 2013–2018 | Communications company board service |
| Smith Barney (pre-GAMCO career context for board colleagues; Gabelli transitioned earlier) | — | — | — |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| GAMCO Investors, Inc. (GAMI) | Chairman; Co-CEO; CIO – Value Portfolios | Ongoing | Public asset manager; value investing leadership |
| Gabelli Funds, LLC; GAMCO Asset Management Inc. | Chief Investment Officer – Value Portfolios | Ongoing | Adviser/subsidiaries to fund complex |
| GGCP, Inc. | CEO; Director; Controlling Shareholder | Ongoing | Private company that holds majority interest in GAMI |
| Associated Capital Group, Inc. (ACG) | Executive Chair | Ongoing | Public company providing alternative management and research; majority-owned subsidiary of GGCP |
| LICT Corporation | Chair (since 2004); CEO (since Dec 2010) | Ongoing | Public broadband/communications company |
| CIBL, Inc. | Director (since 2007); Executive Chair (since Feb 2020) | Ongoing | Public holding company spun from LICT |
| Academic/Non-profit Boards | Overseer (Columbia GSB); Trustee (Boston College; Roger Williams Univ.); Director (Winston Churchill Foundation; E.L. Wiegand Foundation; American-Italian Cancer Foundation; Foundation for Italian Art and Culture); Co-President (Field Point Park Association) | Ongoing | Governance roles across education and philanthropy |
Board Governance
- Role and independence: Gabelli is Chairman and CIO of GAB and classified as an “interested person” due to affiliation with the Adviser, hence not independent .
- Board leadership: James P. Conn serves as Lead Independent Director, presiding over executive sessions and liaising between meetings .
- Committee structure: Audit Committee (William F. Heitmann, Chair; members Conn and Zizza) met twice in 2024; Nominating Committee (Frank J. Fahrenkopf, Jr., Chair; Zizza) met once; committees are chaired and populated by Independent Directors, with Gabelli not listed as a member .
- Ad hoc oversight: Board maintains ad hoc Proxy Voting and Pricing Committees and multi-fund ad hoc Compensation Committees; these are chaired/served by Independent Directors (e.g., Conn, Zizza), not by Gabelli .
- Attendance and meeting cadence: The Board met four times in 2024; each Director then serving attended at least 75% of Board and applicable committee meetings . Directors are not expected to attend annual stockholder meetings; none attended the May 13, 2024 annual meeting .
Fixed Compensation
- Director pay schedule (Fund-wide, cash-only): Annual retainer $15,000; $2,000 per Board meeting; committee members $1,000 per meeting; Audit Chair $3,000/year; Proxy Voting Chair $1,500/year; Nominating Chair $2,000/year; Lead Independent Director $2,000/year. Aggregate remuneration paid to Directors (excl. expenses) was $220,000 in FY2024 .
| Item | Amount | Notes |
|---|---|---|
| Annual Director Retainer | $15,000 | Paid to each Independent Director and certain Interested Directors |
| Board Meeting Fee | $2,000 per meeting | 4 regular meetings held in 2024 |
| Committee Meeting Fee | $1,000 per meeting | Applies to all Board committees |
| Audit Committee Chair Fee | $3,000 annually | Chair: William F. Heitmann |
| Proxy Voting Committee Chair Fee | $1,500 annually | Ad hoc committee |
| Nominating Committee Chair Fee | $2,000 annually | Chair: Frank J. Fahrenkopf, Jr. |
| Lead Independent Director Fee | $2,000 annually | Lead Independent Director: James P. Conn |
- Mario J. Gabelli actual FY2024 compensation from the Fund: $0 .
| Name | Aggregate Compensation from GAB (FY2024) |
|---|---|
| Mario J. Gabelli | $0 |
Performance Compensation
- No performance-based pay, equity awards (RSUs/PSUs), or options are disclosed for Directors; proxy compensation presentation for Directors is cash-based only, and Gabelli received $0 from the Fund in 2024 .
Other Directorships & Interlocks
| Company | Role | Period | Interlock/Note |
|---|---|---|---|
| LICT Corporation | Chair; CEO | Chair since 2004; CEO since Dec 2010 | Public company; communications services |
| CIBL, Inc. | Director; Executive Chair | Director since 2007; Exec Chair since Feb 2020 | Public holding company spun from LICT |
| Morgan Group Holding Co. | Chair; CEO | Chair 2001–Oct 2019; CEO 2001–Nov 2012 | Public holding company |
| ICTC Group Inc. | Director | 2013–2018 | Communications |
| Fund Complex | Director/Trustee of 31 registered funds | As of Dec 31, 2024 | Oversees 31 of 50 funds in complex |
Expertise & Qualifications
- Investment leadership: Chairman/Co-CEO/CIO at GAMI; CIO of value portfolios at Gabelli Funds and GAMCO Asset Management; controlling roles at GGCP and ACG .
- Education and credentials: B.S. Fordham; MBA Columbia; CFA charterholder; honorary doctorates from Fordham and Roger Williams .
- Board governance exposure: Extensive service across fund complex and public companies; industry and philanthropic board experience augment governance perspective .
Equity Ownership
- Beneficial ownership in GAB (as of Dec 31, 2024):
| Security | Amount | Percent of Class |
|---|---|---|
| Common Stock | 2,408,648 | <1% (asterisk indicated) |
| Series G Preferred | 29,000 | <1% (asterisk indicated) |
| Series M Preferred | 90,000 | <1% (asterisk indicated) |
| Series N Preferred | 60,000 | — (percent not separately stated; aggregate group <1%) |
- Ownership breakdown and related-party exposure:
| Security | Direct/Indirect Holder | Amount |
|---|---|---|
| Common Stock | Mario J. Gabelli (direct) | 1,561,972 |
| Common Stock | GGCP, Inc. (indirect; Gabelli CEO/director/controlling shareholder) | 841,676 |
| Series G Preferred | Associated Capital Group, Inc. (ACG; Gabelli Executive Chair/controlling shareholder) | 29,000 |
| Series M Preferred | ACG | 20,000 |
| Series M Preferred | GAMCO Investors, Inc. (Gabelli Chairman/CEO/controlling shareholder) | 40,000 |
| Series M Preferred | Gabelli Foundation, Inc. | 30,000 |
| Series N Preferred | Mario J. Gabelli (direct) | 10,000 |
| Series N Preferred | GAMCO Investors, Inc. | 50,000 |
- The Fund notes that Directors and officers complied with Section 16(a)/30(h) filing requirements during FY2024 based on its review of Forms 3 and 4 .
Insider Trades (recent examples)
| Trade Date | Security | Type | Price | Quantity | Value | Source |
|---|---|---|---|---|---|---|
| 2024-11-25 | GAB Common | Sale | $5.73 | 5,000 | $28,655 | |
| 2024-06-26 | GAB.N (Series N Preferred) | Purchase | $100.00 | 11,750 | $1,175,000 | |
| 2024-02-29 | GAB.N (Series N Preferred) | Purchase | $100.00 | 60,000 | $6,000,000 |
Note: OpenInsider aggregate view for GAB corroborates these filings and status for Mario J. Gabelli as control person/10% holder in certain preferred issuances .
Governance Assessment
- Independence and conflicts: Gabelli is not independent and is an “interested person” due to his leadership and controlling interests in the Fund’s Adviser (Gabelli Funds, LLC), GAMI, GGCP, and ACG—creating inherent related-party exposure and potential conflicts in advisory oversight .
- Committee structure and checks: Key oversight committees (Audit, Nominating) are chaired and composed of Independent Directors, with a designated Lead Independent Director—providing structural counterbalance to the Chair’s interested status .
- Engagement signals: Board met quarterly in 2024 with ≥75% attendance by each Director then serving, supporting baseline engagement; however, Directors do not attend annual stockholder meetings and none attended the 2024 annual meeting, which may be viewed as a weaker shareholder engagement practice .
- Compensation alignment: Gabelli received $0 from the Fund for Director service in FY2024 despite the cash retainer/meeting fee structure for Directors, reducing direct pay-related conflicts at the Fund level .
- Ownership alignment: Significant beneficial holdings across common and preferred (including through GGCP, GAMCO, ACG, and Gabelli Foundation) align interests with Fund performance, but also underscore influence through affiliated entities; the Fund shows his holdings are <1% of outstanding common and preferred classes individually .
- Additional context: Section 16 filings were timely per Fund review in FY2024; Audit Committee met twice and Nominating once, indicating active oversight cadence .
RED FLAGS: Non-independence and multiple controlling roles across Adviser and affiliates (GGCP, ACG, GAMCO) represent structural conflicts; absence from stockholder annual meetings by all Directors may reduce perceived accountability and investor confidence in direct engagement practices .