Richard J. Walz
About Richard J. Walz
Richard J. Walz is Chief Compliance Officer (CCO) of The Gabelli Equity Trust Inc. and other registered investment companies within the Gabelli Fund Complex; he has served as CCO since 2013 and was born in 1959 . In his role, he provides periodic compliance reports to the Board, supporting oversight of risk management, internal controls, and regulatory compliance across the Fund’s operations . As of December 31, 2024 and 2023, he reported no beneficial ownership of GAB common or preferred shares . Fund-level performance metrics (TSR, revenue, EBITDA) and executive education/credential details for Walz are not disclosed in GAB’s proxy statements.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Gabelli Fund Complex (registered investment companies) | Chief Compliance Officer | 2013–present | Oversees fund compliance programs; provides periodic compliance reporting to the Board, supporting risk oversight and controls |
External Roles
- No external board or executive roles for Walz are disclosed in GAB’s proxy statements .
Fixed Compensation
- Walz is not listed among officers compensated directly by the Fund in FY2024 or FY2023; the only officer compensation disclosed is for the Vice President and Ombudsman (Molly A.F. Marion) .
- Compensation oversight includes a multi-fund ad hoc Compensation Committee specifically relating to the compensation of the Chief Compliance Officer across the Gabelli Fund Complex, reflecting cross-fund governance of the CCO’s pay .
Performance Compensation
- No disclosure of Walz’s target bonus, actual bonus, equity awards (RSUs/PSUs/options), performance metrics, or vesting schedules appears in the Fund’s proxy statements .
Equity Ownership & Alignment
| Metric | 2023 | 2024 |
|---|---|---|
| Total beneficial ownership (shares) | 0 | 0 |
| Percent of shares outstanding | <1% | <1% |
- Stock ownership guidelines, pledging, hedging, vested/unvested breakdown, options holdings, and compliance status with any ownership requirements are not disclosed for Walz .
- The Fund states that executive officers complied with Section 16(a) filing requirements during FY2024 and FY2023, indicating timely reporting of any ownership changes; no delinquent filings were identified by the Fund .
Employment Terms
| Term Element | Disclosure |
|---|---|
| Start date in current role | 2013 (Chief Compliance Officer) |
| Term | Officers hold office for an indefinite term until resignation/retirement or until a successor is duly elected and qualified |
- Employment contracts, severance multiples, change-of-control triggers (single/double), accelerated vesting, clawbacks, non-compete/non-solicit, garden leave, post-termination consulting, deferred compensation, and perquisites are not disclosed for Walz in GAB’s proxy statements .
Board Governance (context for CCO role)
- The Board’s risk oversight framework includes periodic reports from the Chief Compliance Officer regarding compliance matters relating to the Fund and its major service providers, including testing and implementation of compliance programs .
Investment Implications
- Alignment: With zero reported beneficial ownership and no disclosed equity awards, Walz’s compensation alignment via GAB equity is limited; however, the CCO function is structurally geared toward governance and risk, not portfolio performance .
- Retention and pay signals: The existence of a multi-fund ad hoc Compensation Committee overseeing CCO pay suggests compensation is set at the complex level; the absence of disclosed base/bonus/equity makes retention risk assessment and pay-for-performance calibration opaque .
- Trading signals and selling pressure: With no reported holdings, there is no observable insider selling pressure or Form 4 activity impact from Walz; Section 16 compliance indicates timely reporting and a lack of delinquent filings .
- Governance takeaway: Walz’s role as CCO contributes to board oversight of compliance and risk controls; investors should view this as supportive of operational risk management rather than a driver of fund returns .