Agnes Mullady
About Agnes Mullady
Agnes Mullady (born 1958) is a Director of The Gabelli Convertible and Income Securities Fund Inc. (GCV) since March 25, 2021. She is classified as an “interested person” under the Investment Company Act due to her direct or indirect beneficial interest in the Adviser and prior business relationship with the Fund/Adviser. She holds an MBA in Finance from the New York Institute of Technology and a B.A. in Accounting from Queens College, with a career centered on fund operations, distribution, and finance within the Gabelli/GAMCO complex and U.S. Trust/Excelsior funds .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Gabelli Funds, LLC (Fund Division) | President & Chief Operating Officer | 2010–2019 | Senior leadership of fund operations |
| G.distributors, LLC | Chief Executive Officer | 2011–2019 | Led distribution (broker-dealer) for fund complex |
| GAMCO Investors, Inc. | Senior Vice President | 2009–2019 | Senior management at adviser’s parent company |
| Associated Capital Group, Inc. | Executive Vice President | 2016–2019 | Executive role at affiliate |
| Gabelli Funds, LLC | Vice President | 2006–2019 | Officer roles across Gabelli/GAMCO/Teton funds |
| U.S. Trust Company / Excelsior Funds | SVP; Treasurer & CFO (Excelsior Funds) | 2004–2005 | Fund finance and treasury leadership |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| GAMCO Investors, Inc. | Director | Not disclosed | Public company directorship; adviser affiliate interlock |
Board Governance
- Board classification and tenure: GCV’s board is staggered; Ms. Mullady is nominated to serve a term expiring at the 2028 annual meeting (Class term structure; became a Director on March 25, 2021) .
- Independence: She is an “interested person” because of direct/indirect beneficial interest in the Adviser and prior relationships with the Fund and Adviser .
- Committees: Current committee rosters list the Audit Committee (Enright—Chair, Birch, Zizza) and the Nominating Committee (Colavita—Chair, Zizza, Roeder). Ad hoc committees include Proxy Voting and Pricing; multi-fund ad hoc Compensation Committees are also described. Ms. Mullady is not named as a member of these committees; committees are chaired by Independent Directors .
- Attendance and meeting cadence: Four regular quarterly Board meetings were held in FY2024; each Director then serving attended at least 75% of Board and applicable committee meetings .
- Annual meeting participation: Directors/nominees are not expected to attend the annual meeting; none attended the May 13, 2024 meeting .
Fixed Compensation
| Component | Policy / Amount | Notes |
|---|---|---|
| Annual Board retainer (cash) | $3,000 | Applies to Independent Directors and certain Interested Directors |
| Per Board meeting fee (cash) | $750 | Per meeting attended |
| Committee meeting fee (cash) | $500 | Per committee meeting attended |
| Audit Chair fee | $3,000 | Annual |
| Nominating Chair fee | $2,000 | Annual |
| Lead Independent Director fee | $1,000 | Annual |
| Ms. Mullady – Aggregate compensation from GCV (FY ended 9/30/2024) | $6,000 | Director; fiscal-year compensation by the Fund |
| Ms. Mullady – Aggregate compensation from Fund Complex (CY2024) | $131,500 (14 portfolios) | Cash compensation across the Gabelli Fund Complex |
No equity retainers, stock options, or stock unit awards for Directors are disclosed in the proxy; compensation appears entirely cash-based as shown in the Compensation Table .
Performance Compensation
| Element | Terms / Metrics | Notes |
|---|---|---|
| Annual/long-term performance-based director pay | Not disclosed | No performance-based director compensation or equity programs are disclosed for Directors in the proxy . |
Other Directorships & Interlocks
| Entity | Relationship | Governance/Conflict Note |
|---|---|---|
| GAMCO Investors, Inc. | Director | Interlock with the adviser’s parent/affiliate; Ms. Mullady is thus classified as an “interested person” of the Fund . |
Expertise & Qualifications
- Fund industry and distribution leadership: Former President & COO of Gabelli Funds’ fund division; CEO of G.distributors; extensive officer roles across Gabelli/GAMCO/Teton funds .
- Finance and accounting: Former Treasurer & CFO of Excelsior Funds; MBA in Finance (NYIT); B.A. in Accounting (Queens College) .
- Governance exposure: Director of GAMCO Investors, Inc.; oversight experience across multiple funds in the Gabelli Fund Complex .
Equity Ownership
| Measure | Value | Notes |
|---|---|---|
| Beneficial ownership – GCV Common | 150 shares; <1% of outstanding | As of December 31, 2024; “<1%” per proxy notation |
| Dollar range – GCV | Range B ($1–$10,000) | Valued as of December 31, 2024 |
| Dollar range – Family/Fund Complex | Range E (Over $100,000) | As of December 31, 2024 |
| Section 16(a) compliance | Fund reports compliance during FY2024 | Based on review of forms filed electronically with SEC |
Governance Assessment
- Independence and potential conflicts: Ms. Mullady is not independent under the 1940 Act, driven by her beneficial interest and prior executive roles within the Gabelli/GAMCO complex, and she concurrently holds a directorship at GAMCO Investors, Inc. This elevates conflict risk and places emphasis on the role of Independent Directors and committee leadership to mitigate adviser influence .
- Committee influence and oversight: She is not listed on the Audit or Nominating Committees, which are composed of Independent Directors and chaired by independents (Enright; Colavita). This aligns with best practices for independence in key oversight functions (financial reporting, director nominations) .
- Engagement and attendance: Board met quarterly with at least 75% attendance by all Directors; however, Directors/nominees do not attend the annual stockholder meeting and none attended in 2024—this can be viewed as an engagement gap for some investors focused on accountability .
- Alignment and pay structure: Director compensation is modest and cash-based at the Fund level ($6,000 in FY2024 for Ms. Mullady), with higher aggregate compensation across the Fund Complex reflecting service breadth; no equity-based director pay is disclosed, and her direct GCV ownership is small (150 shares; dollar range $1–$10,000), implying limited “skin in the game” at the Fund level .
Red Flags (to monitor):
- Interested-person status and interlock (Director at GAMCO Investors, Inc.) with the Adviser’s affiliate; requires continued reliance on Independent Director leadership and committee structure for effective checks and balances .
- Annual meeting non-attendance (none attended in 2024) could be viewed negatively by governance-focused investors emphasizing direct engagement with shareholders .
Mitigants:
- Majority-Independent Board with a designated Lead Independent Director and independent leadership of Audit and Nominating Committees; regular executive sessions of Independent Directors .
- Documented attendance threshold (≥75%) and defined committee charters (Audit, Nominating) guiding oversight processes .