Anthony S. Colavita
About Anthony S. Colavita
Independent Director of The Gabelli Convertible and Income Securities Fund Inc. (GCV) since 2018; born 1961; practicing attorney and long-time local government executive. Colavita chairs the Nominating Committee and serves on the Pricing Committee; he is one of two directors elected solely by holders of GCV’s Preferred Stock, with his current term running to the 2026 annual meeting. Education: BA, Colgate University; JD, Pace University School of Law. Dollar range of equity owned in the Fund: “A” (None); beneficial ownership reported as 0 shares.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Anthony S. Colavita, P.C. | Attorney | Since February 1988 | Legal practitioner; corporate/government counsel experience |
| Town of Eastchester, NY | Town Supervisor | Since January 2004 | Oversees ~$35 million municipal budget; executive leadership |
| Town of Eastchester, NY | Town Councilman | 1998–2003 | Legislative/governance experience |
| New York State Senate | Counsel | Prior role (dates not disclosed) | State-level legislative counsel |
| Multiple not-for-profit corporations | Board Member | Not disclosed | Community and nonprofit governance |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Public company directorships (past five years, excluding Gabelli funds) | — | — | None disclosed for Colavita |
| Reef/Atlantic/Ocean Reef/etc. (for other directors) | — | — | Not applicable to Colavita; shown for other directors only |
Board Governance
- Structure: 13 directors; 10 independent. Lead Independent Director: Anthonie C. van Ekris. Independent directors chair all committees and meet regularly in executive session.
- Committee assignments: Nominating Committee (Chair); Pricing Committee (member). Nominating Committee members: Colavita (Chair), Zizza, Roeder; met two times in FY ended 9/30/2024.
- Election class: Elected solely by Preferred Stock holders; term runs to 2026 annual meeting (not up for election in 2025).
- Independence: Classified as an Independent Director (not an “interested person” under the Investment Company Act).
- Board/committee activity: Board met four times in FY ended 9/30/2024; each director attended at least 75% of Board and applicable committee meetings. Audit Committee met two times.
- Annual meeting engagement: Fund does not expect directors to attend annual meetings; no director or nominee attended the May 13, 2024 annual meeting.
Fixed Compensation
| Component | Amount | Basis |
|---|---|---|
| Annual retainer (Independent and certain Interested Directors) | $3,000 | Cash retainer |
| Board meeting fee | $750 | Per meeting attended |
| Committee meeting fee | $500 | Per committee meeting attended |
| Audit Committee Chair fee | $3,000 | Annual fee (not Colavita) |
| Nominating Committee Chair fee | $2,000 | Annual fee (Colavita is Chair) |
| Lead Independent Director fee | $1,000 | Annual fee (not Colavita) |
| Metric | FY Ended 9/30/2024 | Calendar 2024 | Portfolios Overseen |
|---|---|---|---|
| Aggregate compensation from GCV | $8,000 | — | — |
| Aggregate compensation from Fund Complex | — | $169,250 | 23 |
- All directors not employed by the Adviser are reimbursed for out-of-pocket meeting expenses. Aggregate remuneration paid by the Fund to applicable directors was $78,396 for FY ended 9/30/2024.
Performance Compensation
- No stock or option awards, RSUs/PSUs, or performance-based compensation disclosed for directors; compensation is cash-based via retainers and meeting/chair fees. No performance metric framework (TSR, EBITDA, ESG, etc.) disclosed for directors.
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Other public company boards (past five years) | None disclosed for Colavita (excluding other funds managed by the Adviser) |
| Fund Complex service | Oversees 23 registered investment companies within the Gabelli Fund Complex (time-commitment signal) |
| Affiliated interests | No affiliated ownership interests disclosed for Colavita in entities under common control with the Adviser (table lists other independent directors) |
Expertise & Qualifications
- Legal and governance expertise as practicing attorney since 1988; municipal executive leadership overseeing ~$35 million budget as Town Supervisor (since 2004).
- Board leadership: Chair of Nominating Committee; member of Pricing Committee; experience across committees within the Fund Complex.
- Education: BA (Colgate University); JD (Pace University School of Law).
Equity Ownership
| Holder | Security | Shares | Ownership % | Dollar Range (Fund) |
|---|---|---|---|---|
| Anthony S. Colavita | Common | 0 | <1% | A = None |
| Anthony S. Colavita | Preferred | Not disclosed | — | A = None |
- Aggregate dollar range of equity owned in the Fund Complex: A (None). Values as of December 31, 2024.
Insider Trades
| Date | Form | Transaction Type | Shares | Price | Resulting Ownership |
|---|---|---|---|---|---|
| Not disclosed in DEF 14A | — | — | — | — | 0 common shares reported as of 12/31/2024 |
- Section 16(a) compliance: Based on review of Forms 3 and 4 filed in FY ended 9/30/2024, the Fund believes applicable persons complied with filing requirements.
Governance Assessment
- Strengths: Independent status; chairing Nominating Committee (gatekeeper for board quality); legal/government budget oversight experience; regular executive sessions and independent committee leadership across the board; attendance met the ≥75% threshold; Audit Committee and Nominating Committee actively met during the year. These support board effectiveness and compliance oversight.
- Alignment concerns (RED FLAGS): No GCV equity ownership (0 shares; dollar range “None”), reducing “skin-in-the-game” signaling; elected solely by Preferred Stock holders—could skew alignment towards preferred class interests versus common shareholders; Fund culture of not attending annual meetings (none attended in 2024) may be perceived as low direct stockholder engagement; oversight of 23 portfolios raises time-commitment questions.
- Conflicts/related-party exposure: None disclosed for Colavita; no listed affiliated interests or related-party transactions; independence affirmed under 1940 Act definitions.
- Compensation structure: Purely cash retainer and meeting/chair fees; no equity or performance links—neutral for pay-for-performance but weak on ownership alignment.
Overall, Colavita provides legal and public-sector budget expertise and committee leadership, but zero ownership and preferred-stock election mechanics are notable alignment flags for common shareholders assessing governance risk.