Anthony S. Colavita
About Anthony S. Colavita
Independent Trustee of The GDL Fund since May 16, 2018; born 1961. Practicing attorney (Anthony S. Colavita, P.C.) since February 1988 and Town Supervisor of Eastchester, NY since January 2004, overseeing a ~$35 million municipal budget. He is Chair of GDL’s Nominating Committee and a member of the Audit Committee and the ad hoc Proxy Voting Committee; he is one of the two Trustees elected solely by the Fund’s Preferred shareholders. Education: B.A. Colgate University; J.D. Pace University School of Law.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Town of Eastchester, NY | Town Councilman | 1998–2003 | Municipal governance experience preceding role as Supervisor. |
| New York State Senate | Counsel | Not disclosed | Legal advisory experience in state government. |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Anthony S. Colavita, P.C. | Practicing Attorney | Feb 1988–present | Legal practice and principal occupation. |
| Town of Eastchester, NY | Town Supervisor | Jan 2004–present | Oversees ~$35 million budget; executive municipal leadership. |
| Various not-for-profits | Board Member | Not disclosed | Community and civic involvement (unspecified entities). |
Board Governance
- Independence: Classified as an Independent Trustee (not an “interested person” under the 1940 Act). The Nominating Committee members (including Mr. Colavita) are Independent Trustees under NYSE guidelines.
- Committee assignments: Chair, Nominating Committee; Member, Audit Committee; Member, ad hoc Proxy Voting Committee. Audit Committee comprises three Independent Trustees (Melarkey–Chair, Colavita, Zizza) and all are deemed financially literate; Mr. Melarkey designated Audit Committee Financial Expert.
- Class election: Elected solely by holders of the Fund’s Preferred Shares (one of two such seats).
- Lead Independent Director: James P. Conn serves as Lead Independent Trustee. Independent Trustees meet regularly in executive session and chair all committees.
- Attendance and meeting frequency (FY2024): Board met 4 times; each Trustee then serving attended at least 75% of Board and applicable committee meetings. Audit Committee met 2 times; Nominating Committee met 2 times.
- Shareholder meeting attendance: The Fund does not expect Trustees to attend the annual meeting; no Trustee or nominee attended the May 13, 2024 annual meeting.
Fixed Compensation
- Fee schedule (Independent Trustees): $9,000 annual retainer; $2,000 per Board meeting; $1,000 per committee meeting; additional annual fees: Audit Chair $3,000; Nominating Chair $2,000; Lead Independent Trustee $2,000. Single meeting fees may be allocated across multiple funds in the complex.
- Number of Gabelli funds overseen in the complex: 23.
| Metric | 2023 | 2024 |
|---|---|---|
| Aggregate compensation from GDL ($) | $21,500 | $19,000 |
| Aggregate compensation from GDL Fund Complex ($) | $169,758 (across 23 funds) | $169,250 (across 23 funds) |
Performance Compensation
- Structure: No equity or performance-based pay disclosed for Trustees; compensation consists of cash retainers and meeting-based fees. No stock awards, options, or performance metrics are reported for directors.
| Performance Element | Disclosure |
|---|---|
| Stock awards (RSUs/PSUs) | None disclosed for Trustees. |
| Option awards | None disclosed for Trustees. |
| Performance metrics tied to pay | None disclosed for Trustees. |
| Clawbacks / COI / severance | Not disclosed for Trustees. |
| Change-of-control provisions | Not disclosed for Trustees. |
| Deferred comp / pensions / perquisites | Not disclosed for Trustees. |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards (past 5 years, excluding other funds) | None reported. |
| Family/Complex interlocks | Mr. Colavita’s father, Anthony J. Colavita, serves as a director of other funds in the Gabelli Fund Complex. |
| Complex-wide roles | Serves on comparable committees on other funds within the complex; oversees 23 portfolios. |
Expertise & Qualifications
- Legal and regulatory expertise from decades of legal practice; municipal executive experience with budget oversight; committee leadership (Nominating Chair) and Audit Committee service; designated financially literate by Board on Audit Committee. Education: B.A. (Colgate), J.D. (Pace).
Equity Ownership
| Measure | Value |
|---|---|
| Beneficial ownership in GDL (Common/Preferred) | 0 shares; <1% of class. |
| Dollar range (GDL) | A (None). |
| Dollar range (Family of Investment Companies) | A (None). |
| Shares pledged | Not disclosed. |
Insider Trades (Section 16)
| Year | Proxy-Disclosed Section 16 Note |
|---|---|
| 2023 | Fund reported compliance with one late Form 4 by Mr. Gabelli; no late filings noted for Mr. Colavita. |
| 2024 | Fund believes covered persons complied with filing requirements; no exceptions noted for Mr. Colavita. |
Governance Assessment
-
Positives
- Independent Trustee with legal background and municipal leadership; chairs Nominating and sits on Audit, indicating trust placed in governance and oversight roles.
- Audit Committee deems members financially literate; presence of designated Audit Committee Financial Expert enhances oversight framework.
- Attendance threshold met (≥75%) amid defined meeting cadence, suggesting baseline engagement.
-
Watch items / RED FLAGS
- Zero ownership in GDL and none across the fund complex reduces economic alignment with shareholders. Bold signal: alignment gap.
- Complex-wide compensation and roles (23 funds) can create incentives aligned with the adviser/fund complex rather than a single fund’s shareholders; monitor potential “group think” and workload dilution.
- Family interlock: his father serves as a director on other Gabelli complex funds—perceived entrenchment/network effects; governance risk is contextual but merits monitoring.
- Shareholder meeting engagement: trustees generally do not attend; none attended 2024 annual meeting—this can be perceived as limited direct shareholder accountability.
- Class election by Preferred shareholders (rather than common and preferred voting together) may bias accountability toward preferred holders’ interests in certain scenarios; monitor balancing of class interests.
-
Overall implication
- Colavita brings legal/regulatory and public-sector budgeting expertise and provides leadership on key committees, supporting board process and oversight. However, lack of share ownership, complex-wide remuneration, family interlock, and non-attendance at annual meetings are notable governance alignment and engagement considerations for investors.