Agnes Mullady
About Agnes Mullady
Agnes Mullady (born 1958) is a Trustee of The Gabelli Dividend & Income Trust (GDV) serving since March 25, 2021; she is classified by the Board as an “interested person” due to a direct or indirect beneficial interest in the Adviser and a prior business/professional relationship with the Fund and the Adviser . She previously held senior operating roles across Gabelli/GAMCO affiliates, and holds an MBA in Finance from New York Institute of Technology and a B.A. in Accounting from Queens College .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Gabelli Funds, LLC (Fund Division) | President & Chief Operating Officer | 2010–2019 | Led fund operations across the complex |
| G.distributors, LLC | Chief Executive Officer | 2011–2019 | Oversaw distribution entity within fund complex |
| GAMCO Investors, Inc. (GAMI) | Senior Vice President | 2009–2019 | Senior leadership at the public asset manager |
| Gabelli Funds, LLC | Vice President | 2006–2019 | Officer across Gabelli/GAMCO/Teton funds |
| Associated Capital Group, Inc. | Executive Vice President | 2016–2019 | Executive role at public affiliate |
| U.S. Trust Company | Senior Vice President | 2004–2005 | Senior banking role |
| Excelsior Funds | Treasurer & Chief Financial Officer | 2004–2005 | Fund finance and treasury oversight |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| GAMCO Investors, Inc. | Director | Not disclosed | Listed under “Other Directorships Held by Trustee” (excludes funds managed by Adviser) |
Board Governance
- Board composition: 13 Trustees; 10 are Independent Trustees under the 1940 Act; Mullady is an “interested” Trustee; she serves in the class whose term continues until the 2027 Annual Meeting .
- Committee structure: Independent Trustees chair all committees; Audit Committee members are Salibello (Chair), Fahrenkopf, Zizza; Nominating Committee members are Colavita (Chair), Melarkey, Zizza. Mullady is not listed as a member of these committees .
- Lead Independent Trustee: James P. Conn; independent trustees meet regularly in executive session .
- Attendance: Board met five times in FY2024; each Trustee then serving attended at least 75% of Board and assigned committee meetings. The Fund does not expect Trustees to attend annual shareholder meetings; no Trustees or nominees attended the May 13, 2024 meeting .
- Portfolios overseen: 14 within the Fund Complex .
Fixed Compensation
| Component | FY2024 Amount | Notes |
|---|---|---|
| Aggregate compensation from GDV | $26,000 | Reported in FY2024 compensation table |
| Aggregate compensation from Fund Complex | $131,500 | Aggregated across funds/portfolios in complex; count (14) |
| Annual retainer (structure) | $18,000 | Paid to each Independent Trustee and certain Interested Trustees |
| Board meeting fee (structure) | $2,000 per meeting | 5 Board meetings in FY2024 |
| Committee meeting fee (structure) | $1,000 per meeting | For all committee members |
| Audit Chair fee (structure) | $3,000 annual | Committee chair premium |
| Nominating Chair & Lead Independent fees (structure) | $2,000 annual each | Committee/lead premiums |
No equity-based director grants (RSUs/PSUs/options) are disclosed; compensation consists of cash retainers and meeting fees .
Performance Compensation
- Not disclosed for Trustees; no performance-linked metrics, options, PSUs/RSUs, or incentive plans are described for directors in the proxy .
Other Directorships & Interlocks
| Company | Relationship | Potential Interlock/Conflict |
|---|---|---|
| GAMCO Investors, Inc. (public asset manager; Adviser affiliate) | Mullady listed as Director | Directorship at Adviser affiliate reinforces “interested person” status and elevates conflict risk regarding independence |
Expertise & Qualifications
- Finance and fund operations: Former COO of fund division, CFO/Treasurer experience; senior roles at asset management affiliates .
- Education: MBA (Finance), New York Institute of Technology; B.A. (Accounting), Queens College .
- Industry experience: Registered funds administration, distribution, and asset management across Gabelli/GAMCO/Teton complexes .
Equity Ownership
| Security | Amount Beneficially Owned | Percent of Class | Dollar Range in GDV | Aggregate Dollar Range in Fund Complex |
|---|---|---|---|---|
| Common Shares | 150 | <1% | E (Over $100,000) | E (Over $100,000) |
| Series M Preferred | 10,000 | <1% | E (Over $100,000) | E (Over $100,000) |
Beneficial ownership determinations per Exchange Act rules; values as of December 31, 2024 .
Governance Assessment
- Independence and conflicts: Mullady is explicitly designated an “interested person” due to beneficial interest in and prior business relationships with the Adviser, and holds an external directorship at GAMCO Investors, Inc. This creates a material independence conflict versus standard closed-end fund governance expectations and may affect investor confidence, particularly on matters requiring arm’s-length oversight of the Adviser .
- Committee roles: Key oversight committees (Audit, Nominating) are chaired by Independent Trustees and do not list Mullady as a member, which mitigates direct influence over core governance controls but also limits her formal committee-based oversight contributions .
- Engagement: Board met five times in FY2024 with minimum 75% attendance by Trustees; however, trustees did not attend the May 13, 2024 annual shareholder meeting under a stated practice, which may be viewed as limited direct shareholder engagement .
- Alignment: She holds both Common and Series M Preferred shares, but ownership is <1% of each class. Absence of equity-based director grants indicates compensation is cash-heavy; ownership guidelines or pledging/hedging policies for directors are not disclosed, limiting clarity on long-term alignment expectations .
Red Flags
- Interested person status driven by Adviser ties and prior employment (independence risk) .
- External directorship at GAMCO (affiliate interlock) .
- No attendance at annual meeting (shareholder engagement signal per Fund practice) .
Positive Signals
- Professional fund operations and finance expertise relevant to closed-end fund oversight .
- Board retains independent control of key committees and maintains regular executive sessions led by Independent Trustees .
- Minimum 75% attendance standard met during FY2024 .