Anthony Colavita
About Anthony S. Colavita
Independent Trustee of The Gabelli Dividend & Income Trust (GDV). Year of birth: 1961. Trustee since 2021 with current term running until the 2026 annual meeting; one of two trustees elected solely by holders of GDV’s preferred shares. Attorney by training and long‑tenured municipal executive (Town Supervisor, Eastchester, NY); currently Chair of GDV’s Nominating Committee. No GDV or Fund Complex equity ownership disclosed as of year‑end 2024.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Anthony S. Colavita, P.C. | Practicing attorney | Since February 1988 | Legal practitioner; governance perspective rooted in legal background |
| Town of Eastchester, NY | Town Supervisor | Since January 2004 | Oversees review, adoption, administration of ~$35 million budget |
| Town of Eastchester, NY | Town Councilman | 1998–2003 | Local legislative experience |
| New York State Senate | Counsel (prior) | Not disclosed | Legislative/legal exposure |
| Various non-profits | Board member | Not disclosed | Community governance roles |
External Roles
| Organization | Role | Public Company? | Notes |
|---|---|---|---|
| Public company boards | — | — | No other public company directorships disclosed in the past five years |
| Other Gabelli Fund Complex funds | Trustee | Investment companies | Oversees 23 portfolios in Fund Complex |
Board Governance
- Independence: Classified as an Independent Trustee under the 1940 Act and NYSE guidelines.
- Election basis: Elected solely by GDV’s preferred shareholders; current term runs until the 2026 annual meeting.
- Committee assignments: Chair, Nominating Committee (members: Colavita (Chair), Melarkey, Zizza; all independent). The Nominating Committee met once in FY2024.
- Not on Audit Committee (members: Salibello (Chair), Fahrenkopf, Zizza; met twice in FY2024).
- Lead Independent Director: James P. Conn (not Colavita); he presides over executive sessions of independent trustees.
- Meeting attendance: Board met five times in FY2024 (four regular, one special); each trustee attended at least 75% of Board and relevant committee meetings.
- Shareholder meeting attendance: GDV does not expect trustees to attend the annual meeting; no trustees attended the May 13, 2024 meeting.
Fixed Compensation
Compensation structure is cash-based (no equity disclosed), with retainers and meeting fees as follows.
| Component | Amount | Notes |
|---|---|---|
| Annual retainer (Independent and certain Interested Trustees) | $18,000 | Paid by GDV |
| Per Board meeting fee | $2,000 | Paid per meeting attended |
| Committee meeting fee | $1,000 | Paid per committee meeting attended |
| Nominating Committee Chair fee | $2,000 | Annual fee (Chair: Colavita) |
| Audit Committee Chair fee | $3,000 | For reference (not applicable to Colavita) |
| Lead Independent Trustee fee | $2,000 | For reference (not applicable to Colavita) |
2024 actuals:
| Metric | 2024 Amount |
|---|---|
| Aggregate compensation from GDV | $28,000 |
| Aggregate compensation from Fund Complex | $169,250 (across 23 funds/portfolios) |
Notes: Trustees are reimbursed for out‑of‑pocket expenses. GDV paid $299,000 in the aggregate to trustees in 2024.
Performance Compensation
- No performance‑linked pay metrics (e.g., revenue, EBITDA, TSR), options, or equity awards are disclosed for trustees; compensation is described solely as cash retainers/meeting fees.
| Element | Details |
|---|---|
| Stock/Option awards | None disclosed for trustees |
| Performance metrics | None disclosed for trustees |
| Clawbacks/COC/severance | Not applicable/not disclosed for trustees |
Other Directorships & Interlocks
| Company | Role | Committee Roles | Interlocks/Notes |
|---|---|---|---|
| — | — | — | No other public company directorships disclosed for Colavita |
| Gabelli Fund Complex | Trustee across 23 funds/portfolios | Nominating Chair at GDV | Time commitments across Fund Complex |
Contextual note on committee composition: Nominating Committee member Salvatore J. Zizza previously settled an SEC matter (2015) regarding Rule 13b2‑2; the Board determined it does not disqualify him from serving as an Independent Trustee.
Expertise & Qualifications
- Legal: Practicing attorney since 1988; prior counsel to NY State Senate.
- Public administration: Town Supervisor since 2004, overseeing ~$35 million budget.
- Governance: Chair of GDV’s Nominating Committee; serves on committees for other funds in the Complex.
- Education: B.A., Colgate University; J.D., Pace University School of Law.
Equity Ownership
| Measure | GDV (Fund) | Fund Complex |
|---|---|---|
| Dollar range of equity securities (as of 12/31/2024) | A = None | A = None |
| Beneficial ownership (shares) | 0 common; 0 preferred; <1% of class | |
| Interests in Adviser‑controlled affiliates | None disclosed for Colavita (table lists other trustees with interests) |
Section 16(a) compliance: GDV reports compliance for 2024 except one late Form 3 by Mr. Astorino; no delinquencies noted for Colavita.
Governance Assessment
Strengths
- Independent trustee with legal and municipal executive experience; chairs the Nominating Committee, signaling governance involvement.
- Attendance: Met GDV’s 75%+ attendance threshold; Board held five meetings in 2024.
- No disclosed economic interests in Adviser‑controlled vehicles, reducing related‑party concerns versus certain peers.
Watchpoints / Potential Red Flags
- Zero share ownership in GDV and across the Fund Complex; potential alignment concern given lack of “skin‑in‑the‑game.”
- Time commitments: simultaneous oversight of 23 funds/portfolios in the Fund Complex plus full‑time municipal role.
- Nominating Committee membership includes a trustee (Zizza) with a prior SEC settlement (Board deemed not disqualifying), which some investors may view as a governance quality flag.
- Elected solely by preferred shareholders; while permissible, may raise alignment questions between preferred and common holders.
- GDV trustees did not attend the 2024 annual shareholder meeting; policy states attendance is not expected, but some shareholders prefer director presence.