Agnes Mullady
About Agnes Mullady
Agnes Mullady serves as an Interested Trustee of the Fund, with service since 2021 and a current term continuing until the Fund’s 2027 Annual Meeting of Shareholders . She was previously Senior Vice President at GAMCO Investors, Inc. (2009–2019), EVP at Associated Capital Group, Inc. (2016–2019), President & COO of the Fund Division at Gabelli Funds, LLC (2010–2019), Vice President at Gabelli Funds, LLC (2006–2019), and CEO of G.distributors, LLC (2011–2019) . Prior to joining GAMCO in 2005, she was Senior Vice President at U.S. Trust Company and Treasurer/Chief Financial Officer of the Excelsior Funds (2004–2005) . Education: MBA in Finance (New York Institute of Technology) and B.A. in Accounting (Queens College); Year of Birth: 1958 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Gabelli Funds, LLC (Fund Division) | President & COO | 2010–2019 | Oversight of fund operations across complex |
| GAMCO Investors, Inc. | Senior Vice President | 2009–2019 | Senior leadership at adviser’s parent |
| Associated Capital Group, Inc. | Executive Vice President | 2016–2019 | Executive role at affiliate |
| G.distributors, LLC | Chief Executive Officer | 2011–2019 | Distribution leadership |
| Gabelli/GAMCO/Teton Funds | Officer of all registered investment companies | 2006–2019 | Complex-wide fund officer |
| U.S. Trust Company | Senior Vice President | 2004–2005 | Institutional asset management leadership |
| Excelsior Funds | Treasurer & Chief Financial Officer | 2004–2005 | Finance oversight for fund complex |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| GAMCO Investors, Inc. | Director | Past five years (as disclosed) | Board role at parent of Fund’s Adviser |
Board Governance
- Independence: Classified as an “Interested person” under the 1940 Act due to direct or indirect beneficial interest in the Adviser and a previous professional relationship with the Fund and Adviser .
- Board structure: No Chairman; James P. Conn is the Lead Independent Trustee, presiding over executive sessions and acting as liaison among parties .
- Committees: Audit (Chair: Vincent D. Enright; Members: Frank J. Fahrenkopf, Jr.; Salvatore J. Zizza), Nominating (Chair: Anthony S. Colavita), ad hoc Proxy Voting (Chair: Vincent D. Enright), ad hoc Pricing; Independent Trustees chair all committees, and Independent Trustees meet regularly in executive session .
- Attendance: In FY2024, the Board met four times; each Trustee then serving attended at least 75% of Board and applicable committee meetings .
- Shareholder meeting attendance: The Fund does not expect Trustees to attend the Meeting; no Trustee or nominee attended the annual meeting on May 13, 2024 .
- Portfolios overseen in Fund Complex: 14 .
Fixed Compensation
| Component | FY2024 Amount | Notes |
|---|---|---|
| Annual retainer (Independent and certain Interested Trustees) | $15,000 | Standard trustee retainer |
| Board meeting fees | $8,000 | 4 meetings × $2,000 per meeting |
| Committee meeting fees (if applicable) | $0 (not disclosed specific to Mullady) | $1,000 per committee meeting generally |
| Audit Committee Chair fee | N/A | $3,000 applies to Audit Chair (Enright) |
| Nominating Chair fee | N/A | $2,000 applies to Nominating Chair (Colavita) |
| Lead Independent Trustee fee | N/A | $2,000 applies to Lead Independent Trustee (Conn) |
| Aggregate compensation from the Fund | $23,000 | Matches retainer + 4 meeting fees |
| Aggregate compensation from Fund Complex | $131,500 | Paid across 14 investment companies/portfolios |
The compensation framework indicates a predominantly cash structure for trustees (retainer + per-meeting fees) with no stock or option grants disclosed for trustees .
Performance Compensation
| Award Type | Grant Date | Quantity/Shares | Fair Value ($) | Performance Metrics | Vesting Schedule |
|---|---|---|---|---|---|
| None disclosed for Trustees | — | — | — | — | — |
The proxy describes cash retainers and fees; it does not disclose RSUs/PSUs/options or performance-linked director awards .
Other Directorships & Interlocks
| Company | Relationship to GGN | Role | Potential Interlock/Conflict Consideration |
|---|---|---|---|
| GAMCO Investors, Inc. | Parent of the Fund’s Adviser | Director | Board role at parent entity of Adviser; basis for “Interested person” status |
Expertise & Qualifications
- Fund complex leadership: Former President & COO of Gabelli Funds’ Fund Division; prior senior roles across Gabelli/GAMCO/Teton fund complexes .
- Distribution and operations: CEO of G.distributors, LLC; extensive operational oversight in mutual fund/CEF context .
- Finance credentials: MBA in Finance (NYIT); BA in Accounting (Queens College) .
- Broader industry experience: U.S. Trust senior role and Excelsior Funds CFO/Treasurer providing institutional fund management perspective .
Equity Ownership
| Security | Amount and Nature of Beneficial Ownership | % of Class | Dollar Range in Fund | Aggregate Dollar Range in Fund Complex |
|---|---|---|---|---|
| GGN Common Shares | 150 Common Shares | <1% | B ($1–$10,000) | E (Over $100,000) |
Governance Assessment
- Independence and interlocks: Mullady is explicitly classified as an “Interested person” due to beneficial interest and prior professional ties to the Adviser; she also holds a director role at GAMCO Investors, Inc., the parent of the Adviser—this creates a structural interlock and potential conflict-of-interest considerations for investor oversight .
- Committee participation: Committee chairs and identified members are Independent Trustees; Mullady is not listed among Audit or Nominating Committee members, aligning with the Fund’s practice that Independent Trustees chair all committees .
- Attendance signal: Board met four times in FY2024, and all Trustees met the 75% attendance threshold; however, no Trustees attended the May 13, 2024 shareholder meeting, consistent with the Fund’s policy that trustees are not expected to attend—this reduces direct shareholder engagement optics .
- Pay/ownership alignment: Compensation is modest and cash-based ($23,000 from the Fund), consistent with meeting-based service; personal ownership in GGN is limited (150 shares; $1–$10,000 range), though aggregate complex exposure is over $100,000, indicating broader alignment with the family of investment companies rather than concentrated GGN exposure .
Red Flags
- Interested status and adviser interlock: Board role at adviser’s parent and “Interested person” classification may affect perceived independence and board effectiveness in overseeing the Adviser .
- Shareholder meeting non-attendance: No trustees/nominees attended the May 13, 2024 meeting; while consistent with policy, some investors may view this as lower engagement .