Frank Fahrenkopf, Jr.
About Frank J. Fahrenkopf, Jr.
Independent Trustee (since 2005) of GAMCO Global Gold, Natural Resources & Income Trust (GGN); born 1939, with a legal and public policy background as Co-Chairman of the Commission on Presidential Debates, former President & CEO of the American Gaming Association (1995–2013), and former Chairman of the Republican National Committee (1983–1989). He holds a B.A. from the University of Nevada, Reno and a J.D. from Boalt Hall School of Law, U.C. Berkeley; at GGN he serves on the Audit Committee. Tenure on GGN’s board dates to the Fund’s organizational period, evidencing long service and institutional knowledge .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Commission on Presidential Debates | Co-Chairman | Not disclosed | Leads nonpartisan presidential debates governance |
| American Gaming Association | President & CEO | 1995–2013 | Industry advocacy leadership |
| Republican National Committee | Chairman | 1983–1989 | Party governance; public policy leadership |
| Hogan & Hartson (now Hogan Lovells) | Partner; Chair, International Trade Practice | Not disclosed | Regulatory/legislative/corporate matters for multinational clients |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| First Republic Bank | Director; Chair, Corporate Governance & Nominating; Member, Compensation | “More than 30 years” | Board leadership and compensation oversight |
| Eldorado Resorts, Inc. | Director | Not disclosed | Casino operations oversight (19 casinos in 10 states) |
| International Republican Institute | Director; Founder (1984) | Since 1984 | Democracy promotion governance |
| Culinary Institute of America | Former Chair, Finance Committee; current board member | Not disclosed | Financial oversight for nonprofit education |
Board Governance
- Independence: Classified as an Independent Trustee under the Investment Company Act; not an “interested person.” Note: family connection disclosed (daughter serves as director of other Gabelli/GAMCO funds), and independent trustee interests in entities potentially under common control with the Adviser are disclosed (see Conflicts) .
- Committee memberships: Audit Committee member; Audit Committee met 2 times in FY2024. Audit Committee consists of Enright (Chair), Fahrenkopf, Zizza; Enright designated the fund’s Audit Committee Financial Expert .
- Attendance and engagement: Board met 4 times in FY2024; each Trustee attended at least 75% of Board and relevant committee meetings. Trustees and nominees did not attend the May 13, 2024 annual shareholder meeting (GGN does not expect Trustee attendance) .
- Years of service on this board: Trustee since 2005; current term continues until the 2026 annual meeting cycle .
- Lead Independent Director: James P. Conn serves as Lead Independent Trustee, chairs executive sessions; Independent Trustees meet regularly in executive session and chair all committees .
Fixed Compensation
| Component (FY2024) | Amount/Terms | Evidence |
|---|---|---|
| Annual retainer (Independent Trustee) | $15,000 | |
| Board meeting fees | $2,000 per meeting; 4 meetings held → $8,000 | |
| Committee meeting fees | $1,000 per committee meeting; Audit Committee met 2 times → $2,000 | |
| Chair stipends | Not applicable (not a chair) | |
| Aggregate compensation from GGN | $25,000 (FY2024) | |
| Aggregate compensation from GGN + Fund Complex | $159,500 across 11 portfolios (FY2024) |
Notes:
- FY2023 aggregate compensation from GGN: $25,000; similar meeting cadence and committee activity (Audit Committee met 2 times) .
Performance Compensation
| Performance-linked element | FY2024 Disclosure | Metrics/Targets | Vesting/Conditions |
|---|---|---|---|
| Equity awards (RSUs/PSUs) | None disclosed for Trustees | Not applicable | Not applicable |
| Options | None disclosed for Trustees | Not applicable | Not applicable |
| Variable bonus tied to performance | None disclosed for Trustees | Not applicable | Not applicable |
GGN’s Trustee pay is cash-based (retainer, meeting fees, chair stipends); no performance-based components or equity grants are disclosed for directors .
Other Directorships & Interlocks
| Company | Sector | Role | Committee Roles |
|---|---|---|---|
| First Republic Bank | Banking | Director | Chair, Corporate Governance & Nominating; Member, Compensation |
| Eldorado Resorts, Inc. | Casino entertainment | Director | Not disclosed |
Additional interlocks and relationships:
- Daughter (Leslie F. Foley) serves as director of other Gabelli/GAMCO funds, indicating family ties within the fund complex governance network .
Expertise & Qualifications
- Legal, regulatory, and governance expertise from senior roles in national political organizations and industry associations; board leadership at public companies (banking, gaming) .
- Audit Committee service at GGN; experienced in financial oversight (though Audit Committee Financial Expert designation is held by Enright) .
- Education: B.A. University of Nevada, Reno; J.D. Boalt Hall School of Law (U.C. Berkeley) .
Equity Ownership
| Category | Holding | Date/Measurement | Notes |
|---|---|---|---|
| GGN Common Shares | 0 shares; “A” dollar range (None) | As of 12/31/2024 | Beneficial ownership category per proxy dollar-range key |
| GGN Preferred Shares | None | As of 12/31/2024 | No holdings disclosed |
| Aggregate Dollar Range in Fund Complex | “E” (Over $100,000) | As of 12/31/2024 | Across family of investment companies |
| Interests in Adviser-affiliated entities | Gabelli Associates Limited II E: membership interests valued $1,664,367; 1.86% of class | As of 12/31/2024 | Entity may be under common control with Adviser/affiliates |
Ownership alignment:
- No GGN share ownership (0); alignment with GGN shareholders is limited at the Fund level, although broader fund complex holdings exceed $100,000 .
Governance Assessment
Key findings:
- Committee engagement: Active Audit Committee member; committee met two times in FY2024; Board met quarterly; attendance threshold of at least 75% met .
- Independence with related-party exposure: Independent Trustee classification; disclosed family relationship (daughter in Gabelli/GAMCO fund boards) and meaningful membership interest in a Gabelli-affiliated entity (1.86%, $1.664M), which presents potential perceived conflicts requiring continued monitoring in auditor independence and adviser oversight contexts .
- Compensation structure: 100% cash-based; no equity or performance-linked components; Fund-level pay aligns with closed-end fund norms but does not strengthen share ownership alignment at GGN given 0 holdings .
- Shareholder engagement: Trustees do not attend annual shareholder meetings, and none attended in 2024; this reduces direct investor interaction signals, though it conforms to stated expectations in the proxy .
RED FLAGS:
- 0 GGN share ownership and no disclosed ownership guidelines for Trustees (limits direct alignment with Fund shareholders) .
- Related-party proximity via family ties and significant interests in Adviser-affiliated entities under common control (monitor for conflicts and independence in oversight) .
- Non-attendance at the shareholder meeting by Trustees and nominees (lower engagement optics), despite policy that attendance is not expected .
Positive signals:
- Long tenure and substantive governance experience across public company boards; continuous Audit Committee participation; Board includes designated financial expert (Enright), and independent leadership structure (Lead Independent Director) with regular executive sessions .
Potential investor implications:
- Governance oversight competency is supported by experience and committee participation; however, absence of Fund-level share ownership and disclosed related-party interests may raise alignment and conflict perception risks, meriting careful review of audit, valuation, and adviser monitoring processes led by independent committee chairs and the Lead Independent Trustee .