James Conn
About James P. Conn
James P. Conn is the Lead Independent Trustee of GAMCO Global Gold, Natural Resources & Income Trust (GGN), serving on the Board since the Fund’s 2005 organizational meeting; he is elected solely by holders of the Fund’s Preferred Shares, with his current term running until the 2027 Annual Meeting . A former senior business executive at Transamerica Corp., he served as Managing Director and Chief Investment Officer of Financial Security Assurance Holdings, Ltd. (1992–1998), and holds a B.S. in Business Administration from Santa Clara University . Year of birth: 1938; oversight responsibilities include presiding over executive sessions and Board liaison duties .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Financial Security Assurance Holdings, Ltd. | Managing Director & Chief Investment Officer | 1992–1998 | Led investment oversight as CIO |
| Transamerica Corp. | Senior business executive (including service as Chief Investment Officer) | Not disclosed | Director at several public companies and committee leadership experience |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Various public companies (banking and other industries) | Director, Lead Director and/or Committee Chair | Not disclosed | Served as lead director and/or chair of various committees |
Board Governance
- Lead Independent Trustee; presides over executive sessions, acts as liaison among service providers and Trustees, and sets agendas between meetings .
- Committee assignments: member of ad hoc Proxy Voting Committee and ad hoc Pricing Committee; not currently on Audit or Nominating Committees .
- Independence: designated Independent Trustee; elected solely by Preferred shareholders (structural nuance) .
- Board activity: four regular quarterly Board meetings in FY2024; all Trustees attended at least 75% of Board and applicable committee meetings .
- Shareholder engagement: Trustees did not attend the 2024 annual meeting; trustees are not expected to attend the 2025 annual meeting (fund policy) .
Fixed Compensation
Compensation structure and actuals:
- Fee schedule: annual retainer $15,000; $2,000 per Board meeting; $1,000 per committee meeting; Lead Independent Trustee receives an additional $2,000 annual fee .
- No equity grants or option awards disclosed for directors; compensation is cash-based retainers/meeting fees .
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Aggregate Compensation from GGN ($) | $25,000 | $25,000 |
| Aggregate Compensation from Fund Complex ($) | $281,021 (23 funds) | $288,500 (23 funds) |
Performance Compensation
- No performance-based compensation metrics (e.g., TSR, EBITDA, revenue growth) for Independent Trustees disclosed; no stock or option awards disclosed .
| Performance Metric | FY 2023 | FY 2024 |
|---|---|---|
| Cash bonus (discretionary or formulaic) | None disclosed | None disclosed |
| Equity awards (RSUs/PSUs/options) | None disclosed | None disclosed |
| Performance goals (TSR/ROIC/ESG) | None disclosed | None disclosed |
Other Directorships & Interlocks
- Conn has served as a director of several public companies in banking and other industries; also served as lead director and/or chaired various committees (specific companies not named) .
Expertise & Qualifications
- Capital markets and investment oversight expertise from CIO roles at FSA and Transamerica .
- Board leadership experience (Lead Independent Trustee) and prior public company committee leadership .
- Education: B.S., Business Administration, Santa Clara University .
Equity Ownership
- Beneficial ownership in GGN: 1,000 Common Shares; less than 1% of outstanding .
- Dollar range in GGN: Category B ($1–$10,000) in both 2023 and 2024 .
- Aggregate dollar range across the Fund Complex: Category E (Over $100,000) .
- Interests in affiliated entities (under common control with the Adviser): de minimis PMV Consumer Acquisitions Corp. warrants valued at $2–$3; <1% of class .
| Ownership Metric | FY 2023 | FY 2024 |
|---|---|---|
| GGN Shares Owned (Common) | 1,000; <1% of outstanding | 1,000; <1% of outstanding |
| Dollar Range in GGN | B ($1–$10,000) | B ($1–$10,000) |
| Aggregate Dollar Range in Fund Complex | E (Over $100,000) | E (Over $100,000) |
| Interests in Adviser/Affiliate-Controlled Entities | PMV Consumer Acquisitions Corp. warrants; $2; <1% | PMV Consumer Acquisitions Corp. warrants; $3; <1% |
Governance Assessment
- Strengths: Independent leadership as Lead Independent Trustee; regular executive sessions; clear committee delineation; full compliance with Section 16(a) filings in FY2024 and FY2023 per Fund review .
- Alignment: Personal GGN share ownership is modest (1,000 shares; Dollar Range B); aggregate interests across the complex are high-level dollar range E, but direct company equity exposure is limited .
- Committee load: Focused engagement on ad hoc Proxy Voting and Pricing; not on Audit/Nominating (reduces risk of overboarding within the fund but limits direct involvement in key governance committees) .
- Structural nuance: Elected solely by Preferred shareholders, which can create differing alignment dynamics versus common shareholders; however, the Board is majority independent and operates with executive sessions .
- Engagement red flags: Trustees did not attend the 2024 annual shareholder meeting and are not expected to attend the 2025 meeting; this may signal lower direct shareholder interaction despite hybrid meeting availability .
- Related-party exposure: De minimis warrants in an entity under common control with the Adviser (PMV Consumer Acquisitions Corp.) present minimal conflict risk due to immaterial value and <1% stake, but should be monitored .
Overall, Conn’s profile combines deep investment oversight experience and independent board leadership, with modest direct share ownership and limited disclosed conflicts; the primary governance watchpoint is shareholder-meeting engagement practice and the structural preferred-share election dynamic .