Salvatore Salibello
About Salvatore M. Salibello
Independent Trustee of GAMCO Global Gold, Natural Resources & Income Trust (GGN) since November 16, 2005; born 1945; CPA with >40 years public accounting experience, currently Senior Partner at Bright Side Consulting . Prior roles include Managing Partner at Salibello & Broder LLP (1978–2012) and Partner at BDO Seidman, LLP (2012–2013) . Education: B.S. in Accounting (St. Francis College) and MBA in Finance (Long Island University) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Bright Side Consulting | Senior Partner | Current | — |
| Salibello & Broder LLP | Managing Partner | 1978–2012 | Led certified public accounting firm |
| BDO Seidman, LLP | Partner | 2012–2013 | — |
| Nine West, Inc. | Director | 2002–2014 | Audit Committee Chair |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| LICT Corp. (Telecommunications) | Director | Current | Not disclosed in proxy |
Board Governance
- Status: Independent Trustee; not an “interested person” under the 1940 Act .
- Tenure/term: Trustee since 2005; term continues until the 2027 Annual Meeting .
- Lead Independent Trustee: James P. Conn; Board has no Chair .
- Board committees: Audit Committee (Enright, Chair; Fahrenkopf; Zizza) met 2 times in FY2024; Nominating Committee (Colavita, Chair; Melarkey; Zizza) met 1 time in FY2024 .
- Board meetings: 4 in FY2024; each Trustee attended ≥75% of Board and applicable committee meetings .
- Shareholder engagement: Trustees are not expected to attend annual shareholder meetings; none attended the May 2024 meeting .
Fixed Compensation
- Structure: Annual retainer $15,000; $2,000 per Board meeting attended; $1,000 per committee meeting; incremental annual fees for certain chairs (Audit Chair $3,000; Nominating Chair $2,000; Lead Independent $2,000) .
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Aggregate compensation from GGN | $23,000 | $23,000 |
| Aggregate compensation from Fund Complex | $92,000 | $92,500 |
| Board meetings held (GGN) | 4 | 4 |
Performance Compensation
- No stock awards, options, PSUs, or performance-based pay are disclosed for Trustees; compensation consists of cash retainers and meeting fees .
| Component | Disclosure |
|---|---|
| Stock awards (RSUs/PSUs) | None disclosed in proxy |
| Option awards | None disclosed in proxy |
| Performance metrics tied to pay | None disclosed in proxy |
| Severance/CoC/Clawbacks | Not applicable to Trustees; not disclosed |
Other Directorships & Interlocks
| Company | Type | Role | Tenure | Notes |
|---|---|---|---|---|
| LICT Corp. | Public | Director | Current | Telecom; no GGN portfolio linkage disclosed |
| Nine West, Inc. | Public (historical) | Director; Audit Chair | 2002–2014 | Prior consumer products board service |
Expertise & Qualifications
- CPA; deep audit and financial oversight experience, including chairing a public company audit committee .
- Board oversight experience across the Gabelli Fund Complex; oversees 6 portfolios in the complex .
- Finance and accounting academic credentials (B.S. Accounting; MBA Finance) .
Equity Ownership
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| GGN dollar range of holdings | A (None) | A (None) |
| Shares owned (GGN) | 0 Common Shares | 0 Common Shares |
| % of shares outstanding | <1% (asterisk per proxy) | <1% (asterisk per proxy) |
| Aggregate dollar range in Fund Complex | E (Over $100,000) | E (Over $100,000) |
- Section 16 compliance: The Fund believes required insiders complied with filing requirements in FY2024 and FY2023 .
- Pledging/hedging: No pledging or hedging of GGN stock disclosed for Mr. Salibello .
Governance Assessment
- Independence and expertise: Strong audit/financial oversight profile; independent under 1940 Act; no disclosed interests in Adviser-controlled private vehicles (contrast with certain peers) .
- Alignment concern: No beneficial ownership of GGN shares across 2023–2024 (Dollar Range A; 0 shares), which may weaken direct “skin-in-the-game” alignment despite significant holdings across the broader fund complex .
- Attendance and engagement: Met ≥75% attendance threshold, but trustees do not attend shareholder meetings and none attended in 2024, limiting direct investor engagement .
- Workload/fees: Cash-only director compensation with meeting-based fees; no performance-linked pay—neutral for pay-for-performance but reduces incentive alignment with long-term outcomes .
Red Flags
- No GGN share ownership (A: None; 0 shares) across consecutive years .
- Trustees’ non-attendance at annual shareholder meeting (May 2024) and policy of not expecting attendance .
Neutral/Positive Indicators
- Long-tenured independent trustee with CPA credential and prior audit chair experience; audit literacy strengthens Board oversight .
- Board’s defined committee structure and regular executive sessions; Audit Committee designated financial expert and active oversight of external auditor .