Salvatore Zizza
About Salvatore J. Zizza
Independent Trustee of GAMCO Global Gold, Natural Resources & Income Trust (GGN) since 2005; born 1945; tenure spans 20+ years across the Gabelli fund complex. He is President of Zizza & Associates Corp., with prior leadership roles across manufacturing, recycling, real estate, technology, and pharmaceuticals, and earned a B.S. and MBA in Finance from St. John’s University (Honorary Doctorate in Commercial Sciences) . He serves in multiple board committees at GGN (Audit, Nominating, ad hoc Proxy Voting, ad hoc Pricing, and multi-fund ad hoc Compensation) and is classified as an Independent Trustee under the 1940 Act . His current board class term continues until the 2026 Annual Meeting of Shareholders .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Zizza & Associates Corp. | President | Not disclosed | Private holding company investing across industries |
| NYSE-listed construction company | President, CEO, CFO | Not disclosed | Senior leadership experience at a large public construction firm |
| BAM (semiconductor and aerospace manufacturing) | Retired Chairman | Not disclosed | Oversight/leadership in industrials technology segments |
| Bergen Cove Realty Inc. | Chairman | Not disclosed | Residential real estate leadership |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Trans-Lux Corporation | Director and Chairman | Not disclosed | Business services company; public company role |
| Harbor Diversified Inc. | Director and Chairman | 2009–2018 | Pharmaceuticals; former public role |
| Bion Environmental Technologies, Inc. | Director | Not disclosed | Environmental tech public company role |
| Gabelli International Ltd. | Independent Director | Not disclosed | May be deemed under common control with Adviser (Mario J. Gabelli and/or affiliates) |
Board Governance
- Board structure: No Chair; Lead Independent Trustee is James P. Conn; independent trustees meet regularly in executive session and chair all Board committees .
- Committee roles (GGN): Member—Audit; Nominating; ad hoc Proxy Voting; ad hoc Pricing; member of both multi-fund ad hoc Compensation Committees .
- Attendance: The Board met 4 times in FY2024 and FY2023; each Trustee attended at least 75% of Board and applicable committee meetings .
- Annual meeting attendance: The Fund does not expect Trustees to attend; no Trustees attended the 2024 or 2023 annual meetings—an investor engagement consideration .
| Committee | Role | Meetings (FY2024) | Meetings (FY2023) |
|---|---|---|---|
| Audit | Member | 2 | 2 |
| Nominating | Member | 1 | 1 |
| ad hoc Proxy Voting | Member | Not disclosed | Not disclosed |
| ad hoc Pricing | Member | Not disclosed | Not disclosed |
| Multi-fund ad hoc Compensation | Member | Not disclosed | Not disclosed |
Fixed Compensation
- Structure: Annual retainer $15,000; $2,000 per Board meeting; $1,000 per committee meeting; Audit Chair +$3,000; Nominating Chair +$2,000; Lead Independent +$2,000 (Zizza is not Chair/Lead at GGN) .
- Actual paid (GGN Fund-level) and Fund Complex totals:
| Metric | FY2023 | FY2024 |
|---|---|---|
| Aggregate Compensation from GGN (cash, fees) | $25,500 | $25,000 |
| Aggregate Compensation from Fund Complex (total across 35 portfolios) | $325,500 (35) | $317,137 (35) |
| Board Meetings Held (GGN) | 4 | 4 |
Performance Compensation
- No performance-based pay for Trustees disclosed; no RSUs/PSUs, options, or equity retainer for Trustees at GGN .
No incentive metrics, vesting schedules, change-in-control, clawbacks, tax gross-ups, or deferred compensation disclosed for Trustees .
Other Directorships & Interlocks
| Company | Relationship to Adviser/Complex | Role/Interlock Notes |
|---|---|---|
| Gabelli International Ltd. | May be deemed under common control with Adviser (Mario J. Gabelli and/or affiliates) | Independent Director (interlock risk due to common control) |
| Gabelli Associates Fund | Limited Partner Interest—$2,704,106 (2024); $2,604,564 (2023) | Economic interest in affiliate vehicles—potential conflict optics |
| Gabelli Performance Partnership L.P. | Limited Partner Interest—$378,064 (2024); $361,502 (2023) | Economic interest in affiliate vehicles—potential conflict optics |
Expertise & Qualifications
- Finance and public company leadership: former President/CEO/CFO of a large NYSE construction company; multi-sector chairmanships .
- Capital markets and governance: long-tenured independent trustee across the Gabelli fund complex; Audit Committee experience at GGN .
- Education: B.S. and MBA in Finance; Honorary Doctorate in Commercial Sciences, St. John’s University .
- Industry breadth: exposure to manufacturing, recycling, real estate, technology, and pharmaceuticals .
Equity Ownership
- Alignment ranges: Dollar range in GGN = “C” ($10,001–$50,000); aggregate dollar range in family of investment companies = “E” (Over $100,000), consistent in 2023 and 2024 .
- Beneficial ownership details and percent of outstanding shares:
| Item | FY2023 | FY2024 | Notes |
|---|---|---|---|
| Common Shares (Zizza) | 0 | 0 | Owns no common shares directly |
| Series B Preferred Shares | 1,126 (spouse) | 1,126 (spouse) | Held by spouse; less than 1% of preferred shares outstanding |
| % of Shares Outstanding | <1% (Common and Preferred) | <1% (Common and Preferred) | Trustee/officer group <1% |
| Dollar Range in GGN | “C” ($10,001–$50,000) | “C” ($10,001–$50,000) | As of Dec 31 each year |
| Aggregate Dollar Range in Family | “E” (Over $100,000) | “E” (Over $100,000) | Gabelli fund complex |
Governance Assessment
- Board effectiveness: Long tenure and broad committee service (Audit, Nominating, Proxy Voting, Pricing, Compensation) suggest deep process familiarity and oversight capacity; Audit Committee participation alongside a designated financial expert (Enright) is a positive for financial reporting oversight .
- Independence & interlocks: While classified as Independent, Zizza’s director role at Gabelli International Ltd. and significant LP interests in Gabelli-affiliated funds create perceived conflict risk due to common control with the Adviser; disclosure acknowledges potential common control relationships .
- Attendance & engagement: Minimum 75% attendance meets policy; however, no Trustee attendance at annual meetings in 2023 and 2024 may be viewed as a shareholder engagement shortfall .
- Compensation: Cash-based, modest at the fund level ($25k in FY2024), with higher aggregate compensation driven by service across 35 portfolios; absence of equity or performance-based pay reduces alignment concerns typical of operating companies but is standard practice for closed-end fund trustees .
- Risk indicators—RED FLAGS:
- SEC settlement (2015): Zizza agreed to pay $150,000 and cease-and-desist regarding Rule 13b2-2 (false statements or omissions to accountants concerning a related-party transaction); the Board determined this does not disqualify him from serving as an Independent Trustee, but it remains a governance red flag for investor confidence .
- Related-party/common-control exposure: Independent director position and economic interests in entities that may be under common control with the Adviser, elevating conflict optics despite disclosures and independence designation .
- Annual meeting non-attendance (board-wide): Two consecutive years of no Trustee attendance at shareholder meetings could signal limited direct investor engagement .
Overall, Zizza brings seasoned public company leadership and fund governance experience with active committee participation, but investors should weigh conflict optics from Gabelli-affiliated roles/interests and the historical SEC settlement when assessing governance quality and confidence signals .