Anthony S. Colavita
About Anthony S. Colavita
Anthony S. Colavita (born 1961) is an Independent Director of The Gabelli Multimedia Trust Inc. (GGT), elected solely by holders of the Fund’s Preferred Stock; he has served since 2021 and is nominated to continue through the 2028 annual meeting . He is an attorney (Anthony S. Colavita, P.C.) since February 1988 and Town Supervisor of Eastchester, NY since January 2004, overseeing a $35 million municipal budget; education includes a B.A. from Colgate University and J.D. from Pace University School of Law . He is classified as “Independent” under the Investment Company Act, with no reported interests in the Adviser or affiliates (subject to exceptions noted elsewhere in the proxy) as of December 31, 2024 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Anthony S. Colavita, P.C. | Practicing Attorney | Since Feb 1988 | Legal practice leadership |
| Town of Eastchester, NY | Town Supervisor | Since Jan 2004; oversight of $35M budget | Executive leadership and budget administration |
| Town of Eastchester, NY | Town Councilman | 1998–2003 | Local governance |
| New York State Senate | Counsel | Previously (dates not disclosed) | Legislative counsel |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Multiple not-for-profit corporations | Board member | Not disclosed | Community-based programs |
Board Governance
- Structure and independence: Board has a Lead Independent Director (James P. Conn) and Independent Directors chair all committees; executive sessions are regularly held .
- Committees and oversight: Audit Committee (Birch–Chair, Roeder, Zizza) met twice in FY2024; Nominating Committee (Fahrenkopf–Chair, Zizza) met twice in FY2024; ad hoc committees include Proxy Voting and Pricing; Birch designated Audit Committee Financial Expert .
- Colavita’s committee roles: Specific GGT committee assignments for Colavita are not disclosed; he serves on comparable committees for other funds in the complex .
- Attendance and engagement: Board met four times in FY2024; each Director attended at least 75% of Board and applicable committee meetings; Directors and nominees did not attend the May 13, 2024 annual meeting (Fund does not expect attendance at annual meetings) .
- Election basis: Colavita is elected solely by holders of Preferred Stock; GGT’s preferred holders elect two directors as a separate class .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual retainer (Independent Directors) | $6,000 | Paid by Fund |
| Board meeting fee | $500 per meeting | Independent Directors |
| Committee meeting fee | $1,000 per meeting | All committee members |
| Audit Committee Chair fee | $3,000 annually | Birch |
| Nominating Chair & Lead Independent fees | $2,000 annually (each) | Fahrenkopf (Chair), Conn (Lead) |
| Aggregate remuneration paid to all Independent Directors (FY2024) | $93,791 | Excludes expenses |
| Colavita – Aggregate compensation from GGT (FY2024) | $8,000 | Fund only |
| Colavita – Aggregate compensation from Fund Complex (FY2024) | $169,250 across 23 funds | Number of funds overseen by Colavita: 23 |
The proxy discloses cash retainers and meeting fees; no equity awards or performance-based director compensation are disclosed for GGT .
Performance Compensation
| Metric | Target | Actual | Vehicle | Vesting |
|---|---|---|---|---|
| Not disclosed for directors | — | — | — | — |
No performance metrics (e.g., TSR, EBITDA, ESG) or equity awards (RSUs/PSUs/options) for directors are disclosed in the proxy .
Other Directorships & Interlocks
| Company/Organization | Role | Timeframe | Notes |
|---|---|---|---|
| Public company directorships (past five years, excluding other Gabelli funds) | None | Not applicable | “—” shown in table |
| Fund complex committees (other funds) | Member (various) | Ongoing | Comparable committees across complex |
- Independence statement: Independent Directors (including Colavita) and their families had no interests in the Adviser or affiliates as of 12/31/2024, with possible exceptions described elsewhere; none are attributed to Colavita .
- Interlocks across Gabelli affiliates are noted for certain other directors (e.g., Birch, Zizza), but not for Colavita .
Expertise & Qualifications
- Legal and municipal governance expertise: 35+ years as practicing attorney; 20+ years overseeing municipal operations and budgeting as Town Supervisor .
- Policy and community engagement: Prior legislative counsel experience; board service for not-for-profits .
- Fund governance exposure: Serves on committees for other funds in the complex; oversees 23 funds in the Gabelli Fund Complex .
Equity Ownership
| Item | Value | Notes |
|---|---|---|
| Shares owned (Fund) | 0 | Less than 1% outstanding (“*”) |
| Dollar range – Fund | A (None) | As of 12/31/2024 |
| Dollar range – Fund Complex | A (None) | Aggregate dollar range across complex |
- Section 16(a) compliance: Fund reports compliance for FY2024, except one late Form 4 by Birch; no exceptions noted for Colavita .
Governance Assessment
- Independence and representation: Colavita is an Independent Director elected by preferred holders; this structurally aligns him with preferred investors’ interests, which can be beneficial for creditor-like governance but may create differing priorities vs. common shareholders in stress scenarios .
- Committee influence: Not disclosed as a member of the Audit or Nominating Committees, limiting direct oversight in financial reporting and director selection; he serves on comparable committees at other funds, suggesting broader complex-level governance experience .
- Attendance and engagement: Board met quarterly and all directors met the 75% attendance threshold; however, directors/nominees did not attend the 2024 annual meeting, a modest investor-relations engagement negative .
- Ownership alignment: Zero share ownership in GGT (dollar range “A: None”) indicates limited direct economic alignment; combined with cash-only director pay, this is a modest alignment concern for some investors .
- Conflicts/related-party exposure: No related-party transactions or affiliate interests disclosed for Colavita; broader fund-level interlocks are disclosed for certain other directors, but not for him .
- Compensation reasonableness: Director fees are modest at the fund level ($8,000 for FY2024 for Colavita) and structured as cash retainers and meeting fees, consistent with closed-end fund norms .
Red Flags
- Zero share ownership (A: None) may be viewed as weak “skin-in-the-game” alignment .
- No attendance at the 2024 annual meeting by directors/nominees (including Colavita) could signal limited direct investor engagement .
- Not listed on core committees (Audit/Nominating) reduces direct governance influence at GGT, though he participates on committees at other funds .
Signals of Strength
- Long-standing municipal executive experience overseeing significant budgets supports fiduciary and oversight competence .
- Independent status with no disclosed Adviser/affiliate interests supports impartiality .
- Preferred-holder election ensures representation for that capital class, relevant given GGT’s preferred stock structure .