Calgary Avansino
About Calgary Avansino
Independent director of The Gabelli Multimedia Trust Inc. (GGT), first appointed March 25, 2021; born 1975. Background spans media and consumer technology: CEO of Glamcam (2018–2020), prior senior editorial roles at British Vogue, and founder of an eponymous wellness venture and author of “Keep It Real” (2016). Education: Cate Preparatory School ’93 and Georgetown University ’98 (English Literature major, Women’s Studies minor). She is classified as an Independent Director under the 1940 Act, though the proxy notes a family tie to GAMCO Investors, Inc., the parent of GGT’s Adviser (see “Interlocks” below).
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Glamcam | Chief Executive Officer | 2018–2020 | Social commerce app for Gen Z |
| British Vogue | Executive Fashion Director; Digital Project Director | 2009–2013 | Senior editorial/digital leadership |
| Vogue (Contributing) | Contributing Editor | Began 2014 | Launch of wellness company |
| Wellness enterprise | Founder/Operator; Author of “Keep It Real” | 2014–2016+ | Nutrition book (2016), public speaking on wellness trends |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Cate School | Trustee | Since 2017 | Education governance |
| E.L. Wiegand Foundation | Trustee | Since 2018 | Philanthropy/charitable board |
| Common Sense Media | Advisory Council Member | Since 2019 | Media/child safety advisory |
Board Governance
- Board tenure: Director since March 25, 2021; nominated for re‑election to serve until the 2028 annual meeting.
- Independence: Listed among “Independent Directors”; none of the Independent Directors (with noted exceptions) had interests in the Adviser or its control affiliates as of Dec 31, 2024.
- Committee assignments: Not named as a member or chair of the Audit Committee (Birch, Roeder, Zizza), Nominating Committee (Fahrenkopf, Zizza), Lead Independent Director (Conn), or ad hoc committees in the 2025 proxy.
- Attendance and engagement: Board met 4 times in FY2024; each Director then serving attended at least 75% of Board and applicable committee meetings. Directors are not expected to attend the annual meeting; none attended the May 13, 2024 annual meeting.
- Board composition context: 12 directors, 10 independent (not “interested persons”).
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual retainer (Independent Directors) | $6,000 | Paid by GGT |
| Board meeting fee | $500 per meeting | Paid for each Board meeting attended |
| Committee meeting fee | $1,000 per meeting | Paid for each committee meeting attended |
| Audit Committee Chair | $3,000 annual | Role held by John Birch (not Avansino) |
| Nominating Committee Chair | $2,000 annual | Role held by Frank J. Fahrenkopf, Jr. (not Avansino) |
| Lead Independent Director | $2,000 annual | Role held by James P. Conn (not Avansino) |
| Aggregate compensation from GGT (FY2024) | $8,000 | Avansino, Director |
| Aggregate comp from Fund Complex (FY2024) | $52,000 | Across Gabelli fund complex |
- Total aggregate remuneration paid by the Fund to Independent Directors (excluding expenses) was $93,791 in FY2024.
Performance Compensation
- No equity grants, options, PSUs/RSUs, or performance-based compensation for directors are disclosed; compensation is via cash retainers and meeting fees.
Other Directorships & Interlocks
| Entity | Relationship | Role | Potential Conflict Note |
|---|---|---|---|
| GAMCO Investors, Inc. (parent of Adviser) | Familial | Ms. Avansino is the daughter of Raymond C. Avansino, Jr., a GAMCO director | Familial tie to parent of Adviser is a potential independence/conflict consideration, though Avansino is listed as independent at GGT |
- Additional interlocks noted in proxy apply to other directors (e.g., Fahrenkopf’s daughter in Gabelli Fund Complex; Zizza roles), not to Avansino.
Expertise & Qualifications
- Media, consumer, and digital product experience (British Vogue; Glamcam; wellness entrepreneurship).
- Education: Georgetown University ’98 (English Literature; Women’s Studies minor).
- Not designated as the Fund’s Audit Committee Financial Expert; that role is held by John Birch.
Equity Ownership
| Holder | Shares Owned | % of Shares Outstanding | Dollar Range in GGT |
|---|---|---|---|
| Calgary Avansino | 0 | * (less than 1%) [proxy notation] | A (None) |
- All shares valued as of December 31, 2024; beneficial ownership determined per SEC rules.
- Section 16(a) compliance: No late filings reported for Avansino; one late Form 4 filing was reported for John Birch.
Governance Assessment
- Independence and conflicts: While Avansino is listed as independent, the proxy explicitly flags her familial relationship to a GAMCO board director (parent of the Adviser), which poses a perceived independence risk; investors may scrutinize recusals and committee participation around Adviser oversight. RED FLAG.
- Committee influence: Not serving on Audit or Nominating committees and not in chair roles reduces her direct leverage over key oversight functions (financial reporting, director nominations, governance standards).
- Alignment: No share ownership in GGT and no disclosed director equity compensation weakens “skin-in-the-game.” RED FLAG.
- Engagement: Minimum attendance threshold (≥75%) met during FY2024; however, directors are not expected to attend annual meetings and none did in 2024—an investor engagement drawback.
- Compensation structure: Modest cash retainer/meeting-fee model with no performance-based elements; reduces pay-for-performance concerns but does not foster equity alignment.
Overall, Avansino brings consumer/media product expertise and public-facing communications experience but exhibits limited governance leverage via committees, zero equity alignment, and a familial interlock to the Adviser’s parent—factors that can constrain investor confidence in board independence and effectiveness for a closed-end fund context.