Agnes Mullady
About Agnes Mullady
Agnes Mullady (year of birth: 1958) has served as a Trustee of The Gabelli Global Small and Mid Cap Value Trust (GGZ) since March 25, 2021; she is classified by the Fund as an “interested person” due to direct or indirect beneficial interest in the Adviser and prior professional relationships with the Fund and Adviser . Her credentials include senior leadership roles across the Gabelli fund complex and U.S. Trust/Excelsior, with an MBA in Finance from New York Institute of Technology and a B.A. in Accounting from Queens College . She beneficially owns 150 Common Shares of GGZ (<1% of outstanding) and reports a dollar range “B” ($1–$10,000) in GGZ and “E” (over $100,000) across the Gabelli Family of Investment Companies, as of December 31, 2024 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Gabelli Funds, LLC (Fund Division) | President & Chief Operating Officer | 2010–2019 | Led fund operations; officer across Gabelli/Teton Funds (alignment with adviser operations) |
| G.distributors, LLC | Chief Executive Officer | 2011–2019 | Oversaw distribution; integration with Gabelli fund complex |
| GAMCO Investors, Inc. (GAMI) | Senior Vice President | 2009–2019 | Senior leadership at parent; supports investment operations |
| Associated Capital Group, Inc. | Executive Vice President | Nov 2016–2019 | Executive role at affiliate; potential interlock with adviser affiliates |
| Gabelli Funds, LLC | Vice President | 2006–2019 | Officer of registered investment companies within Fund Complex |
| Gabelli/Teton Funds | Officer | 2006–2019 | Management responsibilities across fund family |
| U.S. Trust Company / Excelsior Funds | SVP; Treasurer & CFO (Excelsior) | 2004–2005 | CFO/Treasurer experience; finance and controls |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| GAMCO Investors, Inc. | Director | Not disclosed | Listed as “Other Directorships Held by Trustee” (public asset manager; adviser affiliate) |
Board Governance
- Board composition: Nine Trustees, six classified as Independent; Mullady is an Interested Trustee per the Investment Company Act of 1940 definition .
- Trustee class: Serving until the 2027 Annual Meeting of Shareholders (three-year staggered term) .
- Committees: Audit (Birch–Chair; Fahrenkopf; Zizza) met twice in 2024; Nominating (Conn–Chair; Colavita; Zizza) met once; ad hoc Proxy Voting Committee chaired by Zizza; ad hoc Pricing Committee as needed; multi-fund ad hoc Compensation Committees for CCO and certain officers; Mullady is not listed on these committees .
- Lead Independent Trustee: James P. Conn; independent trustees meet regularly in executive session and chair all committees .
- Attendance: Board met four times in 2024; each Trustee then serving attended at least 75% of Board meetings and any committee meetings of which they were a member .
- Annual meeting engagement: The Fund does not expect Trustees to attend the Annual Meeting; no Trustees or nominees attended the May 13, 2024 Annual Meeting .
Fixed Compensation
| Component (GGZ Trustees) | Amount/Policy | 2024 Detail |
|---|---|---|
| Annual retainer (Independent and certain Interested Trustees) | $3,000 per Trustee | Board met 4 times in 2024 |
| Board meeting fee | $1,000 per Board meeting attended | 4 meetings → $4,000 potential if attended all |
| Committee meeting fee | $500 per committee meeting attended | Audit met 2; Nominating met 1 (Mullady not on these committees) |
| Audit Committee Chair | $2,000 annual | Not applicable to Mullady |
| Nominating Chair | $1,000 annual | Not applicable to Mullady |
| Lead Independent Trustee | $1,000 annual | Held by Conn (not Mullady) |
| Person | Aggregate Compensation from GGZ (2024) | Aggregate Compensation from Fund Complex (2024) |
|---|---|---|
| Agnes Mullady (Trustee) | $7,000 | $131,500 (across 14 funds/portfolios) |
Performance Compensation
| Item | Disclosure |
|---|---|
| Stock awards (RSUs/PSUs), options, performance-linked pay | The proxy’s trustee compensation disclosure lists only cash retainers and meeting/chair fees; no stock or option awards or performance metrics are presented for Trustees . |
| Clawbacks, change-of-control, severance, tax gross-ups | Not disclosed for Trustees in the proxy . |
Other Directorships & Interlocks
| Company | Relationship | Potential Interlock/Conflict Consideration |
|---|---|---|
| GAMCO Investors, Inc. (GAMI) | Director; prior Senior VP at parent of Adviser | Affiliation with adviser/parent suggests reduced independence; Mullady classified as “interested person” for GGZ . |
Expertise & Qualifications
- Senior operating experience across fund administration, distribution, and compliance within the Gabelli fund complex (President/COO, CEO distribution, EVP, VP roles), plus CFO/Treasurer experience at Excelsior Funds; MBA in Finance and B.A. in Accounting .
- The Board cites Trustees’ ability to critically review information, interact with service providers, and exercise independent business judgment; however, Mullady is categorized as “interested” due to affiliations .
Equity Ownership
| Holder | Shares | Class | Percent of Class | Dollar Range in GGZ | Family of Investment Companies Dollar Range |
|---|---|---|---|---|---|
| Agnes Mullady | 150 | Common | <1% (asterisk) | B ($1–$10,000) | E (Over $100,000) |
Notes: Ownership figures are as of December 31, 2024; “Beneficial Ownership” per Rule 13d-3; dollar ranges per proxy key .
Governance Assessment
- Independence risk: Mullady is an Interested Trustee, not an Independent Trustee, due to beneficial interest in the Adviser and prior professional relationships; this reduces board independence and can weaken checks on adviser conflicts .
- Interlocks: External directorship at GAMCO Investors, Inc. (adviser parent) elevates conflict potential and information flow concerns; reinforces “interested person” status .
- Engagement: Board-level attendance met the 75% threshold in 2024; however, trustees are not expected to attend the Annual Meeting and none attended in 2024, a negative signal on direct shareholder engagement for some investors .
- Compensation alignment: Cash-only fees (retainer and per-meeting) without equity grants or performance metrics limit alignment via ownership; Mullady’s GGZ holdings are modest (150 common shares, B range) despite broad family-level exposure (E range) .
- Structural context: The Board comprises nine Trustees (six Independent), with Independent Trustees chairing committees; Lead Independent Trustee structure is in place, which partially mitigates independence concerns at the committee level .
- Control dynamics (broader fund-level signal): Affiliates of Mario J. Gabelli beneficially own 34.9% of Common Shares and 50.1% of Preferred Shares; this concentration can influence governance outcomes and investor confidence in board independence (contextual to GGZ’s governance environment) .
- Compliance: The Fund reports no delinquent Section 16 filings in 2024, indicating timely reporting by insiders .
Overall signal: Mullady’s deep operational expertise in fund administration and distribution is clear, but her “interested” classification and adviser interlocks present persistent independence/conflict risks. Committee structures led by Independent Trustees and a Lead Independent Trustee offer some counterbalance, yet shareholder engagement optics (annual meeting attendance) and limited ownership alignment may concern governance-focused investors .