Frank J. Fahrenkopf, Jr.
About Frank J. Fahrenkopf, Jr.
Independent Trustee of GGZ since 2013; born 1939; education includes a Bachelor’s degree from the University of Nevada, Reno and a Juris Doctor from Boalt Hall School of Law, U.C. Berkeley . Background spans law, public policy, and industry trade leadership: former Chairman of the Republican National Committee (1983–1989), former President & CEO of the American Gaming Association (1995–2013), and current Co‑Chairman of the Commission on Presidential Debates .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Republican National Committee | Chairman | 1983–1989 | National party leadership; governance and strategy oversight |
| American Gaming Association | President & CEO | 1995–2013 | Industry advocacy; regulatory and policy engagement |
| Hogan & Hartson (now Hogan Lovells) | Partner; Chair, International Trade Practice Group | Prior to 1995 | Specialized in regulatory, legislative, corporate matters for multinational clients |
External Roles
| Organization | Role | Committees | Notes |
|---|---|---|---|
| Commission on Presidential Debates | Co‑Chairman | — | Oversees widely viewed U.S. presidential debates |
| International Republican Institute | Board Member | — | Founded the institute in 1984 |
| Culinary Institute of America | Former Chair, Finance Committee; Board Member | Finance Committee (former chair) | Ongoing board involvement |
| First Republic Bank | Director; Chair, Corporate Governance & Nominating; Member, Compensation | Corporate Governance & Nominating (Chair); Compensation (Member) | Service exceeds 30 years |
| Eldorado Resorts, Inc. | Director | — | Owns/operates casinos across 10 states |
Board Governance
- Committee assignments: Audit Committee member; not disclosed as chair of any GGZ committee .
- Independence status: Listed among Independent Trustees/Nominee; not an “interested person” under the 1940 Act .
- Attendance: Trustees met 4 times in FY2024; each Trustee attended at least 75% of Board and applicable committee meetings .
- Engagement: Audit Committee Charter most recently reviewed and approved February 13, 2025; Board oversees risk management, valuation, and compliance reporting processes .
- Fund complex oversight: Oversees 11 portfolios within the Gabelli Fund Complex .
- Board leadership reference: Lead Independent Trustee is James P. Conn; he chairs Nominating Committee .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual retainer (Independent Trustee) | $3,000 | Paid by the Fund |
| Board meeting fee (per meeting) | $1,000 | 4 meetings in FY2024 |
| Committee member fee (per meeting) | $500 | Applies to all Board committee members |
| Audit Committee Chair fee (annual) | $2,000 | Chair only; not disclosed as Fahrenkopf |
| Nominating Chair fee (annual) | $1,000 | Chair only; not Fahrenkopf |
| Lead Independent Trustee fee (annual) | $1,000 | Role held by Conn |
| Aggregate trustee remuneration (Fund, FY2024) | $56,000 | Excludes out‑of‑pocket expenses |
No director equity grants, options, or performance‑based director compensation are disclosed for GGZ .
Other Directorships & Interlocks
| Company | Type | Role | Committee Roles | Potential Interlock/Conflict Note |
|---|---|---|---|---|
| First Republic Bank | Public company (banking) | Director | Chair, Corporate Governance & Nominating; Member, Compensation | Financial sector governance expertise; no GGZ transaction linkage disclosed |
| Eldorado Resorts, Inc. | Public company (casino entertainment) | Director | — | Gaming sector network; no GGZ transaction linkage disclosed |
Expertise & Qualifications
- Legal, regulatory, and corporate governance expertise; prior law firm partner leading international trade practice .
- Extensive board governance experience; chair and member roles on major committees (e.g., corporate governance and compensation) at First Republic Bank .
- Industry leadership in gaming; served as AGA CEO for 18 years .
- Public policy leadership and event governance (Commission on Presidential Debates) .
Equity Ownership
| Category | Amount/Range | Percent Outstanding | As of |
|---|---|---|---|
| GGZ Common Shares | 0 | <1% | December 31, 2024 |
| Dollar Range in GGZ | A (None) | — | December 31, 2024 |
| Aggregate Dollar Range in Fund Complex | E (Over $100,000) | — | December 31, 2024 |
| Interests in Adviser/Affiliate‑Controlled Entity | Gabelli Associates Limited II E membership interest: $1,664,367; 1.86% of class | — | December 31, 2024 |
Trustees not employed by the Adviser are reimbursed for out‑of‑pocket meeting expenses; GGZ discloses no ownership guidelines for Trustees .
Governance Assessment
- Independence and committee work: Classified as Independent Trustee and serves on the Audit Committee, supporting financial reporting and compliance oversight; no chair role at GGZ disclosed .
- Attendance and engagement: Board met quarterly; minimum 75% attendance achieved by each Trustee, indicating baseline engagement standards were met .
- Alignment concerns: Holds no GGZ shares and reports “None” dollar range in the Fund, while aggregate holdings across the Fund Complex are “Over $100,000”; weak direct ownership alignment in GGZ itself .
- Potential conflict indicator (RED FLAG): Material membership interest in an entity deemed under common control with the Adviser (Gabelli Associates Limited II E), valued at $1,664,367 with 1.86% of class—this related‑party exposure may impair perceived independence despite 1940 Act classification .
- Compensation structure: Cash‑heavy fee schedule without equity or performance linkage; reduces pay‑for‑performance alignment but limits incentives that could bias oversight; aggregate FY2024 remuneration to Trustees was $56,000 .
- Network implications: External directorships in banking and gaming bring governance and industry expertise; no GGZ‑specific related‑party transactions disclosed with these companies .
Overall: Strong governance resume and Audit Committee involvement, but zero GGZ share ownership and disclosed Adviser‑affiliate interests present alignment and independence optics risks for investors .