Richard J. Walz
About Richard J. Walz
Richard J. Walz is Chief Compliance Officer (CCO) of The Gabelli Global Small and Mid Cap Value Trust (GGZ), serving since 2013; his year of birth is 1959 . His principal responsibility is overseeing compliance across registered investment companies in the Gabelli Fund Complex, reporting periodically to the Board on compliance matters and program testing . The GGZ proxy does not disclose education or fund performance metrics (e.g., TSR, revenue, EBITDA) tied to his role; no performance metrics for Walz are presented in the proxy materials .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Gabelli Fund Complex (including GGZ) | Chief Compliance Officer | 2013–present | Oversees fund compliance programs; periodic reporting to GGZ’s Board on compliance implementation and testing . |
| AEGON USA Investment Management | Chief Compliance Officer | 2011–2013 | Led compliance for investment management operations prior to joining Gabelli Fund Complex . |
External Roles
No external directorships or committee roles for Walz are disclosed in GGZ’s proxy statements (officers section lists principal occupation only) .
Fixed Compensation
GGZ’s proxy states compensation for the complex’s CCO is overseen by multi-fund ad hoc Compensation Committees, but it does not disclose Walz’s specific salary, bonus targets, or payouts; only certain officers compensated directly by the Fund (e.g., Vice Presidents/Ombudsman) had amounts disclosed .
| Component | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | Not disclosed | Not disclosed |
| Target Bonus (%) | Not disclosed | Not disclosed |
| Actual Bonus ($) | Not disclosed | Not disclosed |
Performance Compensation
No equity or cash incentive plan details (metrics, weightings, targets, payouts, vesting) are disclosed for Walz in GGZ’s proxy; compensation oversight is via multi-fund ad hoc Compensation Committees, not presented with award-level granularity .
| Incentive Type | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
Equity Ownership & Alignment
Walz reported beneficial ownership of zero GGZ shares in both 2023 and 2024; percent of shares outstanding is less than 1% (asterisk denotes <1%) . GGZ proxies do not disclose any pledged or hedged shares for Walz.
| Metric | As of Dec 31, 2023 | As of Dec 31, 2024 |
|---|---|---|
| Common Shares Owned (#) | 0 | 0 |
| Ownership (% of Common) | <1% (*) | <1% (*) |
| Preferred Shares Owned (#) | Not applicable | Not applicable |
| Shares Pledged (#) | Not disclosed | Not disclosed |
Additional alignment notes:
- Stock ownership guidelines and compliance status for officers are not disclosed in GGZ’s proxies (trustee ownership ranges are disclosed separately) .
- Section 16(a) filings: the Fund indicates required persons were in compliance; no delinquency is noted for Walz (a late Form 4 is noted for a trustee, not Walz) .
Employment Terms
- Role and start date: Chief Compliance Officer since 2013 .
- Term: Officers hold office for an indefinite term until resignation/retirement or until a successor is duly elected and qualified .
- Compensation governance: The multi-fund ad hoc Compensation Committees oversee CCO compensation across the fund complex; specific terms (salary multiples, bonus, severance, change-of-control triggers, vesting acceleration, clawbacks, tax gross-ups) are not disclosed in GGZ’s proxies .
- Non-compete, non-solicit, garden leave, and post-termination consulting: Not disclosed in GGZ’s proxies .
Investment Implications
- Alignment: Reported ownership of zero GGZ shares indicates limited “skin-in-the-game” alignment; proxies do not disclose ownership guidelines for officers or any pledging/hedging, reducing visibility into alignment risk .
- Insider selling pressure: With no disclosed equity awards or vesting schedules for Walz and zero share ownership, vesting-related selling pressure appears immaterial based on available disclosures .
- Retention risk: Long tenure (CCO since 2013) and compensation oversight via multi-fund ad hoc committees suggest structural continuity; however, absence of disclosed severance/change-of-control economics limits clarity on retention incentives in stress scenarios .
- Trading signals: No Section 16(a) filing issues noted for Walz and no share ownership changes reported, providing minimal trading signal value from insider activity .
Disclosure gaps: GGZ’s proxies provide governance/oversight and officer listings but do not present Walz’s compensation components, incentive metrics, severance/CIC terms, or any equity awards. Analysts should treat pay-for-performance and sell-pressure assessments as constrained by these omissions and consider requesting detail from the Adviser or complex-level committees .