Adam D. Crescenzi
About Adam D. Crescenzi
Adam D. Crescenzi (born 1942) serves as Vice-Chairman of the Board and an Independent Trustee of Clough Global Opportunities Fund (GLO); he has been a trustee since the fund’s inception in 2006 and is nominated for re‑election to a term expiring at the 2028 Annual Meeting. He is Founding Partner of Simply Tuscan Imports LLC (since 2007), a former Executive Vice President of CSC Index’s Management Consulting Services, and a founder/investor in Telos Partners, Creative Realties, Inc., and ICEX, Inc.; he completed the Greater Naples Leadership program in 2014 and holds President Emeritus roles at The Naples Italian Cultural Society and The Founders Fund, Inc.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| CSC Index | Executive Vice-President, Management Consulting Services (retired) | Prior to corporate start-ups | Senior consulting leadership experience relevant to Board oversight |
| Dean College | Trustee | 2003–2015 | Nine years of board service during “successful transformational years” |
| Naples Botanical Gardens | Trustee | Nine years | Board service through transformational period |
| Telos Partners | Founding partner/investor | Not disclosed | Strategic business advisory exposure |
| Creative Realties, Inc. | Founding partner/investor | Not disclosed | Creative arts technology firm experience |
| ICEX, Inc. | Founding partner/investor | Not disclosed | Web‑based corporate exchange forums experience |
External Roles
| Organization | Role | Tenure/Status | Notes |
|---|---|---|---|
| Simply Tuscan Imports LLC | Founding Partner | Since 2007 | Ongoing business leadership |
| Greater Naples Leadership | Program graduate | 2014 | Community leadership credential |
| The Naples Italian Cultural Society | President Emeritus | Not disclosed | Honorary leadership role |
| The Founders Fund, Inc. | President Emeritus | Not disclosed | Honorary leadership role |
| Boston College McMullen Museum of Arts | Philanthropic involvement | Not disclosed | Civic engagement |
Board Governance
- Board role and tenure: Vice‑Chairman and Independent Trustee; Trustee since 2006 at GLO; current nomination to Class I through the 2028 Annual Meeting.
- Independence: Serves as an Independent Trustee under NYSE American standards; both the Audit and Governance & Nominating Committees are composed entirely of Independent Trustees (no “interested persons”).
- Committee assignments:
- Governance & Nominating Committee: Chairman; met twice in FY ended Oct 31, 2024; Charter reviewed January 25, 2024.
- Audit Committee: Member; met twice in FY ended Oct 31, 2024; Audit Committee chaired by Karen DiGravio; Audit Charter reviewed December 19, 2024.
- Board activity and attendance: GLV, GLQ, and GLO Boards each met four times in FY ended Oct 31, 2024; each Trustee then serving attended at least 75% of Board and committee meetings of which they were a member.
- Executive sessions and oversight: Chairman and Independent Trustees meet quarterly in executive sessions; Independent Trustees engage independent legal counsel and auditors to assist in oversight, receiving quarterly CCO reports on controls/compliance.
Fixed Compensation
| Component | Amount per Fund | Notes |
|---|---|---|
| Annual retainer – Independent Trustee | $14,000 | Paid by each Fund to Compensated Trustees (not affiliated with Clough) |
| Board meeting fee – in‑person | $1,500 per meeting | Paid by each Fund to Compensated Trustees |
| Chairman retainer | $16,800 | Chairman of Board (per Fund) |
| Chairman meeting fee – in‑person | $1,800 per meeting | Chairman fee (per Fund) |
| Audit Committee Chairman retainer | $15,400 | Per Fund |
| Audit Committee Chairman meeting fee – in‑person | $1,650 per meeting | Per Fund |
| Telephonic board meeting fees | $500 (Trustee); $600 (Chairman); $550 (Audit Chair) | Additional fee per telephonic meeting; no extra fees for committee meetings |
| Actual compensation received FY ended Oct 31, 2024 | $21,000 (GLV); $21,000 (GLQ); $21,000 (GLO) | Adam D. Crescenzi total $63,000 from Fund Complex |
The proxy discloses cash retainers and meeting fees for Trustees; no stock, option, or performance-based director compensation is listed.
Performance Compensation
| Plan/Metric | Structure | Target/Formula | Payout (FY ended Oct 31, 2024) |
|---|---|---|---|
| Performance-based director pay (equity/options/PSUs/metrics) | Not disclosed/None | Not applicable | Not disclosed/None |
Other Directorships & Interlocks
| Category | Details |
|---|---|
| Other public company boards (past 5 years) | None disclosed for Crescenzi |
| Fund complex portfolios overseen | 3 portfolios (GLV, GLQ, GLO) |
| Shared directorships with competitors/suppliers/customers | Not disclosed |
| Prior public/private boards | Served as a director of both public and private corporations (names/dates not disclosed) |
Expertise & Qualifications
- Founding partner/operator (Simply Tuscan Imports) and prior EVP of global consulting firm CSC Index; founder/investor in multiple technology/service start‑ups (Telos Partners, Creative Realties, ICEX).
- Governance leadership: Chairman of Governance & Nominating Committee since 2006; extensive trustee experience in closed‑end investment companies.
- Community leadership and non‑profit governance: President Emeritus roles and philanthropic involvement; Greater Naples Leadership program graduate.
- Board’s assessment: Contributes a skilled and diverse perspective based on professional business/consulting experience and trustee background.
Equity Ownership
| Security | Shares Beneficially Owned | Percent of Class | Dollar Range |
|---|---|---|---|
| GLV common shares | 0 | 0% | None |
| GLQ common shares | 0 | 0% | None |
| GLO common shares | 406 | <1% | $1–$10,000 |
| Aggregate across the Fund family | — | — | $1–$10,000 |
- Pledging/hedging and ownership guidelines: Not disclosed in the proxy statement.
Governance Assessment
- Strengths: Longstanding independent trustee with multi‑fund oversight and Vice‑Chairman role; chairs Governance & Nominating; active on Audit Committee; independent committee structures; quarterly executive sessions enhance independent oversight.
- Engagement: Boards for GLV/GLQ/GLO met 4 times each; Crescenzi met ≥75% attendance threshold for Board and committees in FY 2024.
- Ownership alignment: Holds 406 GLO shares (<1%) with a disclosed dollar range of $1–$10,000; alignment exists but is modest relative to fund size.
- Compensation structure: Cash‑based retainers and meeting fees; no equity or performance‑linked director pay disclosed, limiting direct pay‑for‑performance alignment but typical for closed‑end funds.
- Conflicts/related‑party exposure: Proxy reports no securities ownership in the Adviser or its affiliates by Independent Trustees/their families and no transactions/relationships >$120,000 with the Adviser or affiliates in the last two fiscal years and over the past five years.
- Shareholder meeting attendance: Trustees are not required to attend the Annual Meeting; none attended the 2024 Annual Meeting—an investor‑perception consideration for engagement optics.
Board Activity and Committee Summary
| Body | Membership (Crescenzi) | Chair | FY2024 Meetings | Independence |
|---|---|---|---|---|
| Board of Trustees (GLO/GLV/GLQ) | Trustee; Vice‑Chairman (GLO) | Board Chair: Clifford J. Weber | 4 (each fund) | Independent Trustees hold quarterly executive sessions |
| Audit Committee | Member | Karen DiGravio | 2 | Entirely Independent; Audit Charter reviewed Dec 19, 2024 |
| Governance & Nominating Committee | Chairman | Adam D. Crescenzi | 2 | Entirely Independent; Charter reviewed Jan 25, 2024 |
Director Compensation Detail (FY ended Oct 31, 2024)
| Fund | Cash Paid to Crescenzi |
|---|---|
| Clough Global Dividend and Income Fund (GLV) | $21,000 |
| Clough Global Equity Fund (GLQ) | $21,000 |
| Clough Global Opportunities Fund (GLO) | $21,000 |
| Total from Fund Complex | $63,000 |
Fee Schedule: Annual retainer $14,000 per Fund + $1,500 per Board meeting attended; additional specified fees for Chairman and Audit Committee Chair; telephonic meeting fees apply; no additional committee meeting fees.
Election/Nomination Status
- 2025 Proxy: Crescenzi nominated for election to GLO’s Board (Class I) for a term expiring at the 2028 Annual Meeting; Independent Trustee nominee.
Related Party and Independence Representations
- Independence and affiliate transactions: Independent Trustees and immediate family members had no beneficial securities ownership in the Adviser or affiliates and no transactions/relationships >$120,000 during the relevant periods, preserving independence.
No 8‑K filings regarding director departures/elections (Items 5.02/5.07) were listed for GLO. [List: 8‑K 5.02 none; 8‑K 5.07 none]