Clifford J. Weber
About Clifford J. Weber
Clifford J. Weber is the Independent Chairman of the Board and Trustee of Clough Global Opportunities Fund (GLO), with more than 26 years in financial markets focused on ETFs and listed derivatives; he has served as Trustee since August 2017 and as Board Chairman since 2024. He holds a B.A. in Biochemistry from Dartmouth College and an M.S.E. in Systems (Operations Research) from the University of Pennsylvania; he is a named inventor on 21 issued patents and co‑author of “Equity Flex Options” . Year of birth: 1963 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| NYSE | Executive Vice President, Global Index & Exchange Traded Products | 2013–2015 | Led index and ETP businesses; market structure expertise |
| NYSE Liffe | Executive Vice President, Head of Strategy & Product Development | 2008–2013 | Developed listed derivatives products; regulatory experience |
| American Stock Exchange (Amex) | Ran ETF business; led CEF business | 2000–2008 (ETF), 18 years total at Amex | Built dominant ETF franchise; product innovation |
External Roles
| Organization | Role | Status/Tenure | Notes |
|---|---|---|---|
| Financial Products Consulting Group, LLC | Founder | Current | Advisory/consulting in financial products |
| Janus Detroit Street Trust | Trustee | Current | Oversees 14 mutual funds |
| Clayton Street Trust | Trustee | Current | Oversees 3 mutual funds |
| Global X Funds | Trustee | Current | Oversees 93 ETFs |
Board Governance
- Independent Chairman of the Board since 2024; Trustee since August 2017 for GLV, GLQ, and GLO .
- Committee assignments: Audit Committee member; Governance & Nominating Committee member (both committees composed entirely of Independent Trustees) .
- Audit Committee met 2 times in FY ended Oct 31, 2024; Ms. DiGravio is the Audit Committee Financial Expert and Chair; members include Weber .
- Governance & Nominating Committee met 2 times in FY 2024; chaired by Adam D. Crescenzi; Weber is a member .
- Board meetings: GLV, GLQ, and GLO each met 4 times in FY 2024; each Trustee then serving attended at least 75% of meetings .
- Independent executive sessions: Independent Trustees meet quarterly in executive session without Interested Trustees or adviser/administrator .
- Annual Meeting attendance: Trustees are not required to attend; no Trustees attended the 2024 Annual Meeting .
- Independence and related-party checks: As of May 1, 2025, Independent Trustees (including Weber) and immediate family had no >$120,000 interests or transactions with the Adviser/adviser affiliates; no beneficial ownership in adviser entities (other than Fund investments) per NYSE American independence standards .
Fixed Compensation
| Component | Amount per Fund | Notes |
|---|---|---|
| Annual retainer – Compensated Trustee | $14,000 | Applies to Independent Trustees not affiliated with Adviser |
| Board meeting fee – Compensated Trustee | $1,500 per meeting | In‑person meetings; telephonic board meetings $500 |
| Annual retainer – Chairman | $16,800 | Chair premium reflects added duties |
| Board meeting fee – Chairman | $1,800 per meeting | Telephonic board meetings $600 |
| Annual retainer – Audit Committee Chair | $15,400 | Audit Chair premium |
| Board meeting fee – Audit Committee Chair | $1,650 per meeting | Telephonic board meetings $550 |
| Expense reimbursement | Actual out‑of‑pocket | Paid by Funds |
| Trustee | GLV FY2024 | GLQ FY2024 | GLO FY2024 | Total FY2024 |
|---|---|---|---|---|
| Clifford J. Weber | $24,100 | $24,100 | $24,100 | $72,300 |
Performance Compensation
- No equity grants (RSUs/PSUs), options, performance-based metrics, bonuses, or incentive plans for Trustees are disclosed; the Proxy describes only cash retainers and meeting fees for Trustee compensation .
- No clawbacks, severance, change‑of‑control, or tax gross‑ups for Trustees are disclosed in the Proxy .
Other Directorships & Interlocks
| Company/Trust | Role | Scope | Potential Interlock/Notes |
|---|---|---|---|
| Janus Detroit Street Trust | Trustee | 14 funds | Broader fund governance network; no related‑party transactions with Adviser disclosed |
| Clayton Street Trust | Trustee | 3 funds | Additional fund oversight; independence maintained |
| Global X Funds | Trustee | 93 funds | Large ETF complex; potential “overboarding” workload consideration |
Expertise & Qualifications
- ETF and derivatives market leadership; regulatory expertise; product development across exchanges (NYSE, NYSE Liffe, Amex) .
- Education: B.A. Biochemistry (Dartmouth); M.S.E. Systems/Operations Research (University of Pennsylvania) .
- Innovation credentials: Named inventor on 21 patents; co‑author of “Equity Flex Options”; frequent media/publishing contributions .
Equity Ownership
| Fund | Dollar Range of Equity Securities Held | Aggregate Dollar Range (All Clough Funds) |
|---|---|---|
| GLV | None | $10,001–$50,000 |
| GLQ | $10,001–$50,000 | $10,001–$50,000 |
| GLO | None | $10,001–$50,000 |
| Fund | Shares Owned | % of Shares Outstanding |
|---|---|---|
| GLV | 0 | 0% |
| GLQ | 4,603 | <1% |
| GLO | 0 | 0% |
- Section 16 reporting compliance: Funds state all Reporting Persons (including Trustees) timely filed required reports for FY ended Oct 31, 2024 .
Governance Assessment
- Board effectiveness: As Independent Chairman, Weber supports a governance structure with quarterly executive sessions for Independent Trustees and fully independent Audit and Governance committees—positive for oversight and conflict mitigation .
- Committee engagement: Active member of Audit and Governance & Nominating; Audit Committee met twice and filed its report; attendance ≥75%—adequate engagement but not disclosed as 100% .
- Alignment: Holds 0 GLO shares and modest GLQ holdings (4,603 shares); compensation is cash‑only with no equity retainer—limited direct alignment with GLO shareholders versus equity‑linked director pay models .
- Independence: No related‑party transactions or adviser-affiliate holdings—clean independence profile by NYSE American standards .
- Workload risk: Serves as Trustee across multiple large complexes (Global X 93 ETFs, Janus 14 funds, Clayton Street 3)—potential overboarding/workload considerations for meeting preparation and deep fund‑specific oversight .
- Shareholder engagement: Trustees did not attend 2024 Annual Meeting; while attendance is not required, this may be perceived as limited direct shareholder interaction .
RED FLAGS
- No GLO share ownership, despite serving as Independent Chairman—potentially weak “skin‑in‑the‑game” alignment signal .
- Overboarding risk given breadth of external trustee roles (especially 93 Global X funds) which may constrain bandwidth .
- Trustees did not attend the 2024 Annual Meeting—possible optics issue for shareholder engagement .
Mitigants
- Strong governance architecture (independent Chair; independent Audit/Governance committees; quarterly executive sessions; independent counsel/auditors) .
- Clean related‑party profile; independence affirmed by NYSE American standards .
- Deep ETF/derivatives market and regulatory expertise relevant to a CEF investing across global opportunities .