Adam D. Crescenzi
About Adam D. Crescenzi
Independent trustee and Vice-Chairman of the Board at Clough Global Equity Fund (GLQ); trustee since 2005 with current GLQ term expiring in 2027; born 1942. Founding Partner of Simply Tuscan Imports LLC since 2007; prior Executive Vice President of CSC Index’s Management Consulting Services; longstanding involvement in governance roles across closed-end funds within the Clough complex. Background includes advisory work to businesses and non-profits and President Emeritus titles at The Naples Italian Cultural Society and Founders Fund, Inc. .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| CSC Index | Executive Vice-President, Management Consulting Services | Prior to involvement in multiple corporate start-ups | Senior operating leadership and consulting governance experience |
| Dean College | Trustee | 2003–2015 | Board oversight during “transformational years” |
| Naples Botanical Gardens | Trustee | Nine years | Governance during “successful transformational years” |
| Telos Partners | Founder/Investor | Not disclosed | Strategic business advisory founder |
| Creative Realties, Inc. | Founder/Investor | Not disclosed | Creative arts technology entrepreneur |
| ICEX, Inc. | Founder/Investor | Not disclosed | Web-based corporate exchange forums entrepreneur |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Simply Tuscan Imports LLC | Founding Partner | Since 2007 | Active role |
| The Naples Italian Cultural Society | President Emeritus | Not disclosed | Honorary title |
| Founders Fund, Inc. | President Emeritus | Not disclosed | Honorary title |
| Greater Naples Leadership | Graduate (Program) | 2014 | Leadership program completion |
| Boston College McMullen Museum of Arts | Philanthropic service | Not disclosed | Community engagement |
| Advisory to businesses and non-profits | Advisor (strategy, marketing, governance) | Current | Ongoing advisory |
Board Governance
- Roles and independence: Independent Trustee; Vice-Chairman of the Board; serves on the Audit Committee and chairs the Governance and Nominating Committee for each Fund; the Board uses an Independent Trustee as Chairman (currently Clifford J. Weber) to mitigate conflicts and strengthen compliance culture .
- Committee leadership and cadence: Governance and Nominating Committee (Chair) met twice in FY2024; Audit Committee (member) met twice; GLQ Board met four times in FY2024 .
- Attendance: Each Trustee then serving attended at least 75% of Board meetings and committees of which they were members during FY2024 .
- Executive sessions: Independent Trustees meet quarterly in executive session without Interested Trustees or service providers .
- Independence and conflicts screen: No independent trustees (including Crescenzi) or immediate family owned securities in the Adviser or affiliates; no direct/indirect interests >$120,000 in past five years; no transactions >$120,000 during last two fiscal years involving the Adviser or its affiliates .
Committee Assignments (GLQ)
| Committee | Role | Chair? | Meetings (FY2024) |
|---|---|---|---|
| Governance & Nominating | Chair | Yes | 2 |
| Audit | Member | No (Chair: Karen A. DiGravio) | 2 |
| Executive Committee | Not specified | Not specified | Not disclosed |
Fixed Compensation
| Fiscal Year | GLQ Cash Compensation | GLV Cash Compensation | GLO Cash Compensation | Total Fund Complex Compensation |
|---|---|---|---|---|
| FY ended Oct 31, 2024 | $21,000 | $21,000 | $21,000 | $63,000 |
| Compensation Element | Policy (per Fund) |
|---|---|
| Annual retainer (Independent Trustees) | $14,000 per year |
| Board meeting fee (in-person) | $1,500 per meeting for Compensated Trustees |
| Telephonic Board meeting fee | $500 per Compensated Trustee per telephonic meeting |
| Audit Committee Chair retainer | $15,400 per year; $1,650 per Board meeting (for Chair only) |
| Board Chairman retainer | $16,800 per year; $1,800 per Board meeting (for Chairman only) |
| Expense reimbursement | Actual out-of-pocket expenses reimbursed |
- FY2024 meeting cadence: GLQ Board met four times; committee meetings as above. Individual meeting fees vary based on in-person vs telephonic format and chair roles; trustees receive cash retainer plus per-meeting fees only .
Performance Compensation
- No performance-based incentives disclosed for trustees; no equity awards, options, PSUs/RSUs, or performance metrics tied to director compensation for GLQ—trustee compensation is cash-only (retainers and meeting fees) .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Other public company boards (past five years) | None disclosed for Crescenzi |
| Fund complex oversight | Oversees three funds (GLV, GLQ, GLO) as trustee/vice-chairman |
| Interlocks/conflicts | No securities ownership in Adviser or affiliates; no reportable related-party transactions per policy thresholds |
Expertise & Qualifications
- Founding partner and serial entrepreneur across technology and services; prior EVP at CSC Index consulting; governance chair experience since 2006; advisory roles to businesses and non-profits .
- Long-serving trustee across the Clough fund complex, contributing strategy, marketing, governance, and board oversight experience .
Equity Ownership
| Fund | Shares Owned | % of Shares Outstanding | Dollar Range |
|---|---|---|---|
| GLQ | 0 | 0% | None |
| GLV | 0 | 0% | None |
| GLO | 406 | <1% | $1–$10,000 |
| Aggregate (Fund Complex) | Not disclosed in shares | N/A | $1–$10,000 |
- Stock ownership guidelines: Not disclosed; no pledging/hedging disclosures provided for trustees in proxy .
Governance Assessment
- Positives: Independent trustee with long tenure (GLQ since 2005) and vice-chairman role; chairs Governance & Nominating with established diversity policy; independent Board Chair structure; quarterly executive sessions; adequate attendance (≥75%) across Board and committee meetings .
- Compensation structure: Cash-only retainers and meeting fees; no equity or options—reduces compensation complexity and potential pay-for-performance misalignment risk for a fund trustee role .
- Conflicts: No Adviser or affiliate securities ownership; no related-party transactions above disclosure thresholds—low conflict risk signal .
- RED FLAGS: Zero GLQ share ownership may be viewed as limited “skin-in-the-game” for alignment with GLQ shareholders, despite modest ownership in GLO (406 shares) .
- Engagement signals: Continued leadership as Governance chair since 2006 suggests consistent board process involvement; Audit Committee membership supports financial reporting oversight (Audit Committee met twice in FY2024) .