Clifford J. Weber
About Clifford J. Weber
Independent trustee and Chairman of the Board (since 2024) for Clough Global Equity Fund (GLQ) with 26+ years in ETFs and listed derivatives spanning NYSE and American Stock Exchange leadership roles; recognized for market structure and derivatives regulation expertise. Education: B.A. in Biochemistry (Dartmouth), M.S.E. in Systems/Operations Research (University of Pennsylvania). Year of birth: 1963. Trustee of GLQ since August 2017; serves on the Audit and Governance & Nominating Committees. Co‑author and named inventor on 21 issued patents in financial innovation.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| NYSE | EVP, Global Index & Exchange Traded Products | 2013–2015 | Led index and ETP strategy/business; senior exchange leadership relevant to fund oversight |
| NYSE Liffe | EVP, Head of Strategy & Product Development | 2008–2013 | Strategy/product across listed derivatives; regulation experience |
| American Stock Exchange (Amex) | Various leadership roles; Head of ETF business | ~1990–2008 (18 years); led ETF business 2000–2008 | Instrumental in building Amex’s dominant ETF franchise; also ran Amex’s closed‑end fund business |
| Financial Products Consulting Group, LLC | Founder (consulting) | Current | Provides industry consulting; informs governance and product/market insights |
External Roles
| Organization | Role | Scope/Notes |
|---|---|---|
| Janus Detroit Street Trust | Trustee | 14 funds overseen |
| Clayton Street Trust | Trustee | 3 funds overseen (2025) |
| Global X Funds | Trustee | 93 funds overseen (2025) |
Board Governance
- Status and roles: Independent Trustee; Chairman of the Board since 2024; member of the Audit Committee and the Governance & Nominating Committee. Independent Chairman structure explicitly adopted to mitigate conflicts and strengthen compliance culture.
- Committee composition: Audit Committee comprised entirely of Independent Trustees (DiGravio—Chair and Audit Committee Financial Expert—Crescenzi, Burke, Versaci, Weber). Governance & Nominating Committee also entirely Independent (Chair: Crescenzi).
- Executive Committee: Members disclosed for FY2023 were Burke, Weber, and McNally (useful for actions between Board meetings).
- Attendance: In FY2024, each Trustee attended at least 75% of Board and applicable committee meetings. Independent Trustees hold quarterly executive sessions without management/adviser present. Trustees were not required to attend annual meetings; none attended the 2024 shareholder meeting.
Board and committee meeting cadence
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| GLQ Board meetings (count) | 5 | 4 |
| Audit Committee meetings (count) | 2 | 2 |
| Governance & Nominating meetings (count) | 1 | 2 |
Independence and conflicts
- Independence: Classified as a Non‑Interested (Independent) Trustee; only one “Interested Trustee” on the Board (McNally).
- Related‑party/affiliate exposure: No Independent Trustee (including Weber) or immediate family owned securities of the Adviser (Clough Capital) or had transactions/relationships >$120,000 with the Adviser or its affiliates in the past five years.
- Section 16 compliance: The Funds believe all Reporting Persons timely filed required ownership reports in FY2024.
Fixed Compensation
Director pay (closed‑end fund standard) is cash‑only: annual retainers and meeting fees paid by each fund in the complex. As Chairman, Weber receives higher retainer and meeting fee per fund than other Independent Trustees.
| Component (per fund) | FY 2023 Policy | FY 2024 Policy |
|---|---|---|
| Independent Trustee annual retainer | $14,000 | $14,000 |
| Independent Trustee per Board meeting (in‑person) | $1,500 | $1,500 |
| Chairman annual retainer | $16,800 | $16,800 |
| Chairman per Board meeting (in‑person) | $1,800 | $1,800 |
| Audit Committee Chair annual retainer | $15,400 | $15,400 |
| Audit Committee Chair per Board meeting | $1,650 | $1,650 |
| Additional telephonic Board meeting fee | $600 for Chair; $500 for other Independent Trustees; $550 for Audit Chair | $600 for Chair; $500 for other Independent Trustees; $550 for Audit Chair |
Actual compensation paid
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| GLQ cash compensation (Weber) | $20,500 | $24,100 |
| GLV cash compensation (Weber) | $20,500 | $24,100 |
| GLO cash compensation (Weber) | $20,500 | $24,100 |
| Total from Fund Complex | $61,500 | $72,300 |
Notes:
- The Funds do not have a separate Compensation Committee.
Performance Compensation
| Element | Disclosure |
|---|---|
| Stock awards (RSUs/PSUs), option awards, performance metrics, vesting schedules | None disclosed for Trustees; compensation program consists of cash retainers and meeting fees only. |
Other Directorships & Interlocks
| Company/Trust | Role | Potential Interlock/Notes |
|---|---|---|
| Janus Detroit Street Trust | Trustee | External mutual fund complex; no related‑party transactions with GLQ’s Adviser disclosed. |
| Clayton Street Trust | Trustee | External mutual fund complex; no related‑party transactions with GLQ’s Adviser disclosed. |
| Global X Funds | Trustee | ETF complex directorship aligns with ETF expertise; no conflicts with Adviser disclosed. |
Expertise & Qualifications
- ETF and derivatives market structure expert; led NYSE ETP and NYSE Liffe strategy/product; built Amex’s ETF business and managed Amex closed‑end fund business.
- Regulatory and trading markets expertise; frequent media presence and publications; co‑author of “Equity Flex Options: The Financial Engineer’s Most Versatile Tool.”
- Named inventor on 21 issued patents in financial innovation.
- Academic credentials in biochemistry (Dartmouth) and systems/operations research (Penn), supporting analytical oversight of complex investment vehicles.
Equity Ownership
| Metric | As of FY 2023 (record date May 10, 2024) | As of FY 2024 (record date May 9, 2025) |
|---|---|---|
| GLQ shares owned (Weber) | 4,119 (<1%) | 4,603 (<1%) |
| Dollar range (GLQ) | $10,001–$50,000 | $10,001–$50,000 |
| Dollar range (GLV, GLO) | GLV: none; GLO: none | GLV: none; GLO: none |
| GLQ shares outstanding (context) | 18,803,820.8920 | 18,738,120.8920 |
Ownership and alignment notes:
- Ownership is modest relative to outstanding shares and consistent with independent director norms in closed‑end funds. No pledging/hedging or ownership guideline disclosures were provided.
Governance Assessment
Positives
- Independent Chairman model with fully independent Audit and Governance & Nominating Committees; quarterly executive sessions without management/adviser enhance oversight.
- Strong audit oversight: designated Audit Committee Financial Expert (DiGravio); consistent committee meeting cadence; clean pre‑approval framework for auditor services.
- Independence safeguards: No material related‑party holdings/transactions by Independent Trustees with the Adviser or affiliates over past five years; Section 16 compliance deemed timely.
- Relevant market structure/derivatives expertise and broad external fund governance experience (Janus, Global X, Clayton Street), directly applicable to closed‑end fund oversight.
Watch items
- Director ownership alignment is modest ($10k–$50k GLQ) and below typical “skin-in-the-game” thresholds used by some investors; no formal director ownership guidelines disclosed.
- The Funds do not have a stand‑alone Compensation Committee (common for CEFs, but some investors prefer explicit compensation oversight at the committee level).
- No Trustees attended the 2024 shareholder annual meeting (not required by policy). Some investors view in‑person/videoconference availability at annual meetings as a positive engagement signal.
Potential conflicts
- None indicated for Weber: Independent status affirmed; no Adviser/affiliate transactions >$120,000 for Independent Trustees or immediate family; no ownership of Adviser/affiliate securities.
Attendance and engagement
- At least 75% attendance at Board/committee meetings in FY2024 for all Trustees; GLQ Board met four times in FY2024 (down from five in FY2023).
Overall take
- Weber’s independent leadership and deep ETF/derivatives background, combined with independent committee structures and clean related‑party disclosures, support board effectiveness and investor confidence. Ownership alignment is modest; continued monitoring of engagement practices (e.g., annual meeting presence) and compensation governance structure is warranted.