Edmund J. Burke
About Edmund J. Burke
Edmund J. Burke (born 1961) is an Independent Trustee of Clough Global Equity Fund (GLQ); he has served on the Clough Funds’ boards since 2006 and transitioned from “Interested Trustee” to “Independent Trustee” effective November 1, 2021 . His current GLQ board term is disclosed as expiring in 2026 (fund complex terms vary by fund) . Burke retired from ALPS Holdings, Inc. in 2019, where he held senior leadership roles overseeing fund operations for open- and closed-end funds, ETFs, and distribution businesses, bringing deep fund operations expertise to the GLQ board .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| ALPS Holdings, Inc. (SS&C subsidiary) | President and Director | 1991–2019 | Led operations for registered funds, ETFs, distribution and services; broad 1940 Act operating experience . |
| ALPS Advisors, Inc. | President and Director | 1991–2019 | Oversight of advisory operations . |
| ALPS Fund Services, Inc.; ALPS Distributors, Inc.; ALPS Portfolio Solutions Distributor, Inc. | Director | 1991–2019 | Day-to-day fund administration/distribution; operational leadership . |
External Roles
| Organization | Role | Since | Notes |
|---|---|---|---|
| ETF Action | Passive Partner | 2020 | Web-based data & analytics platform for RIAs . |
| Financial Investors Trust | Trustee | — | Open-end investment company (17 funds) . |
| ALPS ETF Trust | Trustee | — | Open-end investment company (23 funds) . |
| Liberty All-Star Equity Fund, Inc. | Trustee/Director | — | Closed-end fund . |
| Liberty All-Star Growth Fund, Inc. | Director | — | Closed-end fund . |
| Alliance Bioenergy Plus, Inc. | Director | 2020 | Renewable/biofuels technology company . |
| BlueBiofuels Inc | Director | 2020 | Alternative energy company . |
Board Governance
- Independence: Independent Trustee since 11/1/2021; independent trustees and immediate family reported no securities ownership or transactions (> $120,000) with the Adviser (Clough Capital) or affiliates over past five years, supporting independence .
- Committees (FY2024–FY2025 disclosures): Member, Audit Committee (five independent trustees; DiGravio chair and financial expert; met twice in FY2024) . Member, Governance & Nominating Committee (five independent trustees; Crescenzi chair; met twice in FY2024) . Executive Committee membership disclosed historically with rotation (e.g., Burke, Weber, McNally in FY2023) .
- Board leadership: Independent Chairman (Clifford J. Weber); independent trustees meet quarterly in executive sessions without interested trustees or service providers .
- Attendance: Boards met four times in FY2024; each trustee attended ≥75% of meetings of the Board and their committees (Clough funds) .
- Annual meeting engagement: Funds do not require trustee attendance; no trustees attended the 2024 annual meeting (structural, but a potential engagement signal) .
Fixed Compensation
- Structure: Cash-only retainers and meeting fees; no equity grants disclosed for trustees. The Independent Trustees receive from each Fund: $14,000 annual retainer + $1,500 per Board meeting; Audit Committee Chair: $15,400 annual retainer + $1,650 per Board meeting; Chairman: $16,800 + $1,800 per Board meeting; Telephonic meeting fees per Fund: $500 (Compensated Trustee), $600 (Chairman), $550 (Audit Chair). No additional fees for committee meetings; out-of-pocket expenses reimbursed .
- FY2024 actuals for Burke (per fund and total across GLV/GLQ/GLO): see table.
| Metric | FY2022 | FY2023 | FY2024 |
|---|---|---|---|
| GLV compensation ($) | $20,000 | $20,500 | $21,000 |
| GLQ compensation ($) | $20,000 | $20,500 | $21,000 |
| GLO compensation ($) | $20,000 | $20,500 | $21,000 |
| Total fund complex compensation ($) | $60,000 | $61,500 | $63,000 |
Performance Compensation
- Equity and option awards: None disclosed for trustees; the fund complex reports only cash retainers and meeting fees for trustees, and there is no compensation committee at the funds .
- Performance metrics tied to pay: None disclosed; trustee compensation is not tied to TSR, revenue, EBITDA, or ESG goals .
| Performance-Linked Component | FY2022 | FY2023 | FY2024 |
|---|---|---|---|
| Stock awards (RSUs/PSUs) | None disclosed | None disclosed | None disclosed |
| Options (strike/vesting) | None disclosed | None disclosed | None disclosed |
| Bonus/variable cash tied to targets | None disclosed | None disclosed | None disclosed |
Other Directorships & Interlocks
| Company/Trust | Role | Notes |
|---|---|---|
| Financial Investors Trust | Trustee | Open-end fund, 17 portfolios . |
| ALPS ETF Trust | Trustee | Open-end fund, 23 portfolios . |
| Liberty All-Star Equity Fund, Inc. | Trustee/Director | Closed-end fund . |
| Liberty All-Star Growth Fund, Inc. | Director | Closed-end fund . |
| Alliance Bioenergy Plus, Inc.; BlueBiofuels Inc | Director | Public companies in renewable/alternative energy . |
- Interlocks: Service-provider background (ALPS/SS&C) and multiple fund directorships could create broad network ties; however, independence representations and no related-party transactions support mitigated conflict risk .
Expertise & Qualifications
- Core credentials: 30+ years’ fund operations, administration, distribution, ETF and closed-end fund experience; oversight of complex fund service-provider processes under the 1940 Act .
- Committee skill mix: Participation on Audit and Governance & Nominating aligns with operational and compliance expertise; the Audit Committee identifies DiGravio as financial expert; Burke contributes operational insight .
Equity Ownership
| Fund | Shares Owned | % of Shares Outstanding | Dollar Range (proxy category) |
|---|---|---|---|
| GLV | 0 | 0% | None |
| GLQ | 0 | 0% | None |
| GLO | 0 | 0% | None |
| Aggregate (family-of-funds category) | — | — | None |
- Ownership guidelines: Not disclosed for trustees; proxies report categorical dollar ranges and individual share counts; Burke reports “none” across Clough Funds .
Governance Assessment
- Effectiveness: Burke’s long tenure and deep fund-operations background add value to Audit and Governance oversight, supporting board effectiveness in compliance, reporting, and service-provider monitoring .
- Independence & conflicts: Transition to independent (11/1/2021) and explicit absence of related-party holdings/transactions for independent trustees reduce conflict risk; ongoing external directorships appear unrelated to GLQ’s adviser and administrator per proxy disclosures .
- Alignment signals: RED FLAG — zero-share ownership across GLV/GLQ/GLO may be viewed as limited “skin-in-the-game” alignment versus best-practice ownership expectations for closed-end fund boards .
- Engagement: Structural policy does not require annual meeting attendance; no trustees attended in 2024, which may be perceived negatively by some investors despite routine practice at certain funds .
- Compensation: Cash-only retainers and modest meeting fees with no equity awards or performance linkage; escalation from $60k (FY2022) to $63k (FY2024) reflects normal annual adjustments; absence of equity/option awards avoids pay-for-performance concerns but also limits ownership alignment .
Monitoring points
- Continue to monitor any future ownership changes or adoption of director ownership guidelines to bolster alignment .
- Maintain oversight on committee roles and any shifts in Executive Committee composition that could affect independence dynamics, given inclusion of an interested trustee historically .
- Track any 8-Ks for director changes (Item 5.02) and future proxies for updates to attendance, compensation structure, and independence representations .