Karen A. DiGravio
About Karen A. DiGravio
Karen A. DiGravio (born 1969) is an Independent Trustee of Clough Global Equity Fund (GLQ), serving since August 2017. She is the Audit Committee Chair and designated Audit Committee Financial Expert for each Clough fund, with over 22 years’ asset management experience, including prior service as Partner, Chief Financial Officer, and Chief Compliance Officer at Westfield Capital Management; she chaired Westfield’s Operating and Risk Management Committee and served on its Advisory Board until 2016. She holds a BA from Connecticut College (1991) and an MBA in General Management from Boston University School of Management (1997) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Westfield Capital Management | Partner; Chief Financial Officer; Chief Compliance Officer | Most recent prior role; Advisory Board member until 2016 | Led finance, accounting, compliance; chaired Operating & Risk Management Committee |
| Westfield Capital Management Advisory Board | Member | Until 2016 | Strategic advisory; governance perspective |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Connecticut College | Co-Chair, 1911 Society | Current | Alumni leadership and philanthropy engagement |
| Connecticut College | President’s Leadership Council member | Current | Institutional advisory engagement |
Board Governance
- Independence: Identified as an Independent Trustee nominee (Class II) for GLQ’s 2025 election to a term expiring at the 2028 Annual Meeting; Audit and Governance Committees are composed solely of Independent Trustees .
- Committee assignments: Audit Committee Chair; Audit Committee Financial Expert; member of Governance and Nominating Committee .
- Attendance: In FY ended Oct 31, 2024, each GLQ Trustee attended at least 75% of Board and relevant committee meetings; GLQ’s Board met four times; the Audit Committee met twice; the Governance & Nominating Committee met twice .
- Executive sessions: Independent Trustees meet quarterly in executive session without Interested Trustees, adviser, or administrator present .
- Annual meeting attendance: Trustees were not required to attend; none attended the Funds’ 2024 Annual Meeting .
Fixed Compensation
Director cash compensation (FY2023 vs FY2024):
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| GLV Cash (USD) | $22,550 | $23,100 |
| GLQ Cash (USD) | $22,550 | $23,100 |
| GLO Cash (USD) | $22,550 | $23,100 |
| Total from Fund Complex (USD) | $67,650 | $69,300 |
Compensation structure (per fund):
- Independent Trustees: $14,000 annual retainer + $1,500 per Board meeting; telephonic meeting add-on $500 .
- Chairman of the Board: $16,800 annual retainer + $1,800 per Board meeting; telephonic add-on $600 .
- Audit Committee Chair: $15,400 annual retainer + $1,650 per Board meeting; telephonic add-on $550 .
- No additional fees for committee meetings; out-of-pocket meeting expenses reimbursed .
Performance Compensation
- No equity or performance-based director compensation disclosed; director pay is cash-based retainers and meeting fees. No stock awards, options, PSUs/RSUs, or performance metric-linked pay for Trustees is disclosed in the proxy .
- Funds do not have a compensation committee (not applicable to Trustees’ pay design) .
Other Directorships & Interlocks
| Company | Role | Public Company? | Notes |
|---|---|---|---|
| None disclosed | — | — | Proxy lists no other public company directorships during past five years for DiGravio . |
Expertise & Qualifications
- Finance, accounting, compliance, and risk management leadership (CFO/CCO; chaired operating & risk committee at Westfield Capital) .
- SEC/PCAOB oversight experience as Audit Committee Chair and designated Financial Expert across the Clough funds .
- MBA (Boston University School of Management, 1997) and BA (Connecticut College, 1991) .
Equity Ownership
Beneficial ownership (as of record dates noted):
| Fund | Shares Owned | Ownership % of Fund |
|---|---|---|
| GLQ Common Shares | 2,122 | 0.0113% (2,122 ÷ 18,738,120.8920) |
| GLV Common Shares | 1,876 | <1% (per proxy) |
| GLO Common Shares | 1,787 | <1% (per proxy) |
Additional ownership disclosures:
- Dollar range holdings disclosed: GLQ $10,001–$50,000; GLV $10,001–$50,000; GLO $1–$10,000; aggregate across the family $10,001–$50,000 .
Section 16 compliance:
- The Funds report all Reporting Persons (including Trustees) timely filed required Section 16(a) forms for FY2024 .
Governance Assessment
- Strengths: Independent Trustee status; Audit Committee Chair and SEC-defined Financial Expert; robust finance/compliance background; quarterly executive sessions strengthen independent oversight; committee meeting cadence disclosed and attended at least at 75% threshold .
- Alignment: Personal holdings in GLQ are modest relative to shares outstanding (2,122 shares; ≈0.0113%); nonetheless, explicit director ownership is present across funds and adheres to independence standards .
- Conflicts: Proxy affirms no related-party transactions or interests >$120,000 for Independent Trustees or immediate families with the adviser or affiliates; no securities ownership in adviser; indicates low conflict risk .
- Compensation: Cash-only retainers and meeting fees; role-based premia (Audit Chair); FY2024 compensation rose modestly versus FY2023; structure is simple and not performance-linked, minimizing pay-related conflicts .
- Engagement note: Trustees did not attend the 2024 Annual Meeting (attendance not required), which may be a minor optics issue; Board meeting attendance and committee work remain within disclosed thresholds .
RED FLAGS
- Low attendance at Annual Shareholder Meeting: None of the Trustees attended in 2024 (policy does not require attendance) .
- Limited ownership alignment: Ownership is well below 1% of GLQ outstanding; typical for fund Trustees but worth monitoring for investor alignment optics .
Overall: DiGravio’s audit leadership, independence, and risk management pedigree support board effectiveness and investor confidence, with minimal conflict indicators and clear committee governance. Ownership is modest; compensation is transparent and cash-based with role differentials aligned to responsibilities .