David I. Schachter
About David I. Schachter
David I. Schachter is Vice President of The Gabelli Global Utility & Income Trust (GLU), serving since 2004; his principal occupations include Vice President and/or Ombudsman of closed‑end funds within the Gabelli Fund Complex and Senior Vice President of G.research, LLC since 2015 (previously Vice President 1999‑2015). He was born in 1953; the Fund’s officer address is One Corporate Center, Rye, NY 10580‑1422 . Age has been disclosed over time as 66 (2020), 67 (2021), and 68 (2022) in GLU proxies, consistent with the 1953 birth year . GLU’s unaudited performance through June 30, 2024 shows NAV total returns of 2.48% (1Y), 1.98% (5Y), 5.75% (10Y), and 5.44% since inception (5/28/04) .
Past Roles
| Organization | Role/Title | Years | Strategic Impact |
|---|---|---|---|
| Gabelli/GAMCO Fund Complex (closed‑end funds) | Vice President and/or Ombudsman | Since 2004 | Ombudsman/VP role across closed‑end funds, supporting investor relations and fund oversight |
| G.research, LLC | Senior Vice President | Since 2015 | Senior sell‑side/issuer coverage and research leadership within Gabelli affiliate |
| G.research, LLC | Vice President | 1999–2015 | Research and investment support; progressed to Senior VP in 2015 |
External Roles
No external directorships or board committee roles are disclosed for Schachter in GLU’s proxies; officer disclosures list principal occupations only without external roles .
Fixed Compensation
GLU proxy compensation tables disclose trustee fees and, only if applicable, officers compensated by the Fund rather than the Adviser. Schachter is not listed among Fund‑compensated officers; only Adam E. Tokar appears as receiving compensation from the Fund.
| Item | FY2024 | FY2023 |
|---|---|---|
| Fund‑paid officer compensation for David I. Schachter | Not disclosed (not listed among Fund‑compensated officers) | Not disclosed (not listed among Fund‑compensated officers) |
| Context: Officer compensated by Fund (named) | Adam E. Tokar: $117,976 | Adam E. Tokar: $115,756 |
Interpretation: Schachter’s cash compensation appears to be paid by the Adviser (Gabelli Funds, LLC/GAMCO affiliates), with no base salary/bonus amounts disclosed at the Fund level .
Performance Compensation
No performance‑based incentive plan metrics (e.g., revenue growth, EBITDA, TSR, PSU frameworks) are disclosed for Schachter at the Fund level; GLU’s proxies do not present officer incentive plan details for him.
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed for Schachter in Fund proxy | — | — | — | — | — |
The Fund references multi‑fund ad hoc Compensation Committees for certain officer roles (e.g., Chief Compliance Officer), but no Schachter‑specific incentive metrics are described .
Equity Ownership & Alignment
GLU proxies present beneficial ownership tables for Trustees and “executive officers” of the Fund. Schachter is disclosed as an officer but is not included among “executive officers” in the beneficial ownership tables, so his GLU share count is not provided.
| Item | FY2024 | FY2023 |
|---|---|---|
| David I. Schachter beneficial ownership (Fund common shares) | Not disclosed; not listed among “executive officers” in ownership table | Not disclosed; not listed among “executive officers” in ownership table |
| Executive officers listed with share counts (for context) | Ball: 19; Goldstein: 0; Walz: 0 | Ball: 0; Goldstein: 0; Walz: 0 |
| Group % ownership of Trustees/executive officers | Less than 1% of common and preferred shares | Less than 1% of common and preferred shares |
| Pledging/hedging disclosures | Not disclosed for Schachter |
Section 16(a) compliance: Based on GLU’s review of Forms 3 and 4, the Fund believes applicable insiders complied with filing requirements during FY2024 .
Employment Terms
| Term/Provision | Disclosure |
|---|---|
| Officer term | “Each officer will hold office for an indefinite term until the date he or she resigns or retires or until his or her successor is duly elected and qualifies.” |
| Start in current Fund officer role | Since 2004 as Vice President |
| Non‑compete / non‑solicit | Not disclosed in proxies for Schachter |
| Change‑of‑control / severance | Not disclosed in proxies for Schachter |
| Clawbacks / tax gross‑ups | Not disclosed for Schachter |
Performance & Track Record Context
| Metric | Value | Notes |
|---|---|---|
| GLU NAV Total Return (1Y) | 2.48% | Through 6/30/2024 (unaudited) |
| GLU NAV Total Return (5Y) | 1.98% | Through 6/30/2024 (unaudited) |
| GLU NAV Total Return (10Y) | 5.75% | Through 6/30/2024 (unaudited) |
| GLU NAV Total Return (Since Inception, 5/28/2004) | 5.44% | Long‑run context spanning Schachter’s tenure |
GLU’s proxies do not link Schachter’s officer compensation to specific Fund performance targets; fund‑level returns are presented here for tenure context .
Compensation Committee & Governance Context (Fund)
- Independent Trustees oversee Audit and Nominating Committees; compensation for certain fund‑wide officer roles is coordinated via multi‑fund ad hoc Compensation Committees (e.g., Chief Compliance Officer, certain closed‑end fund officers) .
- Trustee compensation structure: annual retainer, meeting fees, and chair premia; aggregate trustee remuneration totaled $66,646 in FY2024 and $65,872 in FY2023 at the Fund level .
Investment Implications
- Pay‑for‑performance visibility is limited: Schachter’s compensation appears to be paid by the Adviser and is not disclosed at the Fund level; no targets/weightings/vesting schedules are presented, reducing transparency into incentive alignment .
- Ownership alignment is modest at the Fund level: Schachter is not listed among executive officers in beneficial ownership tables and no personal GLU holdings or pledging are disclosed; group holdings for trustees/executive officers are <1% of outstanding shares .
- Retention risk appears low: His officer term is indefinite with long‑tenured service (since 2004 at GLU and 1999 at G.research), suggesting continuity absent specific termination/change‑of‑control provisions; none are disclosed at the Fund level .
- Trading signals: No Schachter‑specific Form 4 activity is presented in GLU’s proxies; the Fund indicates Section 16 compliance for applicable insiders in FY2024, which does not signal unusual insider activity .