James P. Conn
About James P. Conn
James P. Conn is Lead Independent Trustee of The Gabelli Global Utility & Income Trust (GLU), serving since 2004 and currently elected solely by holders of the Fund’s Preferred Shares; his term runs until the 2027 Annual Meeting and he is not standing for election at the 2025 meeting . He is a former senior business executive at Transamerica Corp., including service as Chief Investment Officer, and previously served as Managing Director and Chief Investment Officer of Financial Security Assurance Holdings, Ltd. (1992–1998) . He holds a Bachelor’s degree in Business Administration from Santa Clara University and was born in 1938 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Financial Security Assurance Holdings, Ltd. | Managing Director & Chief Investment Officer | 1992–1998 | Senior investment leadership |
| Transamerica Corp. | Senior business executive, including Chief Investment Officer | Not disclosed | Led investment function |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Several public companies (banking and other industries) | Director; lead director and/or chair of various committees | Not disclosed | Historical service; specific companies not named in the last five years |
| Other directorships (past 5 years, excluding Gabelli funds) | — | — | None disclosed for Conn in past five years |
Board Governance
- Role: Lead Independent Trustee; presides over executive sessions and acts as liaison among service providers, officers, counsel, and Trustees; helps schedule agenda items; designation does not impose greater/different obligations than other Trustees .
- Independence: All Trustees are Independent (not “interested persons” under the 1940 Act) .
- Election class: Elected solely by Preferred Shareholders; term scheduled to expire at 2027 Annual Meeting; not standing for election in 2025 .
- Executive sessions: Independent Trustees meet regularly in executive session and chair all board committees .
- Meetings and attendance: Board met four times in FY 2024; each Trustee attended at least 75% of Board and applicable committee meetings .
Committee Assignments (2024)
| Committee | Member/Chair | 2024 Meeting Count | Notes |
|---|---|---|---|
| Audit Committee | Not a member | 2 | Members: Enright (Chair), Melarkey, Salibello, Zizza; Enright designated Audit Committee Financial Expert |
| Nominating Committee | Not a member | 2 | Members: Enright (Chair), Melarkey, Zizza |
| Ad hoc Proxy Voting Committee | Member | Not disclosed | Exercises beneficial ownership responsibilities in selected situations |
| Ad hoc Pricing Committee | Member | Not disclosed | Related to securities offerings by the Fund |
| Multi‑fund ad hoc Compensation Committees | Not listed as member | Not disclosed | Exists for CCO and certain officers; Conn not named as member |
Fixed Compensation
- Structure: Annual retainer of $3,000; $1,000 per Board meeting attended; $500 per committee meeting; Lead Independent Trustee annual fee $1,000; Audit Chair receives $3,000; Nominating Chair receives $2,000 .
- FY 2024 amounts (Fund-level): Conn received $8,000 from GLU .
- Fund Complex compensation: Conn received $288,500 across the Fund Complex; oversees 23 portfolios .
| Component | Amount/Detail | Source |
|---|---|---|
| Annual retainer (Trustee) | $3,000 | |
| Board meeting fee | $1,000 per meeting | |
| Committee meeting fee | $500 per meeting | |
| Lead Independent Trustee fee | $1,000 per year | |
| FY 2024 aggregate from GLU | $8,000 | |
| FY 2024 aggregate from Fund Complex | $288,500 | |
| Portfolios overseen in Fund Complex | 23 |
Performance Compensation
| Performance‑linked Component | Metric | Target/Outcome | Notes |
|---|---|---|---|
| None disclosed for Trustees | — | — | Proxy details cash retainers/meeting fees; no RSUs/PSUs/options or performance metrics disclosed for Trustees |
Other Directorships & Interlocks
| Category | Detail | Source |
|---|---|---|
| Other public company boards (past 5 years; excluding Gabelli funds) | None disclosed for Conn | |
| Historical roles | Director of several public companies in banking and other industries; lead director and/or chair of committees | |
| Interests in entities deemed under common control with Adviser/affiliates | PMV Consumer Acquisitions Corp. – Warrants; Value $3; <1% of class |
Expertise & Qualifications
- Investment leadership (former CIO at Transamerica; MD/CIO at Financial Security Assurance) suitable for fund oversight, risk, and valuation reviews .
- Education: Bachelor’s degree in Business Administration, Santa Clara University .
- Board oversight context: Board addresses risks through meetings/committees; periodic reviews of leadership structure; Independent Trustees chair all committees .
Equity Ownership
| Item | Amount/Range | Percent of Outstanding | Source |
|---|---|---|---|
| Common Shares owned | 1,250 | * (<1%) | |
| Dollar range in Fund (as of 12/31/2024) | C ($10,001–$50,000) | — | |
| Aggregate dollar range in Fund Complex (as of 12/31/2024) | E (Over $100,000) | — |
Governance Assessment
- Strengths: Long service since 2004 with leadership as Lead Independent Trustee; demonstrated investment expertise; Independent status; Board reports regular executive sessions; FY 2024 attendance threshold met (≥75%) .
- Alignment: Owns 1,250 shares of GLU and has an aggregate “E” dollar range across the Fund Complex, providing some economic alignment, though Fund‑level ownership is modest (<1%) .
- Compensation signals: Cash‑based structure with modest Fund‑level fees; additional compensation reflects service across 23 portfolios in the Fund Complex, implying significant governance workload and potential bandwidth considerations .
- Potential conflicts/related‑party exposure: Minimal interest (warrants valued at $3) in PMV Consumer Acquisitions Corp., identified among entities deemed under common control with Adviser/affiliates; immaterial as disclosed but indicates an affiliate touchpoint .
- Shareholder influence nuance: Conn is elected solely by Preferred shareholders, limiting Common shareholder influence over his seat; he is not standing for election at the 2025 meeting, with term expiring at the 2027 meeting .
- Engagement optics: Trustees did not attend the May 13, 2024 annual meeting, though the Fund does not expect Trustee attendance at shareholder meetings, mitigating concern .