Nicolas W. Platt
About Nicolas W. Platt
Independent Trustee of The Gabelli Global Utility & Income Trust (GLU) since February 13, 2024; year of birth 1953. Background spans capital markets (NYSE and AMEX listing oversight), strategic communications (WPP subsidiaries), consulting (FTI Consulting), and public service (Harding Township, NJ). Education: B.A., Skidmore College; M.A. in Economics, Columbia University. Member, NYSE American LLC Committee on Securities, which reviews continued exchange listing qualifications for companies .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| FTI Consulting Inc. | Managing Director | March 2009–May 2011 | International financial consulting leadership |
| WPP Group plc subsidiaries (Ogilvy Worldwide; Young & Rubicam – Burson-Marsteller corporate practice) | Senior executive | Prior to March 2009 | Corporate practice leadership |
| American Stock Exchange (AMEX) | Leadership roles; oversaw domestic and international listing; liaison to investment banks | 13 years (dates not specified) | Listing qualifications leadership; market liaison |
| New York Stock Exchange (NYSE) | Leadership roles | 13 years (dates not specified) | Capital markets leadership |
External Roles
| Organization | Role | Tenure | Scope/Notes |
|---|---|---|---|
| NYSE American LLC Committee on Securities | Member | Current | Reviews continued exchange listing qualifications |
| Township of Harding, NJ | Mayor | 2013–2016 | Municipal governance leadership |
| Township of Harding, NJ | Township Committee Member | Current | Local governance |
| Various non-public organizations | Board member | Current | Boards of several non-public organizations (names not disclosed) |
Board Governance
- Board independence: GLU’s Board consists entirely of Trustees who are not “interested persons” under the 1940 Act; Mr. Platt is an Independent Trustee .
- Tenure and class: Trustee since February 13, 2024; serving until the 2027 Annual Meeting or until a successor is elected .
- Lead Independent Trustee: James P. Conn; presides over executive sessions and serves as liaison; Board meets regularly in executive session and Independent Trustees chair all committees .
- Attendance and engagement: Board met 4 times in FY2024; each Trustee then serving attended at least 75% of Board and applicable committee meetings. GLU does not expect Trustees to attend annual shareholder meetings; no Trustees or nominees attended the May 13, 2024 annual meeting .
- Committee structure and membership (GLU):
- Audit Committee: Enright (Chair), Melarkey, Salibello, Zizza; met two times in FY2024; Enright designated Audit Committee Financial Expert .
- Nominating Committee: Enright (Chair), Melarkey, Zizza; met two times in FY2024 .
- Ad hoc Proxy Voting Committee: Conn and Enright are members; Zizza is also a member .
- Ad hoc Pricing Committee: Conn and Melarkey are members; Zizza is also a member .
- Multi-fund ad hoc Compensation Committees: established across the fund complex for CCO and certain officer compensation; Enright and Zizza serve on both; Melarkey serves on one .
- Mr. Platt: No GLU committee assignments are listed for him in the proxy; he “serves on comparable or other committees for other funds in the Fund Complex” .
Fixed Compensation
GLU’s director pay is cash-only, modest, and meeting-based.
| Component | Amount | Notes |
|---|---|---|
| Annual retainer (Independent Trustees) | $3,000 | Paid by GLU |
| Board meeting fee | $1,000 per meeting | Paid for each Board meeting attended |
| Committee meeting fee | $500 per meeting | Paid for each committee meeting attended |
| Audit Committee Chair fee | $3,000 annually | Paid to Audit Committee Chair |
| Nominating Committee Chair fee | $2,000 annually | Paid to Nominating Committee Chair |
| Lead Independent Trustee fee | $1,000 annually | Paid to Lead Independent Trustee |
| Aggregate compensation from GLU (FY2024) – N. W. Platt | $7,646 | Based on meetings/roles in FY2024 |
| Aggregate compensation from Fund Complex (FY2024) – N. W. Platt | $31,646 | Across 3 portfolios overseen |
Performance Compensation
No equity or performance-based compensation is disclosed for Trustees; compensation is limited to cash retainers and meeting fees. No RSUs/PSUs, options, performance metrics, vesting schedules, severance, change-of-control, clawbacks, or tax gross-ups are described for Trustees in the proxy .
| Performance Element | Status | Detail |
|---|---|---|
| RSUs/PSUs (annual grants) | Not disclosed/None | Proxy describes cash-only structure for Trustees |
| Options (strike/expiration/vesting) | Not disclosed/None | No option awards disclosed for Trustees |
| Bonus/at-risk pay tied to metrics | Not disclosed/None | No performance metrics for Trustee pay |
| Change-of-control / severance | Not disclosed | Not addressed for Trustees |
| Clawbacks / tax gross-ups | Not disclosed | Not addressed for Trustees |
Other Directorships & Interlocks
| Category | Item | Detail |
|---|---|---|
| Public company directorships (past 5 years) | None listed | No other public company directorships disclosed for Platt (excluding other funds) |
| Exchange roles | NYSE American LLC Committee on Securities | Member; reviews continued listing qualifications |
| Private/non-profit boards | Several | Names not disclosed; serves on boards of non-public organizations |
Potential interlock to monitor: GLU uses NYSE American independence guidelines for its Nominating Committee; Mr. Platt’s role on the NYSE American Committee on Securities could create a perceived conflict if GLU or related entities interact with NYSE American listing processes, though no specific conflict is disclosed in the proxy .
Expertise & Qualifications
- Capital markets listing oversight (AMEX and NYSE), including continued listing qualification experience via NYSE American Committee .
- Strategic communications and corporate practice leadership at WPP subsidiaries .
- Consulting leadership at FTI Consulting .
- Public-sector governance experience (Mayor and Township Committee, Harding Township, NJ) .
- Oversees 3 portfolios in the Gabelli Fund Complex, indicating breadth across funds .
- Education: B.A. (Skidmore); M.A. Economics (Columbia) .
Equity Ownership
| Measure | Value | Notes |
|---|---|---|
| Shares beneficially owned (GLU) | 0 | Less than 1% of shares outstanding |
| Dollar range of equity (GLU) | A (None) | As of December 31, 2024 |
| Aggregate dollar range in Fund Complex | C ($10,001–$50,000) | As of December 31, 2024 |
Related-party interests and affiliations:
- No interests reported for Mr. Platt in persons deemed under common control with the Adviser; table lists interests for other Trustees only (Conn, Melarkey, Zizza) .
Section 16(a) compliance:
- GLU believes Trustees and other insiders complied with Section 16(a) filing requirements during FY2024; no delinquencies noted .
Governance Assessment
-
Strengths
- Independent Trustee with broad capital markets background (NYSE/AMEX listing governance) and consulting/public-sector experience; useful for oversight of a closed-end fund operating on a national exchange .
- Board-wide independence; Lead Independent structure; executive sessions; formal Audit and Nominating Committees with experienced chairs and designated financial expert .
- Attendance ≥75% at FY2024 Board/committee meetings, indicating baseline engagement .
- Trustee pay is modest and cash-only, reducing compensation complexity and consultant conflicts at the director level .
-
Watch items / RED FLAGS
- Zero GLU share ownership and “None” dollar range may indicate limited direct economic alignment with shareholders; consider monitoring future ownership changes .
- No GLU committee assignment disclosed for Mr. Platt reduces direct influence over audit, nominations, and pricing decisions; may be due to recent appointment and multi-fund committee distribution .
- Annual meeting engagement is structurally low (no attendance expected and none attended in 2024), which can limit shareholder interaction opportunities .
- Perceived conflict risk to monitor: membership on NYSE American’s Committee on Securities while GLU references NYSE American independence guidelines (no specific transaction or exemption involving GLU disclosed) .
- No related-party transactions reported for Mr. Platt—positive from a conflict perspective .
- Section 16(a) compliance reported as satisfactory—no filing delinquencies noted, which supports governance hygiene .