Richard J. Walz
About Richard J. Walz
Richard J. Walz (born 1959) serves as Chief Compliance Officer (CCO) of The Gabelli Global Utility & Income Trust (GLU) and the registered investment companies within the Gabelli Fund Complex, a role he has held since 2013 . Prior to joining the Gabelli/GAMCO fund complex, Walz was CCO at AEGON USA Investment Management (2011–2013) and Cutwater Asset Management (2004–2011) . GLU’s Board receives periodic reports from the CCO regarding compliance program implementation and testing across the Fund and key service providers, underscoring his operational remit and governance footprint . The proxies do not disclose executive TSR or financial growth metrics, and GLU does not provide revenue/EBITDA growth targets tied to officer pay; performance context for Walz’s role is framed through compliance oversight rather than operating P&L targets .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Cutwater Asset Management | Chief Compliance Officer | 2004–2011 | Led regulatory compliance programs, establishing controls for asset management operations |
| AEGON USA Investment Management | Chief Compliance Officer | 2011–2013 | Directed compliance frameworks during organizational transition, enhancing testing and monitoring |
| Gabelli/GAMCO Fund Complex | Chief Compliance Officer (registered investment companies) | 2013–present | Oversees fund complex compliance, reporting periodically to Boards on program implementation/testing |
External Roles
No external directorships or committee roles for Walz are disclosed in GLU’s proxies. The filings list only his principal occupation as CCO across the Gabelli Fund Complex .
Fixed Compensation
- GLU’s proxies indicate a multi-fund ad hoc Compensation Committee oversees compensation for the Chief Compliance Officer for funds in the complex, but do not disclose individual CCO salary, target bonus, or paid bonus amounts for Walz .
- The Fund reports trustee compensation and, where applicable, compensation for certain officers compensated by the Fund (e.g., Ombudsman), but Walz’s pay is not itemized in GLU’s compensation tables—suggesting CCO compensation is handled via the adviser/complex rather than directly by GLU .
Performance Compensation
- GLU does not disclose performance metric frameworks (e.g., revenue growth, EBITDA, TSR, ESG goals) or vesting-linked payouts for the CCO; compensation governance is via the multi-fund ad hoc Compensation Committee, with no metric weightings or payout structures published for Walz .
- No RSU/PSU/option awards, grant dates, strike prices, expiration, or vesting schedules are disclosed for Walz in GLU proxies .
Equity Ownership & Alignment
| Metric | FY 2020 | FY 2023 | FY 2024 |
|---|---|---|---|
| Beneficial ownership (Common Shares) | 0 | 0 | 0 |
| Ownership as % of shares outstanding | <1%* | <1%* | <1%* |
- Vested vs unvested shares, exercisable vs unexercisable options, and in-the-money values are not disclosed for Walz .
- Stock ownership guidelines and any pledging/hedging restrictions for officers are not disclosed in GLU proxies; no pledging by Walz is reported .
- Section 16 compliance: GLU reports timely beneficial ownership filings for applicable persons (2024 all in compliance; 2023 one late report for a trustee, not Walz) .
Employment Terms
- Role: Chief Compliance Officer; officer terms are indefinite, continuing until resignation/retirement or succession .
- Start in current role: Since 2013 .
- Severance/change-of-control: Not disclosed; no individual employment agreement terms, severance multiples, or change-of-control triggers published for Walz in GLU proxies .
- Clawbacks/gross-ups/deferred comp/pension/SERP/perquisites: Not disclosed for Walz in GLU proxies .
- Non-compete/non-solicit/garden leave: Not disclosed .
Investment Implications
- Alignment: Walz holds no GLU shares; while common for fund officers, this limits direct equity alignment. Absence of pledging/hedging disclosures reduces red-flag risk, but also limits visibility into alignment levers .
- Compensation transparency: Pay details for the CCO are governed by a multi-fund ad hoc Compensation Committee but not itemized—investors lack insight into pay-for-performance ties (e.g., compliance KPIs, audit outcomes), which curtails assessment of incentive quality .
- Retention risk: Indefinite officer terms and centralized compensation oversight suggest structural stability; lack of disclosed severance/CoC terms prevents quantifying exit economics and retention hooks .
- Execution risk: The Board explicitly relies on periodic compliance reporting from the CCO on program implementation and testing; governance dependability is highlighted, but performance metrics are qualitative rather than tied to financial outcomes, keeping trading signals limited to governance continuity rather than earnings-linked catalysts .
Overall, Walz’s profile presents stable compliance leadership across the Gabelli fund complex with limited public data on compensation incentives and equity alignment. For trading and governance screens, monitor future proxies for any expansion of officer compensation disclosure, ownership changes, or Section 16 filings, and consider qualitative governance continuity rather than pay-driven or ownership-based signals .