Salvatore M. Salibello
About Salvatore M. Salibello
Independent Trustee of The Gabelli Global Utility & Income Trust (GLU) since 2004; born 1945. CPA with over forty years in public accounting; currently Senior Partner at Bright Side Consulting; previously Managing Partner at Salibello & Broder LLP and Partner at BDO Seidman LLP. Education: B.S. in Business Administration (Accounting) from St. Francis College and MBA in Finance from Long Island University. Member of GLU’s Audit Committee; prior public company board experience includes serving as Chair of the Audit Committee at Nine West, Inc. and a current Director of LICT Corp.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Bright Side Consulting | Senior Partner | Not disclosed | Consulting leadership |
| Salibello & Broder LLP | Managing Partner | 1978–2012 | Led CPA firm operations |
| BDO Seidman, LLP | Partner | 2012–2013 | Public accounting partner |
| Nine West, Inc. | Director | 2002–2014 | Chairman, Audit Committee |
External Roles
| Company | Role | Tenure | Committees/Impact |
|---|---|---|---|
| LICT Corp. (Telecom) | Director | Current | Not disclosed |
| Nine West, Inc. | Director | 2002–2014 | Chairman, Audit Committee |
Board Governance
- Independence: GLU’s Board consists entirely of Independent Trustees under the 1940 Act; Salibello is classified as Independent and is not listed with any interests in Adviser-controlled affiliates in the proxy’s related interests table.
- Committees: Member, Audit Committee (non-chair). Audit Committee met two times in FY2024; chaired by Vincent D. Enright (Audit Committee Financial Expert).
- Tenure and class: Serving until the 2027 Annual Meeting; originally joined the Board in 2004.
- Attendance: Board met four times in FY2024; each Trustee attended at least 75% of Board and committee meetings of which they were a member.
- Shareholder meeting attendance: Trustees are not expected to attend; no Trustee attended the May 13, 2024 annual meeting.
- Lead independent oversight: Lead Independent Trustee is James P. Conn, who presides over executive sessions.
Fixed Compensation
| Component | Amount/Policy | FY2024 Salibello Actual |
|---|---|---|
| Annual Trustee retainer (Independent Trustees) | $3,000 cash retainer per trustee | Included in total |
| Board meeting fee | $1,000 per Board meeting attended | Included in total |
| Committee meeting fee | $500 per committee meeting attended | Included in total |
| Audit Committee Chair fee | $3,000 annually (Chair only) | Not applicable (not Chair) |
| Nominating Committee Chair fee | $2,000 annually (Chair only) | Not applicable |
| Lead Independent Trustee fee | $1,000 annually (Lead only) | Not applicable |
| Aggregate compensation from GLU (FY2024) | — | $8,000 |
| Aggregate compensation from Fund Complex (FY2024) | — | $92,500 (covers 6 portfolios) |
The Fund paid $66,646 in aggregate trustee remuneration (excluding expenses) in FY2024; Board met four times.
Performance Compensation
| Metric | Status | Notes |
|---|---|---|
| Equity awards (RSUs/PSUs/Options) | None disclosed for Trustees | Proxy details cash retainers/fees only; no stock or option awards listed for Trustees. |
| Performance-based cash bonuses | None disclosed | No bonus structure disclosed for Trustees. |
| Compensation performance metrics (EBITDA/TSR/ESG) | Not applicable | No performance-linked metrics disclosed for Trustees. |
Other Directorships & Interlocks
| Organization | Type | Role | Potential Interlock/Conflict |
|---|---|---|---|
| LICT Corp. | Public company | Director | No GLU proxy disclosure of related-party ties for Salibello. |
| Nine West, Inc. | Public company (prior) | Director; Audit Chair | Historical role; no current GLU conflicts indicated. |
Expertise & Qualifications
- CPA; decades of public accounting leadership (Managing Partner, Salibello & Broder LLP; Partner, BDO Seidman).
- Audit committee experience, including chairing a public company audit committee (Nine West).
- Formal education in accounting and finance (St. Francis College; Long Island University).
- Current consulting leadership (Bright Side Consulting).
Equity Ownership
| Holder | Shares Beneficially Owned | % of Shares Outstanding | Dollar Range in GLU | Aggregate Dollar Range in Fund Complex |
|---|---|---|---|---|
| Salvatore M. Salibello | 0 Common Shares | * (less than 1%) | A (None) | E (Over $100,000) |
Group ownership of Trustees/executive officers constitutes less than 1% of Common and less than 1% of Preferred Shares.
Insider Trades and Filings
| Item | FY2024 Status | Notes |
|---|---|---|
| Section 16(a) filings (Forms 3/4/5) | Compliant | Based on GLU’s review of filings in FY2024, applicable persons complied with filing requirements. |
| Insider transactions disclosed in proxy | Not specifically enumerated | Proxy provides ownership ranges; no transaction schedule for Trustees. |
Governance Assessment
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Strengths:
- Independence and lack of disclosed related-party interests with Adviser-controlled affiliates for Salibello; clean independence profile.
- CPA credentials and extensive audit experience; serves on GLU’s Audit Committee; committee met twice in FY2024, with designated financial expert on the committee.
- Board structure emphasizes independent oversight with a Lead Independent Trustee and regular executive sessions.
-
Watch items / RED FLAGS:
- No personal ownership of GLU shares (Dollar Range A: None), which may weaken alignment with fund shareholders; typical for closed-end fund trustees but still a signal to monitor.
- Trustees do not attend annual shareholder meetings and none attended in 2024, limiting direct shareholder engagement.
- Compensation is entirely cash-based with meeting fees; no equity or performance-linked components for Trustees, implying limited pay-for-performance alignment at the director level.
-
Compensation structure observations:
- Modest, fee-for-service design (retainer, meeting fees) consistent with industry practice for closed-end funds; no equity or incentive metrics disclosed.
-
Conflicts and related-party exposure:
- Salibello is not listed in the proxy’s table of interests in Adviser-controlled affiliates; no related-party transactions disclosed for him.
- Family or affiliate relationships are disclosed for certain other Trustees, but none for Salibello.
-
Attendance and engagement:
- Meets minimum attendance (≥75%) at Board/committee meetings; Audit Committee met twice in FY2024.
-
Committee roles:
- Audit Committee member; not chair. He is not listed on the Nominating Committee or multi-fund ad hoc Compensation Committees for GLU.
Overall, Salibello brings credible audit and accounting expertise to GLU’s Board and Audit Committee. Primary investor-alignment risk is lack of personal GLU share ownership and absence of performance-based or equity-linked director compensation; engagement with shareholders is limited by non-attendance at annual meetings.