Clifford Weber
About Clifford J. Weber
Independent Trustee and Chairman of the Board since 2024; Trustee of GLV since August 2017 (born 1963). Weber has 26+ years of financial markets experience, including senior roles at NYSE and the American Stock Exchange, with expertise in ETFs, listed derivatives, trading markets, and regulation; he holds a B.A. in Biochemistry (Dartmouth) and an M.S.E. in Systems/Operations Research (University of Pennsylvania), is co‑author of “Equity Flex Options,” and named inventor on 21 patents in financial innovation . He is nominated for re‑election to a three‑year term expiring at the 2028 Annual Meeting and is classified as an Independent Trustee nominee .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| NYSE Liffe | EVP, Head of Strategy & Product Development | 2008–2013 | Led strategy/product development for derivatives; market structure/regulation expertise . |
| NYSE | EVP, Global Index & Exchange Traded Products | 2013–2015 | Oversaw index and ETP businesses; product creation and leadership . |
| American Stock Exchange (Amex) | ETF business leadership (ran ETF business) | ~2000–2008; 18 years at Amex total | Instrumental in development of Amex’s dominant ETF business; also developed closed‑end fund business . |
| Financial Products Consulting Group, LLC | Founder | Ongoing | Provides consulting to financial industry; independent trustee across multiple registered investment companies . |
External Roles
| Organization | Role | Scope | Notes |
|---|---|---|---|
| Janus Detroit Street Trust | Trustee | 14 funds | Current trustee; mutual fund complex . |
| Clayton Street Trust | Trustee | 3 funds | Current trustee . |
| Global X Funds | Trustee | 93 funds | Current trustee; large ETF complex . |
| Various RICs | Independent trustee | Mutual funds, ETFs, variable annuity trusts | Broad independent trustee service (not all entities named) . |
Board Governance
- Independence and leadership: Independent Trustee serving as Chairman since 2024; Board expressly uses an independent Chair to mitigate conflicts and support compliance culture .
- Committee memberships: Member, Audit Committee; Member, Governance & Nominating Committee (both composed solely of Independent Trustees) .
- Executive sessions: Independent Trustees meet quarterly in executive session without interested trustees or adviser/administrator present .
- Attendance: During FY ended Oct 31, 2024, each Trustee attended at least 75% of Board and applicable committee meetings; GLV Board met four times (GLQ and GLO also four) .
- Annual meeting attendance: Funds do not require trustee attendance; no trustees attended the 2024 Annual Meeting of Shareholders .
- Committee chairs: Audit Committee chaired by Karen DiGravio; Governance & Nominating chaired by Adam D. Crescenzi; Qualified Legal Compliance Committee chaired by Hon. Vincent W. Versaci .
Fixed Compensation
| Component | Role | Per Fund Amount | Notes |
|---|---|---|---|
| Annual retainer | Compensated Trustee | $14,000 per year | Independent Trustees not affiliated with adviser/admin receive this. |
| Annual retainer | Chairman | $16,800 per year | Higher retainer for Board Chair. |
| Annual retainer | Audit Committee Chair | $15,400 per year | Role‑specific chair premium. |
| Meeting fee (in‑person) | Compensated Trustee | $1,500 per Board meeting | Applies per Board meeting. |
| Meeting fee (in‑person) | Chairman | $1,800 per Board meeting | Applies per Board meeting. |
| Telephonic meeting fee | Compensated Trustee | $500 per telephonic Board meeting | No additional fees for committee meetings. |
| Telephonic meeting fee | Chairman | $600 per telephonic Board meeting | — |
| Telephonic meeting fee | Audit Committee Chair | $550 per telephonic Board meeting | — |
| Name | GLV FY2024 Compensation | GLQ FY2024 Compensation | GLO FY2024 Compensation | Total From Fund Complex |
|---|---|---|---|---|
| Clifford J. Weber | $24,100 | $24,100 | $24,100 | $72,300 |
Trustees employed by Paralel or Clough receive no compensation from the Funds .
Performance Compensation
- No equity compensation (RSUs/PSUs), stock options, or performance‑based director pay is disclosed in the proxy; trustee compensation consists of cash retainers and Board meeting fees .
- The Funds do not have a compensation committee (relevant for oversight of pay policies) .
Other Directorships & Interlocks
| Company/Complex | Potential Interlock/Exposure | Relevance |
|---|---|---|
| Global X Funds (93 funds) | Large ETF platform; product/market exposure | Information flow and governance experience in ETF ecosystem . |
| Janus Detroit Street Trust (14 funds) | Mutual fund complex | Broader mutual fund governance/forums . |
| Clayton Street Trust (3 funds) | Mutual fund complex | Additional independent trustee service . |
Independence safeguards: Neither Independent Trustees nor immediate family members own securities of Clough Capital (adviser) or its affiliates; no related transactions >$120,000 with adviser or affiliates over last five years; independence under NYSE American standards affirmed .
Expertise & Qualifications
- Technical: Trading markets, derivatives regulation; ETF and listed derivatives product development .
- Education: B.A. Biochemistry (Dartmouth); M.S.E. Systems/Operations Research (University of Pennsylvania) .
- Publications/IP: Co‑author of “Equity Flex Options”; named inventor on 21 issued patents in financial innovation .
Equity Ownership
| Security | % of Shares Outstanding | Shares Owned |
|---|---|---|
| GLV Common Shares | 0% | 0 |
| GLQ Common Shares | <1% | 4,603 |
| GLO Common Shares | 0% | 0 |
| Fund | Dollar Range of Equity Securities Held |
|---|---|
| GLV | None |
| GLQ | $10,001–$50,000 |
| GLO | None |
| Aggregate (Family of Investment Companies) | $10,001–$50,000 |
- Shares pledged/hedged: No pledging/hedging disclosures for trustees; not indicated in proxy .
- Ownership guidelines: No director stock ownership guidelines disclosed in the proxy materials .
Governance Assessment
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Strengths:
- Independent Chairman structure with quarterly executive sessions supports strong oversight and mitigates conflicts; Independent membership of Audit and Governance & Nominating Committees .
- No related‑party transactions or adviser/affiliate holdings reported among Independent Trustees, reinforcing independence .
- Relevant market structure and ETF/derivatives expertise aligns with fund strategies and oversight of complex instruments .
-
Alignment and engagement:
- Personal share ownership is concentrated in GLQ (4,603 shares, <1%); no GLV or GLO holdings, indicating limited economic alignment with GLV shareholders specifically .
- Attendance met minimum thresholds (≥75%); GLV held four Board meetings in FY2024; however, trustees did not attend the 2024 Annual Meeting, which is not required but can be viewed as a modest engagement gap .
-
Process considerations:
- Absence of a compensation committee is typical for closed‑end funds but reduces formal oversight of director compensation policy evolution .
- Audit Committee chaired by a designated financial expert; Weber serves as member, contributing oversight to financial reporting and auditor independence .
-
Potential RED FLAGS (monitoring items):
- Low direct ownership in GLV (0 shares) and no disclosed ownership guidelines—watch for any future hedging/pledging disclosures or shifts in ownership that could affect alignment .
- Significant external trustee commitments (over 100 funds across Global X, Janus, Clayton Street) could pose time‑commitment risk; offset by deep domain expertise and fund governance experience .
Nomination signal: Weber is nominated for a new three‑year term (Class III) expiring at the 2028 Annual Meeting; Independent Trustee nominee status reiterated .
Committee cadence: Audit Committees met twice in FY2024; Governance & Nominating met twice; Independent executive sessions quarterly; Board meetings four times at GLV .