Vincent Versaci
About Vincent W. Versaci
Hon. Vincent W. Versaci (born 1971) is an independent Trustee of Clough Global Dividend & Income Fund (GLV), serving since March 2013. He is a New York State Judge, currently Acting Supreme Court Justice and Surrogate Court Judge for Schenectady County; he chairs GLV’s Qualified Legal Compliance Committee (QLCC) and serves on the Audit and Governance & Nominating Committees, evidencing fiduciary and legal oversight expertise relevant to closed-end fund governance .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| NY State Courts | Judge; Acting Supreme Court Justice; Surrogate Court Judge (Schenectady County) | Judge since Jan 2003; Surrogate since May 2010 | Oversees fiduciaries and distributions in trusts/estates; monitors prudent asset stewardship |
| City Court of Schenectady | City Court Judge | 2003–2010 | Managed high volume civil/criminal docket; noted as second youngest judge in NY at the time |
| Schenectady County Community College | Adjunct Professor | Not disclosed | Academic engagement in law topics |
| Private Practice | Attorney (civil and criminal litigation) | Not disclosed | Trial and litigation experience |
| Schenectady County Bar Association | Board Member | Current | Engagement with professional legal community |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| NY Surrogate’s Court Advisory Committee | Member | Selected in 2018 | Reviews laws/practices; recommends legislation/procedure changes |
| Administrative Board for Offices of Public Administrators | Appointee | Appointed 2019 | Oversees public administrators statewide; fiduciary oversight |
Board Governance
- Independence: Listed as “Independent Trustee Nominee” for GLV; committees are comprised solely of Independent Trustees; independence reinforced by no material relationships with the adviser or affiliates (>$120k) for Independent Trustees and immediate families in past five years .
- Committee memberships and chair roles:
- Audit Committee: Member; committee met 2 times in FY2024; charter reviewed Dec 19, 2024 .
- Governance & Nominating Committee: Member; committee met 2 times in FY2024; charter reviewed Jan 25, 2024 .
- Qualified Legal Compliance Committee: Chair since 2017 .
- Executive Committee: Current members are Burke, Weber, McNally (not Versaci) .
- Board leadership and compliance culture: Independent Chair; quarterly executive sessions of Independent Trustees; robust risk oversight framework via CCO reports .
- Meeting attendance: Each Trustee attended at least 75% of meetings and committees in FY2024; Boards for GLV/GLO/GLQ met 4 times each in FY2024; none of the Trustees attended the 2024 Annual Meeting (attendance not required) .
| Board Activity | FY 2023 | FY 2024 |
|---|---|---|
| GLV Board meetings held | 5 | 4 |
| GLQ Board meetings held | 5 | 4 |
| GLO Board meetings held | 5 | 4 |
| Trustee meeting attendance threshold | ≥75% for each Trustee | ≥75% for each Trustee |
| Annual Meeting Trustee attendance | None attended (not required) | None attended (not required) |
Fixed Compensation
- Structure (per Fund): Compensated Trustees receive $14,000 annual retainer + $1,500 per Board meeting; telephonic Board meeting fee $500. Chairman receives $16,800 + $1,800 per meeting; telephonic fee $600. Audit Committee Chair receives $15,400 + $1,650 per meeting; telephonic fee $550. No additional fees for committee meetings; out-of-pocket expenses reimbursed .
| Element | Amount (per Fund) | Notes |
|---|---|---|
| Trustee annual retainer | $14,000 | Independent/Compensated Trustees |
| Trustee per Board meeting | $1,500 | In-person |
| Telephonic Board meeting fee | $500 | Additional |
| Chairman annual retainer | $16,800 | Independent Chair |
| Chairman per Board meeting | $1,800 | In-person |
| Audit Chair annual retainer | $15,400 | Audit Committee |
| Audit Chair per Board meeting | $1,650 | In-person |
| Committee meeting fees | None | No extra fees |
- Actual Compensation to Versaci:
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| GLV Trustee compensation | $20,500 | $21,000 |
| GLQ Trustee compensation | $20,500 | $21,000 |
| GLO Trustee compensation | $20,500 | $21,000 |
| Total from Fund Complex | $61,500 | $63,000 |
Performance Compensation
- No performance-linked pay disclosed for Trustees. Proxy details only cash retainers and meeting fees; equity/option awards for Trustees are not described .
| Variable Component | FY 2023 | FY 2024 |
|---|---|---|
| Equity awards (RSUs/PSUs) | Not disclosed | Not disclosed |
| Option awards | Not disclosed | Not disclosed |
| Performance metrics tied to pay | Not disclosed | Not disclosed |
Other Directorships & Interlocks
| Company/Organization | Role | Period |
|---|---|---|
| Public company boards | None disclosed |
Expertise & Qualifications
- Extensive fiduciary oversight: Supervises tens of thousands of fiduciaries; oversees distribution of millions in assets annually; expertise in trusts/estates law .
- Governance credentials: Appointed to Administrative Board for Public Administrators (2019) and Surrogate’s Court Advisory Committee (2018), strengthening legal-compliance rigor on GLV’s board .
- Committee leadership: QLCC Chair since 2017; contributes ethics and fiduciary expertise to fund governance .
Equity Ownership
- Beneficial ownership (exact shares as of 2025):
| Fund | Shares Owned | % of Shares Outstanding |
|---|---|---|
| GLV | 150 | ~0.0012% (150 ÷ 12,409,682.8250) |
| GLQ | 1,050 | ~0.0056% (1,050 ÷ 18,738,120.8920) |
| GLO | 150 | ~0.00035% (150 ÷ 42,766,222.3190) |
- Dollar ranges of holdings (Trustee self-reported 2025): GLV $1–$10,000; GLQ $1–$10,000; GLO $1–$10,000; aggregate across the fund complex $1–$10,000 .
| Fund | Dollar Range (2025) |
|---|---|
| GLV | $1–$10,000 |
| GLQ | $1–$10,000 |
| GLO | $1–$10,000 |
| Aggregate (Fund Complex) | $1–$10,000 |
- Stock ownership guidelines: No director stock ownership guidelines disclosed; only dollar ranges and share counts are provided .
Governance Assessment
-
Strengths
- Independence and committee breadth: Independent Trustee with roles on Audit and Governance & Nominating; QLCC Chair since 2017, aligning with strong ethics/compliance oversight .
- No related-party conflicts: Independent Trustees and immediate families reported no material relationships or transactions with the adviser/adviser affiliates (>$120k) over the last five years, reinforcing independence .
- Attendance: Meets the ≥75% attendance benchmark; consistent committee activity; structured risk oversight with executive sessions .
- Compensation is modest and cash-based: Clear, standardized retainers and meeting fees; no evidence of complex incentives that could bias oversight .
-
Weaknesses and potential red flags
- Low “skin in the game”: Very small shareholdings relative to shares outstanding; absence of disclosed stock ownership guidelines may limit alignment with shareholders (mild risk) .
- Annual meeting attendance: Trustees did not attend the 2024 Annual Meeting (attendance not required); while common for funds, reduces visible engagement signaling .
- No performance-tied pay: Lack of variable compensation could reduce at-risk alignment, though in closed-end fund governance cash-only structures are typical .
-
Net view
- Versaci’s governance profile emphasizes fiduciary rigor and legal compliance, with meaningful committee participation and chair responsibilities. The primary alignment concern is small personal ownership and absence of ownership guidelines disclosure; however, independence and conflict safeguards appear robust .