Agnes Mullady
About Agnes Mullady
Agnes Mullady (born 1958) serves as an Interested Trustee of GAMCO Natural Resources, Gold & Income Trust (GNT) since March 25, 2021; she is not an Independent Trustee under the Investment Company Act due to her affiliations with the adviser and its affiliates . She holds an MBA in Finance from the New York Institute of Technology and a B.A. in Accounting from Queens College, with a career spanning senior roles in fund operations, distribution, and asset management .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Gabelli Funds, LLC (Fund Division) | President & COO | 2010–2019 | Led fund operations across Gabelli/Teton complexes |
| G.distributors, LLC | Chief Executive Officer | 2011–2019 | Oversaw distribution activities |
| GAMCO Investors, Inc. | Senior Vice President | 2009–2019 | Senior leadership at adviser affiliate |
| Gabelli Funds, LLC | Vice President | 2006–2019 | Officer across registered funds in complex |
| Associated Capital Group, Inc. | Executive Vice President | 2016–2019 | Executive role at affiliated asset manager |
| U.S. Trust Company | Senior Vice President | circa 2004–2005 | Wealth management leadership |
| Excelsior Funds | Treasurer & CFO | 2004–2005 | Fund finance leadership |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| GAMCO Investors, Inc. | Director | Not disclosed | Listed as “Other Directorships” in proxy table |
Board Governance
- Board structure: Nine trustees, eight independent; Ms. Mullady is the sole Interested Trustee, reflecting adviser affiliation and non-independence .
- Committee assignments: Audit Committee (Heitmann—Chair; Enright; Fahrenkopf; Zizza) and Nominating Committee (Colavita—Chair; Melarkey; Zizza) are composed entirely of Independent Trustees; Ms. Mullady is not listed as a member of standing committees . The ad hoc Proxy Voting and Pricing committees are chaired and populated by Independent Trustees; Ms. Mullady is not cited among members .
- Leadership: No Board Chairman; James P. Conn serves as Lead Independent Trustee, presiding over executive sessions and liaising with service providers between meetings .
- Attendance & engagement: Board met four times in FY 2024; each trustee attended at least 75% of Board/committee meetings applicable to them . No trustees or nominees attended the May 13, 2024 annual shareholder meeting (the Fund does not expect trustee attendance) .
- Term and tenure: Ms. Mullady’s current class serves until the 2026 Annual Meeting; she has served as Trustee since March 25, 2021 .
Fixed Compensation
Director Fee Schedule (FY 2024)
| Component | Amount |
|---|---|
| Annual retainer (Independent and Interested Trustees) | $3,000 |
| Board meeting fee (per meeting) | $1,000 |
| Committee meeting fee (per meeting) | $500 |
| Audit Committee Chair annual fee | $3,000 |
| Nominating Committee Chair annual fee | $2,000 |
| Lead Independent Trustee annual fee | $2,000 |
| Aggregate remuneration paid by the Fund to Trustees (FY 2024) | $74,000 |
Compensation Received
| Year | Aggregate Compensation from GNT | Aggregate Compensation from Fund Complex | Source |
|---|---|---|---|
| 2022 | $7,000 | $132,500 | DEF 14A (2023) |
| 2023 | $7,000 | $134,500 | DEF 14A (2024) |
| 2024 | $7,000 | $131,500 | DEF 14A (2025) |
Observation: Compensation is primarily fixed cash fees with minor year-to-year variation in complex-wide totals, consistent with closed-end fund governance norms .
Performance Compensation
| Performance Metric | Included in Director Pay? | Evidence |
|---|---|---|
| Bonus tied to financial/ESG metrics | No disclosure of bonuses | Compensation table lists only aggregate compensation; no bonus metrics |
| Equity awards (RSUs/PSUs) | Not disclosed for trustees | Fee schedule and tables show cash fees only |
| Options (strike, vesting) | Not disclosed for trustees | No option awards disclosed in proxy |
| Clawbacks/COC provisions | Not disclosed for trustees | No trustee-specific pay provisions disclosed |
Conclusion: No performance-based compensation disclosed; trustee pay appears to be cash retainer/meeting-based without at-risk components .
Other Directorships & Interlocks
| Company | Relationship | Potential Interlock |
|---|---|---|
| GAMCO Investors, Inc. | Director | Adviser/affiliate to the Fund; board service indicates deeper ties to adviser ecosystem |
- All trustees also serve on boards of other investment companies advised by Gabelli Funds or affiliates, reinforcing complex-wide governance interconnections .
Expertise & Qualifications
- Fund operations and compliance: Former President & COO of Gabelli Funds’ Fund Division; extensive closed-end and mutual fund oversight experience .
- Distribution leadership: Former CEO of G.distributors, LLC .
- Asset management executive: Senior VP at GAMCO Investors; EVP at Associated Capital Group .
- Finance credentials: MBA (NYIT), BA in Accounting (Queens College); prior Treasurer & CFO of Excelsior Funds .
Equity Ownership
| As-of Date | Shares Owned | Class | Ownership % |
|---|---|---|---|
| Dec 31, 2024 | 150 | Common | Less than 1% (asterisk) |
| Dec 31, 2022 | 150 | Common | Less than 1% (asterisk) |
| Dollar Range (as of Dec 31, 2022) | Fund Holdings | Aggregate in Fund Complex |
|---|---|---|
| Defined bands | B ($1–$10,000) | C ($10,001–$50,000) |
Alignment: Personal stake in GNT is minimal (150 shares), though aggregate complex exposure is higher; no pledging or hedging disclosures identified in proxy tables .
Governance Assessment
- Independence and conflicts: Ms. Mullady is an Interested Trustee due to prior and ongoing affiliations with the adviser’s ecosystem (GAMCO, Gabelli Funds, Associated Capital), which diminishes independence and may create perceived conflicts; however, the Board’s standing committees are fully independent, and she does not serve on them, which mitigates direct influence over audit and nomination processes .
- Attendance and engagement: Board met quarterly in FY 2024 with at least 75% attendance by all trustees; however, no trustees attended the 2024 shareholder meeting, in line with the Fund’s stated expectations but a potential engagement optics issue for some investors .
- Compensation and incentives: Cash-only retainer and meeting fees; no equity or performance-based incentives for trustees, limiting pay-for-performance alignment but maintaining governance simplicity and independence from fund performance targets .
- Ownership alignment: Very modest direct ownership in GNT (<1%), which offers limited “skin-in-the-game” signaling; complex-wide holdings are larger by dollar range, but not directly tied to GNT .
- Board leadership: Presence of a Lead Independent Trustee and independent committee chairs supports effective oversight; committees met with regular cadence (Audit twice; Nominating once) in FY 2024 .
RED FLAGS
- Non-independence: Interested Trustee status and concurrent directorship at GAMCO Investors (adviser affiliate) present potential conflicts of interest and weaken independence optics .
- Low direct ownership: 150 common shares in GNT is immaterial, potentially signaling weaker alignment with shareholders .
- Shareholder meeting non-attendance: No trustees attended the May 13, 2024 annual meeting; while the Fund does not expect attendance, investors may perceive this as lower engagement .
Positive Signals
- Strong fund operations background: Deep experience across fund operations, distribution, and asset management supports board effectiveness in a closed-end fund context .
- Committee structure: Independent-only Audit and Nominating Committees, with a designated audit committee financial expert, bolster governance quality .