William F. Heitmann
About William F. Heitmann
William F. Heitmann (born 1949) is an Independent Trustee of GAMCO Natural Resources, Gold & Income Trust (GNT), serving since May 25, 2011, with his current term continuing until the 2027 Annual Meeting. He is Chairman of the Audit Committee and the Fund’s designated Audit Committee Financial Expert; his background includes over 35 years at Verizon in senior finance roles and leadership of Verizon’s investment management arm. He holds a B.S. in Mechanical Engineering (New Jersey Institute of Technology) and an MBA (Rutgers University).
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Verizon Communications (and predecessors Bell Atlantic/NYNEX) | Senior Vice President of Finance; Senior Vice President & Treasurer; Vice President of Asset Management & Treasurer (Bell Atlantic); Vice President of Merger Implementation (Bell Atlantic-NYNEX) | 1971–2011 | Led Verizon Investment Management Corporation as President & CIO; Chaired Verizon Capital Corporation (financial subsidiary) |
| Verizon Investment Management Corporation | President & Chief Investment Officer | Within 1971–2011 | Oversaw pension/investment functions |
| Verizon Capital Corporation | Chairman of the Board | Within 1971–2011 | Oversight of financial subsidiary |
| Syncreon (contract logistics provider) | Director; Audit Committee Chair | 2011–2019 | Audit oversight and financial governance |
| DRS Technologies | Director; Audit Committee Chair | Not disclosed | Audit leadership |
| Pension Real Estate Association | Director | Not disclosed | Industry governance |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Committee for the Investment of Employee Benefit Assets | Member | Not disclosed | Institutional investment governance |
| Financial Executives Institute | Member | Not disclosed | Finance leadership network |
| NYSE Pension Manager’s Advisory Committee | Member | Not disclosed | Advisory role on pension management |
| Investment Committee of the Society for Neurology | Member | Not disclosed | Investment oversight |
Board Governance
- Independence status: Heitmann is an Independent Trustee (not an “interested person” under the Investment Company Act).
- Committee assignments: Audit Committee Chairman and designated Audit Committee Financial Expert; Audit Committee members are Messrs. Heitmann (Chair), Enright, Fahrenkopf, and Zizza. Nominating Committee members: Colavita (Chair), Melarkey, Zizza; Heitmann is not listed on the Nominating Committee.
- Lead Independent Trustee: James P. Conn; Board has no Chair and Independent Trustees meet regularly in executive session; Heitmann participates under the Board’s oversight framework.
- Attendance and engagement: In 2024 the Board held four regular quarterly meetings; each Trustee attended at least 75% of Board and applicable committee meetings. The Fund does not expect Trustees to attend the annual shareholder meeting; no Trustees or nominees attended the May 13, 2024 annual meeting.
- Years of service: Trustee since May 25, 2011; term continues until the 2027 Annual Meeting.
Fixed Compensation
Director fee schedule (structure):
- Annual retainer: $3,000; Board meeting fee: $1,000 per meeting; Committee meeting fee: $500 per meeting. Audit Committee Chair annual fee: $3,000; Nominating Committee Chair and Lead Independent Trustee annual fee: $2,000 each.
Actual compensation:
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Aggregate Compensation from GNT (USD) | $11,000 | $11,000 |
| Aggregate Compensation from Fund Complex (USD) | $53,132 | $54,000 |
| Funds/Portfolios in Complex from which paid (count) | 4 | 4 |
| Board Meetings Held (count) | 4 | 4 |
| Audit Committee Meetings Held (count) | 2 | 2 |
Performance Compensation
- No performance-based pay, bonus, stock awards, options, or equity grants are disclosed for Independent Trustees at GNT; compensation is cash-based via retainers and per-meeting fees.
| Performance Element | FY 2023 | FY 2024 |
|---|---|---|
| Target/Actual Bonus | None disclosed | None disclosed |
| Equity Awards (RSUs/PSUs) | None disclosed | None disclosed |
| Options (strike/vesting) | None disclosed | None disclosed |
| Performance Metrics (TSR, EBITDA, ESG, etc.) | Not applicable | Not applicable |
| Clawbacks/Change-of-Control/Severance | None disclosed for directors | None disclosed for directors |
Other Directorships & Interlocks
| Company | Current/Prior | Role | Committee/Position |
|---|---|---|---|
| Syncreon | Prior | Director | Audit Committee Chair |
| DRS Technologies | Prior | Director | Audit Committee Chair |
| Pension Real Estate Association | Prior | Director | — |
- Related-party or affiliate interests: The proxy discloses certain Independent Trustees’ interests in entities under common control with GNT’s adviser; Heitmann is not listed in that related-interest table.
- Preferred-shareholder trustees’ roles (for context): Trustees Fahrenkopf and Zizza elected solely by preferred shareholders; Heitmann is elected by common and preferred voting together.
Expertise & Qualifications
- Designated Audit Committee Financial Expert; certified financially literate Audit Committee.
- Deep corporate finance, treasury, asset management, and pension investment experience from Verizon; prior audit committee chair roles at Syncreon and DRS Technologies.
- Technical and managerial training: BS Mechanical Engineering (NJIT) and MBA (Rutgers).
Equity Ownership
| Metric | As of Dec 31, 2023 | As of Dec 31, 2024 |
|---|---|---|
| Beneficial Ownership (shares) | 2,000 Common Shares | 2,000 Common Shares |
| Ownership as % Outstanding | <1% | <1% |
| Dollar Range in Fund | Range C ($10,001–$50,000) | Range C ($10,001–$50,000) |
| Aggregate Dollar Range in Fund Complex | Range E (Over $100,000) | Range E (Over $100,000) |
| Pledging/Hedging | None disclosed | None disclosed |
Governance Assessment
- Strengths: Independent status; long-tenured trustee with deep finance and investment oversight experience; chairs Audit Committee and serves as the Audit Committee Financial Expert; Audit Committee active and certified financially literate. These enhance board effectiveness and financial reporting oversight.
- Alignment: Owns 2,000 common shares; dollar range suggests meaningful personal exposure to the Fund; cash-only director compensation avoids misaligned equity incentives for an Independent Trustee.
- Engagement: Board held four meetings and Audit Committee met twice in 2024 with ≥75% attendance by all Trustees. However, Trustees do not attend annual shareholder meetings; none attended the May 13, 2024 meeting—an engagement consideration for investors.
- Conflicts/Related-party exposure: No Heitmann-specific related-party interests disclosed in adviser-affiliated entities; no legal or SEC matters disclosed for him (contrast: a separate 2015 SEC settlement pertains to another Trustee, not Heitmann).
- RED FLAGS: None identified specific to Heitmann. General board practice of not attending annual shareholder meetings may be viewed negatively by some governance-focused investors seeking direct accountability.