Robert J. Morrissey
About Robert J. Morrissey
Independent Trustee of The Gabelli Utility Trust (GUT) since 1999; born 1939; senior partner at Morrissey, Hawkins & Lynch with 45+ years of legal experience in estate planning, civil litigation, business planning, and real estate . Education: Boston College (undergraduate) and Harvard Law School (J.D.) . Current Trustee term runs through the 2026 Annual Meeting; he is classified among Trustees Serving Until 2026 . Independence: identified as an Independent Trustee under the 1940 Act .
Past Roles
| Organization | Role | Tenure | Committees / Impact |
|---|---|---|---|
| Morrissey, Hawkins & Lynch | Partner; current senior partner | Not disclosed | 45+ years representing clients in estate planning, civil litigation, business planning, and real estate |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Belmont Savings Bank (MA) | Chairman of the Board of Trustees | Not disclosed | Governance leadership at a financial institution |
| Boston College | Trustee; continuing Chairman of Investment & Endowment Committee | Not disclosed | Oversight of investment/endowment policy |
| Harvard Law School | Dean’s Advisory Board Member | Not disclosed | Advisory role to law school leadership |
| Archdiocese of Boston | Financial Council Member; Chairman, Investment Committee | Not disclosed | Fiduciary oversight of investments |
| Jesuit Curia, Vatican City | Investment Advisory Committee Member | Not disclosed | Advisory oversight of investments |
Board Governance
- Board class and tenure: Serving until 2026; Independent Trustee since 1999 .
- Committee assignments: Not listed as a member of the Audit Committee (Enright—Chair, Birch, Melarkey) or the Nominating Committee (Zizza—Chair, Conn, Enright) in the latest proxy .
- Lead Independent Director: James P. Conn .
- Executive sessions: Independent Trustees meet regularly in executive session and chair all Board committees .
- Shareholder meeting engagement: Trustees are not expected to attend the annual meeting; no Trustee or nominee attended May 13, 2024 .
Board and committee activity and attendance:
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Board meetings (#) | 4 | 5 (4 regular, 1 special) | 4 |
| Audit Committee meetings (#) | 2 | 2 | 2 |
| Nominating Committee meetings (#) | 1 | 2 | 1 |
| Attendance (each Trustee) | ≥75% of Board and committee meetings | ≥75% of Board and committee meetings | ≥75% of Board and committee meetings |
Fixed Compensation
- Structure (Independent Trustees): annual retainer $6,000; $1,500 per Board meeting; $1,000 per committee meeting; Audit Chair +$3,000; Nominating Chair +$2,000; Lead Independent +$2,000; reimbursement of out-of-pocket expenses .
- Aggregate remuneration paid by the Fund to Independent Trustees: $149,500 (FY22), $143,745 (FY23), $124,000 (FY24) .
Compensation for Robert J. Morrissey:
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Aggregate Compensation from GUT ($) | $12,000 | $12,000 | $12,000 |
| Aggregate Compensation from Fund Complex ($) | $72,500 | $72,000 | $72,000 |
Performance Compensation
- No performance-based compensation, equity grants, options, or compensation metrics disclosed for Trustees (director compensation is cash-based retainers/meeting fees only) .
Other Directorships & Interlocks
| Company/Institution | Role | Potential Interlock/Conflict Considerations |
|---|---|---|
| Belmont Savings Bank (MA) | Chairman of the Board of Trustees | Financial sector role; no related-party transactions with GUT disclosed |
| Boston College | Trustee; Chairman, Investment & Endowment Committee | External fiduciary duties; no conflicts with GUT disclosed |
| Harvard Law School | Dean’s Advisory Board Member | Advisory-only; no conflicts disclosed |
| Archdiocese of Boston | Financial Council Member; Chairman, Investment Committee | External fiduciary duties; no conflicts disclosed |
| Jesuit Curia, Vatican City | Investment Advisory Committee Member | External fiduciary duties; no conflicts disclosed |
- Related-party/affiliates interests: Morrissey is not listed among Independent Trustees with beneficial interests in entities under common control with the Adviser; several other Trustees are listed, but not Morrissey . Proxy states Independent Trustees (with noted exceptions) had no interest in the Adviser or affiliates as of Dec 31, 2024 .
Expertise & Qualifications
- Legal and governance expertise: 45+ years as an attorney across estate planning, litigation, business planning, and real estate; senior partner leadership .
- Investment oversight experience: Chairs investment committees (Boston College; Archdiocese of Boston); member of multiple investment advisory bodies (Jesuit Curia) .
- Education: Boston College; Harvard Law School .
Equity Ownership
- Share ownership in GUT: 0 Common Shares; less than 1% of shares outstanding; Dollar Range in GUT: A (None) .
- Aggregate Dollar Range in Family of Investment Companies: E (Over $100,000) .
- No pledging/hedging, options, or ownership guidelines disclosure for Trustees in proxy materials.
Equity ownership detail:
| Metric | As of Dec 31, 2022 | As of Dec 31, 2023 | As of Dec 31, 2024 |
|---|---|---|---|
| GUT Common Shares Owned | 0 | 0 | 0 |
| % of Shares Outstanding | <1% | <1% | <1% |
| Dollar Range in GUT | A (None) | A (None) | A (None) |
| Aggregate Dollar Range in Family of Investment Companies | E (Over $100,000) | E (Over $100,000) | E (Over $100,000) |
Governance Assessment
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Alignment: Morrissey holds no GUT shares, which may be viewed as weaker direct alignment for a public closed-end fund trustee despite significant aggregate holdings across the fund complex .
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Effectiveness: Long tenure since 1999 provides continuity and institutional knowledge; however, he is not disclosed as serving on core Board committees (Audit or Nominating), limiting formal committee influence relative to peers .
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Independence and conflicts: Classified as Independent; no related-party interests under Adviser/common-control entities disclosed for Morrissey; Section 16 reporting for 2024 indicated overall compliance (no exceptions noted for Morrissey) .
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Engagement: Board and committees met regularly, with each Trustee meeting the ≥75% attendance threshold; the Fund does not expect Trustees to attend the annual shareholder meeting and none attended in 2024, which may signal limited direct shareholder engagement in that forum .
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RED FLAGS
- No GUT share ownership (Dollar Range A—None), reducing “skin-in-the-game” alignment .
- Not listed on Audit or Nominating Committees, indicating limited committee-based oversight presence .
- No Trustee attendance at the 2024 annual shareholder meeting (policy-based expectation), potentially a weak signal on shareholder engagement norms .