Gregory W. Buckley
About Gregory W. Buckley
Gregory W. Buckley, 54, is Executive Vice President and a Portfolio Manager of Adams Natural Resources Fund (PEO) since April 20, 2023; he previously served as Vice President – Research (since April 16, 2015) and as a senior equity analyst covering energy and utilities (since September 9, 2013) . Prior roles include Energy Analyst and Portfolio Manager at BNP Paribas, managing a long/short energy fund at Citadel LLC, Energy Analyst at Pioneer Investments, and he began his career as an equity analyst at Federated Investors in 1999 . The fund’s proxy statements do not disclose executive TSR, revenue growth, or EBITDA growth metrics tied to Buckley’s compensation; current disclosures focus on aggregate compensation and an expired equity plan .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BNP Paribas | Energy Analyst and Portfolio Manager | Not disclosed | Energy sector coverage and portfolio management experience |
| Citadel LLC | Long/Short Energy Fund Manager | Not disclosed | Hedge fund strategy leadership in energy markets |
| Pioneer Investments | Energy Analyst | Not disclosed | Sector analysis contributing to investment decisions |
| Federated Investors | Equity Analyst | Began in 1999 | Foundation in equity research across sectors |
External Roles
- No external directorships or committee roles for Buckley are disclosed in the Fund’s proxy statements .
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Aggregate Compensation from the Fund ($) | 428,803 | 541,129 |
| Deferred Compensation under Thrift Plans ($) | 31,395 | 48,983 |
- The proxy does not break out base salary, target bonus %, or actual bonus for Buckley; only aggregate compensation and deferred plan amounts are disclosed .
- Officers participate in the Employee Thrift Plan and Executive Nonqualified Supplemental Thrift Plan; non-employee directors do not .
Performance Compensation
- The Fund’s 2005 Equity Incentive Compensation Plan expired on April 27, 2015; all grants under the plan vested prior to 2019. Certain restricted and deferred stock units remain outstanding only where payment was deferred by the recipient; these represent rights to receive Fund stock .
- No current RSU/PSU or option grants, vesting schedules, performance metric weightings, or payout formulas tied to Buckley are disclosed for 2024–2025 in the proxy .
Equity Ownership & Alignment
| Metric | FY 2023 (as of 2/5/2024) | FY 2024 (as of 12/31/2024) |
|---|---|---|
| Shares Beneficially Owned | 9,586 | 16,154 |
| Shares Outstanding (reference) | 25,514,104 | 26,284,550 |
| Ownership % of Shares Outstanding | ~0.04% (9,586 ÷ 25,514,104) | ~0.06% (16,154 ÷ 26,284,550) |
| Voting/Investment Power | Sole voting and investment power for disclosed shares | Sole voting and investment power for disclosed shares |
- The Board has adopted equity ownership requirements for directors and senior staff: the CEO, portfolio managers, research analysts, and other executive officers must own equity in the Fund Complex with a cost basis equal to a multiple of salary; specific multiples are not disclosed. Non-employee directors must own at least $100,000 (cost basis) within 5 years of joining the Board .
- Each listed executive officer owned less than 1.0% of outstanding common stock as of December 31, 2024 .
Employment Terms
| Item | Detail |
|---|---|
| Current Role Start Date | Executive Vice President & Portfolio Manager since April 20, 2023 |
| Prior Internal Roles | Vice President – Research since April 16, 2015; Senior Equity Analyst since September 9, 2013 |
| Employment Contract/Severance | Not disclosed in proxy; no severance or change-in-control terms found for Buckley |
| Ownership/Clawback/Hedging/Pledging | Ownership requirements disclosed; no specific clawback, hedging, or pledging policies disclosed for executives in the proxy |
Additional Governance and Compliance Notes
- Section 16(a) reporting: The Fund believes each director and officer filed all requisite reports with the SEC on a timely basis during 2023 .
- Governance practices include independent committees, significant stock ownership requirements for directors and senior executives, and 100% attendance at Board/committee meetings in 2024 .
Investment Implications
- Alignment: Buckley’s personal share ownership increased from 9,586 to 16,154 across 2023–2024, and the Fund enforces ownership guidelines requiring a cost-basis multiple of salary for senior staff, supporting alignment despite low percentage ownership typical of CEF management structures .
- Incentive Design: Absence of a current equity incentive plan (expired in 2015 with all awards vested by 2019) and lack of disclosed performance-based payout metrics reduce pay-for-performance transparency and limit scheduled vesting-related selling pressure signals .
- Compensation Trend: Aggregate compensation for Buckley increased year over year ($428,803 in 2023 to $541,129 in 2024), with higher deferred plan contributions, suggesting retention emphasis via cash and deferred benefits rather than equity grants .
- Risk Flags: No disclosed severance or change-in-control economics, no disclosed pledging/hedging policies, and timely Section 16 compliance reduce immediate governance red flags but also limit visibility into downside protections and incentive risk levers .