Christopher Clark
About Christopher Clark
Christopher D. Clark is President and Class III Director of Royce Global Trust, Inc. (RGT) and an “interested person” under the Investment Company Act due to his roles at the adviser, Royce Investment Partners. He is age 60 (2025), has served as an officer since 2014, and his current Class III board term expires at the 2026 Annual Meeting; he oversees 15 portfolios in The Royce Funds complex . At Royce, he is Chief Executive Officer (since July 2016), President (since July 2014), Co‑Chief Investment Officer (since January 2014), and a Member of the Board of Managers (since June 2015), with over 25 years of investment and business experience . RGT’s proxy statements do not disclose TSR, revenue, or EBITDA performance metrics for Clark’s role; the Fund emphasizes board oversight of the adviser and service providers rather than operating-company performance metrics .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Royce Investment Partners | Chief Executive Officer | Since Jul 2016 | Executive leadership of adviser; investment/business oversight |
| Royce Investment Partners | President | Since Jul 2014 | Day-to-day leadership; board-meeting chair role at RGT as President |
| Royce Investment Partners | Co‑Chief Investment Officer | Since Jan 2014 | Investment decision-making leadership |
| Royce Investment Partners | Member, Board of Managers | Since Jun 2015 | Governance oversight at the adviser |
| Royce Global Trust, Inc. (RGT) | President; Class III Director | Officer since 2014; Director term to 2026 | Fund leadership; board service; oversight of distributions via Distribution Committee |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Royce Small‑Cap Trust, Inc. (RVT) | President; Director/Trustee | Current | Part of The Royce Funds complex |
| Royce Micro‑Cap Trust, Inc. (RMT) | President; Director/Trustee | Current | Part of The Royce Funds complex |
| The Royce Fund (TRF) | President; Director/Trustee | Current | Part of The Royce Funds complex |
| Royce Capital Fund (RCF) | President; Director/Trustee | Current | Part of The Royce Funds complex |
| Other Public Company Directorships | None | — | No other public company boards listed |
Board Governance (Service history, committees, dual-role implications)
- Board class/tenure: Class III Director; term expires at 2026 Annual Meeting; officer since 2014 .
- Committee roles: Chairs the Distribution Committee (sole member) responsible for approving dividends/distributions; acted by written consent twice in 2024 .
- Independence: Clark is an “interested person” due to his position with Royce; six of seven Directors are Independent; lead Independent Director is Christopher C. Grisanti; Audit and Nominating Committees consist solely of Independent Directors .
- Leadership structure: The Board has no chairman; the President (Clark) acts as chair at Board meetings—mitigated by a lead Independent Director and majority-independent committee oversight .
- Attendance: In 2024, each Director attended at least 75% of aggregate Board and committee meetings .
Implications: Clark’s dual role (President and meeting chair; adviser CEO/CIO) creates inherent conflict potential typical of investment companies; governance mitigants include a majority-independent board, independent Audit/Nominating Committees, and a designated lead Independent Director .
Fixed Compensation
- RGT proxy statements disclose compensation arrangements for Independent Directors only; they do not report executive officer salary/bonus/equity awards for Clark (officers of investment companies commonly are compensated by the adviser, not the fund) .
- No base salary, bonus, or director retainer for Clark is listed in RGT’s proxy filings .
Performance Compensation
- No disclosure of performance-based incentives (PSUs/TSR/EBITDA targets), vesting schedules, or option awards for Clark at the Fund level in RGT’s proxy materials .
Equity Ownership & Alignment
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Shares outstanding | 6,361,220 | 6,519,010 |
| Clark beneficial ownership (shares) | 54,038 | 54,038 |
| Ownership (%) | 0.85% (54,038 ÷ 6,361,220) | 0.83% (54,038 ÷ 6,519,010) |
| Aggregate dollar range of equity in RGT | Over $100,000 | Over $100,000 |
| Aggregate dollar range in Royce Funds overseen | Over $100,000 | Over $100,000 |
| Pledged/hedged shares | Not disclosed | Not disclosed |
| Group ownership (Directors/officers) | ~1.4% of shares (12 persons) | ~1.35% of shares (12 persons) |
Notes:
- The proxy lists individual beneficial shares and aggregate dollar ranges, but does not break down vested vs. unvested or in-the-money option values for Clark .
- No stock ownership guideline disclosures for officers/directors are provided in the proxy .
Employment Terms
| Term | Disclosure |
|---|---|
| Officer election cadence | Officers are elected each year by the Board; serve at the pleasure of the Board |
| Officer start date (RGT) | President since 2014 |
| Contract term/expiration | Not disclosed |
| Severance; change-of-control | Not disclosed (no severance or CIC terms in proxy) |
| Non-compete/non-solicit/garden leave | Not disclosed |
| Post-termination consulting | Not disclosed |
| Clawback; tax gross-ups | Not disclosed |
Investment Implications
- Alignment: Clark holds 54,038 RGT shares (~0.83–0.85% ownership across 2024–2025), indicating direct exposure to shareholder outcomes; however, absence of disclosed ownership guidelines, vesting schedules, or hedging/pledging policies limits assessment of long-term alignment rigor .
- Governance risk: Dual-role dynamics (adviser CEO/CIO and Fund President/chair at meetings; “interested person” status) introduce potential conflicts; mitigants include majority-independent board, independent Audit/Nominating Committees, and a lead Independent Director structure .
- Compensation transparency: Lack of fund-level disclosure for Clark’s compensation and incentives (likely paid by the adviser) constrains pay-for-performance analysis and prediction of insider selling pressure tied to vesting events .
- Trading signals: No insider Form 4 data or pledging disclosures in RGT’s proxy; monitoring future filings for any changes in beneficial ownership, distribution decisions (Clark as sole Distribution Committee member), and governance updates is prudent .