G. Peter O’Brien
About G. Peter O’Brien
G. Peter O’Brien (age 79) is a Class I independent Director of Royce Global Trust, Inc. (RGT), serving since 2011 with his current term expiring at the 2027 Annual Meeting. He is a former Managing Director in Merrill Lynch & Co.’s Equity Capital Markets Group (1971–1999), has over 35 years in the financial sector, and previously chaired RGT’s Nominating Committee, including during 2023. The Board’s retirement policy calls for independent directors to retire at age 79 on December 31 of that year, subject to Board waiver .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Merrill Lynch & Co. | Managing Director, Equity Capital Markets Group | 1971–1999 | Senior capital markets experience |
| TICC Capital Corp. | Director | 2003–2017 | Public company board experience |
| Hill House, Inc. | President; Board Member | President: 2001–2005; Board: 1999–2019 | Non-profit governance |
| Bridges School | Director | 2006–2018 | Education sector non-profit governance |
| Colgate University | Trustee; then Trustee Emeritus | Trustee: 1996–2005; Emeritus: since 2005 | Higher education governance |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| The Royce Funds (15 portfolios) | Director/Trustee | Ongoing | Fund complex oversight |
| Legg Mason Family of Funds (49 portfolios) | Director/Trustee | Ongoing | Fund complex oversight; contributor to total complex compensation |
| Colgate University | Trustee Emeritus | Since 2005 | Advisory governance |
| Hill House, Inc. | Emeritus Board Member | Since 2019 | Community non-profit governance |
Board Governance
- Independence: O’Brien is a non-interested, independent Director under the Investment Company Act; the Board currently has six independent members out of seven .
- Committees: Member, Audit Committee (Julia W. Poston, Chair; Audit Committee Financial Experts designated include Poston and Chadwick) . Former Chair, Nominating Committee (chaired in prior years, including 2023—the last year with meetings) .
- Leadership: Christopher C. Grisanti serves as Lead Independent Director and chairs meetings or executive sessions of independent directors when appropriate .
- Attendance: In 2024 the Board held 8 meetings; Audit Committee held 4; Nominating Committee held none; each Director attended at least 75% of the aggregate of Board and committee meetings .
- Stockholder meeting attendance: The Fund has no formal policy; one Director attended the 2024 Annual Meeting .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual Director Retainer (cash) | $2,500 | Independent Directors in 2024; continued for 2025 |
| Board Meeting Fee (per meeting) | $250 | Per Board meeting attended |
| Lead Independent Director stipend | $369 | Paid to C. C. Grisanti (Lead Independent Director) |
| Audit Committee Chair stipend | $246 | Paid to J. W. Poston (Audit Chair) |
| O’Brien – Aggregate Compensation from RGT (2024) | $3,750 | Fund-level compensation for 2024 |
| O’Brien – Total Compensation from The Royce Funds (2024) | $223,500 | Compensation across The Royce Funds portfolios |
| O’Brien – Total from Fund + Fund Complex (2024) | $724,250 | Includes The Royce Funds and Legg Mason Funds |
The proxy states no additional remuneration beyond the standard arrangement for 2024, implying no director equity grants or option awards .
Performance Compensation
| Performance-Based Component | Status | Evidence |
|---|---|---|
| Bonus/Short-term Incentives | Not disclosed for Directors | “No Director received remuneration… in addition to or in lieu of this standard arrangement.” |
| Equity Awards (RSUs/PSUs/Options) | Not disclosed for Directors | Compensation section lists only cash retainer/meeting fees |
| Director Performance Metrics (TSR, EBITDA, ESG) | Not applicable/not disclosed | No director performance metrics disclosed |
Other Directorships & Interlocks
| Company/Entity | Role | Potential Interlock/Conflict Consideration |
|---|---|---|
| Legg Mason Family of Funds (49 portfolios) | Director/Trustee | Affiliated with Franklin Resources via fund complex; proxy notes no independent director or immediate family members own Franklin or affiliate securities (other than registered investment companies) as of record date |
| The Royce Funds (15 portfolios) | Director/Trustee | Shared governance across related fund complexes; independence maintained per Investment Company Act standards |
Expertise & Qualifications
- Capital markets: 28 years leading equity capital markets at Merrill Lynch & Co. .
- Fund governance: Long-serving director/trustee across multiple registered investment companies .
- Committee leadership: Former Chair of RGT’s Nominating Committee; Audit Committee member .
- Financial sector domain experience: 35+ years in financial services .
Equity Ownership
| Metric | Value | Notes |
|---|---|---|
| Shares Outstanding (Record Date: Aug 5, 2025) | 6,519,010 | Fund-wide |
| O’Brien Beneficially Owned Shares | 1,701 | As of Record Date |
| O’Brien Aggregate Dollar Range in Fund | $10,001–$50,000 | Range classification |
| Ownership of Franklin Resources or affiliates | None (for Independent Directors and immediate family members, except registered investment companies) | Independence safeguard |
Insider Trades (Form 4)
| Date (Transaction) | Type | Shares Transacted | Price | Post-Transaction Ownership | Citation |
|---|---|---|---|---|---|
| 2021-07-23 | Purchase | 1,320 | $15.15 | 1,701 | https://www.sec.gov/Archives/edgar/data/1514490/000156761921013952/0001567619-21-013952-index.htm |
Additional insider filings for other insiders (e.g., Charles M. Royce sales in 2025; Christopher D. Clark purchases) are available but not directly tied to O’Brien [Read insider-trades data: see SEC URLs in the table above and insider data file].
Governance Assessment
- Alignment: O’Brien holds RGT shares personally (1,701; $10k–$50k dollar range), indicating some skin in the game, though positions are modest relative to fund size . His prior open-market purchase in 2021 demonstrates willingness to own shares [Form 4 URL above].
- Effectiveness: Long tenure (since 2011) with leadership exposure (past Nominating Committee Chair) and current Audit Committee membership supports governance competency and oversight continuity .
- Independence: Classified as non-interested; the Audit Committee is comprised solely of independent directors per NYSE standards; Lead Independent Director structure and use of independent counsel bolster independence .
- Attendance: Meets the threshold of at least 75% of Board/committee meeting attendance in 2024, supporting engagement .
- Compensation & Incentives: Director pay is minimal and cash-based (retainer + meeting fees); no disclosed equity grants or performance incentives—reduces pay-related conflicts but also limits strong equity alignment typical in operating companies .
RED FLAGS / Watch Items
- Retirement policy waiver: At age 79, continued service beyond December 31, 2025 would require Board waiver under the independent director retirement policy—investors should monitor for waivers and rationale .
- Complex interlocks: Extensive roles across The Royce Funds and Legg Mason Funds contribute to notable aggregate compensation; while independence is maintained, investors should monitor any evolving relationships with affiliates (Franklin Resources) and potential governance complexity across fund complexes .
- Shareholder engagement optics: Only one Director attended the 2024 Annual Meeting; while no formal attendance policy exists, limited attendance at stockholder meetings can be perceived as a governance engagement gap .
Overall, O’Brien’s deep capital markets background and committee leadership history support board effectiveness; independence safeguards are present, and attendance meets requirements. Primary monitoring points are retirement policy application at age 79 and continued evaluation of cross-complex roles and aggregate compensation for potential perception risks .