Christopher C. Grisanti
About Christopher C. Grisanti
Christopher C. Grisanti, age 63, is an independent Class III Director of Royce Micro-Cap Trust, Inc. (RMT) and the Board-designated Lead Independent Director across The Royce Funds; he has served on RMT’s Board since 2017 with a current term expiring at the 2026 annual meeting . Professionally, he is Chief Equity Strategist and Senior Portfolio Manager at MAI Capital Management (since May 2020), and previously co-founded and served as CEO of Grisanti Capital Management (1999–2020) following roles at Spears Benzak, Salomon & Farrell and Simpson Thacher & Bartlett, reflecting deep buy-side and legal experience .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Grisanti Capital Management LLC (investment advisory firm) | Co-Founder and Chief Executive Officer | 1999–2020 | Built and led investment advisory firm; core investment leadership background |
| Spears Benzak, Salomon & Farrell | Director of Research and Portfolio Manager | 1994–1999 | Public markets research and PM experience |
| Simpson, Thacher & Bartlett (law firm) | Senior Associate | 1988–1994 | Legal training and transactional experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| MAI Capital Management LLC | Chief Equity Strategist and Senior Portfolio Manager | Since May 2020 | Ongoing portfolio management and strategy leadership |
| Other public company directorships | — | — | None disclosed |
Board Governance
- Independence and leadership
- Status: Non-interested (independent) director under the 1940 Act; Board-designated Lead Independent Director; also serves as Lead Independent Director/Trustee across The Royce Funds .
- Structure: RMT Board has 7 directors; 6 are independent; President (interested) acts as chair of meetings; independent directors hold executive sessions led by Mr. Grisanti .
- Committees and roles
- Audit Committee: Member; all members are independent per NYSE standards; Ms. Poston serves as Chair; Grisanti is one of six independent members .
- Nominating Committee: Member; comprised of the six independent directors .
- Attendance and engagement
- 2024 meetings held: Board (7), Audit (4), Nominating (0); Distribution Committee acted five times by written consent (interested director only) .
- Attendance: Each director attended ≥75% of aggregate Board and committee meetings in 2024 .
- Stockholder meeting attendance: One director attended the 2024 annual meeting (individual not identified) .
Fixed Compensation
- RMT does not have a standing compensation committee; independent directors review their own compensation annually .
- Cash-only director pay structure with annual retainer, per-meeting fees, and role-based stipends; no pensions/retirement benefits .
| Component (USD) | FY 2023 | FY 2024 |
|---|---|---|
| Annual cash retainer – Independent Directors (RMT) | $11,000 | $10,000 |
| Per Board meeting fee (RMT) | $500 | $450 |
| Lead Independent Director additional fee (RMT) | $1,623 (Grisanti) | $1,475 (Grisanti) |
| Aggregate compensation from RMT (Grisanti) | $15,123 | $13,725 |
| Total compensation from The Royce Funds and Fund Complex (Grisanti) | $278,300 | $250,500 |
| Pension/retirement benefits | None | None |
Notes:
- 2025 policy guidance indicates the 2024 RMT rates (annual $10,000; $450 per meeting; $1,475 Lead Independent stipend) continue into 2025 .
Performance Compensation
| Item | Disclosure |
|---|---|
| Equity compensation (RSUs/PSUs/Options) | None disclosed for directors (no remuneration beyond standard cash arrangement) |
| Performance-based cash bonus | None disclosed |
| Performance metrics (e.g., TSR, EBITDA, ESG) | Not applicable/not disclosed for directors |
| Clawback / change-in-control provisions | Not disclosed for directors in proxy materials |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None |
| Committee roles at other public companies | None applicable |
| Interlocks with competitors/suppliers/customers | None disclosed |
Expertise & Qualifications
- Investment leadership: >20 years of investment industry experience; senior portfolio management and equity strategy roles; lead independent board leadership across The Royce Funds .
- Governance and oversight: Lead Independent Director for RMT and The Royce Funds; Audit and Nominating Committee member, demonstrating financial literacy and governance engagement .
- Legal foundation: Early-career legal experience at Simpson Thacher & Bartlett enhances fiduciary and compliance perspective .
Equity Ownership
| Metric | As of Record Date | Source |
|---|---|---|
| Shares beneficially owned (RMT) | 5,000 | |
| Dollar range of RMT equity | $10,001–$50,000 | |
| Shares outstanding (RMT) | 52,592,863 | |
| Ownership as % of shares outstanding | ~0.0095% (5,000 / 52,592,863) | Calculated from |
| Ownership across Royce Funds (aggregate dollar range) | Over $100,000 | |
| Shares pledged as collateral | Not disclosed |
Insider Trades
| Item | Disclosure |
|---|---|
| Section 16(a) compliance | Company reports all officers/directors complied with Forms 3/4/5 filing requirements for the most recent fiscal year . |
| Recent Form 4 transactions | Not itemized in proxy materials (no specific transactions disclosed) . |
Governance Assessment
- Positives
- Lead Independent Director designation and active committee service support strong board independence and oversight; 6 of 7 board members are independent, and Grisanti leads independent sessions and serves as liaison to management .
- Attendance threshold met (≥75%) in 2024; Board and Audit committees met regularly, indicating functioning oversight cadence .
- Cash-only director compensation (modest retainers/fees) with no equity or performance pay reduces misalignment risk and potential conflicts for a closed-end fund .
- Watch items
- Personal ownership is small relative to shares outstanding (~0.0095%), limiting pure “skin-in-the-game” alignment, though within norms for closed-end fund directors .
- The Board lacks a standing compensation committee; while independent directors review pay annually, absence of a formal comp committee can modestly weaken process formality .
- Nominating Committee did not meet in 2024; sustained inactivity could signal low refreshment momentum, though no vacancies or needs may have arisen .
- Conflicts/related party
- Grisanti is employed by MAI Capital Management, an investment advisory firm; independence is affirmed under the 1940 Act and NYSE standards, and the Nominating Committee charter screens for conflicting affiliations; no related-party transactions disclosed .