Arthur Steinmetz
About Arthur P. Steinmetz
Arthur P. Steinmetz (born 1958) is an Independent Director/Trustee of BlackRock Enhanced Equity Dividend Trust (BDJ) and other BlackRock closed-end funds. He joined the Boards effective September 9, 2023, and currently serves as Chair of the Performance Oversight Committee (since January 19, 2024) and member of the Audit Committee (since January 19, 2024) . His background includes former Chairman/CEO/President of OppenheimerFunds (2015–2019), portfolio management leadership (1986–2014), and current service as Trustee of Denison University and consultant to Posit PBC .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| OppenheimerFunds, Inc. | Chairman (2015–2019); CEO (2014–2019); President (2013–2019) | 2013–2019 | Led a major U.S. asset manager; oversaw investment, distribution, and governance across mutual funds |
| OppenheimerFunds Funds (104 funds) | Trustee, President, Principal Executive Officer | 2014–2019 | Oversight and executive leadership of a large registered fund complex |
| OppenheimerFunds | Portfolio Manager (fixed income funds) | 1986–2014 | Longstanding fixed-income investment management experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Denison University | Trustee | 2020–present | Non-profit board role |
| Posit PBC (enterprise data science) | Consultant | 2020–present | Advisory/consulting role (private company) |
| ScotiaBank (U.S.) | Director | 2020–2023 | Prior bank board experience |
Board Governance
- Independence: Listed among Independent Board Members; “Interested” Board Members are identified separately (Mr. Steinmetz is not listed there) .
- Election status: Standing for election at the 2025 joint annual meeting (included on the slate of Board Nominees) .
- Tenure on BDJ board: Appointed September 9, 2023 .
- Committees (BDJ and related BlackRock CE funds):
- Performance Oversight Committee: Chair (effective January 19, 2024); member since January 1, 2024
- Audit Committee: Member (effective January 19, 2024)
- Attendance and engagement:
- Policy encourages attendance at annual meetings; overall, no incumbent Board Member attended less than 75% of Board and committee meetings during the most recent full fiscal year .
- Committee meeting cadence (BDJ – most recent fiscal year):
- Audit (8), Governance (5), Compliance (4), Performance Oversight (4), Discount (3), Securities Lending (2), Executive (1)
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual Independent Board Member retainer | $370,000 | Paid across BlackRock-advised funds; each fund pays a pro rata portion |
| Committee chair fee – Performance Oversight | $42,500 | For Chairs; Mr. Steinmetz is Chair |
| Committee member fee – Audit | $30,000 | For members; Mr. Steinmetz is a member |
| Total compensation from all BlackRock-advised funds (CY 2024) | $534,206 | Aggregate across funds; actual amount received; he deferred $266,957 |
| Deferred compensation balance (payable) | $278,737 | Balance as of Dec 31, 2024 |
- Deferred Compensation Plan: Independent Board Members may defer up to 50% of total compensation; deferred amounts notionally track selected BlackRock funds and are unsecured obligations of the relevant fund .
Performance Compensation
| Element | Status |
|---|---|
| Bonus / target bonus | None disclosed for directors (compensation is retainers and committee fees per proxy) |
| Stock/RSU/PSU awards | None disclosed for directors |
| Option awards | None disclosed for directors |
| Performance metrics tied to pay | None disclosed for directors |
| Clawbacks / tax gross-ups | Not disclosed for directors |
Other Directorships & Interlocks
| Category | Company/Entity | Role | Period |
|---|---|---|---|
| Public company (bank) | ScotiaBank (U.S.) | Director | 2020–2023 |
| Investment companies | 68 BlackRock-advised RICs (102 portfolios) | Director/Trustee | Current |
| Prior fund complex | OppenheimerFunds (104 funds) | Trustee/President/PEO | 2014–2019 |
| Non-profit | Denison University | Trustee | 2020–present |
| Private | Posit PBC | Consultant | 2020–present |
- Related parties/transactions: As of April 30, 2025, none of the Independent Board Members nor their immediate family members had any interest in BlackRock or any person directly or indirectly controlling, controlled by, or under common control with BlackRock (no related-party exposure disclosed) .
Expertise & Qualifications
- Capital markets and fixed income expertise (portfolio manager from 1986 to 2014) .
- Senior leadership of a major asset manager (Chairman/CEO/President of OppenheimerFunds) .
- Broad registered fund governance experience (current oversight of 68 RICs/102 portfolios) .
- Prior bank board experience and current analytics/technology exposure via Posit PBC .
Equity Ownership
| Item (as of stated date) | BDJ | Notes |
|---|---|---|
| Common shares held | N/A | No BDJ common shares listed for Mr. Steinmetz in the proxy table |
| Share equivalents (deferred comp) | 4,173.51 | Approximate number of BDJ share equivalents held under the deferred compensation plan (as of Feb 28, 2025); aggregate dollar range $10,001–$50,000 |
| Aggregate insider ownership | <1% | All Board Members/Nominees and executive officers as a group owned less than 1% of outstanding shares in each fund (as of Apr 30, 2025) |
- Pledging/hedging: No pledging or hedging of BDJ shares disclosed; share equivalents arise from the deferred compensation plan .
Governance Assessment
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Strengths
- Independent director with deep asset management and fund governance experience; chairs the Performance Oversight Committee and sits on the Audit Committee, aligning skills with oversight needs .
- Solid engagement baseline: no incumbent Board Member fell below the 75% attendance threshold; BDJ committees met regularly (e.g., Audit 8x; Performance Oversight 4x) .
- Compensation alignment via optional deferral into fund-linked share equivalents; Mr. Steinmetz deferred $266,957 of $534,206 in 2024, building economic alignment without introducing related-party conflicts .
- No related-party transactions or independence impairments disclosed; no insider control interests reported among Independent Board Members or their families .
-
Watch items
- Breadth of responsibilities: oversees 68 BlackRock-advised RICs (102 portfolios), which underscores experience but also indicates a broad workload to monitor .
- Limited direct BDJ share ownership disclosed (economic exposure is primarily through deferred share equivalents), which may be viewed as less “direct” skin-in-the-game, though still aligned economically through the deferral program .
-
Current election status: Included on the Board Nominee slate for the 2025 joint annual meeting (vote “FOR” recommended by the Boards) .
No legal proceedings, SEC investigations, related-party transactions, tax gross-ups, option repricings, or attendance red flags are disclosed for Mr. Steinmetz in the latest proxy. All statements above are based on the 2025 joint DEF 14A for BlackRock closed-end funds and its appendices .