Lorenzo Flores
About Lorenzo Flores
Independent Trustee since 2021; year of birth 1964. Background spans senior finance leadership across semiconductors: CFO at Lattice Semiconductor (since 2025), CFO of Intel Foundry (2024–2025), Vice Chairman of Kioxia (2019–2024), CFO and Corporate Controller at Xilinx (2008–2019). Oversees 66 BlackRock-advised registered investment companies (100 portfolios). No public company directorships in past five years .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Lattice Semiconductor Corporation | Chief Financial Officer | 2025–present | Financial leadership and technology industry expertise . |
| Intel Foundry (Intel Corporation unit) | Chief Financial Officer | 2024–2025 | Manufacturing/operations finance oversight . |
| Kioxia, Inc. | Vice Chairman | 2019–2024 | Strategic leadership in flash memory/SSD supplier . |
| Xilinx, Inc. | Chief Financial Officer; Corporate Controller | CFO 2016–2019; Controller 2008–2016 | Deep accounting, controls, and semiconductor sector experience . |
External Roles
| Organization | Role | Tenure | Committee Positions/Notes |
|---|---|---|---|
| Public company boards (past 5 years) | None | — | No public company directorships disclosed . |
Board Governance
- Independence: Listed as an Independent Board Member/Nominee for BlackRock closed-end funds; identified as an Audit Committee Financial Expert .
- Committees: Member, Audit Committee (Chair: Catherine A. Lynch); Member, Performance Oversight Committee (biographical narrative notes service) .
- Attendance: No incumbent Board Member attended less than 75% of aggregate Board and Committee meetings in the most recent full fiscal year .
- Tenure on BDJ board: From 2021 to present; current term runs to 2026 for BDJ (and most other funds) .
Committee meeting cadence for BDJ (most recent fiscal year):
| Committee | Meetings |
|---|---|
| Audit | 8 |
| Governance | 5 |
| Compliance | 4 |
| Performance Oversight | 4 |
| Discount | 3 |
| Securities Lending | 2 |
| Executive | 1 |
Fixed Compensation
- Program structure (BlackRock Fixed-Income Complex): Annual independent trustee retainer $370,000; Board Chair $140,000; Vice Chair $84,000; Committee chair retainers: Audit $55,000; Performance Oversight $42,500; Compliance $50,000; Governance $42,500; Discount $25,000; Securities Lending $20,000. Non-chair committee members receive: Audit $30,000; Compliance $25,000; Governance $25,000; Discount $20,000; Securities Lending $15,000. Up to 50% of compensation may be deferred via a plan referencing selected funds; plan is unfunded; obligations are general unsecured claims of the fund(s) .
2024 aggregate compensation and deferral (all BlackRock-advised funds):
| Metric | 2024 |
|---|---|
| Total Compensation from All BlackRock-advised Funds | $420,000 |
| Amount Deferred (within the above) | $210,000 |
| Deferred Compensation Payable (balance as of 12/31/2024) | $743,845 |
Performance Compensation
| Component | Detail |
|---|---|
| Annual bonus | Not disclosed/applicable for independent trustees; program is retainer- and committee-fee based . |
| Stock awards (RSUs/PSUs) | Not part of trustee compensation; no equity award program disclosed . |
| Options | Not part of trustee compensation; no options disclosed . |
| Performance metrics | None disclosed (no revenue/EBITDA/TSR-linked trustee compensation) . |
| Deferral plan mechanics | Up to 50% elective deferral; returns mirror designated fund shares; unfunded, recorded as fund liability . |
Other Directorships & Interlocks
| Company | Role | Potential Interlock/Conflict |
|---|---|---|
| None | — | No public company directorships disclosed; reduces interlock risk . |
Expertise & Qualifications
- Financial/accounting expert; designated Audit Committee Financial Expert (experience at Lattice, Intel Foundry, Xilinx; vice chair at Kioxia) .
- Technology/semiconductor domain experience supporting oversight of financial, business, and technology trends for the funds .
Equity Ownership
Equity interests in BDJ and select funds (as of February 28, 2025):
| Fund | Common Shares | Common $ Range | Share Equivalents | Share Equivalents $ Range | Family Aggregate $ Range |
|---|---|---|---|---|---|
| BlackRock Enhanced Equity Dividend Trust (BDJ) | N/A | N/A | 9,450.53 | $50,001–$100,000 | Over $100,000 |
Notes:
- “Share equivalents” reflect deferred compensation plan references to fund shares; directors hold no preferred shares; BDJ placement agent disclosed separately (no bearing on director holdings) .
Governance Assessment
- Strengths: Independent trustee; Audit Committee Financial Expert; active committee service (Audit, Performance Oversight); strong meeting cadence and no attendance shortfalls; substantial finance leadership in complex manufacturing/technology contexts—supports rigorous oversight and audit quality .
- Compensation alignment: Cash retainer plus committee fees; optional deferral into fund-referenced accounts creates economic alignment with fund outcomes without granting voting rights or creating funded obligations; no equity/options, minimizing pay-for-performance distortions at the board level .
- Conflicts/related-party exposure: No public company directorships; independence from the Advisor noted; no related-party transactions identified in proxy excerpts reviewed; deferral plan is a standard complex-wide mechanism, not a bespoke arrangement (low conflict risk) .
- RED FLAGS: None observed in disclosures—no pledging/hedging, no option repricings, no tax gross-ups, no disclosed related-party transactions, and no low attendance triggers in the last fiscal year .