R. Glenn Hubbard
About R. Glenn Hubbard
R. Glenn Hubbard is an independent director and Chair of the Boards for BlackRock’s closed‑end funds, including BDJ. He is a prominent economist and former Chair of the U.S. Council of Economic Advisers, and has held academic leadership roles including Dean of Columbia Business School and visiting professorships at Harvard and the University of Chicago . He serves as Chair of the Executive Committee and is a member of the Governance, Compliance, and Performance Oversight Committees .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| U.S. Council of Economic Advisers | Chairman | Not disclosed | Adds balance and macroeconomic perspective to fund governance |
| Columbia Business School | Dean; Faculty member | Not disclosed | Academic leadership and finance expertise |
| Harvard Kennedy School; Harvard Business School; University of Chicago | Visiting Professor | Not disclosed | Broad academic engagement in public policy and business |
External Roles
| Company | Role | Committees/Notes |
|---|---|---|
| Automatic Data Processing (ADP) | Director | Experience with management practices of large financial services/technology firms |
| Metropolitan Life Insurance Company (MetLife) | Director | Brings insurance/financial sector board experience |
Board Governance
- Independent status: Hubbard is independent from BDJ and the Advisor and serves as independent Chair of the Boards .
- Committee assignments: Chair, Executive Committee; Member, Governance Committee; Member, Compliance Committee; Member, Performance Oversight Committee . Executive Committee composition: R. Glenn Hubbard (Chair), W. Carl Kester, and John M. Perlowski (interested) .
- Meeting cadence (most recent fiscal year, BDJ): Audit (8), Governance (5), Compliance (4), Performance Oversight (4), Discount (3), Securities Lending (2), Executive (1) .
- Board meetings (calendar 2024): Board met seven times; no incumbent Board Member attended less than 75% of aggregate Board and Committee meetings .
- Annual meeting engagement: Funds encourage Board Members to attend annual shareholder meetings .
| BDJ Committee | Meetings (Most Recent FY) |
|---|---|
| Audit Committee | 8 |
| Governance Committee | 5 |
| Compliance Committee | 4 |
| Performance Oversight Committee | 4 |
| Discount Committee | 3 |
| Securities Lending Committee | 2 |
| Executive Committee | 1 |
Fixed Compensation
| Component | Amount (USD) | Notes |
|---|---|---|
| Independent Board Member annual retainer | $370,000 | Applies across BlackRock-advised funds in the Fixed-Income/Closed-End Complex |
| Chair of the Boards additional retainer | $140,000 | Increased from $100,000 prior to Jan 1, 2024 |
| Vice Chair additional retainer | $84,000 | Increased from $60,000 prior to Jan 1, 2024 |
| Audit Committee Chair | $55,000 | Was $45,000 prior to Jan 1, 2024 |
| Performance Oversight Chair | $42,500 | Was $37,500 prior to Jan 1, 2024 |
| Compliance Committee Chair | $50,000 | Was $45,000 prior to Jan 1, 2024 |
| Governance Committee Chair | $42,500 | Was $37,500 prior to Jan 1, 2024 |
| Discount Committee Chair | $25,000 | New schedule listed |
| Securities Lending Committee Chair | $20,000 | New schedule listed |
| Audit Committee member | $30,000 | New schedule listed |
| Compliance Committee member | $25,000 | New schedule listed |
| Governance Committee member | $25,000 | New schedule listed |
| Discount Committee member | $20,000 | New schedule listed |
| Securities Lending Committee member | $15,000 | New schedule listed |
Performance Compensation
| Metric | Value | Date/Context |
|---|---|---|
| Total compensation from all BlackRock-advised funds (Hubbard) | $600,000 | Calendar year ended Dec 31, 2024 |
| Deferred compensation elected (Hubbard) | $300,000 | Portion of 2024 aggregate comp deferred |
| Deferred compensation payable (Hubbard) | $5,010,835 | Balance as of Dec 31, 2024 |
| Deferred compensation plan election cap | Up to 50% of total compensation | Deferrals earn returns as if invested in selected funds; unfunded obligation of funds |
No stock options, RSUs/PSUs, or performance targets (TSR/EBITDA, etc.) are disclosed for Board Members; their compensation consists of retainers and committee fees with optional deferral .
Other Directorships & Interlocks
| Company | Sector | Potential Interlock Consideration |
|---|---|---|
| ADP | Technology/HR services | BDJ’s equity portfolio could hold ADP; monitor for voting/recusal as appropriate |
| MetLife | Insurance/Financials | BDJ’s equity portfolio could hold MET; monitor for voting/recusal as appropriate |
Expertise & Qualifications
- Macroeconomics and policy: Former Chair, U.S. Council of Economic Advisers; brings policy and economic risk oversight .
- Academic and governance leadership: Dean of Columbia Business School; extensive teaching and visiting roles underpin analytical rigor .
- Public company board experience: Directorships at ADP and MetLife provide insights into large-cap governance and risk management .
Equity Ownership
| Item | Amount/Status |
|---|---|
| Deferred compensation payable (Hubbard) | $5,010,835 as of Dec 31, 2024 |
Appendix C of the joint proxy discloses Board Members’ fund share ownership levels by fund; in the retrieved sections, individual BDJ holdings for Hubbard were not shown. The deferred compensation plan aligns director economics to fund performance through notional investments in selected funds .
Governance Assessment
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Strengths
- Independent Chair with deep economic and governance expertise; active across key oversight committees .
- Regular committee cadence and documented executive committee authority to act between Board meetings; robust oversight structure .
- Attendance: Board met seven times in 2024; no incumbent attended less than 75% of aggregate Board and Committee meetings—supports engagement .
- Transparent, standardized director fee schedule; recent adjustments increase Chair/committee retainers to reflect workload .
-
Alignment and incentives
- Optional deferral up to 50% of fees into notional fund equivalents creates economic linkage to fund performance (unfunded obligation) .
- Hubbard’s 2024 aggregate compensation ($600,000) and deferral ($300,000) indicate meaningful at‑risk timing via deferral, with a sizable payable balance ($5,010,835) tied to fund-selected returns .
-
Potential conflicts and monitoring
- Executive Committee includes an interested Board Member (John M. Perlowski); maintain clear delineation of approvals and recusal protocols .
- External board roles at ADP and MetLife could create interlocks if BDJ holds these names; monitor for disclosure and recusal on relevant matters .
-
RED FLAGS
- None explicitly disclosed in retrieved sections regarding related‑party transactions, pledging, or say‑on‑pay issues at the fund level. Continue surveillance for any related‑party exposure or hedging/pledging policies in future proxies .