Arthur P. Steinmetz
About Arthur P. Steinmetz
Independent board member across BlackRock closed-end funds, including BlackRock Long-Term Municipal Advantage Trust (BTA). Former Chairman, CEO and President of OppenheimerFunds, Inc., and Trustee/President/Principal Executive Officer of certain OppenheimerFunds vehicles, with Audit Committee-relevant financial expertise; described as independent of both the Funds and the Advisor. Appointed to BlackRock fund Boards on September 9, 2023; later appointed Audit Committee member and Performance Oversight Committee Chair in January 2024 .
Past Roles
| Organization | Role | Notes |
|---|---|---|
| OppenheimerFunds, Inc. | Chairman, CEO and President | Provides asset management industry insight |
| OppenheimerFunds funds | Trustee, President, Principal Executive Officer | Fund governance and operational leadership |
External Roles
| Organization | Role | Notes |
|---|---|---|
| ScotiaBank (U.S.) | Director | Additional financial institution board experience |
Board Governance
| Governance Item | Detail | Date/Status |
|---|---|---|
| Independence | Independent of the Funds and the Advisor | Ongoing |
| Performance Oversight Committee | Chair; oversees investment performance, compliance with policies, valuation controls | Chair effective Jan 19, 2024; committee chartered |
| Audit Committee | Member; qualified via financial/accounting expertise | Member effective Jan 19, 2024 |
| Discount Committee | Member; monitors trading discount, engages Advisor on mitigation actions | Ongoing; committee chartered |
| Board meeting cadence | Boards met nine times during 2023 across the Funds | 2023 |
| Attendance threshold | No incumbent Board Member attended <75% of Board and Committee meetings in most recent fiscal year | Most recent fiscal year reported |
Fixed Compensation
| Component | Amount (USD) | Notes |
|---|---|---|
| Independent Board Member annual retainer | $370,000 | Paid by BlackRock-advised funds (including BTA) pro rata quarterly based on relative net assets |
| Board Chair / Vice Chair retainers | $140,000 / $84,000 | Additional annual retainers |
| Committee Chair retainers | Audit $55,000; Performance Oversight $42,500; Compliance $50,000; Governance $42,500; Discount $25,000; Securities Lending $20,000 | Additional annual retainers |
| Committee Member retainers | Audit $30,000; Compliance $25,000; Governance $25,000; Discount $20,000; Securities Lending $15,000 | Additional annual retainers |
| Deferred compensation plan | Up to 50% of total comp may be deferred; tracked to selected BlackRock funds; unfunded plan | Available to Independent Board Members |
| Mr. Steinmetz—aggregate compensation across all BlackRock-advised funds (calendar 2023) | $85,914 | Partial year due to Sept 9, 2023 appointment; did not participate in deferred compensation in 2023 |
Performance Compensation
| Element | Structure | Performance Metrics |
|---|---|---|
| Independent Director pay design | Fixed cash retainers and committee fees | No equity grants, stock options, or performance-tied metrics disclosed for director compensation |
Other Directorships & Interlocks
| Entity | Type | Interlock/Overlap |
|---|---|---|
| ScotiaBank (U.S.) | Public company board | External financial sector exposure |
| BlackRock closed-end funds Boards | Fund complex governance | Shared Boards across multiple BlackRock funds (Fixed-Income Complex), with centralized committee structures |
Expertise & Qualifications
- Senior asset management leadership (Chairman/CEO/President, OppenheimerFunds) and fund governance experience (Trustee/President/PEO of certain OppenheimerFunds funds) .
- Financial/accounting expertise supporting Audit Committee service .
- Independence from Funds/Advisor enhances role as Performance Oversight Chair and Discount Committee member .
Equity Ownership
- Equity holdings by Board Members/Nominees are disclosed in Appendix C as of March 31, 2024; specific amounts not provided in the available excerpts .
- Deferred compensation participation: Mr. Steinmetz did not participate in the deferred compensation plan for calendar 2023 .
Governance Assessment
- Board effectiveness: Strong technical fit for Performance Oversight Chair (investment performance, valuation oversight) and Audit Committee (financial expertise) with explicit independence from the Advisor; centralized committee charters and risk oversight processes are robust across the Funds .
- Engagement/attendance: Boards met nine times in 2023; no incumbent Board Member fell below 75% meeting/committee attendance threshold, supporting credible engagement standards .
- Compensation/Alignment: Compensation is retainer-driven with committee differentials and optional deferred comp (plan tracks fund returns); no equity awards or performance-based metrics for directors. Mr. Steinmetz’s 2023 deferred comp non-participation suggests limited direct alignment via plan in the first partial year, although the role’s independence focus reduces the need for at-risk pay structures .
- Conflicts/related-party: Proxy materials emphasize independence; Discount Committee role engages Advisor to address market discounts, mitigating investor confidence risks. No related-party transactions involving Mr. Steinmetz are indicated in the provided materials .
- Signals: Recent appointments (Sept 2023 Board, Jan 2024 committee roles) indicate intentional refresh and enhanced oversight capacities in the fund complex .
RED FLAGS to monitor:
- Alignment: Absence of equity/option grants and optional nature of deferred compensation may limit “skin-in-the-game” incentives for independent directors; confirm ongoing deferred comp elections in future proxies .
- Bandwidth/interlocks: Service across multiple funds within the Fixed-Income Complex can strain bandwidth; however, attendance thresholds were met complex-wide in the most recent period .