Cynthia L. Egan
About Cynthia L. Egan
Independent Board Member of BlackRock Long‑Term Municipal Advantage Trust (BTA) since 2016 (year of birth: 1955). She brings extensive operating and governance experience from senior roles at T. Rowe Price and Fidelity, advisory service to the U.S. Treasury, and early career roles at the Federal Reserve. She also serves on multiple public company boards, including as Board Chair at The Hanover Insurance Group and Lead Independent Director and non‑Executive Vice Chair at Huntsman Corporation, and as a director at Unum .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| T. Rowe Price Group, Inc. | President, Retirement Plan Services | 2007–2012 | Led retirement business; deep retirement/plan sponsor exposure |
| Fidelity Investments | Multiple executive positions (incl. EVP, FMR Co.; President, Fidelity Institutional Services Company; President, Fidelity Charitable Gift Fund) | 1989–2007 | Broad asset management, distribution, and fiduciary leadership |
| U.S. Department of the Treasury | Advisor (domestic retirement security) | 2014–2015 | Policy expertise; regulatory insight |
| Federal Reserve Board/FRB New York | Early career roles | Not specified | Macroeconomic and regulatory grounding |
External Roles
| Company | Role | Dates | Notes |
|---|---|---|---|
| The Hanover Insurance Group | Board Chair | Past five years (current) | Property & casualty insurer |
| Huntsman Corporation | Lead Independent Director; non‑Executive Vice Chair | Past five years (current) | Chemicals manufacturer |
| Unum Group | Director | Past five years (current) | Insurance (risk/reinsurance) |
Board Governance
- Independence: Independent Board Member (not an “interested person”) .
- Tenure: Board Member since 2016 .
- Board leadership (context): R. Glenn Hubbard is Chair; W. Carl Kester is Vice Chair (Egan is not LID at BTA) .
- Committee assignments:
- Chair: Compliance Committee
- Member: Governance, Performance Oversight, Discount, and Securities Lending Committees
- Meeting cadence and attendance:
- Board met seven times in 2024 (for most funds in complex); no incumbent Board Member attended fewer than 75% of aggregate Board and committee meetings in the most recent full fiscal year .
- BTA FY meeting counts (FY ended Jul 31): Audit (8), Governance (6), Compliance (4), Performance Oversight (4), Discount (1), Securities Lending (2), Executive (1) .
Fixed Compensation
Structure and 2024 actuals (Board‑level):
- Standard Independent Board Member annual retainer (BlackRock Fixed‑Income Complex): $370,000 .
- Additional annual retainers: Chair of Boards $140,000; Vice Chair $84,000; Committee Chairs—Audit $55,000, Performance Oversight $42,500, Compliance $50,000, Governance $42,500, Discount $25,000, Securities Lending $20,000; Committee members—Audit $30,000, Compliance $25,000, Governance $25,000, Discount $20,000, Securities Lending $15,000 .
- Deferred compensation: up to 50% of pay may be deferred; Egan did not participate as of Dec 31, 2024 .
- Compensation actually earned (calendar 2024):
- Egan total from all BlackRock‑advised funds: $655,000 .
- BTA’s pro‑rata portion paid to Egan (FY end Jul 31): $1,272; Funds pay fees pro rata quarterly based on relative net assets .
| Component | Amount/Policy | Source |
|---|---|---|
| Independent Board Member base retainer | $370,000 | |
| Compliance Committee Chair retainer (Egan) | $50,000 | |
| Committee member retainers (Governance $25k; Discount $20k; Securities Lending $15k) | As listed | |
| Total from all BlackRock‑advised funds (CY2024) | $655,000 | |
| BTA pro‑rata paid (FY ended 7/31) | $1,272 | |
| Deferral election | Up to 50% permitted; Egan did not defer |
Performance Compensation
| Performance‑linked element | Metrics | Notes |
|---|---|---|
| None disclosed for directors | N/A | Proxy discloses retainers and committee fees; no performance metrics or equity awards are listed for directors . |
Other Directorships & Interlocks
| Company | Overlap/Interlock Consideration |
|---|---|
| The Hanover Insurance Group (Chair); Unum (Director); Huntsman (LID, Vice Chair) | These are outside industry to BTA’s municipal bond focus; no related‑party transactions or conflicts disclosed in BTA’s proxy materials . |
Expertise & Qualifications
- Investment company and retirement market expertise from leadership at T. Rowe Price and Fidelity; advisory experience at U.S. Treasury on domestic retirement security; early Federal Reserve experience .
- Compliance oversight credentials: Chairs Compliance Committee; responsibilities include oversight of Fund and service provider policies, regulatory matters, and CCO oversight/compensation .
- Breadth of fund oversight: Oversees 68 registered investment companies comprising 103 portfolios across the BlackRock Fund Complex .
Equity Ownership
| Holder | BTA Common Shares (Dollar Range) | MUA Common Shares (Dollar Range) | Aggregate Dollar Range in Supervised Funds |
|---|---|---|---|
| Cynthia L. Egan | None | None | Over $100,000 |
Additional ownership context:
- As of July 31, 2025, all Board Members and executive officers as a group owned less than 1% of outstanding shares of each Fund; CFO owned no shares .
- No 5% beneficial owners reported (per 13D/13G filings through Aug 18, 2025) .
Governance Assessment
- Positives and signals supporting effectiveness:
- Independent director with deep retirement/asset‑management and regulatory background; chairs Compliance Committee with explicit oversight of policies, regulatory matters, and CCO performance/compensation—indicative of strong compliance tone .
- Active engagement implied by complex‑wide meeting cadence; no incumbent directors fell below the 75% attendance threshold; robust committee schedule at BTA (Audit 8; Governance 6; Compliance 4; Performance Oversight 4; etc.) .
- Watch items for investor alignment and workload:
- No direct ownership in BTA or MUA common shares; aggregate holdings across supervised funds are “Over $100,000,” which reduces direct alignment with BTA specifically .
- Multiple external public company leadership roles (Hanover Chair; Huntsman LID/NE Vice Chair; Unum Director) increase time commitments; no related‑party transactions or conflicts disclosed in BTA materials .
- Compensation structure:
- Director pay is cash‑based with committee leadership premia; CY2024 total compensation from BlackRock‑advised funds for Egan was $655,000; BTA’s share was $1,272 (pro‑rata by assets). Deferred comp available but Egan did not participate as of Dec 31, 2024 .