Lorenzo A. Flores
About Lorenzo A. Flores
Independent Board Member of BlackRock Long‑Term Municipal Advantage Trust (BTA) since 2021; year of birth 1964. Finance executive with CFO roles at Lattice Semiconductor (since 2025) and Intel Foundry (2024–2025), Vice Chairman at Kioxia (2019–2024), and prior CFO/Corporate Controller at Xilinx (2008–2019), designated Audit Committee Financial Expert; oversees 66 BlackRock‑advised registered investment companies (RICs) consisting of 101 portfolios .
Past Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Lattice Semiconductor (LSCC) | Chief Financial Officer | 2025–present | Technology finance leadership |
| Intel Foundry | Chief Financial Officer | 2024–2025 | Semiconductor manufacturing unit CFO |
| Kioxia, Inc. | Vice Chairman | 2019–2024 | Memory/SSD manufacturer leadership |
| Xilinx, Inc. | Chief Financial Officer | 2016–2019 | Public tech company CFO |
| Xilinx, Inc. | Corporate Controller | 2008–2016 | Financial reporting leadership |
External Roles
| Organization | Capacity | Tenure | Committees/Impact |
|---|---|---|---|
| Public company boards | None | — | None |
| BlackRock Fixed‑Income Complex | Board member overseeing RICs/portfolios | Ongoing | Oversees 66 RICs/101 portfolios |
Board Governance
- Independence: Independent Board Member; not an “interested person” under the 1940 Act .
- Committees:
- Audit Committee member; Chair: Catherine A. Lynch. Flores, Lynch, and Arthur P. Steinmetz designated Audit Committee Financial Experts .
- Performance Oversight Committee member .
- Not on Governance Committee (members: W. Carl Kester (Chair), Cynthia L. Egan, J. Phillip Holloman, R. Glenn Hubbard, Catherine A. Lynch) .
- Board leadership: Chair of the Boards – R. Glenn Hubbard; Vice Chair – W. Carl Kester .
- Tenure on BTA board: Since 2021 .
- Attendance: Specific meeting attendance metrics not disclosed in the 2025 proxy materials reviewed.
Other Directorships & Interlocks
| Entity | Relationship | Overlap/Interlock Risk |
|---|---|---|
| Other public company boards | None | None |
Expertise & Qualifications
- Deep finance and accounting expertise from CFO/controller roles at public technology companies; designated Audit Committee Financial Expert .
- Technology/semiconductor industry experience (Xilinx, Intel Foundry, Kioxia, Lattice) supporting oversight of complex portfolios .
Equity Ownership
| Holder | BTA Common Shares (Aggregate Dollar Range) | MUA Common Shares (Aggregate Dollar Range) | Supervised Funds (Aggregate Dollar Range) |
|---|---|---|---|
| Lorenzo A. Flores | None | None | Over $100,000 |
- Officers and Board Members as a group owned less than 1% of outstanding common shares and none of the VRDP Shares as of Aug 1, 2025 .
- No known 5% beneficial owners of BTA based on Schedule 13D/13G on or before Aug 18, 2025 .
Governance Assessment
- Strengths:
- Independent director with designation as Audit Committee Financial Expert and service on Audit and Performance Oversight Committees—supports financial reporting rigor and board effectiveness .
- Extensive senior finance experience across leading semiconductor companies—enhances oversight of leverage, valuation, and risk frameworks relevant to BTA .
- Watch items:
- No disclosed personal ownership of BTA or MUA common shares; while he has >$100k aggregate holdings across supervised funds, zero BTA ownership may limit direct alignment with BTA shareholders .
- Director‑level attendance and compensation specifics not disclosed in available 2025 proxy materials for BTA; investors may seek clarity on engagement and pay structure .
Contextual fund governance notes (broader board signals affecting investor confidence)
- Audit Committee chaired by Catherine Lynch with multiple financial experts, indicating strong financial oversight .
- Board unanimously supported fund reorganization proposals after multi‑meeting review, suggesting active engagement on strategic actions (Jan 15, Jan 20, May 8, and Jun 5–6, 2025) .
- Standstill agreements with Karpus (through 2027) and Saba (through 2027) potentially reduce activist friction in the complex; not specific to Flores but relevant to governance climate .
RED FLAGS
- No BTA share ownership by Flores as of Dec 31, 2024 (alignment consideration) .
- Lack of disclosed individual attendance/compensation detail in the reviewed proxy materials (transparency consideration) .