R. Glenn Hubbard
About R. Glenn Hubbard
R. Glenn Hubbard is an independent director serving across the BlackRock Closed‑End Funds (Fixed‑Income Complex), including BTA. He is Chair of the Boards and Chair of the Executive Committee, and a member of the Governance & Nominating, Compliance, and Performance Oversight Committees; he is independent of the Funds and the Advisor . Born in 1958, he holds a PhD in Economics from Harvard (1983) and is Russell L. Carson Professor of Finance and Economics at Columbia University; he previously served as Dean of Columbia Business School (2004–2019) . As a trustee in the BlackRock Closed‑End Funds, his current term runs through 2025 and his service dates from 2021 in the complex .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Columbia Business School | Dean; Faculty (Professor of Finance & Economics) | Dean 2004–2019; Faculty since 1988 | Academic leadership; finance/economics expertise |
| U.S. Council of Economic Advisers | Chairman | 2001–2003 | Led macroeconomic policy; OECD Economic Policy Committee chair; member of White House councils |
| Automatic Data Processing (ADP) | Director | 2004–2020 | Management practices/oversight experience |
External Roles
| Organization | Role | Tenure/Status | Committees/Ownership |
|---|---|---|---|
| MetLife, Inc. | Chairman of the Board; Director | Director since 2007; Chairman since 2019 (Lead Independent Director in 2017) | Director compensation (2024 total $576,788; cash $275,000, stock awards $300,148; other $1,640) |
| TotalEnergies SE | Independent Director | Appointed May 28, 2021; reappointed May 24, 2024; term to 2027 | Audit Committee member; holds 1,000 TTE shares (12/31/2024) |
| Committee on Capital Markets Regulation; Resources for the Future | Board/committee roles | Ongoing | Policy and governance expertise |
Board Governance
- Board/Committee roles: Chair of the Boards; Chair of Executive Committee; member of Governance & Nominating, Compliance, and Performance Oversight Committees across the BlackRock Closed‑End Funds, including BTA .
- Independence: Explicitly described as independent from the Funds and the Advisor .
- Board service: Trustee/Chair in the complex from 2021 to present (current term noted as 2025 in ECAT trust listing, applicable to the complex) .
- Meeting attendance/executive sessions: Not disclosed in the available BTA/complex proxies; Appendices reference meeting sections but specific attendance rates are not provided in the retrieved materials .
Fixed Compensation
BlackRock Closed‑End Funds (Fixed‑Income Complex) director pay structure (pro‑rated across funds, including BTA):
| Component | Amount | Notes |
|---|---|---|
| Annual Independent Board Member retainer (cash) | $370,000 | Paid across complex; pro‑rated to each fund |
| Chair of the Boards additional retainer | $140,000 | Applies to Hubbard as Chair |
| Vice Chair additional retainer | $84,000 | Not applicable to Hubbard |
| Committee Chair retainers | Audit $55,000; Performance Oversight $42,500; Compliance $50,000; Governance $42,500; Discount $5,000; Securities Lending $5,000 | Complex-wide rates |
| Committee Member retainers | Audit $30,000; Compliance $25,000; Governance $25,000; Discount $20,000; Securities Lending $15,000 | Complex-wide rates |
Aggregate compensation (calendar 2023) across BlackRock‑advised funds:
| Metric | Value |
|---|---|
| Total compensation from all BlackRock‑advised funds (Hubbard) | $520,000 |
| Amount deferred under complex deferred compensation plan (2023) | $260,000 |
| Deferred compensation payable (cumulative; as of 12/31/2023) | $4,221,192 |
Performance Compensation
| Element | Detail |
|---|---|
| Stock awards/options (Fund-level) | None disclosed for BlackRock Closed‑End Funds directors; compensation is cash retainers plus eligible deferred compensation, not equity grants from the Funds |
| Performance metrics/vesting | No performance‑based metrics; deferred amounts earn returns as if invested in selected complex funds; plan is unfunded and represents unsecured claims of the Funds |
Other Directorships & Interlocks
| Company | Role | Potential Interlock/Dependency |
|---|---|---|
| MetLife, Inc. | Chairman/Director | Insurance sector governance experience; no related‑party transactions with BTA disclosed |
| TotalEnergies SE | Independent Director; Audit Committee member | Energy sector expertise; 1,000 TTE shares held; no conflicts with BTA disclosed |
| ADP (past) | Director (ended 2020) | Prior financial/operational oversight experience |
Expertise & Qualifications
- Economic policy leadership (former CEA Chair) and extensive academic credentials add macro and policy perspective to fund governance .
- Long‑standing closed‑end fund board service provides specific understanding of fund operations and regulatory issues .
- Independence underscored in proxies; service as Chair/Vice Chair in the complex highlights governance leadership .
Equity Ownership
| Item | Detail |
|---|---|
| BTA/Complex director share ownership | Not disclosed in retrieved materials; directors may defer compensation into units tracking fund returns, creating economic alignment (unfunded, unsecured obligations of the Funds) |
| Deferred compensation alignment (Hubbard) | $4,221,192 payable as of 12/31/2023; 2023 deferral $260,000 |
| Pledging/hedging | Not disclosed in retrieved materials |
| External equity | Holds 1,000 TotalEnergies shares; MetLife compensation includes RSU‑style stock awards as a MetLife director |
Governance Assessment
- Strengths: Independent status; deep finance/economics expertise; complex‑wide leadership as Chair; clear committee engagement (Governance & Nominating, Compliance, Performance Oversight), which supports board effectiveness and oversight quality at BTA .
- Alignment signals: Significant participation in the complex deferred compensation plan ties economic outcomes to fund performance (though unfunded/unsecured), supporting alignment with shareholders across the Fixed‑Income Complex .
- Considerations/RED FLAGS: Multiple external commitments (MetLife Chairman; TotalEnergies Director/Audit Committee) can create time‑allocation demands; no related‑party transactions or conflicts with BTA are disclosed in available documents . Compensation is retainer‑based rather than performance‑linked, common for funds but provides limited explicit pay‑for‑performance linkage at the Fund level .
Notes and sources:
- Roles, independence, and committee assignments across the Funds (including BTA): N‑14 8C/N‑14 8C/A and DEF 14A descriptions .
- Board compensation structure (complex‑wide; pro‑rated to BTA): Appendix B statements in complex proxies .
- Hubbard aggregate compensation/deferred amounts (calendar 2023): fund proxy appendix .
- External public company roles and holdings: TotalEnergies 20‑F and MetLife DEF 14A .
- Trustee term/service example within complex: ECAT DEFC14A .
- Inclusion of BTA in complex joint proxy/board structure: DEF 14A table and TOC sections .