Robert Fairbairn
About Robert Fairbairn
Robert Fairbairn (year of birth: 1965) serves as an Interested Director/Trustee of BlackRock Long‑Term Municipal Advantage Trust (BTA) and has been on the Boards of the BlackRock closed‑end funds since 2018. He is Vice Chairman of BlackRock, Inc., sits on BlackRock’s Global Executive and Global Operating Committees, and co‑chairs the Human Capital Committee, bringing 30+ years of asset‑management leadership and global distribution experience to the Board .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| BlackRock, Inc. | Vice Chairman; Member, Global Executive & Global Operating Committees; Co‑Chair, Human Capital Committee | Vice Chairman since 2019 | Senior leadership guiding human capital, global operations |
| BlackRock, Inc. | Senior Managing Director; Oversight of Strategic Partner Program & Strategic Product Management Group | 2010–2019 (oversight 2012–2019) | Product strategy and partner oversight across multi‑asset franchises |
| BlackRock Investments, LLC | Member, Board of Managers | 2011–2018 | Governance of broker‑dealer distribution entity |
| BlackRock | Global Head of Retail and iShares businesses; Head of Global Client Group; Chairman of International businesses | Retail/iShares 2012–2016; other roles prior | Built global distribution and ETF scale; international governance |
External Roles
| Organization | Role | Tenure |
|---|---|---|
| BlackRock, Inc. | Vice Chairman; Global Executive & Operating Committees; Human Capital Co‑Chair | 2019–present |
No public company directorships disclosed in the past five years .
Board Governance
- Independence status: Interested Director (affiliated with the Advisor, BlackRock) .
- Committee assignments: Not listed as a member of Audit, Governance, Compliance, Performance Oversight, Discount, Securities Lending, or Executive Committees for BTA; committee memberships consist of Independent Board Members, with the Executive Committee comprising R. Glenn Hubbard (Chair), W. Carl Kester and John M. Perlowski (interested) .
- Attendance and engagement: In 2024, BTA’s Board met 9 times; no incumbent Board Member attended fewer than 75% of combined Board and committee meetings in the most recent full fiscal year. In 2023, BTA’s Board met 7 (calendar table) or 9 (fiscal table) times as disclosed; encouragement for attendance at annual meetings noted across the complex .
Committee Activity (BTA – most recent fiscal year)
| Committee | Meetings |
|---|---|
| Audit | 8 |
| Governance | 6 |
| Compliance | 4 |
| Performance Oversight | 4 |
| Discount | 1 |
| Securities Lending | 2 |
| Executive | 1 |
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Director/Trustee Compensation from BTA | $0 | Serves without compensation from the Funds due to affiliation with BlackRock (same disclosure for Perlowski) |
| Independent Board Member baseline (for context) | $370,000 annual retainer; Committee Chair/member retainers as disclosed | Applies to Independent Board Members across the Fixed‑Income Complex; not applicable to Fairbairn |
Performance Compensation
| Award Type | Terms | Notes |
|---|---|---|
| Equity/Option awards from BTA | None disclosed | No RSUs/PSUs/options granted by BTA to Interested Board Members; Independent members may defer cash retainers into fund equivalents, but Fairbairn receives no fund compensation |
Other Directorships & Interlocks
| Scope | Detail |
|---|---|
| BlackRock‑advised RICs overseen | 94 RICs consisting of 268 portfolios (multi‑complex governance) |
| Public company boards | None disclosed in last five years |
Expertise & Qualifications
- Global ETF and retail distribution leadership; product and partner management; international governance .
- Senior BlackRock leadership roles provide operational, strategic, and human capital expertise beneficial to fund oversight .
Equity Ownership
| Fund | Common Shares | Dollar Range | Notes |
|---|---|---|---|
| BTA | None | None | Aggregate dollar range in BTA: “None” |
| MUA (Acquiring Fund) | None | None | Aggregate dollar range in MUA: “None” |
| All Supervised Funds (Fixed‑Income Complex) | N/A | Over $100,000 | Aggregate ownership across supervised funds |
| BlackRock Health Sciences Term Trust (BMEZ) | 18,507.4102 | Over $100,000 | Explicit share count and dollar range |
| BlackRock Science & Technology Term Trust (BSTZ) | 8,399.6923 | Over $100,000 | Explicit share count and dollar range |
| BlackRock Capital Allocation Term Trust (BCAT) | 7,659.2021 | Over $100,000 | Explicit share count and dollar range |
| BlackRock Technology & Private Equity Term Trust (BTX) | 19,654.6732 | Over $100,000 | Explicit share count and dollar range |
As of July 31, 2025, officers and Board Members as a group owned <1% of outstanding common shares of each fund; no VRDP ownership by the group .
Governance Assessment
- Strengths: Deep asset‑management and distribution expertise; BlackRock senior leadership enhances understanding of advisor operations and product risks; committee system staffed by Independent Board Members supports checks and balances (e.g., Audit, Governance, Compliance, Performance Oversight) .
- Alignment and independence risks (RED FLAGS):
- Interested status (non‑independent) due to BlackRock affiliation; not serving on key oversight committees (mitigates direct influence but reduces independent challenge from his seat) .
- No disclosed ownership in BTA (and MUA), limiting direct “skin‑in‑the‑game” alignment at the fund level, although he holds material positions in other BlackRock closed‑end funds .
- Advisor affiliation creates potential related‑party influence; auditor independence controls and Audit Committee pre‑approval processes are in place for audit/non‑audit services to affiliated service providers (fees borne by BlackRock) .
Additional Context
- 2025 elections: Fairbairn is a Class III Board Nominee across multiple closed‑end funds in the complex (term to 2028 if elected), underscoring continuity in complex‑wide governance roles .
Attendance: Policy encourages annual meeting attendance; disclosure indicates broad participation and no incumbent below 75% attendance threshold; BTA Board met 9 times in 2024, with active committee cadence .