Arthur P. Steinmetz
About Arthur P. Steinmetz
Independent Board Member of BlackRock Technology and Private Equity Term Trust (BTX); year of birth 1958; appointed as a Board Member effective September 9, 2023. He chairs the Performance Oversight Committee and serves on the Audit Committee (designated an Audit Committee Financial Expert) and the Discount Committee, bringing decades of asset management leadership as former Chairman/CEO/President of OppenheimerFunds and trustee/executive of OppenheimerFunds funds; prior directorship at ScotiaBank (U.S.) and current trustee role at Denison University underscore governance and financial oversight credentials .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| OppenheimerFunds, Inc. | Chairman (2015–2019), Chief Executive Officer (2014–2019), President (2013–2019) | 2013–2019 | Led a major asset manager; direct insight into fund governance and performance processes . |
| OppenheimerFunds funds (104 funds) | Trustee, President, Principal Executive Officer | 2014–2019 | Board-level oversight across extensive RIC portfolios; operational governance . |
| Various OppenheimerFunds fixed income mutual funds | Portfolio Manager | 1986–2014 | Long-term investment performance oversight experience . |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Denison University | Trustee | Since 2020 | Non-profit governance exposure . |
| Posit PBC (enterprise data science) | Consultant | Since 2020 | Technology and data-driven analytics exposure . |
| ScotiaBank (U.S.) | Director | 2020–2023 | Banking oversight; public company board experience . |
Board Governance
- Independence: Classified as an Independent Board Member; determined an Audit Committee Financial Expert by the Board/Audit Committee .
- Committee assignments:
- Performance Oversight Committee: Chair (member effective Jan 1, 2024; chair effective Jan 19, 2024) .
- Audit Committee: Member; designated Audit Committee Financial Expert; member effective Jan 19, 2024 .
- Discount Committee: Member .
- Election status: Listed among Board Nominees recommended “FOR” as a Class III Board Member for BTX in the 2025 joint annual meeting context .
Committee Meeting Cadence (BTX – most recent fiscal year ended 12/31)
| Committee | Meetings |
|---|---|
| Audit | 8 |
| Governance | 5 |
| Compliance | 4 |
| Performance Oversight | 4 |
| Discount | 3 |
| Securities Lending | 2 |
| Executive | 1 |
Attendance rates by director were not disclosed; cadence indicates active committee oversight structure .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual Board Retainer (Independent Board Members) | $370,000 | Paid across BlackRock-advised funds; expenses per travel policy; paid pro rata by funds (including BTX) based on relative net assets . |
| Committee Chair Retainers | Audit: $55,000; Performance Oversight: $42,500; Compliance: $50,000; Governance: $42,500; Discount: $25,000; Securities Lending: $20,000 | Steinmetz is Chair of Performance Oversight ($42,500 applicable) . |
| Committee Member Retainers | Audit: $30,000; Compliance: $25,000; Governance: $25,000; Discount: $20,000; Securities Lending: $15,000 | Steinmetz is Member of Audit ($30,000) and Discount ($20,000) . |
| Aggregate compensation from all BlackRock-advised funds (CY2024) | $534,206 | Total earned; he deferred $266,957 under the deferred compensation plan . |
| Deferred compensation payable (as of 12/31/2024) | $278,737 | Unfunded plan liability; earns returns as if invested in selected funds . |
Prior to Jan 1, 2024 certain Chair retainers were lower (e.g., Audit $45,000; Performance Oversight $37,500), then increased; current rates shown above apply in 2025 .
Performance Compensation
| Element | Disclosure |
|---|---|
| Bonus / Target % | Not disclosed for Independent Board Members; compensation structured as retainers and committee fees . |
| Equity awards (RSUs/PSUs), Options | Not disclosed for Independent Board Members; deferred comp plan mimics returns of selected funds without being funded or equity-based . |
| Performance metrics (revenue, EBITDA, TSR, ESG) | Not disclosed/applicable to Independent Board Member compensation . |
| Clawbacks/COC/Severance | Not disclosed for Independent Board Members . |
Other Directorships & Interlocks
| Company/Entity | Type | Role | Potential Interlock/Conflict |
|---|---|---|---|
| ScotiaBank (U.S.) | Public company | Director (2020–2023) | No disclosed related-party transactions with BTX/BlackRock funds; Independent Board Members and immediate family have no interests in BlackRock or its controlled entities . |
| OppenheimerFunds funds | Investment companies | Trustee/PEO (2014–2019) | Prior affiliation; not current; no conflicts disclosed with BTX . |
| Denison University | Non-profit | Trustee (since 2020) | Non-profit governance; no conflicts disclosed . |
Expertise & Qualifications
- Asset management leadership: Former Chairman/CEO/President of OppenheimerFunds; governance of 104 funds; decades of fixed income portfolio management experience .
- Financial/accounting expertise: Determined to be an Audit Committee Financial Expert; serves on Audit Committee .
- Independence and oversight: Independent from the Funds and Advisor; chairs Performance Oversight; member Discount Committee .
- Broader governance exposure: Banking board experience (ScotiaBank U.S.), non-profit trustee, consulting in enterprise data science .
Equity Ownership
| Item | Value |
|---|---|
| Ownership as % of shares outstanding (Board Members/executives as a group, each Fund) | Less than 1% as of April 30, 2025 . |
| Deferred compensation plan participation | Yes; up to 50% of total comp may be deferred; returns mirror selected funds; unfunded liability at fund level . |
| Steinmetz deferred comp payable (12/31/2024) | $278,737 . |
| Steinmetz deferred comp investments (share equivalents, as of 2/28/2025) | BDJ: 4,173.51 ($10,001–$50,000); BLW: 4,347.32 ($50,001–$100,000); BTZ: 5,685.74 ($50,001–$100,000); CII: 1,786.81 ($10,001–$50,000) . |
Eligible deferred compensation investment funds include HYT, BTZ, BGR, CII, BDJ, BGY, BGT, BME, BLW and certain open-end funds; BTX is not listed among eligible deferral funds in this disclosure .
Governance Assessment
- Committee leadership and expertise: As Chair of Performance Oversight and an Audit Committee Financial Expert, Steinmetz strengthens board effectiveness on investment performance and financial reporting oversight; his roles indicate high engagement across key governance levers .
- Independence and conflicts: Explicitly independent from the Funds and Advisor; disclosure states no interests by Independent Board Members or immediate family in BlackRock or its controlled entities—reducing related-party exposure risk .
- Attendance signal: While director-specific attendance rates are not disclosed, BTX committees met frequently (Audit: 8; Governance: 5; Compliance: 4; Performance Oversight: 4; Discount: 3; Securities Lending: 2; Executive: 1), suggesting robust oversight cadence; absence of disclosed attendance metrics is a minor transparency gap .
- Compensation structure: Cash retainer plus committee retainers; optional deferral (substantial deferred amount in 2024) aligns pay with fund complex performance proxies without direct equity or options; lack of performance-based metrics avoids pay-for-performance misalignment but may reduce direct BTX ownership alignment given BTX’s absence from eligible deferral funds .
- RED FLAGS: None disclosed regarding related-party transactions, pledging/hedging, tax gross-ups, option repricing, or legal proceedings for this director; note limited fund-specific ownership alignment given aggregate disclosure and BTX not in deferral options .