Cynthia L. Egan
About Cynthia L. Egan
Cynthia L. Egan is an Independent Trustee of BlackRock Technology & Private Equity Term Trust (BTX) and serves across the BlackRock Fixed-Income fund complex; she was appointed to BlackRock closed‑end fund boards beginning in 2016, with her BTX Class I term standing for election in 2025 . Born in 1955, Egan’s background includes senior leadership at Fidelity and T. Rowe Price and a policy advisory role at the U.S. Treasury . She holds a degree from Boston College and currently resides in Key Largo, FL .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| T. Rowe Price Group | President, Retirement Plan Services | 2007–2012 | Led large-scale retirement operations; founded women’s inclusion programs . |
| Fidelity Investments | Executive leadership positions (EVP FMR Co.; President Fidelity Institutional Services; President Fidelity Charitable) | 1989–2007 | Senior operating roles across investment and distribution platforms . |
| U.S. Department of the Treasury | Advisor (retirement security; myRA program) | 2014–2015 | Policy advisory on retirement security initiatives . |
| Federal Reserve Board / Bankers Trust / KPMG Peat Marwick | Early career roles | Pre‑1989 | Financial services and audit foundations . |
External Roles
| Company | Role | Committee Assignments | Notes |
|---|---|---|---|
| Huntsman Corporation (NYSE: HUN) | Lead Independent Director; Vice Chair; Chair, Nominating & Corporate Governance | Nominating & Corporate Governance (Chair); governance refresh leadership | Appointed LID/Vice Chair effective Jan 1, 2022 . |
| The Hanover Insurance Group (NYSE: THG) | Chair of the Board | Compensation & Human Capital (member) | Board chair responsibilities; governance profile . |
| Unum Group (NYSE: UNM) | Director | Human Capital (Chair); Regulatory Compliance (Member) | Committee leadership with HCM and compliance oversight . |
| BlackRock Fixed‑Income Fund Complex | Director/Trustee; Chair, Compliance Committee | Compliance (Chair); Performance Committee (member) | Complex‑wide governance across 100+ funds . |
| BlackRock Closed‑End Funds (including BTX) | Independent Trustee | Boards with 7 standing committees | Trustees include Egan; independent leadership structures . |
Board Governance
- Independent status and BTX Board seat: Egan is listed as an Independent Trustee among BTX’s Board members in 2025 tender offer filings; BTX boards employ independent Chairs and committee chairs across seven standing committees (Audit, Governance, Compliance, Performance Oversight, Securities Lending, Discount, Executive) .
- Share ownership context: As of the 2025 record dates, BTX had 213,338,148 shares outstanding; Board members and officers as a group owned <1% of BTX, while Saba Capital previously held 27.73% before tendering its entire stake in July 2025—activism dynamics that shaped board discount/tender programs .
- Engagement/attendance: The BTX special meeting materials emphasize shareholder engagement via virtual access and Q&A; committee session frequency is disclosed at peer boards (e.g., Unum audited 8/4/5/5/4 meetings across committees in 2023), evidencing strong governance cadence .
- Independence safeguards: As of Dec 31, 2024, BTX’s Independent Board Members and immediate family members had no interest in the Adviser or its affiliates, mitigating related‑party exposure .
Fixed Compensation
| Element | Amount/Terms | Notes |
|---|---|---|
| Independent Board Member Annual Retainer (BlackRock closed‑end funds) | $370,000 per year | Applies across BlackRock‑advised funds, including BTX . |
| Boards’ Chair / Vice Chair Additional Retainer | Chair: $140,000; Vice Chair: $84,000 | Effective post‑Jan 1, 2024; prior rates were $100k/$60k . |
| Committee Chair Additional Retainers | Audit: $45,000; Compliance: $45,000; Governance: $37,500; Performance Oversight: $37,500 | Fund complex committee compensation schedule . |
| Deferred Compensation Plan (Fund Complex) | Optional; mirrors returns of selected funds; unsecured liability | As of Feb 28, 2025, Ms. Egan did not participate; aligns directors’ economics with fund performance . |
Performance Compensation
| Component | Structure | Metrics | Vesting/Settlement |
|---|---|---|---|
| Equity/Options (Director at BTX fund complex) | Not applicable (no stock options or PSUs at BTX funds) | N/A | N/A . |
| Deferred Compensation (Fund Complex) | Elective deferral into fixed‑income complex tracking; unsecured claim | Performance linked to chosen fund returns (no TSR/EBITDA targets) | Deferral balances accrue to plan terms; not funded . |
For external public companies, Egan serves where performance‑linked executive/board pay structures are active (e.g., Unum Human Capital oversight); however, BTX director pay is retainer‑based without formulaic performance metrics .
Other Directorships & Interlocks
| Company | Industry | Role | Committees/Leadership |
|---|---|---|---|
| Huntsman Corporation (HUN) | Specialty Chemicals | Lead Independent Director; Vice Chair; Chair Nominating & Corporate Governance | Governance leadership; board refresh; supports incentive program transitions . |
| The Hanover Insurance Group (THG) | P&C Insurance | Chair of the Board | Member, Compensation & Human Capital; board leadership . |
| Unum Group (UNM) | Employee Benefits | Director | Human Capital (Chair); Regulatory Compliance (Member) . |
| BlackRock Fixed‑Income Fund Complex | Asset Management | Director/Trustee | Compliance Committee (Chair); Performance Committee (Member) . |
Expertise & Qualifications
- Deep investment company governance and retirement industry expertise via T. Rowe Price and Fidelity senior roles; policy advisory credentials at U.S. Treasury .
- Proven board leadership (Lead Independent Director/Vice Chair; Committee chairships in governance, human capital, compliance) across public issuers and complex fund boards .
- Education: Boston College; longstanding engagement in gender inclusion and nonprofit board service (UM School of Medicine Board of Visitors chair, etc.) .
Equity Ownership
| Holder | Shares | % of BTX Outstanding | Date/Source |
|---|---|---|---|
| Cynthia L. Egan (BTX) | 19,654.6732 | Not disclosed individually; directors/officers <1% as group | Holdings table; as of 2025 proxy compilation . |
| BTX Outstanding Shares | 213,338,148 | 100% | Record Date: Feb 19, 2025 . |
| Saba Capital Management (prior 10% holder) | 60,675,395 (tendered; now 0) | 27.73% pre‑tender; exited via issuer tender | July 9, 2025 Form 4/Tender results . |
No pledging or related‑party holdings with the Adviser by Independent Board Members or immediate family were disclosed as of Dec 31, 2024 .
Governance Assessment
- Board effectiveness: Egan’s cross‑committee leadership (human capital and compliance at UNM; governance at HUN; compliance in BlackRock fund complex) signals strong process discipline, regulatory oversight depth, and investor‑aligned governance practices—a plus for BTX’s board quality .
- Independence and conflicts: BTX disclosures show no Independent Board Member interests in BlackRock or affiliates; Egan’s roles span unrelated industries (chemicals, insurance), reducing interlocks/conflict risk with BTX’s tech/private equity investment scope .
- Activism and shareholder confidence: BTX’s standstill/tender actions and Saba exit reshaped ownership. Egan’s presence on the BTX Board during the issuer tender (99.5% of NAV) aligns with decisive discount management, likely supportive of investor confidence through governance action .
- RED FLAGS: None evident specific to Egan—no attendance shortfalls disclosed, no related‑party transactions, no pledging; watch for potential “overboarding” given multiple roles, though current committee leadership suggests manageable oversight capacity .
Overall: Egan brings seasoned governance, compliance, and human capital expertise to BTX amid a complex shareholder environment, with independent status and no disclosed conflicts—positives for board credibility and investor trust .