Cynthia L. Egan
About Cynthia L. Egan
Independent director of BlackRock MuniHoldings Fund, Inc. (MHD). Year of birth: 1955; Director since 2016. Former Advisor at the U.S. Department of the Treasury (2014–2015) and President, Retirement Plan Services at T. Rowe Price Group (2007–2012), with prior executive roles at Fidelity Investments (1989–2007). Oversees 68 BlackRock-advised registered investment companies comprising 103 portfolios across the Fixed-Income Complex .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| U.S. Department of the Treasury | Advisor | 2014–2015 | Retirement policy and market structure exposure |
| T. Rowe Price Group, Inc. | President, Retirement Plan Services | 2007–2012 | Led retirement services franchise |
| Fidelity Investments | Executive positions | 1989–2007 | Senior operating roles in asset/retirement platforms |
External Roles
| Organization | Role | Tenure/Notes |
|---|---|---|
| Unum Group | Director | Public company directorship |
| The Hanover Insurance Group | Board Chair | Public company board chair role |
| Huntsman Corporation | Lead Independent Director and Non‑Executive Vice Chair | Public company leadership role |
| BlackRock Credit Strategies Fund | Trustee | Also trustee in BLK fund complex |
| BlackRock Private Investments Fund | Trustee | Also trustee in BLK fund complex |
Board Governance
- Independence and tenure: Listed as an Independent Board Member; Director since 2016 .
- Complex-wide oversight: Board comprises 10 members (8 independent) across the BlackRock Fixed‑Income Complex; Egan oversees 68 RICs/103 portfolios .
- Committee assignments: Not disclosed in this proxy; shareholders may contact the Chair of the Audit Committee regarding accounting matters, indicating an active audit oversight structure .
- Retirement policy: Independent directors generally serve until December 31 of the year they turn 75; extensions possible at the Board’s discretion (complex-wide policy) .
- Activism context: MHD has significant holders (e.g., Karpus ~14.01%; RiverNorth ~7.66%) and standstill agreements with Karpus (through 2027 window) and Saba (through 2027 window), shaping the governance environment .
Equity Ownership
| As of 12/31/2024 | BLE | BYM | BFK | MUE | MHD (Acquiring Fund) | Aggregate in Supervised Funds |
|---|---|---|---|---|---|---|
| Cynthia L. Egan | None | None | None | None | None | Over $100,000* |
*Includes share equivalents under the deferred compensation plan of Supervised Funds by certain Independent Board Members .
Implications:
- No direct MHD share ownership as of 12/31/2024 (alignment risk specifically to MHD).
- Aggregate exposure across the BlackRock Fixed‑Income Supervised Funds via deferred plan indicates complex-level alignment but not MHD-specific .
Other Directorships & Interlocks
| Company | Sector | Role | Notes |
|---|---|---|---|
| Unum Group | Insurance | Director | External public board service |
| The Hanover Insurance Group | Insurance | Board Chair | Governance leadership role |
| Huntsman Corporation | Chemicals | Lead Independent Director; Non‑Exec Vice Chair | Independent leadership at industrial issuer |
No related‑party transactions with MHD/BlackRock: As of July 31, 2025, independent board members and immediate family members had no beneficial ownership of BlackRock or affiliates and no material interests in transactions with the Funds or advisor; similar statement as of December 31, 2024 for advisor securities (excluding registered funds) .
Expertise & Qualifications
- Deep retirement/asset management operating experience (Fidelity, T. Rowe Price) and Treasury policy exposure .
- Extensive fund governance (68 RICs/103 portfolios overseen) .
- Public company board leadership across insurance and chemicals sectors, including board chair and lead independent roles .
Governance Assessment
- Strengths:
- Independent director with substantial asset management and retirement platform leadership experience; broad fund governance exposure .
- Multiple external public board leadership roles, suggesting strong governance credentials .
- No disclosed related‑party transactions with BlackRock or fund affiliates, supporting independence .
- Watch items / RED FLAGS:
- No MHD share ownership as of 12/31/2024; while aggregate Supervised Funds exposure exists, direct “skin‑in‑the‑game” for MHD is absent (alignment concern specific to the fund) .
- Activism/standstill context with large holders (Karpus, Saba) could constrain shareholder influence dynamics; continued monitoring of board responsiveness is warranted .
Notes on undisclosed items:
- Committee assignments, attendance, director compensation structure (cash/equity, retainers, committee fees), ownership guidelines, hedging/pledging, and performance‑linked director pay were not disclosed in the cited proxy materials; no related data presented here per disclosure availability .