R. Glenn Hubbard
About R. Glenn Hubbard
R. Glenn Hubbard (born 1958) is the independent Chair of the Board (since 2022) and a Director (since 2007) of BlackRock MuniHoldings Fund, Inc. (MHD). He has been a faculty member at Columbia Business School since 1988 and served as Dean from 2004 to 2019; he oversees 66 BlackRock-advised registered investment companies (RICs) consisting of 101 investment portfolios . He is listed among Independent Board Members, not an “interested person” under the Investment Company Act .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Columbia Business School | Dean | 2004–2019 | Academic leadership; governance experience |
| Columbia Business School | Faculty member | Since 1988 | Economics and finance expertise |
External Roles
| Organization | Role | Tenure/Status | Notes |
|---|---|---|---|
| Automatic Data Processing (ADP) | Director | 2004–2020 | Data and information services; tenure ended 2020 |
| Metropolitan Life Insurance Company | Director | Past five years (exact dates not disclosed) | Insurance |
| TotalEnergies SE | Director | Past five years (exact dates not disclosed) | Multi-energy company |
Board Governance
- Position: Chair of the Board (since 2022); Director (since 2007) at MHD .
- Independence: Listed among “Independent Board Members”; majority of the board is independent (8 of 10 across the complex) .
- Oversight: Oversees 66 RICs/101 portfolios within BlackRock Fixed-Income Complex .
- Conflicts/related party: As of July 31, 2025, Independent Board Members (and immediate family) did not own securities of BlackRock or affiliates and had no material interest in transactions involving the Funds or BlackRock affiliates during the last two calendar years .
- Shareholder communications: Letters can be directed to the Board or specific members; complaints on accounting matters may be sent to the CCO or directly to the Chair of the Audit Committee; can be anonymous .
- Activism context: Standstill agreements were executed with Karpus (May 3, 2024; effective until 2027 thresholds) and Saba Capital (Jan 20, 2025; effective until the 2027 annual meeting or Aug 31, 2027), requiring those holders to vote consistent with Board recommendations during the term .
Fixed Compensation
- Director cash retainer, committee fees, and meeting fees for MHD are not quantified in the cited proxy sections; no specific dollar amounts are disclosed in the excerpts reviewed .
- Deferred compensation plan exists within the Supervised Funds for certain Independent Board Members; see Equity Ownership for share equivalent note .
Performance Compensation
- No disclosure of performance-linked metrics (e.g., TSR, EBITDA) tied to director compensation in the cited proxy sections. No stock option/PSU information for directors is provided in the excerpts .
Other Directorships & Interlocks
| Company | Sector | Role | Period/Notes |
|---|---|---|---|
| ADP | Data/Information Services | Director | 2004–2020 |
| Metropolitan Life Insurance Company | Insurance | Director | Past five years (exact dates not disclosed) |
| TotalEnergies SE | Energy | Director | Past five years (exact dates not disclosed) |
Expertise & Qualifications
- Extensive academic and governance background from Columbia Business School (Dean; long-tenured faculty), indicating deep financial and economic expertise .
- Broad oversight experience across 66 RICs/101 portfolios, relevant for complex fund governance and risk oversight .
Equity Ownership
Aggregate dollar ranges of common shares as of December 31, 2024; includes share equivalents owned under the deferred compensation plan in Supervised Funds for certain Independent Board Members.
| Fund | Ownership Range |
|---|---|
| BLE | $1–$10,000 |
| BYM | None |
| BFK | $1–$10,000 |
| MUE | None |
| MHD (Acquiring Fund) | $1–$10,000 |
| Supervised Funds (aggregate) | Over $100,000 (includes share equivalents via deferred plan) |
Additional context: As of July 31, 2025, officers and Board Members of each Fund, as a group, beneficially owned less than 1% of outstanding common shares .
Governance Assessment
- Strengths: Independent Board Chair with significant financial/academic credentials; independent majority board; explicit channel for Audit Committee concerns; absence of related-party transactions and affiliate ownership for independent directors supports independence .
- Alignment signals: Personal share ownership in MHD is modest ($1–$10,000) but participation in deferred compensation within Supervised Funds indicates some long-term linkage; overall insider group ownership is under 1% which can limit alignment yet reduce entrenchment risks .
- External influences: Standstill agreements with major activist holders (Karpus 14.01% of MHD; RiverNorth 7.66%) may stabilize governance temporarily but could be viewed by some investors as limiting shareholder challenge during the term; awareness of these dynamics is prudent .
- Red flags: None explicit on attendance or pay anomalies in the cited sections; compensation detail granularity is limited (no retainer/fee breakdown provided). Monitoring ongoing activism, director ownership levels, and future proxy disclosure on committee assignments/attendance is recommended .
Note: Committee memberships/chair roles (Audit, Governance/Nominating, Compensation), meeting attendance rates, and detailed director compensation schedules are not disclosed within the cited proxy excerpts. If needed, we can retrieve additional sections of the DEF 14A to extract those specifics.