Arthur P. Steinmetz
About Arthur P. Steinmetz
Arthur P. Steinmetz (year of birth: 1958) is an Independent Director of MIY, serving since 2023. He previously served as Chairman, CEO and President of OppenheimerFunds, Inc. (2015, 2014 and 2013 to 2019), was a portfolio manager of various OppenheimerFunds fixed income mutual funds (1986–2014), and has since held roles as a Trustee of Denison University (since 2020), Consultant to Posit PBC (since 2020), and Director of Scotiabank (U.S.) (2020–2023) . He also serves as a trustee for BlackRock Credit Strategies Fund and BlackRock Private Investments Fund, underscoring multi-fund oversight within the BlackRock complex .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| OppenheimerFunds, Inc. | Chairman, CEO, President | 2013–2019 (CEO 2014; Chairman 2015) | Led asset manager; senior executive accountability |
| OppenheimerFunds | Portfolio Manager (fixed income funds) | 1986–2014 | Fixed-income investment leadership |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Denison University | Trustee | 2020–present | Non-profit board service |
| Posit PBC (enterprise data science) | Consultant | 2020–present | Private company; advisory role |
| Scotiabank (U.S.) | Director | 2020–2023 | Banking board experience |
| BlackRock Credit Strategies Fund | Trustee | Not specified | Additional BlackRock-advised fund oversight |
| BlackRock Private Investments Fund | Trustee | Not specified | Additional BlackRock-advised fund oversight |
Board Governance
- Independence: MIY’s Board consists of 10 members, 8 of whom are Independent Board Members under the 1940 Act; Steinmetz is listed among independent directors .
- Tenure: Director since 2023 .
- Board structure: The Board is classified, with a retirement policy indicating Independent Board Members generally serve until December 31 of the year in which they turn 75 (extensions possible); this is part of the broader BlackRock Fixed-Income Complex governance framework .
- Governance environment: MIY’s charter includes supermajority voting thresholds (66 2/3%) for certain transactions and provides board authority on bylaw changes, which can entrench board composition; conversion to open-end also requires elevated votes .
- Activism context: The Funds entered standstill agreements with Karpus (effective until May 3, 2027 or earlier per meeting timing) and Saba (until the day after completion of the 2027 annual meeting or Aug 31, 2027), signaling active engagement with shareholder activists and a framework for voting alignment during the period .
- Committee assignments, chair roles, attendance: Not specified for Steinmetz in this filing. No meeting attendance rates disclosed in this document .
Fixed Compensation
- Director fee structure (cash retainer, committee fees, chair fees) for MIY’s non-employee directors is not disclosed in this joint proxy statement; only officer compensation disclosure is noted (officers other than the Chief Compliance Officer receive no compensation from the Funds; the CCO is compensated by the Acquiring Fund) .
Performance Compensation
- Equity grants (RSUs/PSUs), options, performance metrics, vesting, clawbacks, severance/CoC provisions for directors are not disclosed in this filing. No director-specific incentive metrics are presented in this document .
Other Directorships & Interlocks
| Company/Entity | Role | Overlap/Interlock Considerations |
|---|---|---|
| Scotiabank (U.S.) | Director (2020–2023) | Banking sector experience; no MIY-related related-party dealings disclosed |
| Denison University | Trustee (since 2020) | Non-profit; no MIY-related transactions noted |
| BlackRock Credit Strategies Fund; BlackRock Private Investments Fund | Trustee | Shared oversight within BlackRock complex; typical for fund complexes |
Expertise & Qualifications
- Deep fixed-income and asset management expertise from multi-decade OppenheimerFunds portfolio management and executive leadership roles (1986–2019) .
- Governance and financial services oversight experience from Scotiabank (U.S.) directorship (2020–2023) .
- Broad fund complex oversight: as of the biographical table, Steinmetz oversees 70 BlackRock-advised RICs consisting of 105 portfolios, evidencing scale governance experience .
Equity Ownership
| Metric | MIY | Supervised Funds (aggregate across BlackRock Fixed-Income Complex) |
|---|---|---|
| Aggregate Dollar Range of Common Shares (as of Dec 31, 2024) | None | Over $100,000 (includes share equivalents via deferred comp plan for certain Independent Board Members) |
| Ownership of Adviser/Affiliates | As of Dec 31, 2024, Independent Board Members (and immediate family) did not beneficially own securities of the Investment Advisor or its control affiliates (excluding registered funds) | — |
| Related-party transactions in last two calendar years | None for Independent Board Members/family with the Funds, BlackRock, affiliates, underwriters, or their control parties | — |
Governance Assessment
- Strengths for investor confidence:
- Independent status and seasoned fixed-income/operator experience (OppenheimerFunds senior leadership and portfolio management) support board effectiveness in a leveraged municipal fund context .
- No MIY share ownership and no adviser/affiliate securities holdings by Independent Board Members reduce conflict risk; no related-party transactions disclosed involving Steinmetz in the past two calendar years .
- Multi-fund trustee roles (BlackRock Credit Strategies Fund and Private Investments Fund) enhance cross-fund governance insight .
- Watch items / potential concerns:
- Lack of disclosed MIY stock ownership may limit direct economic alignment with MIY common shareholders despite aggregate “Supervised Funds” exposure; consider whether directors utilize deferred share equivalents specific to MIY in other reports .
- Classified board and high supermajority thresholds can limit shareholder-driven board change; activism standstills with Karpus and Saba dampen contestability through 2027, tempering immediate market discipline signals .
- Committee assignments, chair roles, and attendance are not provided in this filing; absence of these datapoints limits assessment of individual engagement and oversight intensity .
RED FLAGS: None identified specific to Steinmetz regarding related-party transactions, hedging/pledging disclosures, or Section 16 issues in this document; activism standstills and anti-takeover provisions are structural considerations at the fund level that can affect investor influence .