Catherine A. Lynch
About Catherine A. Lynch
Catherine A. Lynch (born 1961) is an independent director of BlackRock MuniYield Michigan Quality Fund, Inc. (MIY), serving since 2016. She previously served as CEO and CIO of the National Railroad Retirement Investment Trust (2003–2016), and earlier held treasury roles at The George Washington University (1999–2003) and the Episcopal Church of America (1995–1999). She also serves on the board of PennyMac Mortgage Investment Trust and, within the BlackRock fund complex, oversees 70 registered investment companies (105 portfolios). These credentials signal deep institutional investment and treasury oversight experience relevant to MIY’s fixed-income mandate .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| National Railroad Retirement Investment Trust | Chief Executive Officer and Chief Investment Officer (and other positions) | 2003–2016 | — |
| The George Washington University | Associate Vice President for Treasury Management | 1999–2003 | — |
| Episcopal Church of America | Assistant Treasurer | 1995–1999 | — |
External Roles
| Organization | Role | Tenure/Notes |
|---|---|---|
| PennyMac Mortgage Investment Trust | Director | Public company directorship within past five years |
| BlackRock Credit Strategies Fund | Trustee | BlackRock fund complex trustee (footnote reference) |
| BlackRock Private Investments Fund | Trustee | BlackRock fund complex trustee (footnote reference) |
Board Governance
- Independent status and tenure: Lynch is listed among the Independent Board Members; she has served on the MIY board since 2016 .
- Board composition: The MIY board comprises 10 directors, including 8 Independent Board Members; R. Glenn Hubbard serves as Chair and W. Carl Kester as Vice Chair, reflecting a strong independent leadership structure .
- Governance provisions: MIY’s charter requires a 66 2/3% supermajority for major corporate actions and director removal, and grants the board authority over bylaw changes—features that can entrench the board but are disclosed as shareholder protections against control changes .
- Complex-wide oversight: Board members (including Lynch) also oversee closed-end funds across the BlackRock Fixed-Income Complex, providing continuity and scale in governance and oversight .
Equity Ownership
As of December 31, 2024.
| Metric | Value |
|---|---|
| MIY common shares (aggregate dollar range) | None |
| Aggregate dollar range in “Supervised Funds” (other BlackRock Fixed-Income Complex funds) | Over $100,000 |
The proxy also discloses that Independent Board Members (and immediate family members) did not beneficially own securities of the Investment Advisor or its control affiliates, and had no material interest in transactions with the Funds or the Advisor over the last two calendar years—reducing related-party conflict risk .
Other Directorships & Interlocks
| Company/Entity | Nature of Relationship | Implications |
|---|---|---|
| PennyMac Mortgage Investment Trust | Public company directorship | Adds mortgage/credit market insight; no direct related-party ties to MIY disclosed |
| BlackRock Credit Strategies Fund; BlackRock Private Investments Fund | Trustee | Governance interlock within BlackRock complex; standard for complex-wide fund boards |
Expertise & Qualifications
- Institutional asset owner leadership: 13 years as CEO/CIO of NRRIT aligns with portfolio oversight, risk, and manager selection in fixed income and credit markets .
- Treasury and finance operations: Senior treasury roles at GWU and the Episcopal Church of America indicate cash, liquidity, and investment policy expertise pertinent to a levered municipal CEF .
- Broad fund oversight: Oversight of 70 RICs (105 portfolios) demonstrates scale experience in fund governance and compliance .
Governance Assessment
- Alignment: RED FLAG – zero MIY share ownership (aggregate dollar range “None”) suggests limited direct “skin in the game” at the fund level, although Lynch has over $100,000 aggregated exposure across supervised funds within the complex .
- Independence and conflicts: Positive – classified as an Independent Board Member; proxy reports no beneficial ownership in BlackRock or affiliates and no related-party transactions for Independent Board Members, mitigating advisor conflict concerns .
- Oversight strength: Positive – experienced independent board chaired by an independent Chair; Lynch brings CIO-level investment oversight background supportive of audit, leverage, and distribution policy oversight in a muni CEF .
- Shareholder rights context: Mixed – supermajority and board-empowering charter/bylaw provisions can reduce activism flexibility; note that the funds entered a standstill with Saba Capital through as late as 2027, which lowers near-term activist pressure but may also dampen external accountability mechanisms .
Net take: Lynch’s institutional investment pedigree and independent status support board effectiveness; lack of MIY-specific ownership is a notable alignment gap. No disclosed related-party exposures or advisor-linked holdings by Independent Board Members reduces conflict risk .