Janey Ahn
About Janey Ahn
Janey Ahn (born 1975) serves as Secretary of BlackRock MuniYield Michigan Quality Fund, Inc. (MIY) and related BlackRock closed-end funds; she is a Managing Director at BlackRock, Inc. since 2018, with the executive officer address listed as 50 Hudson Yards, New York, NY 10001 . Officers serve at the pleasure of the Board, and—except for the Chief Compliance Officer—executive officers receive no compensation from the Funds; fund-level metrics are not tied to her pay and are not disclosed in MIY documents . Tenure references show Secretary “since 2012” in the 2024 proxy and “since 2019” in 2025 reorganization proxies; both reflect long-standing fund secretary responsibilities across BlackRock’s fund complex .
She is classified as an “interested person” of the Funds by virtue of her position with BlackRock or its affiliates .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BlackRock, Inc. | Managing Director | Since 2018 | Senior leadership role supporting governance and operations of BlackRock-advised closed-end funds . |
| MIY (and related funds) | Secretary | Since 2012 (2024 proxy) | Corporate secretary duties supporting annual/special meetings and governance across the fund complex . |
| MIY/Acquiring Fund context | Secretary | Since 2019 (2025 reorg proxy) | Attests to reorganization and charter amendments; signs official meeting/solicitation materials . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| BlackRock, Inc. | Managing Director | Since 2018 | External employer to the Fund; drives fund administration and governance capabilities for BlackRock-advised funds . |
Fixed Compensation
With the exception of the Chief Compliance Officer, executive officers receive no compensation from the Funds; MIY does not disclose base salary, target bonus, or actual bonus for fund officers (pay is at the advisor, not the fund) .
| Metric | MIY Disclosure | Notes |
|---|---|---|
| Base Salary (Fund-paid) | Not paid | Officers (other than CCO) receive no compensation from the Funds. |
| Target Bonus % (Fund-paid) | Not paid | No fund-level bonus program for officers. |
| Actual Bonus Paid (Fund-paid) | Not paid | Not applicable. |
| Perquisites (Fund-paid) | Not disclosed | No fund-level perquisite disclosures for officers. |
Performance Compensation
MIY does not disclose performance-based awards (RSUs/PSUs/options) or any fund-linked metrics for executive officers; compensation is not paid by the Fund (except CCO), and advisor-level detail is not included in MIY proxies .
| Incentive Type | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| RSUs/PSUs (Fund-level) | Not disclosed | — | — | — | — | — |
| Options (Fund-level) | Not disclosed | — | — | — | — | — |
| Advisor-level incentives | Not disclosed by MIY | — | — | — | — | — |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (Janey Ahn) | Not individually disclosed in MIY proxies; officers as a group owned “less than 1%” of each Fund’s outstanding shares as of April 30, 2025 . |
| Shares pledged/hedged | Not disclosed . |
| Exercisable/unexercisable options | Not disclosed for fund officers . |
| Ownership guidelines (officers) | Not disclosed; officers are “interested persons” via BlackRock affiliation . |
| Section 16 baseline | Funds state Section 16 insiders met filing requirements for the most recent fiscal year, with noted inadvertent late filings for certain portfolio managers at other funds; no Janey-specific issues disclosed . |
Employment Terms
| Term | Provision |
|---|---|
| Appointment/term | Officers serve at the pleasure of the Board; no fixed term disclosed . |
| Contract length/expiration | Not disclosed . |
| Severance | Not disclosed . |
| Change-of-control (COC) | Not disclosed for officers; fund-level reorganization terms documented, but not officer COC economics . |
| Non-compete / Non-solicit | Not disclosed . |
| Garden leave / consulting | Not disclosed . |
Additional Context (Fund Reorganization and Governance)
- Ahn signs reorganization materials and meeting solicitations as Secretary (“By Order of the Boards, Janey Ahn”) supporting MIY/MYI fund combinations; she also attests to Articles of Amendment in reorg documents .
- DEFA14A indicates the adjourned special meeting and the Board’s rationale for voting “For” the combination (expected higher after-tax yield and lower expense ratio for shareholders), which is fund-level performance context rather than officer-specific compensation metrics .
Investment Implications
- Pay-for-performance alignment at the MIY fund level is minimal for Janey Ahn because officers (other than CCO) receive no compensation from the Funds; compensation is at BlackRock and not disclosed in MIY proxies, limiting direct performance levers and reducing fund-driven selling pressure from officer vesting cycles .
- Ownership alignment appears limited: executive officers as a group held less than 1% of shares; no pledging/hedging disclosures, suggesting low insider-driven trading signals tied to this role .
- Retention risk for the Fund is low from an MIY perspective because officers serve at the pleasure of the Board and are BlackRock employees; however, actual retention drivers reside at BlackRock and are not disclosed here .
- Governance confidence signal: frequent Secretary attestations and meeting administration indicate process discipline during reorganization, but provide no incremental edge on near-term trading beyond the fund-level thesis (e.g., expected yield/expense changes) .