Lorenzo A. Flores
About Lorenzo A. Flores
Independent Director of MIY since 2021; born 1964. Currently Chief Financial Officer at Lattice Semiconductor Corporation (since 2025), with prior senior finance and operating roles including CFO of Intel Foundry (2024–2025), Vice Chairman of Kioxia, Inc. (2019–2024), CFO of Xilinx, Inc. (2016–2019), and Corporate Controller at Xilinx (2008–2016). Oversees 68 BlackRock‑advised registered investment companies consisting of 103 portfolios; has not held public company or other investment company directorships in the past five years.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Lattice Semiconductor Corporation | Chief Financial Officer | 2025–Present | Senior finance leadership; semiconductor operations exposure |
| Intel Foundry | Chief Financial Officer | 2024–2025 | Transition finance leadership during foundry build-out |
| Kioxia, Inc. | Vice Chairman | 2019–2024 | Corporate governance and strategy oversight |
| Xilinx, Inc. | Chief Financial Officer | 2016–2019 | Capital allocation and financial stewardship |
| Xilinx, Inc. | Corporate Controller | 2008–2016 | Financial reporting and controls |
External Roles
| Company/Organization | Role | Tenure | Committees |
|---|---|---|---|
| None reported in past five years | — | — | — |
Board Governance
- Independence: MIY’s board comprises 10 members, 8 of whom are independent under the 1940 Act; Flores is listed among Independent Board Members. Chair: R. Glenn Hubbard; Vice Chair: W. Carl Kester.
- Engagement scope: As an Independent Director in the BlackRock Fixed‑Income Complex, Flores oversees operations of closed‑end registered investment companies alongside shared board members.
- Committee infrastructure: Governance Committee and Audit Committee are referenced (e.g., routing shareholder communications to Governance Committee chair and Audit Committee access), but specific committee memberships or chair assignments for Flores are not disclosed in this proxy.
- Complex governance context: Funds entered a standstill agreement with Saba Capital on Jan 20, 2025 to mitigate activism through 2027; indicates active discount/governance management environment.
Fixed Compensation
- Not disclosed in this proxy statement. No director retainer, meeting fees, committee chair fees, or deferred compensation details are provided for MIY’s Independent Directors, including Flores.
Performance Compensation
- Not disclosed in this proxy statement. No equity grants (RSUs/PSUs), options, performance metrics, vesting schedules, clawbacks, or change‑of‑control terms are provided for MIY directors.
Other Directorships & Interlocks
| Company | Role | Overlap with MIY counterparties | Notes |
|---|---|---|---|
| None | — | — | No public company or investment company directorships in past five years reported. |
Expertise & Qualifications
- Deep finance and operations background as CFO across semiconductors and foundry businesses; prior controller experience implies strength in financial reporting and internal controls relevant to audit oversight.
- Oversight scale: 68 RICs and 103 portfolios in the BlackRock fund complexes, consistent with broad governance responsibilities across fixed‑income closed‑end funds.
Equity Ownership
| Name | MVT (Aggregate $ Range) | MIY (Aggregate $ Range) | MVF (Aggregate $ Range) | MYI (Acquiring Fund) (Aggregate $ Range) | Supervised Funds (Aggregate $ Range) |
|---|---|---|---|---|---|
| Lorenzo A. Flores | None | None | None | None | Over $100,000 |
- Alignment notes: As of Dec 31, 2024, Independent Board Members (and immediate family) did not beneficially own securities of the Investment Advisor (BlackRock) or affiliates, nor did they have material interests in transactions with the Funds or affiliated entities during the prior two years.
Governance Assessment
- Strengths: Independent status; extensive CFO/controller credentials supporting financial oversight; no reported related‑party interests; no MIY share ownership suggests neutrality in fund‑level decisions; service across broad fund complex enhances process consistency.
- Watch items: Lack of disclosed committee assignments and attendance prevents evaluation of committee effectiveness and engagement; absence of compensation disclosure limits pay‑for‑performance assessment; absence of MIY share ownership could reduce “skin‑in‑the‑game” alignment at the individual fund level despite substantial supervised fund exposure.
- Context signals: Standstill agreement with Saba Capital underscores active governance posture in discount management and shareholder relations across the complex.
RED FLAGS: None disclosed specific to Flores regarding related‑party transactions, hedging/pledging, tax gross‑ups, option repricing, or low say‑on‑pay results (director compensation and voting outcomes not provided in this proxy).