R. Glenn Hubbard
About R. Glenn Hubbard
R. Glenn Hubbard (born 1958) is the independent Chair of the Board of MIY, serving as Chair since 2022 and a director since 2007 . He has been a faculty member at Columbia Business School since 1988 and served as Dean from 2004 to 2019, bringing deep academic and governance experience to the fund complex . He oversees 68 BlackRock‑advised registered investment companies consisting of 103 portfolios, and his recent public company directorships include ADP (2004–2020), Metropolitan Life Insurance Company, and TotalEnergies SE .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Columbia Business School | Dean | 2004–2019 | N/A |
| Columbia Business School | Faculty member | Since 1988 | N/A |
External Roles
| Company/Institution | Role | Tenure/Status | Notes |
|---|---|---|---|
| ADP | Director | 2004–2020 | Listed among public company directorships in the past five years |
| Metropolitan Life Insurance Company | Director | Past five years (dates not specified) | Listed among public company directorships in the past five years |
| TotalEnergies SE | Director | Past five years (dates not specified) | Listed among public company directorships in the past five years |
Board Governance
- Board leadership and independence: Hubbard is the independent Chair of the Board (since 2022) and has served as a director since 2007; the Board consists of ten members, eight of whom are independent, and MIY is part of BlackRock’s Fixed‑Income Fund Complex .
- Committee disclosures: Committee compositions and chair assignments are not presented in this Joint Special Meeting Proxy (see Table of Contents; no “Compensation of Directors” or committee composition section is listed) .
- Shareholder communications and oversight channels: Shareholders can contact the Board via the fund secretary or email; accounting concerns may be directed to the Audit Committee Chair, with anonymous submissions permitted .
- Activism context: Each Fund (including MIY) entered a standstill with Saba Capital on January 20, 2025, lasting through the 2027 annual meeting (or August 31, 2027) unless terminated earlier; a separate standstill was entered with Karpus on May 3, 2024, with similar through‑2027 duration .
- Charter and shareholder rights: MIY’s charter requires a 66 2/3% supermajority to approve major transactions and to remove directors (absent a two‑thirds board approval threshold that lowers the vote to a majority), and grants the Board broad bylaw amendment authority, which can affect shareholder ability to change board composition .
Fixed Compensation
- Not disclosed in this Joint Special Meeting Proxy (no “Compensation of Directors” section appears in the Table of Contents) .
Performance Compensation
- Not disclosed in this Joint Special Meeting Proxy (no section detailing performance-conditioned director pay appears in the Table of Contents) .
Other Directorships & Interlocks
| Company | Industry | Role | Tenure/Status |
|---|---|---|---|
| ADP | Data and information services | Director | 2004–2020 |
| Metropolitan Life Insurance Company | Insurance | Director | Past five years (dates not specified) |
| TotalEnergies SE | Multi‑energy | Director | Past five years (dates not specified) |
Expertise & Qualifications
- Academic/governance expertise: Former Dean (2004–2019) and long‑tenured faculty member at Columbia Business School (since 1988), indicating significant expertise in finance, strategy, and governance .
- Complex oversight: Oversees 68 registered investment companies consisting of 103 portfolios within the BlackRock fund complexes, demonstrating extensive multi‑fund oversight experience .
Equity Ownership
| Item (as of Dec 31, 2024) | Value |
|---|---|
| Aggregate dollar range of MIY common shares (Hubbard) | None |
| Aggregate dollar range across Supervised Funds (complex‑wide) | Over $100,000 (includes share equivalents under the deferred compensation plan for certain Independent Board Members) |
| Beneficial ownership of BlackRock (advisor) or affiliates by Independent Board Members/family | None |
| Officers and Board Members as a group ownership (Aug 1, 2025) | Less than 1% of each Fund’s outstanding common shares |
Governance Assessment
-
Strengths
- Independent Chair with long tenure (director since 2007; Chair since 2022) and substantial fund‑complex oversight experience (68 RICs/103 portfolios) supports board continuity and sector knowledge .
- No beneficial ownership of BlackRock (the advisor) or affiliates by Independent Board Members/families and no material related‑party transactions involving Independent Board Members over the past two years were disclosed, mitigating advisor‑related conflicts .
-
Watch items / RED FLAGS
- No direct MIY common share ownership disclosed for Hubbard as of Dec 31, 2024, which may limit direct alignment to MIY’s specific vehicle (note: complex‑wide supervised fund holdings are “Over $100,000”) .
- Charter provisions requiring a 66 2/3% supermajority for major actions and removal of directors, plus broad board authority over bylaws, can constrain shareholder influence over board composition and corporate actions .
- Recent standstill agreements with Saba (2025) and Karpus (2024) through the 2027 cycle indicate ongoing activist pressure and negotiated constraints around governance and voting, which investors should monitor for implications on strategic decisions and board responsiveness .
Citations: