Arthur P. Steinmetz
About Arthur P. Steinmetz
Independent Trustee of BlackRock MuniYield Pennsylvania Quality Fund (MPA); year of birth 1958; appointed to the Fund’s Board September 9, 2023; currently serves as Chair of the Performance Oversight Committee and member of the Audit and Discount Committees. Former Chairman, CEO, and President of OppenheimerFunds, Inc., with deep asset management and fixed income portfolio management experience; independent of the Fund and its Advisor. Tenure on the Fund’s Board from 2023 to present; no affiliated compensation from BlackRock; independence enhances governance roles.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| OppenheimerFunds, Inc. | Chairman (from 2015), CEO (from 2014), President (from 2013) | 2013–2019 | Led firm-wide strategy and operations; provides insight into asset management industry at board level. |
| OppenheimerFunds funds (104 funds) | Trustee, President, Principal Executive Officer | 2014–2019 | Oversight across large fund complex; governance and regulatory accountability. |
| OppenheimerFunds fixed income funds | Portfolio Manager | 1986–2014 | Long-running fixed income investment leadership and performance oversight experience. |
External Roles
| Organization | Role | Tenure | Notes / Potential Interlocks |
|---|---|---|---|
| Denison University | Trustee | 2020–present | Non-profit board; no direct Fund conflict identified. |
| Posit PBC (enterprise data science) | Consultant | 2020–present | Private company role; no disclosed conflicts with the Fund. |
| ScotiaBank (U.S.) | Director | 2020–2023 | Banking subsidiary directorship concluded; no current interlock; not a municipal fund competitor. |
Board Governance
| Governance Area | Details |
|---|---|
| Committee assignments | Chair, Performance Oversight Committee; Member, Audit Committee; Member, Discount Committee; all committees composed of Independent Board Members per charter. |
| Independence status | Independent Board Member; independence from the Fund and Advisor explicitly noted. |
| Board leadership | Board comprised of 10 members, 8 independent; Independent Chair (R. Glenn Hubbard) and Vice Chair (W. Carl Kester) structure. |
| Attendance & engagement | Board met 10 times in calendar 2024; 12 times in fiscal year ended July 31, 2024; no incumbent attended less than 75% of Board and committee meetings. Policy encourages attendance at annual shareholder meetings. |
| Years of service on this board | From 2023 (appointed Sept 9, 2023) to present; committee roles effective Jan 19, 2024. |
| Executive sessions | Not specifically disclosed in the proxy; committees have written charters and independent legal counsel engaged by Independent Board Members for oversight. |
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual independent director retainer | $370,000 | Paid across BlackRock Fixed-Income Complex funds, pro rata by fund net assets; plus reimbursed expenses. |
| Board Chair retainer | $140,000 | Incremental to annual retainer. |
| Board Vice Chair retainer | $84,000 | Incremental to annual retainer. |
| Audit Committee Chair | $55,000 | Incremental annual retainer. |
| Performance Oversight Committee Chair | $42,500 | Incremental annual retainer. |
| Compliance Committee Chair | $50,000 | Incremental annual retainer. |
| Governance Committee Chair | $42,500 | Incremental annual retainer. |
| Discount Committee Chair | $25,000 | Incremental annual retainer. |
| Securities Lending Committee Chair | $20,000 | Incremental annual retainer. |
| Audit Committee member | $30,000 | Incremental annual retainer. |
| Compliance Committee member | $25,000 | Incremental annual retainer. |
| Governance Committee member | $25,000 | Incremental annual retainer. |
| Discount Committee member | $20,000 | Incremental annual retainer. |
| Securities Lending Committee member | $15,000 | Incremental annual retainer. |
| Deferred compensation plan | Up to 50% of total comp may be deferred; earns returns as if invested in eligible BlackRock Fixed-Income Complex funds; unfunded, general unsecured obligations. |
Performance Compensation
| Metric Category | Structure | Disclosure for Independent Directors |
|---|---|---|
| Cash bonus / target bonus | Not applicable | No cash bonus or target % disclosed; compensation is retainer- and committee-fee based. |
| Equity awards (RSUs/PSUs/options) | Not applicable | No stock or option awards disclosed for Independent Board Members. |
| Performance metrics (revenue, EBITDA, TSR, ESG) | Not applicable | No performance-based pay elements disclosed for directors. |
| Clawbacks / COI bonus modifiers | Not applicable | Not disclosed for directors; deferred comp plan mechanics disclosed only. |
Director Compensation – Actuals (Most Recent Periods)
| Metric | MPA Fund – FY Ended Jul 31, 2024 | All BlackRock-advised Funds – CY 2024 |
|---|---|---|
| Aggregate compensation paid (Arthur P. Steinmetz) | $1,045 | $534,206 |
| Deferred compensation elected (CY 2024) | N/A at fund level | $266,957 deferred |
| Deferred compensation balance payable (as of Dec 31, 2024) | N/A at fund level | $278,737 |
Other Directorships & Interlocks
| Company/Institution | Type | Role | Dates | Potential Conflict with MPA |
|---|---|---|---|---|
| Denison University | Non-profit | Trustee | 2020–present | None indicated. |
| Posit PBC | Private | Consultant | 2020–present | None indicated. |
| ScotiaBank (U.S.) | Financial | Director | 2020–2023 | No current interlock; no muni fund competitive conflict disclosed. |
| OppenheimerFunds funds | Investment companies | Trustee/President/PEO | 2014–2019 | Historical roles; not current. |
Expertise & Qualifications
- Extensive leadership experience as Chairman, CEO, and President of a major asset manager; deep knowledge of fund governance and operations across 104 funds.
- Fixed income portfolio management experience (1986–2014) supports performance and risk oversight in a municipal bond fund context.
- Considered qualified for Audit Committee due to knowledge of financial and accounting matters; independence enhances effectiveness as Performance Oversight Committee Chair and Discount Committee member.
Equity Ownership
| Holding Category | MPA Common Shares | Dollar Range in MPA | Dollar Range in All Funds Overseen | Dollar Range incl. Share Equivalents (Deferred) |
|---|---|---|---|---|
| Arthur P. Steinmetz | 0 | None | None | Over $100,000 |
- As of April 30, 2025, all Board Members/Board Nominees and executive officers as a group owned less than 1% of the Fund’s outstanding shares; no Preferred Shares held by Board Members; CFO held no shares.
- As of April 30, 2025, none of the Independent Board Members nor their immediate family members had any interest in BlackRock or its controlled affiliates.
Governance Assessment
- Board effectiveness: Steinmetz chairs Performance Oversight, directly responsible for benchmarking, performance review, investment policy oversight, and valuation controls; strong fit with his prior asset management leadership.
- Independence & attendance: Independent; no delinquent Section 16 reports; no director attended less than 75% of meetings; governance process supported by independent legal counsel for Independent Board Members.
- Compensation alignment: Director pay is fixed retainers and committee fees with optional deferred plan that economically tracks eligible fund returns; no equity awards or bonuses that could misalign incentives; MPA-specific cash paid is de minimis due to pro rata model; total complex compensation is sizable given multi-fund oversight.
- Conflicts & related-party exposure: No disclosed interests by Independent Board Members or immediate family in BlackRock or affiliates; prior external directorships do not present current interlocks; no related-party transactions disclosed.
- RED FLAGS: Zero direct ownership in MPA common shares may be perceived as limited fund-specific “skin-in-the-game,” partially mitigated by share-equivalent exposure via the deferred compensation plan across the fund complex; no performance-linked director comp to incentivize NAV discount mitigation beyond committee oversight.