Catherine A. Lynch
About Catherine A. Lynch
Independent Board Member of BlackRock MuniYield Pennsylvania Quality Fund (MPA), serving since 2016. Year of birth: 1961. Former CEO/CIO of the National Railroad Retirement Investment Trust with prior treasury roles at George Washington University and the Episcopal Church of America, indicating deep investment and treasury management expertise .
Past Roles
| Organization | Role | Tenure | Notes/Impact |
|---|---|---|---|
| National Railroad Retirement Investment Trust | Chief Executive Officer, Chief Investment Officer (and other positions) | 2003–2016 | Led a major U.S. pension investment entity, indicating portfolio governance and fiduciary rigor . |
| The George Washington University | Associate Vice President for Treasury Management | 1999–2003 | Oversight of institutional treasury operations and liquidity . |
| Episcopal Church of America | Assistant Treasurer | 1995–1999 | Early treasury/finance leadership experience . |
External Roles
| Organization | Role | Timeframe | Committees/Notes |
|---|---|---|---|
| PennyMac Mortgage Investment Trust | Director | Past five years disclosed | Public company directorship; relevant to financial services/housing finance markets . |
| BlackRock Credit Strategies Fund | Trustee | Current | Additional registered fund trusteeship within BlackRock complex . |
| BlackRock Private Investments Fund | Trustee | Current | Additional registered fund trusteeship within BlackRock complex . |
Board Governance
- Role and independence: Board Member (MPA) since 2016; not listed among “Interested Directors” (those include Robert Fairbairn and John M. Perlowski), supporting independent status .
- Board structure: The fixed-income complex boards consist of 10 members, of which 8 are Independent Board Members, indicating a predominantly independent oversight structure .
- Shareholder engagement: Shareholders can communicate with the Board or individual members via the Secretary or email ([email protected]); accounting concerns may be directed to the CCO or the Audit Committee Chair, including on an anonymous basis .
- Activism context: The Board and advisor have standstill agreements with Karpus (through May 3, 2027 or earlier trigger) and Saba Capital (through the day following completion of the 2027 annual meeting or Aug 31, 2027), obligating those holders to vote with Board recommendations during the effective period—relevant to governance stability and proxy outcomes .
Other Directorships & Interlocks
| Company/Fund | Type | Potential Interlock/Notes |
|---|---|---|
| PennyMac Mortgage Investment Trust | Public company | No related-party transactions disclosed with MPA/BlackRock affiliates; no BlackRock affiliate securities beneficially owned by Independent Board Members as of July 31, 2025 . |
| BlackRock Credit Strategies Fund; BlackRock Private Investments Fund | Registered funds | Internal complex trusteeships common for oversight consistency . |
Expertise & Qualifications
- Domain expertise: Institutional investment management (CEO/CIO, pension trust), treasury and liquidity management (university and faith-based institution) .
- Portfolio oversight scale: Oversees 68 registered investment companies comprising 105 portfolios within the BlackRock Fixed-Income Complex—indicative of broad governance scope .
Equity Ownership
As of December 31, 2024 (ranges reported by fund complex):
| Holding | Dollar Range |
|---|---|
| BKN (BlackRock Investment Quality Municipal Trust) | $10,001–$50,000 |
| MYD (BlackRock MuniYield Fund) | None |
| MQT (BlackRock MuniYield Quality Fund II) | None |
| BHV (BlackRock Virginia Municipal Bond Trust) | $10,001–$50,000 |
| MPA (BlackRock MuniYield Pennsylvania Quality Fund) | None |
| MQY (BlackRock MuniYield Quality Fund – Acquiring Fund) | None |
| Aggregate in Supervised Funds (complex-wide) | Over $100,000 (includes share equivalents held via a deferred compensation plan for certain Independent Board Members) |
Note: The proxy states that as of July 31, 2025, Independent Board Members and their immediate family members did not beneficially own securities of BlackRock, its affiliates, underwriters, or related control persons, and had no material interest in related-party transactions in the past two calendar years—mitigating conflict risk .
Governance Assessment
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Strengths
- Deep investment and treasury background (CEO/CIO pension trust; prior treasury leadership) aligns with fixed-income closed-end fund oversight needs .
- Independent director; not listed among “Interested Directors,” contributing to independent majority oversight .
- Clear shareholder communication channels and escalation pathways to the Audit Committee Chair enhance accountability .
-
Potential Concerns / RED FLAGS
- Ownership alignment at the fund level: “None” reported for MPA, MYD, MQT, and MQY; while she holds ranges in BKN and BHV and has aggregate exposure across supervised funds, the absence of a reported MPA position could be viewed as a modest alignment gap with MPA common shareholders .
- Complex-wide standstill agreements with Karpus and Saba could limit near-term contested elections and reduce external challenge to board decisions, which investors may view as either stabilizing or entrenching, depending on perspective .
-
Conflicts and Related Parties
- No material related-party transactions disclosed for Independent Board Members; no beneficial ownership of BlackRock or affiliates by Independent Board Members as of July 31, 2025—reduces perceived conflicts .
Items not disclosed in this proxy (and therefore omitted): committee assignments/chair roles, attendance rates, director compensation (cash/equity mix, fees), hedging/pledging policies, performance-based compensation metrics, say-on-pay results.