Lorenzo A. Flores
About Lorenzo A. Flores
Independent Trustee of MPA since 2021; Year of birth 1964. Current operating roles include Chief Financial Officer of Lattice Semiconductor (since 2025) and former CFO of Intel Foundry (2024–2025), Vice Chairman of Kioxia (2019–2024), CFO of Xilinx (2016–2019), and Corporate Controller of Xilinx (2008–2016) . He is designated an Audit Committee Financial Expert and serves as an independent member of the Audit Committee and the Performance Oversight Committee . Within the BlackRock Fixed-Income Fund Complex, he oversees 66 registered investment companies consisting of 103 portfolios (latest disclosure) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Lattice Semiconductor Corporation | Chief Financial Officer | 2025–present | Senior finance leadership at public semiconductor issuer . |
| Intel Foundry (unit of Intel Corporation) | Chief Financial Officer | 2024–2025 | Led finance at semiconductor manufacturing unit . |
| Kioxia, Inc. | Vice Chairman | 2019–2024 | Board-level leadership at flash memory/SSD manufacturer . |
| Xilinx, Inc. | Chief Financial Officer | 2016–2019 | Executive finance leadership at programmable logic supplier . |
| Xilinx, Inc. | Corporate Controller | 2008–2016 | Senior accounting leadership . |
External Roles
| Company/Institution | Role | Committee Roles | Dates |
|---|---|---|---|
| — | None (no public company or other investment company directorships during past five years) | — | — |
Board Governance
- Independence: Listed as an Independent Board Member; Audit Committee confirms all members (including Flores) are independent . His biography also emphasizes independence from the Fund and Advisor .
- Committee assignments: Audit Committee member (designated Audit Committee Financial Expert) ; Performance Oversight Committee member .
- Board leadership: Chair of the Board is R. Glenn Hubbard (Independent); Vice Chair is W. Carl Kester (Independent) .
- Board/committee activity and attendance: Board met 10 times in calendar 2024 and 12 times in the fiscal year ended July 31, 2024; no incumbent director attended fewer than 75% of Board and applicable committee meetings in the most recently completed fiscal year .
- Committee meeting cadence (FY ended July 31): Audit 8; Governance 6; Compliance 4; Performance Oversight 4; Discount 1; Securities Lending 2; Executive 1 .
- Annual meeting attendance: Policy encourages attendance; one Board Member attended last year’s annual shareholders’ meeting (specific director not disclosed) .
Committee Overview (where Flores serves)
| Committee | Role | Chair | Financial Expert Designation | FY Meeting Count |
|---|---|---|---|---|
| Audit | Member | Catherine A. Lynch | Flores designated Audit Committee Financial Expert | 8 |
| Performance Oversight | Member | Arthur P. Steinmetz | N/A | 4 |
Fixed Compensation
- Independent Board Member Retainer: $370,000 per year (across BlackRock Fixed-Income Complex), plus reimbursed out-of-pocket expenses under policy; fees allocated pro rata quarterly to funds based on relative net assets .
- Additional Board Leadership Retainers: Chair $140,000; Vice Chair $84,000 .
- Committee Chair Retainers: Audit $55,000; Performance Oversight $42,500; Compliance $50,000; Governance $42,500; Discount $25,000; Securities Lending $20,000 .
- Committee Member Retainers: Audit $30,000; Compliance $25,000; Governance $25,000; Discount $20,000; Securities Lending $15,000 (Performance Oversight member fee not disclosed in proxy schedule) .
| Component | Amount | Applicability to Flores |
|---|---|---|
| Independent Director annual retainer | $370,000 | Applies . |
| Audit Committee member | $30,000 | Applies (member) . |
| Performance Oversight Committee member | Not disclosed | Member; schedule does not list member fee for this committee . |
Performance Compensation
| Plan/Feature | Details |
|---|---|
| Deferred compensation plan | Independent directors may defer up to 50% of total compensation; deferred amounts earn returns as though invested in selected BlackRock Fixed-Income Complex funds; plan is unfunded and obligations are general unsecured claims against a fund . |
| Performance-based awards/metrics | Proxy describes fixed retainers and an elective deferral program; it does not describe any director performance award targets (e.g., TSR, revenue, ESG) for directors . |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Public company boards (last 5 years) | None . |
| Other investment company boards (outside this complex, last 5 years) | None . |
Expertise & Qualifications
- The Board cites Flores’s extensive business, leadership, finance, and technology industry experience (Lattice, Intel Foundry, Xilinx, Kioxia) as providing insight into financial, business and technology trends; his financial/accounting expertise supports Audit Committee service; independence enhances service on the Performance Oversight Committee .
Equity Ownership
| Measure (as of date) | Value |
|---|---|
| Aggregate dollar range of common shares in MPA (as of Dec 31, 2024) | None . |
| Aggregate dollar range of common shares across Supervised Funds (as of Dec 31, 2024) | Over $100,000 (includes share equivalents under deferred compensation plan) . |
| Ownership of BlackRock/affiliates by independent directors or immediate family (as of Jul 31, 2025) | None; and no material interests in transactions with the Fund/BlackRock/affiliates over prior two years . |
| Section 16(a) delinquent reports | None to report . |
Governance Assessment
- Strengths: Independent director with deep CFO experience in semiconductors; designated Audit Committee Financial Expert; active committee structure and meeting cadence; no Section 16(a) delinquencies; no related-party ownership or transactions disclosed for independent directors or their immediate family members .
- Alignment/watch items: No direct MPA share ownership disclosed for Flores (although he has >$100k across supervised funds via direct/deferred mechanisms); board-level note that only one director attended the prior annual shareholders’ meeting (individual not identified); Performance Oversight Committee member compensation (if any) not specified in schedule, limiting transparency into total director pay composition .
- Shareholder activism context: Standstill agreements in place with Karpus (to 2027 or earlier trigger) and Saba (through the 2027 annual meeting or August 31, 2027), including commitments to vote with the Board—reduces risk of near-term contested elections but may be viewed as entrenchment by some investors .
Overall, Flores’s independence, financial expertise, and consistent committee engagement support board effectiveness; the absence of MPA-specific share ownership and the complex-wide standstills are notable for investor-alignment and governance-risk monitoring .