Arthur P. Steinmetz
About Arthur P. Steinmetz
Independent director (not an “interested person”) of BlackRock MuniHoldings California Quality Fund, Inc. (MUC) since 2023; year of birth 1958. Former Chairman (2015–2019), CEO (2014–2019), and President (2013–2019) of OppenheimerFunds; longtime fixed‑income portfolio manager (1986–2014). Current roles include Trustee of Denison University (since 2020) and Consultant to Posit PBC (since 2020); prior Director, ScotiaBank (U.S.) (2020–2023). He oversees 68 BlackRock‑advised registered investment companies (RICs) consisting of 103 portfolios. The Board has eight independent members overall; only Robert Fairbairn and John M. Perlowski are “interested persons.”
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| OppenheimerFunds, Inc. | Chairman; Chief Executive Officer; President | 2015–2019; 2014–2019; 2013–2019 | Led firm through industry consolidation; prior portfolio management experience |
| OppenheimerFunds funds (104 funds) | Trustee; President; Principal Executive Officer | 2014–2019 | Oversight of large fund complex; governance and compliance leadership |
| OppenheimerFunds fixed income funds | Portfolio Manager | 1986–2014 | Multi‑decade fixed‑income investing expertise |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Denison University | Trustee | 2020–Present | Non‑profit board experience |
| Posit PBC (enterprise data science) | Consultant | 2020–Present | Technology/data advisory role |
| ScotiaBank (U.S.) | Director | 2020–2023 | Financial services oversight |
Board Governance
- Independence and composition: MUC’s Board consists of 10 members, eight of whom are not “interested persons”; Steinmetz is not listed among the “interested persons,” which are limited to Fairbairn and Perlowski under the 1940 Act. Independent directors serve until December 31 of the year they turn 75; interested directors until 72.
- Leadership: Chair of the Board is R. Glenn Hubbard; Vice Chair is W. Carl Kester. The same Board and officers oversee other BlackRock fixed‑income funds (Fixed‑Income Complex), promoting consistency across funds.
- Shareholder engagement: Shareholders can write to the Board via the Secretary or email [email protected]; accounting concerns may be directed to the CCO or the Audit Committee Chair. Counsel to Independent Board Members is Stradley Ronon Stevens & Young.
- Activism context: Standstill agreements in place with Karpus (through May 2027 window) and Saba Capital (through the 2027 annual meeting window), under which those holders agreed to customary restrictions and to vote with Board recommendations during the term.
- Significant holder: Karpus Investment Management reported 5.34% of MUC common shares as of August 18, 2025.
- Committees and attendance: The special proxy does not disclose committee assignments, chair roles, or attendance figures for individual directors.
Fixed Compensation
- Director fee structure and retainer information are not disclosed in this special proxy for the joint special meeting.
Performance Compensation
- No performance‑linked director compensation (e.g., PSUs/options) is disclosed in the special proxy; closed‑end fund directors typically receive cash/equity retainers rather than performance pay, but this document provides no details.
Other Directorships & Interlocks
| Company/Entity | Type | Role | Tenure |
|---|---|---|---|
| OppenheimerFunds funds (104) | Investment companies | Trustee/President/PEO | 2014–2019 |
| ScotiaBank (U.S.) | Financial services (subsidiary) | Director | 2020–2023 |
| Denison University | Non‑profit | Trustee | 2020–Present |
Expertise & Qualifications
- Thirty‑plus years in fixed income (portfolio manager 1986–2014) followed by senior executive roles (Chairman/CEO/President) at a major asset manager, indicating deep investment and governance experience.
- Oversees 68 RICs/103 portfolios across the BlackRock fund complexes, signaling broad oversight exposure and familiarity with 1940 Act fiduciary duties.
Equity Ownership
| Metric | MUC | BFZ | Supervised Funds (Aggregate) |
|---|---|---|---|
| Aggregate dollar range of common shares (as of Dec 31, 2024) | None | None | Over $100,000 |
- As of July 31, 2025, all Board Members and executive officers as a group owned less than 1% of each Fund’s outstanding shares; MUC’s CFO owned no shares.
Governance Assessment
- Positives: Independent status; extensive fixed‑income investing and fund governance track record; structured board leadership with defined retirement ages; established shareholder communication channels; independent counsel to the independent directors. These elements support board effectiveness and fiduciary oversight.
- Watch items: Steinmetz reported no MUC or BFZ common share ownership as of Dec 31, 2024, which may be viewed as weaker direct alignment with fund shareholders (though he has over $100,000 invested across supervised funds). Standstill agreements with activists (Karpus/Saba) reduce proxy contest risk but can be perceived as entrenchment; analysts should monitor subsequent shareholder outcomes and engagement quality. Committee assignments, chair roles, and attendance are not disclosed in this special proxy, limiting transparency into individual director workload and contributions.