R. Glenn Hubbard
About R. Glenn Hubbard
R. Glenn Hubbard (born 1958) is the independent Chair of the Board of the BlackRock MuniHoldings California Quality Fund, Inc. (MUC) since 2022 and a Board Member since 2007; he first joined legacy MLIM/BlackRock fund boards in 2004 . He is an economist and academic, having served as Dean of Columbia Business School from 2004 to 2019 and as a faculty member since 1988 . He oversees 66 BlackRock‑advised registered investment companies consisting of 101 portfolios, indicating broad fund governance experience .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Columbia Business School | Dean | 2004–2019 | Not disclosed |
| Columbia Business School | Faculty Member | Since 1988 | Not disclosed |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Automatic Data Processing (ADP) | Director | 2004–2020 | Past five years directorship list includes ADP |
| Metropolitan Life Insurance Company | Director | Held during past five years (specific dates not disclosed) | Not disclosed |
| TotalEnergies SE | Director | Held during past five years (specific dates not disclosed) | Not disclosed |
Board Governance
- Board composition: The Funds’ Board consists of 10 members, 8 of whom are independent under the 1940 Act; Hubbard is listed under “Independent Board Members” and serves as Chair of the Board for MUC .
- Tenure and independence: Chair of the Board since 2022; Board Member since 2007; earliest service to legacy MLIM/BlackRock funds dates to 2004 .
- Committee structure and engagement: Shareholders may direct communications to the Chair of the Governance and Nominating Committee and may submit accounting concerns to the Chair of the Audit Committee; specific committee assignments for Hubbard are not disclosed in this proxy .
- Activism/standstill context: Standstill agreements are in effect with Karpus Management (effective May 3, 2024 through May 3, 2027 or 10 days prior to the 2027 record date) and Saba Capital (effective January 20, 2025 through completion of the 2027 annual meeting or August 31, 2027), requiring those holders to vote in line with the Board’s recommendations during the periods .
- Meeting process: The October 15, 2025 joint special meeting is conducted virtually with mechanisms for shareholder Q&A and participation .
Fixed Compensation
- Not disclosed in this joint proxy statement/prospectus; no director retainer or fee schedule presented in the cited DEF 14A (no compensation section located in this filing).
Performance Compensation
- Not disclosed; no equity-based director compensation (RSUs/PSUs/options), performance metrics, or vesting schedules presented in the cited DEF 14A (no compensation section located in this filing).
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Public company boards (past five years) | ADP (2004–2020), Metropolitan Life Insurance Company, TotalEnergies SE |
| BlackRock fund complex oversight | 66 RICs, 101 portfolios overseen |
| Service providers to MUC (for interlock/context) | State Street (Accounting Agent/Custodian), Computershare (Transfer Agent), Barclays (VRDP Liquidity/Remarketing), BNY Mellon (VRDP Tender & Paying), Deloitte (Auditor), Willkie Farr (Fund Counsel), Stradley Ronon (Counsel to Independent Board Members) |
No direct related‑party transactions or disclosed interlocks between Hubbard’s outside roles and MUC’s named service providers are indicated in this filing (no related‑party section identifying such ties located).
Expertise & Qualifications
- Academic leadership and finance expertise: Former Dean and long‑tenured faculty member at Columbia Business School .
- Fund governance experience: Oversight of 66 BlackRock‑advised registered investment companies consisting of 101 portfolios .
- External board experience across diversified sectors (HR/payroll systems, insurance, energy) indicating breadth of industry exposure .
Equity Ownership
| Holder | Aggregate Dollar Range in BFZ | Aggregate Dollar Range in MUC | Aggregate Dollar Range in Supervised Funds |
|---|---|---|---|
| R. Glenn Hubbard | None | None | Over $100,000 |
- Group holdings: As of July 31, 2025, executive officers and Board Members as a group owned less than 1% of the outstanding common shares of each Fund; CFOs held no shares . MUC’s beneficial ownership table lists Karpus at 5.34% of common shares as of August 18, 2025, while officers/Board Members as a group remained below 1% .
Governance Assessment
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Strengths
- Independent Chair of the Board with deep academic and governance experience; Board majority independent under the 1940 Act .
- Established shareholder engagement channels including direct communications to committee chairs and virtual meeting Q&A .
-
Concerns and signals
- RED FLAG: No MUC share ownership disclosed for Hubbard as of December 31, 2024, limiting direct alignment with fund shareholders .
- RED FLAG: Standstill agreements with activist holders commit them to vote with the Board through 2027, which reduces contest risk but may be viewed as entrenchment‑protective; investors should monitor Board responsiveness to shareholder feedback during the standstill periods .
- Bandwidth consideration: Oversight of 66 RICs and 101 portfolios suggests substantial commitments across the complex; investors may evaluate potential implications for fund‑specific focus .
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Unknowns (not disclosed in this proxy)
- Committee assignments for Hubbard (Audit/Compensation/Governance & Nominating), director compensation levels/mix, meeting attendance, stock ownership guidelines and compliance, and any hedging/pledging policies are not presented in the cited DEF 14A .