Arthur P. Steinmetz
About Arthur P. Steinmetz
Independent Board Member of BlackRock MuniYield New York Quality Fund, Inc. (MYN), born 1958, serving since 2023. Former Chairman, CEO and President of OppenheimerFunds, Inc. (2013–2019), trustee and principal executive officer for 104 OppenheimerFunds funds (2014–2019), and long‑tenured fixed‑income portfolio manager (1986–2014). Current roles include Trustee of Denison University and consultant to Posit PBC; he served as Director at ScotiaBank (U.S.) from 2020 to 2023 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| OppenheimerFunds, Inc. | Chairman, Chief Executive Officer, President | 2013–2019 | Led firm; prior fixed-income PM (1986–2014) |
| OppenheimerFunds mutual funds (104 funds) | Trustee, President, Principal Executive Officer | 2014–2019 | Oversight of multi-fund complex |
| OppenheimerFunds | Portfolio Manager (fixed income) | 1986–2014 | Fixed‑income strategy leadership |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Denison University | Trustee | Since 2020 | Non‑profit governance |
| Posit PBC (enterprise data science) | Consultant | Since 2020 | Technology/data science advisory |
| ScotiaBank (U.S.) | Director | 2020–2023 | Prior board service |
| BlackRock Credit Strategies Fund | Trustee | Current (board cross‑service) | Fund complex interlock |
| BlackRock Private Investments Fund | Trustee | Current (board cross‑service) | Fund complex interlock |
Board Governance
- Board composition and independence: MYN’s board has 10 members, 8 of whom are Independent Board Members; Steinmetz is an Independent Board Member serving since 2023 .
- Leadership: R. Glenn Hubbard is Chair; W. Carl Kester is Vice Chair; John M. Perlowski and Robert Fairbairn are “interested persons” (BlackRock executives) on the board .
- Classified board and removal thresholds: The board is divided into three classes with staggered three‑year terms; director removal at MYN requires at least 66⅔% of shares entitled to vote (can be shareholder‑unfriendly and entrenching) .
- Preferred shareholder rights: Preferred shares (VRDP) voting separately elect two board members at all times, giving leverage providers representation .
- Advance notice for nominations: Bylaws require 120–150 days advance notice for shareholder nominations/business at annual meetings .
- Shareholder base signals: Activist/closed‑end specialists hold >5%—Karpus (5.27% of MYN) as of Aug 18, 2025—indicating governance scrutiny and discount management pressure .
- Cross‑fund oversight: The same board oversees other BlackRock Fixed‑Income Complex funds, enhancing process consistency across vehicles .
Other Directorships & Interlocks
| Category | Company/Institution | Role | Status |
|---|---|---|---|
| Public company boards (past 5 years) | None listed for Steinmetz | — | None |
| Financial institution | ScotiaBank (U.S.) | Director | 2020–2023 |
| Non‑profit | Denison University | Trustee | Since 2020 |
| Private/tech | Posit PBC | Consultant | Since 2020 |
| Investment funds (BlackRock complexes) | BlackRock Credit Strategies Fund; BlackRock Private Investments Fund | Trustee | Current |
Expertise & Qualifications
- Fixed‑income depth: 28 years as fixed‑income PM at OppenheimerFunds (1986–2014), aligning with MYN’s municipal bond mandate .
- Executive leadership: Former CEO/Chairman overseeing a large asset manager and 104 mutual funds, indicating broad governance, risk oversight, and distribution experience .
- Data/technology orientation: Consultant to Posit PBC (enterprise data science), useful for oversight of analytics, risk, and operations .
Equity Ownership
| Fund | Aggregate Dollar Range of Common Shares Held by Steinmetz |
|---|---|
| BNY | None |
| MHN | None |
| MYN (Acquiring Fund) | None |
| Supervised Funds (BlackRock Fixed‑Income Complex) | Over $100,000 (includes possible deferred plan share equivalents for certain Independent Board Members) |
As of Dec 31, 2024, Independent Board Members (and immediate family) did not beneficially own securities of the Investment Advisor or entities under common control with it; no material related‑party transactions were reported for Independent Board Members over the past two years .
Governance Assessment
-
Positives:
- Independence and relevant domain expertise: Steinmetz is an independent director with deep fixed‑income and complex governance experience, strengthening oversight of leverage, credit, and discount management common to municipal CEFs .
- Conflict safeguards: No beneficial ownership of BlackRock or affiliates by Independent Board Members; no material related‑party transactions reported—reducing conflict risk .
- Cross‑fund trustee service: Broader perspective from serving as trustee on other BlackRock funds can enhance board effectiveness and best‑practice transfer .
-
Watch items / potential red flags:
- Classified board and supermajority removal threshold (66⅔%) may limit shareholder ability to effect board changes, potentially dampening accountability during periods of persistent discounts or leverage risk—investors should monitor whether the board proactively uses discount‑management tools (tenders/buybacks) .
- Preferred shareholders elect two directors; while standard in leveraged CEFs, this can shift incentives toward liquidity providers’ preferences—equity holders should track alignment in leverage decisions and special rate period terms .
-
Engagement signals:
- The board and funds acknowledge discount pressure and large holders; MYN’s shareholder register includes Karpus (>5%), which often advocates for discount mitigation—suggesting ongoing governance dialogue around buybacks/tenders and merger economies of scale .