Catherine A. Lynch
About Catherine A. Lynch
Independent director of BlackRock MuniYield New York Quality Fund, Inc. (MYN); year of birth 1961; on the BlackRock Fixed‑Income Complex boards since 2016. Former CEO/CIO of the National Railroad Retirement Investment Trust with deep pension/endowment oversight experience; holds the Chartered Financial Analyst (CFA) designation. Serves on a large multi‑fund board complex, overseeing 68 registered investment companies (101 portfolios), signaling significant governance and financial expertise .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| National Railroad Retirement Investment Trust | Chief Executive Officer, Chief Investment Officer | 2003–2016 | Led investment program for a large U.S. pension trust |
| The George Washington University | Associate Vice President, Treasury Management | 1999–2003 | Institutional treasury leadership |
| Episcopal Church of America | Assistant Treasurer | 1995–1999 | Treasury and financial oversight |
External Roles
| Organization | Role | Notes |
|---|---|---|
| PennyMac Mortgage Investment Trust (NYSE: PMT) | Trustee (Independent) | Mortgage REIT board service; additional public company governance exposure |
Board Governance
- Independence: Classified as an Independent Board Member for MYN and the BlackRock Fixed‑Income Complex .
- Committee leadership and membership:
- Audit Committee: Chair; designated Audit Committee Financial Expert (with others) .
- Governance & Nominating Committee: Member .
- Performance Oversight Committee: Member .
- Discount Committee: Chair .
- Securities Lending Committee: Chair .
- Attendance: No incumbent director attended less than 75% of meetings of the board and committees during the most recent fiscal year (complex‑wide disclosure) .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual retainer (Independent director; complex‑wide) | $370,000 | Paid by funds in the BlackRock Fixed‑Income Complex, pro‑rated by fund net assets . |
| Chair fee – Audit Committee | $55,000 | Additional annual retainer for chair . |
| Chair fee – Discount Committee | $25,000 | Additional annual retainer for chair . |
| Chair fee – Securities Lending Committee | $20,000 | Additional annual retainer for chair . |
| Member fee – Governance & Nominating Committee | $25,000 | Additional annual retainer for members . |
| Member fee – Audit/Compliance/Discount/Securities Lending (if applicable) | $30,000 / $25,000 / $20,000 / $15,000 | Committee member retainers per committee (not all apply simultaneously) . |
| Per‑fund compensation (MYN, FY ended 7/31/2025) | $3,476 | Pro‑rata amount borne by MYN . |
| Aggregate compensation from BlackRock‑advised funds (CY 2024) | $695,000 | Catherine A. Lynch total from complex in 2024 . |
| Deferred compensation plan | Up to 50% of compensation deferrable | Deferred at fund‑equivalent returns; unfunded, unsecured plan . |
| Lynch – amount deferred in 2024 | $34,750 | Deferred under the plan (complex‑wide) . |
| Lynch – deferred compensation payable (as of 12/31/2024) | $631,953 | Unpaid deferred balance (complex‑wide) . |
Structure: Independent directors are paid cash retainers (base + committee roles) with optional deferral; no equity or bonus is disclosed .
Performance Compensation
| Metric/Instrument | Disclosure |
|---|---|
| Annual/Long‑term bonus | Not disclosed for independent directors; compensation is retainer/fees only . |
| Stock/Option awards | None disclosed for independent directors . |
| Performance metrics (TSR, NAV, ESG, etc.) | None disclosed/applicable to independent director compensation . |
| Deferred comp return basis | Mirrors selected fund returns within the complex; unfunded liability of funds . |
Other Directorships & Interlocks
| Company | Role | Potential Interlock/Conflict |
|---|---|---|
| PennyMac Mortgage Investment Trust | Trustee | No related‑party transactions disclosed with MYN/BlackRock; independent directors and immediate family had no material interests with the adviser or affiliates in the last two years . |
Expertise & Qualifications
- Financial and accounting expertise; designated Audit Committee Financial Expert .
- CFA charterholder; deep pension/endowment and treasury management experience .
- Broad complex oversight: 68 registered investment companies (101 portfolios) in the BlackRock Fixed‑Income Complex .
Equity Ownership
| Holding Category | Amount/Range | Notes |
|---|---|---|
| MYN common shares | None | As of 12/31/2024, no reported MYN holdings . |
| MHN, BNY (related merging funds) | None | As of 12/31/2024, no holdings . |
| Aggregate in “Supervised Funds” (complex‑wide) | Over $100,000 | Includes share equivalents via deferred compensation plan . |
| Securities of Adviser (BlackRock) or affiliates | None | No beneficial ownership by independent directors or immediate family . |
| Shares pledged/hedged | None disclosed | No pledging/hedging disclosure noted . |
Governance Assessment
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Strengths
- Independent director with substantial financial oversight credentials; Audit Committee Chair and Audit Committee Financial Expert .
- Multiple key governance roles (Audit, Governance & Nominating, Performance Oversight, Discount, Securities Lending) that directly influence fund controls, valuation, lending, discounts, and board composition .
- Attendance meets or exceeds expectations; no incumbent under 75% threshold .
- No related‑party transactions; no ownership of adviser/affiliate securities, reducing conflicts .
- Deferred compensation creates economic exposure to fund performance across the complex, aligning partially with investors .
-
Watch items / potential red flags
- No direct personal ownership of MYN shares; ownership alignment is via deferred units and aggregate complex exposure rather than fund‑specific holding .
- High aggregate director compensation across a large complex ($695,000 in 2024) may invite scrutiny on independence/perceived incentives; however, structure is standardized across the complex and tied to workload/roles, not adviser bonuses .
- Multi‑fund board workload (68 RICs/101 portfolios) requires vigilance to ensure sufficient company‑specific focus; current attendance metrics indicate acceptable engagement .
-
Net view: Governance profile is strong on independence, financial expertise, and committee leadership. Lack of direct MYN share ownership is a modest alignment gap, partly mitigated by deferred compensation exposure and complex‑wide supervised fund holdings .