Lorenzo A. Flores
About Lorenzo A. Flores
Independent Board Member of BlackRock MuniYield New York Quality Fund, Inc. (MYN); born 1964; director since 2021. Flores is a senior finance/operator with semiconductor and foundry experience: currently CFO of Lattice Semiconductor (since 2025), previously 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 oversees 66 BlackRock‑advised registered investment companies (101 portfolios) and has held no public company directorships in the past five years. He is classified as an Independent Board Member on MYN’s 10‑member board, of which eight are independent.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Lattice Semiconductor Corporation | Chief Financial Officer | 2025–present | Not disclosed in this proxy |
| Intel Foundry | Chief Financial Officer | 2024–2025 | Not disclosed in this proxy |
| Kioxia, Inc. | Vice Chairman | 2019–2024 | Not disclosed in this proxy |
| Xilinx, Inc. | Chief Financial Officer | 2016–2019 | Not disclosed in this proxy |
| Xilinx, Inc. | Corporate Controller | 2008–2016 | Not disclosed in this proxy |
External Roles
| Entity | Role | Capacity | Tenure |
|---|---|---|---|
| Public company boards (past 5 years) | None | N/A | N/A |
Board Governance
- Independence and tenure: Flores serves as an Independent Board Member since 2021; MYN’s board has 10 members, eight independent. Chair is independent (R. Glenn Hubbard); Vice Chair is independent (W. Carl Kester).
- Classified board and entrenchment features: Board is staggered in three classes (three‑year terms), which can delay turnover; removal of MYN directors requires a two‑thirds supermajority. Preferred shareholders, voting as a class, are entitled to elect two directors at all times. These provisions can limit shareholder ability to effect change.
- Committee assignments and attendance: Committee memberships, chair roles, and attendance rates are not disclosed in this preferred‑shareholder proxy; the document directs governance questions to the Audit Committee Chair but does not list committee rosters.
- Shareholder dynamics: Activist holders Karpus (5.27% MYN) and Saba (significant in peer funds) are subject to standstill agreements through 2027 requiring them to vote with the Board’s recommendations during the standstill period, signaling an active governance backdrop managed via agreements.
Equity Ownership
| Holding category | Flores ownership |
|---|---|
| MYN common shares (aggregate dollar range) | None |
| MHN common shares (aggregate dollar range) | None |
| BNY common shares (aggregate dollar range) | None |
| BlackRock Fixed‑Income Complex “Supervised Funds” (aggregate) | Over $100,000 (includes deferred comp share equivalents in certain funds for some independent members) |
- As of July 31, 2025, officers and Board Members of each Fund, as a group, owned <1% of outstanding common shares and none of the outstanding VRDP preferred shares.
- No beneficial ownership by Flores or immediate family in BlackRock Inc. or its affiliates; no material related‑party transactions in the last two years disclosed for independent directors.
Expertise & Qualifications
- Senior finance operator with extensive CFO experience (semiconductors and foundry), including Lattice Semiconductor and Intel Foundry; prior vice chair and CFO roles at Kioxia and Xilinx provide global manufacturing, capital allocation, and controls expertise relevant to audit and risk oversight.
- Oversees 66 BlackRock‑advised RICs (101 portfolios), indicating broad fund governance exposure.
- No “audit committee financial expert” designation is disclosed for Flores in this proxy.
Other Directorships & Interlocks
| Company/Institution | Role | Committee Roles | Notes |
|---|---|---|---|
| None (public company boards, past 5 years) | N/A | N/A | No public company directorships disclosed. |
Governance Assessment
- Alignment: Flores holds no MYN/MHN/BNY common shares; while independent, the absence of MYN share ownership may weaken perceived alignment for a closed‑end fund where discount management and distribution policy are central to value realization.
- Board structure: A classified board with high removal thresholds and two preferred‑elected seats can reduce accountability to common shareholders; this structure may dampen responsiveness to shareholder initiatives without broad consensus.
- Shareholder context: Presence of Karpus and Saba (with standstills through 2027) evidences an active governance environment; standstills can stabilize short‑term control but may limit outside pressure for change, a mixed signal for investors focused on discount‑to‑NAV remediation.
- Experience signal: Flores’ CFO background across top‑tier semiconductor and foundry firms is a positive for board financial oversight and capital structure decisions (including leverage/VRDP), relevant to MYN’s leveraged municipal strategy.
RED FLAGS
- No disclosed ownership of MYN shares by Flores (and <1% group ownership), which may raise “skin‑in‑the‑game” concerns for some investors.
- Entrenchment features (staggered board, supermajority removal, preferred class seats) can impede governance changes sought by common shareholders.
Not disclosed in this proxy: committee assignments, chair roles, attendance, director fee/compensation schedule, ownership guidelines, pledging/hedging policies, and insider trading activity. This preferred‑shareholder DEF 14A centers on merger proposals and omits detailed director compensation and committee data; consult the latest annual proxy/N‑CSR for those disclosures if available.