Corporate Governance - Open End Funds

As part of being a fiduciary to our clients, BlackRock’s open-end funds are governed by a Board of Directors/Trustees that is committed to ensuring the interests of all shareholders are considered. The Board abides by a strict Code of Ethics and meets periodically to develop and carry out governing principles that achieve each fund’s investment objectives.

Two BlackRock committees are focused on corporate governance for open-end funds:

• Our Audit Committee, which is led by independent directors, meets on a quarterly basis to assist the Board in fulfilling its oversight responsibilities relating to the accounting and financial reporting policies and practices of each respective fund.
• Our Governance and Nominating Committee, also led by independent directors, meets on a quarterly basis to nominate Board candidates and monitor the size and scope of the Board.