After politically defeating Angela Merkel, Friedrich Merz entered the prestigious Executive Council.Image: trapezoid
Rumors about Friedrich Merz's salary have been circulating ever since he started working with asset manager Blackrock. The head of the investment company is now speaking.
Christopher Cohen/t-online
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There was a time when Friedrich Merz was relatively out of touch with politics. The current CDU leader lost a power struggle with future Chancellor Angela Merkel and withdrew from parliamentary affairs. Meltz now moves on to other businesses. For example, at one of the largest investment firms in the world. black stone.
From 2016 to 2020, Mertz worked in high-level finance, earning several times what he earned as a career politician. There has been much speculation as to the exact amount. Federal elections are now underway and Merz wants to become prime minister. Merz's former boss said in an interview that the CDU leader was said to be earning significantly less than expected as chairman of BlackRock's German supervisory board.
Asked whether Mertz had become a multi-millionaire at BlackRock, German boss Dirk Schmitz told Süddeutsche Zeitung:
“I think we can definitely take some of the guesswork out of it.”
In addition to jobs at BlackRock, there are other jobs
Schmitz did not want to disclose the exact income of the current candidate for chancellor. However, public information shows that Merz was paid approximately 150,000 euros per year for his work on the supervisory board, which Schmitz did not deny. Schmitz said he was also compensated for his consulting work, but BlackRock did not disclose this.
Mertz's own statements indicate that the €150,000 has clearly not remained unchanged. In 2018, he said at a Bild event that he would not return home “with a monthly income of less than 1 million euros.” As he emphasized, “It's disgusting.”
During this period, Sauerlander also held positions at other companies, primarily as a member of the supervisory board, including Wepa Industrieholding (manufacturer of toilet paper, etc.), HSBC Trinkhaus Bank and Flughafen Köln/Bonn GmbH. He also served as counsel to the global law firm Mayer Brown. The German lobbying watch website Lobbypedia describes Merz as a “top lobbyist.”
Merz also serves on the board of directors of Stadler Rail:
BlackRock boss talks Mertz's value to company
Despite earning millions of dollars, Mertz said in 2018 that he considered himself “upper-middle class,” a statement that drew much public criticism. However, Meltz pointed out that he earned his wealth through hard work, not inheritance. A few years later, Merz caused a stir when he was photographed flying a private jet to the wealthy island of Sylt to attend the wedding of FDP leader Christian Lindner.
“He is absolutely an excellent Chairman of the Supervisory Board of our local legal entity Blackrock Asset Management Deutschland AG and a valuable advisor to management,” said Blackrock boss Dirk Schmitz. Merz's work focuses on strategic discussions about business expansion in Germany as well as client and event appearances, where he expresses his views on geopolitical and economic developments. Mertz did not arrange any asset management authorization.
This is the first time BlackRock has publicly commented in detail on Mertz's controversial supervisory board activities since Mertz returned to politics four years ago. Schmitz said there were no closer ties between the asset manager and Merz, who returned to politics in 2020. “From that point on, we no longer have any points of contact — everyone has to decide for themselves who to vote for,” Schmitz said.
controversial asset management company
Schmitz also dismissed criticism that Merz and BlackRock might be too close:
“Friedrich Merz was able to separate things well and knew he had to represent other interests in a party or government office.”
Schmitz also emphasized that BlackRock continues to maintain ties with government ministries and parties in Berlin.
Dirk Schmitz, boss of Germany's Blackstone Group.Picture: www.imago-images.de
Asset managers' close ties with governments, central banks and regulators are often criticized. Mertz's work at BlackRock also continues to come under scrutiny, as he not only serves as chairman of the firm's supervisory board but also as a financial lobbyist. He promoted BlackRock's products in interviews and appeared at expert conferences – while still making a futile bid for the leadership of the CDU party.
Through index funds (ETFs), BlackRock holds shares in all important listed companies in Germany and therefore has significant influence on the German economy. Schmitz said that although Merz was not considered a proven fund expert, he quickly became familiar with the company's business model.
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