公募基金业绩比较基准指引公开征求意见 健全与基金投资收益相挂钩的薪酬管理机制

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft guideline and operational details for public fund performance benchmarks, aiming to enhance the foundational system of public funds and ensure a stable investment style while linking fund manager compensation to long-term performance [2][3]. Group 1: Benchmark Selection and Management - The performance benchmark must reflect the product's positioning and investment style, adhering to the fund contract's investment objectives and strategies [3]. - Once selected, the benchmark cannot be changed arbitrarily due to manager changes, short-term market fluctuations, or performance evaluations [3]. - Fund managers are required to establish a comprehensive control mechanism covering the selection, disclosure, monitoring, evaluation, and accountability of performance benchmarks [4]. Group 2: Performance Evaluation and Compensation - Fund managers should create a performance evaluation system centered on investment returns, linking compensation to fund performance relative to the benchmark [5]. - If a fund's long-term performance significantly underperforms the benchmark, the related fund manager's compensation should decrease accordingly [5]. - The guidelines also aim to change the market ranking approach, emphasizing the benchmark as a critical basis for evaluating fund management performance [5]. Group 3: External Supervision and Transparency - The guidelines require custodians to fulfill their supervisory responsibilities, including reviewing fund contracts and monitoring investment style stability [6]. - Fund managers and sales institutions must display both fund performance and benchmark performance to facilitate investor comparisons [6]. - Information disclosure requirements are standardized to enhance transparency regarding performance benchmarks in fund contracts and periodic reports [6].