独家｜基金经理薪酬重大改革征求意见，强化薪酬与业绩绑定

Core Viewpoint - The newly released "Guidelines for Performance Assessment and Compensation Management of Fund Management Companies (Draft for Comments)" aims to standardize performance assessment and compensation management in the fund management industry, promoting sustainable development and aligning employee incentives with long-term fund performance [1][2]. Summary by Sections Performance Assessment and Compensation Structure - The guidelines emphasize performance assessment, requiring that the weight of long-term indicators (over three years) in the overall quantitative assessment of fund investment returns must not be less than 80% [2][7]. - For senior management, the weight of fund investment return indicators should be no less than 50% [8]. - Differentiated assessments for fund managers are mandated, with performance indicators for actively managed equity fund managers having a weight of at least 80% [2][8]. Investment in Own Funds - Senior management and key personnel must invest a minimum of 30% of their annual performance compensation in the company's funds, with at least 60% of that in equity funds [3][12]. - Fund managers are required to invest at least 40% of their annual performance compensation in the funds they manage, excluding non-equity products [3][12]. Deferred Compensation and Accountability - Performance compensation must have a deferred payment period of no less than three years, with a minimum of 40% of the deferred payment for senior management and key personnel [3][12]. - A strict accountability mechanism is established, allowing for salary suspension, recovery, and deductions for those who fail to meet performance expectations, applicable even to departing employees [5][17]. Salary Adjustments Based on Performance - Fund managers whose performance lags behind the benchmark by more than 10% and have negative profit margins over the past three years will face a salary reduction of at least 30% [3][13]. - A tiered salary adjustment mechanism is introduced based on performance relative to benchmarks, ensuring that poor performance directly impacts compensation [13][14]. Long-term Incentives and Salary Structure - The guidelines encourage the use of long-term incentives such as equity, options, and restricted stock to align with the long-term interests of fund shareholders [4][15]. - The overall salary structure should include basic salary, performance salary, benefits, and long-term incentives, with a focus on maintaining a reasonable ratio between basic and performance salaries to mitigate risks [15][16].