基金经理薪酬重大改革征求意见 业绩不达标可能降薪超30%

Core Viewpoint - The newly released "Guidelines for Performance Evaluation and Compensation Management of Fund Management Companies (Draft for Comments)" aims to standardize performance evaluation and compensation management in the fund management industry, promoting sustainable development and robust operations by aligning employee incentives with long-term fund performance [1][2]. Summary by Sections Performance Evaluation - The guidelines emphasize strengthening performance evaluation, requiring that the weight of long-term investment return indicators (over three years) in overall quantitative assessments must not be less than 80% [2][9]. - For senior management, the weight of investment return indicators should be at least 50%, while for active equity fund managers, the performance indicators should account for no less than 80% [2][10]. Compensation Structure - Fund company executives must invest at least 30% of their annual performance compensation in their own company's funds, with fund managers required to invest at least 40% [3][16]. - The deferred payment of performance compensation must last for at least three years, with a minimum of 40% of the deferred payment for senior management and key personnel [3][16]. Salary Adjustments - Fund managers whose performance lags behind the benchmark by more than 10% over three years and have negative profit margins will face a minimum 30% reduction in their performance compensation [4][17]. - A tiered adjustment mechanism for performance compensation is established based on the fund's performance relative to benchmarks [17][18]. Long-term Incentives - The guidelines allow for the use of equity, options, and other long-term incentives to align with the long-term interests of fund shareholders [6][19]. - The compensation structure should include basic salary, performance pay, benefits, and long-term incentives, ensuring a balanced approach to avoid risks associated with unreasonable compensation structures [19][20]. Accountability Mechanism - A strict accountability mechanism is mandated, which includes salary suspension, recovery, and clawback provisions applicable even to departing employees [7][21]. - Fund management companies must clearly define the conditions under which performance compensation can be reduced or reclaimed in their internal management systems and contracts [21].