业绩不佳基金经理或将降薪30%，基金业重大改革来了

Core Viewpoint - The China Securities Investment Fund Industry Association has revised the "Guidelines for Performance Evaluation Management of Fund Management Companies (Draft for Comments)" to enhance the performance evaluation and compensation mechanisms for fund managers, aiming to better align their interests with those of investors [1][2]. Summary by Sections Performance Evaluation Mechanism - The guidelines consist of 7 chapters and 32 articles, focusing on establishing a performance evaluation system centered on fund investment returns, with at least 80% of the evaluation metrics based on long-term indicators over three years [2][5]. Compensation Management - Fund companies are required to implement a total compensation management mechanism and optimize internal compensation distribution structures, with deferred payments for at least 40% of certain personnel, including executives and key business leaders [2][7]. Investor Interest Alignment - Fund managers and key personnel must increase their investment in their own funds by 10% from previous levels, with a minimum holding period of one year, to ensure their interests are aligned with those of investors [6][7]. Performance-Based Salary Adjustments - Fund managers with poor performance over the past three years may see their performance-based compensation reduced by at least 30%, depending on their fund's performance relative to benchmarks [4][10]. Accountability Mechanism - A strict accountability mechanism is established to enhance the constraints on compensation management, applicable even to departing personnel, including salary withholding and recovery measures for non-compliance [10][11]. Transition Period for Compliance - Fund companies are given a transition period to comply with the new guidelines, with specific performance metrics required to be met by 2025 and 2026 [11]. Overall Impact - The guidelines aim to strengthen the binding mechanism between compensation and performance, promoting the principle of prioritizing the interests of fund shareholders and fostering the sustainable development of the public fund industry [11].