业绩指标考核权重应当不低于80%！基金经理薪酬改革征求意见

Core Viewpoint - The newly released "Guidelines for Performance Assessment of Fund Management Companies" aims to standardize performance evaluation and compensation management, enhancing the alignment of interests between fund management companies and fund shareholders [1][2]. Performance Assessment System - Fund management companies are required to establish a performance assessment system centered on fund investment returns, incorporating quantitative indicators such as net asset value growth rate, performance benchmark comparison, fund profit margin, and the proportion of profitable investors [1][4]. - The weight of investment return indicators in the assessment of senior executives should not be less than 50%, while for active equity fund managers, the weight should be at least 80% [5][6]. Compensation Management - The total compensation of fund management companies must be linked to fund investment returns, operational performance, financial status, market levels, risk management, development strategies, and personnel conditions [3]. - A deferred payment system for performance compensation is mandated, with a minimum deferral period of three years and a deferred payment ratio of at least 40% for senior management and key personnel [10]. Long-term Incentives - Long-term incentives may include equity-based and cash incentives, with mechanisms designed to align with the long-term interests of the company and fund shareholders [3]. - Fund management companies are encouraged to optimize compensation distribution structures, ensuring a balance between different positions and levels, while controlling excessive pay disparities [3]. Performance Adjustment Mechanism - A tiered performance salary adjustment mechanism is to be established, where significant underperformance (more than 10% below the benchmark with negative profit margin) results in a salary reduction of at least 30% [11]. - Conversely, significant outperformance with a positive profit margin allows for reasonable salary increases [11]. Deferred Payment and Investment Requirements - Senior management and key personnel must invest a portion of their performance compensation into the company's managed public funds, with specific requirements for the proportion and type of funds [10]. - The guidelines stipulate that at least 30% of the total performance compensation for senior management should be invested in the company's managed public funds, with a minimum of 60% in equity funds [10]. Dividend Distribution Guidelines - Fund management companies are required to establish a scientific and reasonable shareholder dividend mechanism, adjusting dividend frequency and proportion based on the long-term performance of fund products and investor profitability [12].