每经热评|打破旱涝保收铁饭碗 基金业薪酬改革是庄重承诺也是严肃契约

Core Viewpoint - The China Securities Investment Fund Industry Association has issued a draft guideline for performance assessment of fund management companies, emphasizing accountability and alignment of interests between fund managers and investors [1][2]. Group 1: Key Highlights of the Guidelines - Fund managers with poor performance over the past three years, resulting in significant investor losses, will see their performance pay reduced by at least 30% [1]. - At least 80% of the performance metrics must be based on medium to long-term indicators over three years [1]. - A mechanism to bind the interests of fund managers with those of investors has been established, requiring fund managers to invest a significant portion of their performance pay into the funds they manage [2]. Group 2: Compensation and Accountability Measures - Fund managers must achieve returns that significantly exceed performance benchmarks and maintain positive profit margins to qualify for salary increases; failure to meet either criterion will result in salary reductions or no raises [2]. - Fund managers are required to invest at least 40% of their annual performance pay into the funds they manage, with a minimum holding period of one year [2]. - A deferred compensation structure mandates that at least 40% of the pay for senior executives and key personnel be deferred for a minimum of three years, ensuring accountability over a longer term [2][3]. Group 3: Investor-Centric Reforms - The guidelines introduce accountability measures for fund managers, allowing companies to pursue economic responsibility for negligence or misconduct, including salary reductions or repayment of performance pay [3]. - The assessment of sales personnel will now include a weight of at least 50% based on investor profit and loss, addressing the industry's historical focus on sales volume over client retention [3]. - The overarching goal of these reforms is to enhance investor satisfaction and establish a long-term trust relationship between investors and fund managers, promoting sustainable investment practices [4].