公募基金行业，薪酬改革具体要求出炉！

Core Viewpoint - The public fund industry in China, with an asset management scale exceeding 36.7 trillion yuan, is set to implement new regulations aimed at enhancing performance evaluation and compensation management for fund management companies [1] Group 1: New Guidelines Overview - The China Securities Investment Fund Industry Association has issued the "Guidelines for Performance Evaluation Management of Fund Management Companies (Draft for Comments)" to address performance evaluation and compensation management issues in the public fund industry [1][2] - The guidelines consist of seven chapters with 32 articles, covering general principles, compensation structure, performance evaluation, compensation payment, internal control management, self-regulation, and supplementary provisions [2] Group 2: Compensation Structure and Performance Evaluation - Fund management companies are required to establish a deferred payment system for performance compensation, with a minimum deferral ratio of 40% and a duration of at least three years for key personnel [2][3] - Performance compensation for active equity fund managers must be linked to performance benchmarks and fund profitability, with specific rules for reductions in compensation based on underperformance [2][3] - The guidelines emphasize optimizing the internal distribution of compensation, balancing pay across different roles, and ensuring that the average salary increase for senior management does not exceed the overall company salary increase [3] Group 3: Differentiated Assessment and Accountability - The guidelines mandate differentiated assessment for active equity fund managers, with performance indicators weighted at no less than 80%, and specific requirements for sales personnel and fixed-income investment staff [4] - A unified calculation standard for key indicators has been established to enhance fairness and scientific rigor in performance evaluations [4] - The guidelines include a phased implementation plan to provide fund companies with necessary adjustment time [5] Group 4: Industry Impact and Strategic Directions - The essence of these measures is to align fund interests with actual investor returns, replacing vague trust with transparent rules, and solidifying the "investor interest first" principle within the public fund business model [6] - The implementation of the guidelines is expected to significantly improve the investment experience for investors and compel fund management companies to redesign internal evaluation systems and adjust compensation structures [7] - The guidelines are seen as a shift from "scale expansion" to "quality competition" in the public fund industry, encouraging leading firms to leverage their advantages and smaller firms to innovate and find niche markets [7][8] Group 5: Future Development Strategies - Leading fund companies are advised to focus on building a platform-based, industrialized investment research production system to support large-scale fund management and ensure sustainable excess returns [8] - There is a shift from product offerings to solution-oriented services, aiming to convert product returns into actual investor gains [8] - The guidelines encourage a transition from short-term incentives to long-term benefit sharing, emphasizing the importance of stable long-term performance metrics [8]