业绩太差降薪至少30%，打破基金经理旱涝保收铁饭碗！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, which includes significant measures to enhance accountability and align the interests of fund managers with those of 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 spanning 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 minimum of 40% of their performance pay into the funds they manage [2]. Group 2: Compensation and Accountability Measures - Fund managers must achieve both a significant outperformance against benchmarks and a positive fund profit margin to qualify for salary increases; failure to meet either criterion will result in salary reductions or no raises [2]. - A deferred compensation structure is mandated, where at least 40% of the pay for senior executives and core personnel must be deferred for a minimum of three years, with annual payments not exceeding 33.3% [2]. - A strict accountability framework is introduced, allowing fund companies to hold personnel financially responsible for negligence or violations, including the potential for salary reductions or the return of performance pay [3]. Group 3: Industry Reform and Investor Focus - The guidelines are part of a broader reform in the public fund industry aimed at enhancing investor satisfaction, addressing issues of poor fund performance and frequent trading behaviors by investors [3][4]. - The assessment of sales personnel will now include a weight of at least 50% based on investor profit and loss, shifting the focus from short-term sales to long-term client relationships [3]. - The industry is moving towards a consensus of prioritizing investor interests, establishing a foundation for long-term trust and mutual benefit between fund managers and investors [4].