打破旱涝保收，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 a strong linkage between fund manager compensation and performance, aiming to enhance investor satisfaction and accountability in the industry [1][2][3][4] 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 compensation 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 align the interests of fund managers with those of investors will be established, requiring fund managers to invest a minimum of 40% of their performance compensation into the funds they manage [2] Group 2: Compensation and Accountability Measures - Fund managers must achieve both a significant outperformance against benchmarks and positive fund profitability 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 for senior executives and core business personnel, with at least 40% of their compensation deferred for a minimum of three years, ensuring long-term accountability [2][3] - The guidelines include a strict accountability mechanism, allowing fund companies to hold personnel responsible for negligence or misconduct, including the potential for salary reductions or repayment of performance bonuses [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 experience, addressing issues of poor fund performance and frequent trading behaviors by investors [3][4] - Sales executives and core personnel will have their performance evaluated based on investor profit and loss, with this metric accounting for at least 50% of their assessment, 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]