记者观察 | 绩效考核指挥棒让“以投资者为本”落到实处

Core Viewpoint - The release of the "Guidelines for Performance Evaluation Management of Fund Management Companies" aims to align the interests of fund managers with those of investors, promoting a long-term, investor-centric industry development philosophy [1][2]. Group 1: Key Content of the Guidelines - The guidelines require fund companies to reform their compensation distribution mechanisms, ensuring a proper balance between basic and performance-based salaries to avoid risks associated with unreasonable compensation structures [1]. - A comprehensive performance evaluation system centered on fund investment returns must be established, incorporating actual profit and loss, and performance benchmark comparisons, with differentiated evaluation indicators and weights for executives, investment personnel, and sales staff [1][2]. - Senior management and key business department heads are required to invest part of their compensation in the company's funds, and fund managers must also invest a portion of their salary in the funds they manage, with underperforming managers facing salary reductions [1][2]. Group 2: Industry Context and Challenges - The historical issue of "funds making money while investors do not" is attributed to both investor behavior and fund companies' deviation from an investor-centric approach, driven by the fixed management fee structure linked to asset management scale [2]. - The guidelines aim to systematically correct this misalignment through quantifiable and binding rules, fostering a "shared risk and shared benefits" community, ensuring that managers and investors are aligned [2][3]. - The guidelines set high requirements for performance evaluation, linking it to investor profit and loss, which may pose challenges in achieving targets during specific market conditions [3].