重磅文件落地！事关基金经理薪酬改革

Core Viewpoint - The newly released "Guidelines for Performance Assessment and Compensation Management of Fund Management Companies (Draft for Comments)" aims to standardize performance assessment and compensation management in the fund management industry, ensuring long-term incentives are aligned with the interests of fund shareholders and promoting sustainable development of the industry [1][2]. Summary by Sections Performance Assessment and Compensation Structure - The guidelines emphasize performance assessment, requiring that the weight of long-term indicators (over three years) in the overall quantitative assessment of fund investment returns must not be less than 80% [2][10]. - For senior management, the weight of fund investment return indicators should be no less than 50% [11]. - Differentiated assessments for fund managers are mandated, with performance indicators for actively managed equity fund managers having a weight of at least 80%, and the benchmark comparison weight not less than 30% [12]. Investment in Own Funds - Fund company chairpersons and senior executives must use at least 30% of their annual performance compensation to purchase their company's funds, while fund managers must invest at least 40% of their performance compensation in the funds they manage [3][20]. Deferred Compensation and Co-investment Requirements - The guidelines introduce new requirements for deferred compensation, mandating a minimum deferral period of three years and a co-investment ratio of at least 40% for senior management and key personnel [4][18]. - Senior management and key department heads must invest at least 30% of their total performance compensation in their company's funds, with at least 60% of that in equity funds [20][21]. Salary Adjustments Based on Performance - Fund managers whose performance lags the benchmark by more than 10% over three years and have negative profit margins will face a salary reduction of at least 30% [5][22]. - A tiered salary adjustment mechanism is established based on performance relative to benchmarks, ensuring that poor performance directly impacts compensation [22]. Long-term Incentives and Accountability Mechanisms - The guidelines allow for the use of equity, options, and other long-term incentives to align employee interests with the long-term benefits of fund shareholders [7][23]. - A strict accountability mechanism is introduced, which includes salary stoppage, recovery, and clawback provisions applicable even to departing employees [8][25]. Encouragement of Pension Systems - Fund companies are encouraged to establish enterprise annuities and support employees in participating in personal pension systems, integrating compensation mechanisms with pension insurance [9]. Overall Compensation Structure - The guidelines stress the importance of linking total compensation changes to fund investment returns and company performance, while ensuring a balanced structure that avoids excessive focus on senior management [24].