重磅文件落地！事关基金经理薪酬改革

Core Viewpoint - The article discusses the newly released "Guidelines for Performance Assessment and Compensation Management of Fund Management Companies (Draft for Comments)", which aims to standardize performance assessment and compensation management in the fund industry, ensuring long-term incentives are aligned with the interests of fund shareholders [3][9]. Summary by Sections Performance Assessment and Compensation Structure - The guidelines emphasize strengthening performance assessments, requiring that the weight of long-term performance indicators (over three years) in overall quantitative assessments should not be less than 80% [4][10]. - For senior management, the weight of investment return indicators in performance assessments should be at least 50% [11]. Investment in Own Funds - Senior management and key personnel are required to invest a minimum of 30% of their total performance compensation in their company's funds, with at least 60% of that in equity funds [5][15]. - Fund managers must invest at least 40% of their total performance compensation in the funds they manage, excluding non-equity products [5][15]. Salary Adjustments Based on Performance - Fund managers whose performance lags behind the benchmark by more than 10% over three years and have negative profit margins will see a minimum 30% reduction in their performance compensation [6][16]. - The guidelines establish a tiered adjustment mechanism for performance compensation based on the fund's performance relative to benchmarks [16]. Long-term Incentives and Accountability - 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 [9][18]. - A strict accountability mechanism is introduced, which includes salary stoppage, recovery, and clawback provisions applicable even to departing employees [19]. Overall Compensation Management - Fund management companies are encouraged to manage total compensation budgets effectively, linking changes in total compensation to fund performance and company profitability [17]. - The structure of compensation should include basic salary, performance pay, benefits, and long-term incentives, ensuring a balanced approach to avoid risks associated with unreasonable compensation structures [18].