事关年终奖！“过去3年业绩差，投资者亏损较大的，基金经理绩效薪酬下降至少30%”！中基协就基金业薪酬改革征求意见

Core Viewpoint - The China Securities Investment Fund Industry Association (CSRC) has issued a revised guideline titled "Guidelines for Performance Evaluation and Compensation Management of Fund Management Companies (Draft for Comments)" to enhance the performance evaluation and compensation management system of fund managers, focusing on aligning their interests with those of investors [3][6]. Summary by Sections Section 1: Compensation Management Requirements - Fund companies are required to establish a total compensation management mechanism and optimize internal compensation distribution structures. The deferred payment amount should be at least 40% for a broader range of personnel, including chairpersons, senior executives, and key business personnel [4][8]. Section 2: Reform of Performance Evaluation Mechanism - Fund companies must create a performance evaluation system centered on fund investment returns, incorporating actual profit and loss, and performance benchmark comparisons. Long-term indicators (over three years) should account for at least 80% of the evaluation metrics [9][15][16]. Section 3: Mechanism to Align with Investor Interests - Senior management, key department heads, and fund managers are required to increase their investment in the funds they manage by 10% from previous levels, with a minimum holding period of one year. For poorly performing funds, the performance compensation and dividend frequency should decrease [10][17][18]. Section 4: Calculation Methods and Other Requirements - The guidelines standardize the calculation formulas for fund profit rates and the proportion of profitable investors, detailing the scope of key business personnel and operational requirements for implementation [11]. Section 5: Key Highlights - Performance Salary Reduction: Fund managers with poor performance over the past three years must see their performance compensation reduced by at least 30% if their fund's performance is more than 10% below the benchmark and the profit rate is negative [14]. - Long-term Performance Focus: The guidelines emphasize that at least 80% of performance evaluation metrics should be based on long-term indicators [15][16]. - Increased Investment Requirements: Senior management and fund managers must invest a minimum of 30% and 40% of their performance compensation, respectively, into the funds they manage [17][18]. - Expanded Deferred Compensation: The deferred payment requirement applies to a wider range of personnel, with a minimum of 40% of performance compensation being deferred [19]. - Differentiated Evaluation Metrics: Different evaluation metrics and weights should be set for various roles, with investment return metrics for senior management being at least 50% [21][22]. - Accountability Mechanism: A strict accountability mechanism is established to enhance the constraints on compensation management, applicable even to departing personnel [25][26]. - Adjustment Requirements: Companies must ensure compliance with the guidelines by 2025, with specific performance metrics needing to meet the requirements [27].