近日，南都湾财社记者从业内获悉，监管部门下发《基金管理公司绩效考核管理指引（征求意见稿）》 （下称《指引》）。这份涵盖总则、薪酬结构、绩效考核等七章三十二条的文件，核心是建立健全以基 金投资收益为核心的绩效考核体系，还对薪酬递延、强制跟投、股东分红约束等作出细致规定，被业内 普遍称为"基金薪酬新规"。 《指引》中最受市场关注的，是为基金经理绩效薪酬设置的明确"降薪"触发红线。根据规定，若基金经 理管理的产品连续三年跑输业绩比较基准超过10个百分点，且基金利润率为负，其当年绩效薪酬原则上 应至少下调30%。 "这一具体数字组合的设计，是对'基金赚钱基民不赚钱'痼疾的精准施策。"田利辉分析道。连续三年跑 输基准意味着基金未能实现其承诺的投资目标，而利润率为负则直接反映了持有人的真实亏损。这比单 纯看年度业绩排名更能穿透净值表象，触及投资者体验的核心。 他进一步解释，传统的排名文化容易导致基金经理为了短期冲榜而采取激进策略，忽视回撤控制和持有 人实际盈亏。新规的"双挂钩"设计，将倒逼基金经理从"相对排名的游戏"转向关注"绝对收益和客户盈 利"，其收入将与投资者的真实感受紧密绑定，从而促使投资行为更趋长期和稳健。 引 ...

Group 1 - The core viewpoint emphasizes the necessity of establishing a layered and categorized responsibility system to ensure that party organizations and members understand, assume, and fulfill their responsibilities [1] - It highlights the importance of clear delineation of responsibilities among various levels of party organizations, including the primary responsibility of party secretaries and the supervisory role of discipline inspection commissions [1][3] - The article stresses the need for a precise and scientific accountability mechanism to ensure that responsibilities are effectively implemented at all levels [1] Group 2 - The "Chinese Communist Party Disciplinary Regulations" stipulate that failure to fulfill the responsibility of strict governance of the party can lead to warnings or severe warnings, and in serious cases, removal from party positions [2] - The regulations emphasize the importance of accountability for party organizations and leading cadres, particularly focusing on the responsibilities of the main leaders [3][6] - The article outlines the evolution of disciplinary regulations, indicating that the emphasis on political discipline has increased over time, reflecting a more comprehensive approach to party governance [4] Group 3 - The article defines the key subjects of responsibility as party organizations and leading cadres, indicating that the focus is on the "key minority" responsible for strict governance of the party [6] - It clarifies that the failure to fulfill responsibilities must be objectively evident, distinguishing between intentional non-fulfillment and inadequate performance of duties [7] - The article also discusses the necessity of serious consequences resulting from such failures, which must significantly harm the party's interests or image [8][9] Group 4 - The subjective aspect of disciplinary violations can be either intentional or negligent, with intentional actions leading to more severe consequences [10] - It emphasizes the interdependence of the main responsibility of party committees and the supervisory responsibility of discipline inspection commissions, highlighting that both are essential for effective governance [11] - The article differentiates between failures in strict governance of the party and general negligence in work responsibilities, noting the political implications of the former [11]