China News Agency, Beijing, June 14 (Reporter Chen Kangliang) In response to media reports that the China Securities Regulatory Commission held a meeting this year to require foreign investment banks to report the details of executive compensation and propose not to overpay executives, the heads of relevant departments of the China Securities Regulatory Commission on the 14th Said that the above report is false news.
The above-mentioned person in charge stated that the China Securities Regulatory Commission, relevant securities regulatory bureaus and industry associations have not held the above-mentioned meetings.
Remuneration system is an important part of corporate governance. Building a scientific and reasonable remuneration system is the basis for maintaining the core competitiveness of the industry, as well as the foundation for maintaining the stable and sustainable development of the industry.
Global regulatory authorities have paid more attention to the compensation incentive-related system in recent years, in order to prevent financial risks caused by excessive speculation and excessive incentives.
When summarizing lessons from the 2008 financial crisis, the Financial Stability Board (FSB) pointed out that the high compensation of large financial institutions is based on short-term high profits, ignoring the long-term risks of financial enterprises, which is one of the main factors leading to the financial crisis.
Countries such as Europe and the United States and international organizations have successively formulated relevant regulatory systems and rules for compensation management in the financial industry. For example, the Financial Stability Forum (FSF) issued the Principles of Sound Compensation Practices, the European Union issued the Fourth Capital Requirements Directive, and the Federal Reserve issued the Financial Stability Forum (FSF). "Company Compensation Policy Supervision Plan" to supervise the remuneration of financial practitioners to prevent executives from taking excessive speculation in order to obtain high salaries.
The person in charge revealed that in order to guide industry institutions to establish a stable salary system, improve the salary incentive and restraint mechanism, and promote the high-quality development of the industry.
Recently, the securities industry association and the fund industry association have issued compensation management guidelines on the basis of fully listening to the opinions and suggestions of the industry in conjunction with the industry associations, reflecting the respect for the basic laws of the market, the actual situation of the industry, and the consolidation of the main responsibility of the institutions. , The basic idea of preventing short-term excessive incentives, aiming to consolidate the governance foundation, risk control foundation, compliance foundation, cultural foundation and talent foundation for the development of the industry, better and effectively serve the real economy and prevent financial risks. It does not involve the total salary and specific operation methods.
Relevant core systems include: strengthening the long-term incentive and restraint mechanism, and implementing the salary deferred payment arrangement.
It is clearly not allowed to carry out business through contracting, personnel affiliation, etc., and the salary income of employees shall not be directly linked to the income of the projects they undertake or undertake.
Establish and improve the bonus co-investment mechanism for core employees such as management management and fund managers, and implement a bonus recovery and deduction system for those responsible for violations.
Support the securities and fund industry to explore and implement a diversified long-term incentive and restraint mechanism, and weaken the assessment proportion of indicators such as scale ranking, short-term performance, income and profit.
The person in charge said that in recent years, in accordance with the unified deployment of the country's financial industry to open up to the outside world, the CSRC has adhered to the principles of marketization, rule of law, and internationalization, relaxed and abolished the restrictions on foreign shareholding ratios in securities and fund operating institutions, and has approved 11 foreign-owned securities companies. Fund companies and their institutions in China are in good overall operation and development. The CSRC has unified supervision in accordance with laws and regulations, and fully respects institutions' autonomy in operating decision-making.