Notice of the Ministry of Finance on Issues Concerning the Distribution of Salaries of State-Owned Financial Institutions' Executives in 2008

财政部关于国有金融机构2008年度高管人员薪酬分配有关问题的通知

Promulgating Institution: Ministry of Finance

Document Number: Cai Jin [2009] No. 23

Promulgating Date: 04/07/2009

Effective Date: 04/07/2009

颁布机关: 财政部

文      号: 财金[2009]23号

颁布时间: 04/07/2009

实施时间: 04/07/2009

To China Investment Corporation, China Development Bank, Agricultural Development Bank of China, the Export-Import Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, China Everbright Bank, Postal Savings Bank of China, China Merchants Bank, China Minsheng Banking Corp., Ltd., China Export and Credit Insurance Corporation, the People's Insurance Company(Group) of China, China Life Insurance (Group) Company, China Reinsurance (Group) Company, China Insurance(Holdings) Co., Ltd., CITIC Group, China Everbright (Group) Limited, China Jianyin Investment Company Limited, China Galaxy Financial Holding Co., Ltd., China Galaxy Investment Management Co., Ltd., China Government Securities Depository Trust & Clearing Co., Ltd., China Securities Depository and Clearing Corporation Limited, China Huarong Asset Management Corporation, China Great Wall Asset Management Corporation, China Orient Asset Management Corporation, China Cinda Asset Management Corporation, China Gold Coin Inc., China Banknote Printing and Minting Corporation, China Union Pay Co., Ltd., Shanghai Stock Exchange, Shenzhen Stock Exchange, Shanghai Futures Exchange, Zhengzhou Commodity Exchange, Dalian Commodity Exchange, the finance departments (bureaus) of all provinces, autonomous regions, municipalities directly under the Central Government and specially designated cities in the State plan, and the bureau of the Xinjiang Production and Construction Corps:

China's economic development is facing great challenges due to the international financial crisis. The CPC Central Committee and the State Council require us to gain thorough understanding of the seriousness and complexity the international and domestic economic situations and be alert to potential difficulties and crises, thus prevailing over the difficulties together. At present, some financial institutions that have achieved the performance growth in 2008 took the initiative to cut down the salaries of their executives. Such practice complies with the current international and domestic situation. In order to fairly distribute social incomes and regulate the procedures for making a decision on salary, a notice is hereby issued in respect of issues concerning the policies for salaries of executives of State-owned or State-controlled financial institutions and their controlling subsidiary companies (hereinafter referred to as "State-owned financial institutions") in 2008 as follows:

    中国投资有限责任公司、国家开发银行、中国农业发展银行、中国进出口银行、中国工商银行、中国农业银行、中国银行、中国建设银行、交通银行、中国光大银行、中国邮政储蓄银行、招商银行、中国民生银行、中国出口信用保险公司、中国人民保险集团公司、中国人寿保险(集团)公司、中国再保险(集团)股份有限公司、中国保险(控股)有限公司、中国中信集团公司、中国光大(集团)总公司、中国建银投资有限责任公司、中国银河金融控股有限责任公司、中国银河投资管理有限公司、中央国债登记结算有限责任公司、中国证券登记结算有限责任公司、中国华融资产管理公司、中国长城资产管理公司、中国东方资产管理公司、中国信达资产管理公司、中国金币总公司、中国印钞造币总公司、中国银联股份有限公司、上海证券交易所、深圳证券交易所、上海期货交易所、郑州商品交易所、大连商品交易所,各省、自治区、直辖市、计划单列市财政厅(局),新疆生产建设兵团财务局:受国际金融危机影响,我国经济发展面临严峻考验。党中央、国务院要求深刻认识国际国内经济形势的严峻性和复杂性,增强危机意识和忧患意识,共克时艰。目前,部分金融机构尽管2008年度实现业绩增长,仍主动降低了高管人员的薪酬,这种做法符合当前国际国内形势。为公平社会收入分配,规范薪酬决策程序,现就金融类国有及国有控股机构及其控股子公司(以下简称国有金融机构)2008年度高管薪酬政策有关问题通知如下:

1. Salaries (referred to pre-tax salaries, including basic pay, performance-based pay, social insurance, welfares, etc., sic passim) of executives of all State-owned financial institutions shall be determined based on 90% of their salaries in 2007.

       一、各国有金融机构2008年度高管人员薪酬(指税前薪酬,包括基本薪酬、绩效薪酬、社会保险、各项福利等,下同)按不高于2007年度薪酬的90%确定。

2. If the business results of a State-owned financial institution in 2008 are lower than those in 2007, the salaries of its executives determined based on the abovementioned principle shall be decreased by 10%. In the event of large decrease in the business results in 2008, the rate of salary decrease for the executives shall be increased.

       二、各国有金融机构2008年度经营业绩较2007年度出现下降的,高管人员薪酬在执行上述原则的基础上,再下调10%。其中,2008年度经营业绩降幅较大的,高管人员薪酬降幅还应增加。

3. If the salaries of executives of a State-owned financial institution for 2007 is significantly higher than the average salaries of the same trade, the rate of salary decrease for the said executives in 2008 determined based on the abovementioned policies shall be increased accordingly, thereby taking initiative to narrow the gap between those and the average salaries of the same trade.

       三、各国有金融机构2007年度高管人员薪酬明显高于同业平均水平的,在执行上述政策的基础上,2008年度高管人员薪酬降幅要相应加大,主动缩小与同业平均水平的差距。

4. All State-owned financial institutions will prepare a salary plan for their executives as required by this Notice and shall perform the relevant decision-making procedures to determine the plan. A State-owned joint stock financial institution shall, according to the requirements on corporate governance, submit the salary plan for the chairman of the board of directors, chairman of the board of supervisors, executive directors and other personnel whose salaries are subject to the deliberation of the general meeting of shareholders to the general meeting of shareholder for deliberation and decision, and submit the salary plan for other executives to the board of directors for deliberation and decision.

       四、各国有金融机构要按照本通知规定制定高管人员薪酬方案,履行相关决策程序确定。其中,股份制国有金融机构要根据公司治理要求,对董事长、监事长、执行董事及其他按规定需由股东大会审议薪酬的人员,将其薪酬方案提交股东大会审议决定,其他高管人员薪酬提交董事会审议决定。

5. After determining the salaries of executives according to the above-mentioned principles, all State-owned financial institutions shall determine salary plan for other employees using the said salaries as the upper limit, thereby properly reflecting the differences in position and performance.

       五、在根据上述原则确定高管人员薪酬后,各国有金融机构要以此为上限确定其他员工薪酬,合理体现岗位差异和业绩差异。

6. If the salaries of executives of a State-owned financial institution have been paid prior to the printing and circulation of this Notice, the portion that exceeds the upper limit for such salaries determined according to the above-mentioned principles shall be deducted or returned from the salaries for 2009.

       六、在本通知印发前,各国有金融机构已发放的2008年度高管人员薪酬超过按上述原则确定的上限部分,应在2009年度薪酬中抵扣或退回。

7. All State-owned financial institutions are required to implement the relevant provisions and decision-making procedures of this Notice so as to reasonably determine the salaries of executives, and report the information on the implementation thereof to the finance department at the same level for filing prior to May 15, 2009. The State-owned financial departments under administration of the Central Government shall report the relevant information to the Ministry of Finance for filing. With regard to a State-owned financial institution under the administration of a local government, its relevant information shall be collected by the finance department of the relevant province, autonomous region, municipality directly under the Central Government, or specially designated city in the State plan and then shall be reported to the Ministry of Finance for filing prior to May 31, 2009.

       七、请各国有金融机构严格执行本通知相关规定和决策程序,合理确定高管人员薪酬,并于2009年5月15日前将落实情况报同级财政部门备案。其中中央管理的国有金融机构报财政部备案。地方管理的国有金融机构由各省、自治区、直辖市、计划单列市财政部门汇总后,2009年5月31日前报财政部备案。

8. All State-owned financial institutions shall, for the time being, pay the salaries to executives for 2009 based on the principle of not exceeding 50% of the executives' salary amount determined in 2008. At present, the Ministry of Finance is diligently working on the formulation of the policies for the management of the salaries of executives of State-owned financial institutions jointly with other relevant departments. After the relevant policies are published, the salaries of executives of State-owned financial institutions shall be settled according to such policies.

       八、各国有金融机构暂按不超过2008年度确认额度的一半发放2009年度高管人员薪酬。目前,我部正在商有关部门抓紧研究制定国有金融机构高管人员薪酬管理政策。在有关政策出台之后,按政策进行清算。

9. As for other financial institutions that are not owned by the State, this Notice shall apply as the reference.

Ministry of Finance

April 7, 2009

       九、其他非国有金融机构比照执行。

    财政部

    二〇〇九年四月七日