Exclusive-Chinese fund manager asks staff to return excess pay from past five years, sources say [Yahoo! Finance]
CHINA MRCHNTS BK UNSP/ADR (CIHKY)
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Source: Yahoo! Finance
past five years that exceeds a new cap, to tally with a government initiative promoting economic equality, said two people with direct knowledge of the matter. China Merchants Fund Management (China Merchants FM) wants the executives to repay income beyond a 3 million yuan ($421,330) limit imposed this year for each year from 2019 to 2023, the people said. The firm, wholly owned by China Merchants Group (CMG) - one of the country's largest state-owned conglomerates - is run by six executives and there are another three who run subsidiaries. Neither China Merchants FM nor CMG responded to Reuters requests for comment. Capping salaries and recalling pay have become avenues through which state-owned companies can adhere to the government's "common prosperity" campaign which since 2021 has sought to address social and income inequality as economic growth slows. The campaign has seen authorities discourage extravagant lifestyles among the financial elite. Fund managers have come
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