Related provisions for SYSC 19A.3.27
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A firm must ensure that its governing body in its supervisory function adopts and periodically reviews the general principles of the remuneration policy and is responsible for its implementation.[Note:Paragraph 23(c) of Annex V to the Banking Consolidation Directive and Standard 1 of the FSB Compensation Standards]
A firm must ensure that the implementation of the remuneration policy is, at least annually, subject to central and independent internal review for compliance with policies and procedures for remuneration adopted by the governing body in its supervisory function.[Note:Paragraph 23(d) of Annex V to the Banking Consolidation Directive and Standard 1 of the FSB Compensation Standards]
(1) A firm that is significant in terms of its size, internal organisation and the nature, the scope and the complexity of its activities must establish a remuneration committee. (2) The remuneration committee must be constituted in a way that enables it to exercise competent and independent judgment on remuneration policies and practices and the incentives created for managing risk, capital and liquidity.(3) The chairman and the members of the remuneration committee must be
A firm must ensure that where remuneration is performance-related:(1) the total amount of remuneration is based on a combination of the assessment of the performance of:(a) the individual; (b) the business unit concerned; and (c) the overall results of the firm; and(2) when assessing individual performance, financial as well as non-financial criteria are taken into account.[Note:Paragraph 23(g) of Annex V to the Banking Consolidation Directive and Standard 6 of the FSB Compensation