(1) Institutions that are designated as significant by the Bank under Regulation 64(5) shall establish and maintain a remuneration committee.
(2) Institutions shall ensure that the remuneration committee established under paragraph (1) shall be constituted in such a way as to enable it to exercise competent and independent judgment on remuneration policies and practices and the incentives created for managing risk, capital and liquidity.
(3) Institutions shall ensure that -
(a) the remuneration committee established under paragraph (1) is responsible for the preparation of decisions regarding remuneration, including those which have implications for the risk, and risk management, of the institution concerned and which are to be taken by the management body, and
(b) the chair and the members of the remuneration committee shall be members of the management body who do not perform any executive function in the institution concerned.
(4) Where employee representation on the management body
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