24.1 Where a remuneration committee has been established, the number of members of the remuneration committee will depend on the nature, scale and complexity of the credit institution.

24.2 Where possible, all members of the remuneration committee shall be independent non-executive directors but, in any event, the majority of members of the committee shall be independent non-executive directors.

24.3 The Chairman of the board shall not be the Chairman of the remuneration committee.

24.4 The remuneration committee shall establish remuneration policies and procedures within the credit institution based on best practice and any requirements which the Central Bank may issue.