(1) An investment firm which does not satisfy the criterion specified in Regulation 29(8)(a) shall establish a remuneration committee.

(2) A remuneration committee referred to in paragraph (1) -

(a) shall be gender balanced,

(b) shall exercise competent and independent judgment on remuneration policies and practices and the incentives created for managing risk, capital and liquidity, and

(c) may be established at group level.

(3) A remuneration committee referred to in paragraph (1) shall be responsible for the preparation of decisions regarding remuneration, including decisions which have implications for the risk and risk management of the investment firm concerned and which are to be taken by the management body.

(4) The Chair and the members of a remuneration committee referred to in paragraph (1) shall be members of the management body who do not perform any executive function in the investment firm concerned.

(5) When preparing the decisions referred to in paragraph (3), the remuneration committee referred to in paragraph (1) shall take into account the public interest and the long-term interests of shareholders, investors and other stakeholders in the investment firm.