2.1 Responsibilities, design, approval and oversight of the remuneration policy
28. The management body [Different management body structures can be observed in European countries. In some countries, a unitary structure is common, i.e. supervisory and management functions of the board are exercised by only one body. In other countries, a dual structure is common, with two independent bodies being established, one for the management function and the other for the supervision of the management function.] in its supervisory function (hereafter 'supervisory function') should be responsible for adopting and maintaining the remuneration policy of the institution, and overseeing its implementation to ensure it is fully operating as intended. The supervisory function should also approve any subsequent material exemptions made for individual staff members and changes to the remuneration policy and carefully consider and monitor their effects. Any exemptions should not be based on gender cons