2.3 Setting up a remuneration committee

Unless otherwise specified by national law, an investment firm with on and off ‐ balance-sheet

assets valued on average at more than EUR 100 million over the four-year period immediately preceding the given financial year must establish a remuneration committee to advise the management body in its supervisory function and to prepare the decisions to be taken by this body.

The remuneration committee might be established at group level, including in situations where the consolidating institution is subject to Directive 2013/36/EU. The provisions regarding the composition of the remuneration committee specified in section 2.4.1. apply also if the committee is established at group level.

Where no remuneration committee has to be established, the provisions of these guidelines concerning the remuneration committee should be construed as applying to the supervisory function.