Article 9 3

(a)

establishing clear strategic aims and objectives for the SIPS;

(b)

establishing documented procedures for the SIPS’ functioning, including procedures to identify, address and manage conflicts of interest of its members;

(c)

with the exception of Eurosystem SIPS, ensuring the effective selection, monitoring, and, where appropriate, removal of members of Management;

(d)

with the exception of Eurosystem SIPS, establishing appropriate compensation policies, consistent with best practices and based on long-term achievements.