I'm one of five shareholders in our company (all shares are split evenly between us). When we decide to pay out dividends, instead of doing a payout directly proportional to our shares in the company (i.e. everyone gets the same amount), we would like to determine the percentages for each shareholder by using a combination of performance metrics (like actual time worked, work performance, a baseline amount just for being a shareholder, etc.) and compare results relative to each other.
There are more complex details to the whole idea so I won't explain it here. We are well aware of the potential negative and positive tradeoffs (like people being unhappy if they are rated lower than their personal impression of themselves). Needless to say we have all discussed it in great depth and are in full agreement to proceed with it.
The crucial part that is still missing is how to evaluate work performance. For various reasons we can't apply objective metrics to work performance (or to put it another way 'importance to the various projects each of us worked on'). For example, there are artists involved and rating their contribution can only be done on a subjective basis.
For this reason we want to apply some form of peer review process. What formal peer review processes, or concrete examples of peer review processes used in real world companies are there?