Really depends on the leader. As a senior manager, I was told to give x number of names when I was on a VPs team. He would assign quota to all of his direct reports based on the number of people they had and he did his best to be fair. So I would truly do it based on performance.
However in another role, I was a senior director reporting to an AVP , who was a bloody emotional mo--n , who took offense to everything and made snap judgments on people based on nonsensical things and whether they respected her or not, which many did not as she regaled people with her dating stories after a drink or two. So even really good people were put on the RIF list and our HR partner was a $&$$& joke , who really did nothing to challenge the leaders and ensure that the process was fair. So it totally depends on what kind of a person you have as a leader at the VP/ SVP/ AVP level.