Research funding organisations (RFOs) are key actors for guiding and reforming the assessment of grant applications. To mitigate gender bias, many RFOs have various policies in place. But how are formal gender equality policies implemented in practice by peer review panels? We analyse how one policy, incorporating the sex and gender dimension in research content and innovation (GiRI), is assessed in practice. Case studies were conducted in selected national RFOs which have implemented GiRI as an element of excellence. Data was collected through panel observations and interviews with staff and reviewers. By bringing in the reviewers’ perspective, we gain insights into how they perceive and discuss this excellence indicator, can identify various assessment practices and ultimately contribute to ongoing discussions on reconstructing excellence and fostering inclusiveness in science. The practical experiences might help RFOs to establish appropriate indicators to measure and monitor progress and fine-tune the policy.