Had a read through and its pretty much as I said above - basically HM accepts the recommendations and automatically approves any awards, except those mentioned, which are in her personal gift. Worth mentioning though that it was King Edward VII who decreed that no man should ever forfeit the Victoria Cross "even if he is standing on the gallows". Prior to that there had been a few cases of VCs being forfeited, including one in the case of a man who had been convicted of bigamy!