In Cathay Pacific a First Officer has to have exactly the same type rating and other ratings as the Captain. So the First Officer is checked against the same standards as the Captain by the Aviation Authority (CAD) check pilots in the on-going regulatory testing.
But to be a Commander in CX demands the highest standards of personal integrity, judgement and character which can be worlds apart from the mere ability to pole a hunk of tin around the skies, which is the minimum acceptable criteria for a First Officer.
CX might be wrong in demanding such high attributes from their Commanders, but that's how they have always done it!
As you point out, other airlines may operate to different standards.