I have worked for two outfts that had meritocracy systems for command promotions. The concept sold to me at the initial interview was that it was the best way to ensure the most suitable candidate was in charge of the jet.
After seeing numerous chaps, with only 6 months out of the services, get to the left hand seat in a large aircraft (despite no real airways, IFR, commercial etc experience) and watching them make a hash up of it, l decided to look the word up in the dictionary.
It said meritocratic = chief pilots ex squadron buddies.
Both these companies also failed. Stick clear of them if at all possible!