In my experience on funding panels, I've also done a fair bit of adjudication work. I think at SSHRC, I've done everything except for insight grants.
The criteria vary from grant to grant. Partnership grants, for example, which are about developing networks of researchers, will have an emphasis on buy-in from partners and on evidence of contributions. Conference grants will have an emphasis on evidence that there's other money coming in. It really varies from grant to grant.
On the whole, I think it's fair to say that you are adjudicated on capability, which is the evidence you can provide that you are able to deliver the kind of research you're planning to do. You're judged on the intrinsic, domain-specific merit of the research you're proposing to do, the overall research design and aspects like that.
When you're on a panel at SSHRC—which is, again, most of my experience; I've also done the frontiers fund—the criteria are presented to you on a piece of paper, like a restaurant menu, which you have in front of you as you talk. The committee goes around, essentially using this as a rubric. You have multiple readers. They have a discussion at the end. At the very end, once again, they put up a thing on the screen. They divide the categories into these infamous boxes at SSHRC. They ask, essentially, under “capability” or “training of students”, which is one that shows up, if it's excellent, good, satisfactory or poor, and the committee has to come to a consensus about that.