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Vodafone to move on executive pay deals
Finally realises fat-cattery not best policy

By Tony Hallett

Published: Monday 17 June 2002

Ahead of its annual report this week, Vodafone has moved to appease investors upset about levels of executive pay next to a long-term share price decline.

The mobile giant has consulted with shareholders after last year 40 per cent refused to rubber stamp CEO Sir Christopher Gent's £6m pay packet.

New parameters for rewarding the top brass are expected to revolve around tough performance-related bonuses and being easier for outsiders to understand, according to a report in The Independent on Sunday.

While Vodafone shares have declined nearly 80 per cent from their 400p high - at the peak of the telecoms bubble - last month also saw the company post a record loss of £13.5bn, because of write-downs related to the value of assets.