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Shareholders rise against £10m Gent bonus

By Joey Gardiner

Published: 10 July 2000 14:05 BST

Vodafone is facing a potential shareholder revolt over the payment of a £10m bonus to CEO Chris Gent.

Leading the revolt, the National Association of Pension Funds (NAPF) has recommended its members show their disapproval by abstaining on votes in Vodafone's AGM this month.

Gent is due to receive £5m in cash and a further £5m worth of share options in the approved package. Six executives have also received substantial gains.

A source close to the situation at Vodafone said the payment of the bonus was merely to bring Gent's salary in line with industry peers. He said that mass abstentions by NAPF members would not threaten Vodafone policy.

Vodafone is thought to be 45 per cent owned by UK institutions.

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