Vodafone pay package backed by ABI with blue top approval

VODAFONE’S pay package was yesterday classed an inoffensive “blue top” by the ABI, which recommended shareholders vote in favour of the remuneration report.

Vittorio Colao, chief executive of Vodafone, was paid £3m in salary, bonus and benefit payments in 2011, a year in which Vodafone dished out a hefty £10.2bn to its investors and became the top dividend payer in the FTSE 100.

Colao was also awarded a staggering £11m worth of shares as part of a long-term incentive plan, which paid out last week.

The ABI report will come as a relief to Vodafone after a season which has seen a string of major companies’ proposed pay packets defeated by unimpressed shareholders.

Almost 60 per cent of WPP’s shareholders failed to back chief executive Sir Martin Sorrell’s 60 per cent pay rise last month. The ABI marked his £12.9m remuneration package with a “red top” warning.