Fat cat Gent ready to explode

Just a wafer-thin £8m option plan, sir...?

Big institutional shareholders in Vodafone are up in arms over plans to award Chris Gent £8m in an extra share options. The National Association of Pension Funds, which represents up to 30 per cent of Vodafone's shareholders, has advised its members to abstain when the company's pay policy is up for approval at the company's AGM on 25 July. The NAPF report said: "Vodafone's salary levels are already in a class of their own. The level of the award is way above the norm for UK-based executives, including those operating in international concerns." Vodafone faced a similar furore last year when investors forced the company to climb down over a £10m reward to Gent for successfully managing the Vodafone takeover. The company has been forced to issue a new round of share options after the company's plunging share price left the previous round underwater, making them almost worthless.