About 10% of proxy votes were against the scheme, which would award 8m new share options to Sir Christoper Gent, chief executive. Another 30% abstained.
In a statement to the press Lord MacLaurin said: The complexity of the remuneration policy allows for misinterpretation, and a significant number of shareholders have abstained or voted against it.
The abstentions and protest votes were not enough to derail this year’s pay scheme, which will go ahead as planned. However, the chairman promised the company would conduct a thorough review of the remuneration arrangements next year.
Management at Vodafone argues that the bonus scheme is based on a fair comparison with its peers and includes tough performance targets. Lord MacLaurin told shareholders: We have to keep the management team together and we are unashamedly going to pay the very best possible salaries to the very best people.
However, he added the company did not want to be seen as arrogant and was very conscious of the feelings of shareholders.
Vodafone shares were trading nearly 3% lower at 139.87p on Wednesday afternoon in London.
