24 06 02 Vodafone has defied its shareholders with a substantial pay deal for chief executive Sir Christopher Gent and other senior directors. Chief operating officer Julian Horn-Smith and financial director Kenneth Hydon are also benefiting from a large share award. They're receiving special bonus shares, together with incentive award shares. This is despite the sharp fall in the group's share price and last month's announcement of the biggest loss in UK corporate history. Vodafone made a loss of £13.5 billion after nearly £20 billion of write-downs and other charges related to acquisitions. Shareholders have pleaded with the group to restrict the use of share options in its new pay policy. Vodafone's annual report shows that Sir Christopher has been awarded the second-half of his controversial bonus - a £1.5 million share package - after achieving the necessary performance targets. Sir Christopher was granted the bonus, originally worth £10 million, following the company's takeover of Germany's Mannesmann two years ago, and has already received half in cash. The second half, made up of 1.6 million shares, was originally worth £5 million. But as Vodafone's share price has dropped significantly, the value of the bonus has fallen to about £1.5 million. It has also been disclosed that, in the year to March, Sir Christopher scooped a £2.4 million pay package, made up of £1.2 million salary and £1.2 million awarded under an incentive scheme.