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Vodafone faces storm over 'excessive' pay

Sun, 2010-07-18

Mail on Sunday

Vodafone is expected to unveil improved trading figures this week, but faces the wrath of shareholders next week over executive pay.

A first-quarter trading statement on Friday for the three months to June is forecast to show group revenues have declined 1.8%, but that will be better than the 4.4% fall in the same quarter last year.

Revenues in Britain are expected to be flat compared with a 4.7% decline previously, an improvement helped by strong sales of the iPhone.

But the group faces a storm at its annual meeting on Tuesday next week after investor advisory body Pirc told shareholders to vote down the company's 'excessive' remuneration policy.