Vittorio Colao, the chief executive of Vodafone, saw his pay package more than double from £6.6m to over £14m last year, including more than £12m in bonuses following a strong performance by Vodafone. This is the biggest dividend payer in the FTSE, Telegraph reports.

Colao, received a £1.1m salary, more than £1m under the company’s short term incentive scheme, and £899,000 in benefits and other payment.

The bulk of Colao's compensation is accounted for by share options worth almost GBP11 million, which vest in June of this year and which cover a three-year period starting from 2009. Colao has, however, committed to hold on to all of the vesting shares for an additional two years. Colao will also receive a salary of GBP1.09 million, up 5% from GBP1.04 million in 2011, although his bonus has fallen by 21% to GBP1.03 million, according to Fox Business.

Vodafone said in May that its net profit for 2012 fell to GBP6.96 billion for the year ended March 31 from GBP7.97 billion a year earlier.