Sarin's pay lifts 17% up to $12.1 mn

Vodafone Group Plc gave Chief Executive Officer Arun Sarin a 17 percent increase in total compensation last fiscal year, as the world's biggest mobile- phone operator narrowed its loss and its shares rose.

Sarin received 6.14 million pounds ($12.1 million), including 1.27 million pounds in salary, in the year ended March 31, Newbury, England-based Vodafone said in its annual report on Friday. Sarin received 1.98 million pounds in shares and other benefits from a short-term incentive plan, and 2.89 million pounds in shares from a long-term incentive program.

Vodafone narrowed its full-year loss to 5.43 billion pounds and last month forecast fiscal 2008 sales that exceeded some analysts' estimates because of higher growth in emerging markets. The company, which completed its purchase of a controlling stake in India's Hutchison Essar Ltd. in May for $10.7 billion, also boosted its dividend by 11 percent.

Shares of Vodafone rose 0.9 penny to 163.2 pence in London. The stock rose 13 percent in the 12 months through March.

Sarin, Vodafone's CEO since July 2003, was paid 5.23 million pounds in fiscal 2006. He received a salary of 1.25 million pounds, short-term incentives of 1.48 million pounds and 2.49 million pounds from a long-term incentive plan.

Vodafone boosted compensation for director John Bond, who was promoted to chairman last July, to 374,000 pounds from 95,000 pounds a year earlier. Bond made 363,000 pounds in salary and 11,000 pounds in benefits in fiscal 2007.

Shareholder Resolutions

Earlier this month, Vodafone shareholder group Efficient Capital Structures proposed that Vodafone should return 38 billion pounds to shareholders by spinning off its Verizon Wireless stake and issue bonds.

Vodafone rejected all of the proposals.