Sir Christopher Gent, speaking at a dinner during the 3GSM conference in France, said his inflated pay was based on US levels.

The Times and Telegraph newspapers suggested Mr Gent now "regretted" the package, and wished he had insisted it was too high.

Mr Gent, who quits as Vodafone chief in July, has received has widespread criticism from both shareholders and analysts over the level of his earnings.

In 2001, Mr Gent outraged many investors by amassing �6m through salary and bonus payments - for the year when the mobile phone group reported the biggest loss in UK corporate history.

Regrets

He has now suggested his pay deal should have been based on European counterparts.

Last year, a more modest chief executive's package of �1.9m was voted in by shareholders.

A spokeswoman for the group told BBC NewsOnline that Vodafone made a point of allowing shareholders to vote on pay schemes at the firm's annual general meetings.

In July 2002, 89% of shareholders voted in favour a Mr Gent's package for 2003 which includes a basic salary of �1.2m plus a further �3.9m in bonuses.

Smoothing over

Earlier this week, German prosecutors said Mr Gent was not among executives being charged in connection with illegal payments during Vodafone's takeover of Mannesmann in 2000.

The charges relate to a multi-million-dollar bonus package given to senior Mannesmann executives, after they had agreed to the �112bn ($179bn) merger.

Prosecutors are questioning the payments, which were seen as a way to "smooth over" original reluctance towards the deal.