Executives at Cable & Wireless will receive a bumper pay rise after the split of the telecoms company’s two divisions and a number of top managers will be honored with a boost to their controversial long-term incentive plan awards.

Bankers will collect £22m from Cable & Wireless's plan to split itself in two while shareholders will not receive a dividend boost.

The company disclosed the details within its prospectus for the demerger of the company’s UK business, Cable & Wireless Worldwide, by March 26

The documents claims that Tony Rice, chief executive of the international division, which has been rebranded Cable & Wireless Communications, will receive a £100,000 pay rise, to £700,000, after the split.

While, Tim Pennington, chief financial officer of the unit, will be paid £500,000 a year as a base salary in contrast with the earlier pay of £400,000. Both executives will also be eligible for a bonus of up to 150 per cent of their salary.

Along with them, Lawyers and accountants at Allen & Overy, Linklaters and KPMG will also receive their benefits for their advice on C&W's plan to split its UK and Caribbean businesses into separately-listed companies.

C&W has agreed to divulge an additional £30m into its pension scheme and raise $500m (£313m) through a bond issue with an aim to pave the way for the demerger.