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“Ms. Chao’s 2017 ethics agreement, which she signed before her confirmation, said she would receive a cash payout in April 2018 in exchange for the deferred share units she earned while serving on the board, effectively severing her financial ties to the company,” the Journal notes.

A DOT spokesman also defended Chao by claiming the ethics agreement was flawed, because Vulcan's corporate policy is to compensate directors' deferred share units in shares of the corporation's stock.

The retention packages will consist of completely deferred share awards for directors and managing directors, people close to the matter said.

In addition the company had agreed with shareholders that there would be no bonus awards under Chime's deferred share policy while it also ran another scheme, the co-investment plan.

Earlier this year, Mr. Jenkins said he would forgo his 2012 bonus – estimated to be worth up to $4.3 million – though he was given deferred share options worth around $8 million last month.