According to the Mail newspaper, church leaders could protest the payment - currently valued at £115 million - set to be awarded to Persimmon's chief executive Jeff Fairburn.
The Church of England, along with the Methodist Church, holds shares in the company, which boasts a workforce of 4,500 across 29 regional UK offices.
Both denominations - which boost investment portfolios of £10 billion and £1.3 billion respectively - told the Mail of their dismay at the scale of payments to reward good performance.
The Mail reports that 140 managers at Persimmon are in line to each receive a share of a bonus package currently valued at £800 million. The first instalments of payments were made late last year.
The Church of England voted against the firm's board over executive pay during last year's annual shareholder meeting and is considering a second protest vote when shareholders meet in April.
Payments made to the top brass at Persimmon depend on how much each share in the company is worth. Based on the company's share price on Friday afternoon, Mr Fairburn would receive £115 million.
The Church of England has been keen in recent months to appear ethical in its investment activities. Leaders announced last November that they may pull out of firms which invest in energy-extractive industries.
Premier has contacted Persimmon for a response.
Stay up to date with the latest news stories from a Christian perspective. Sign up to our daily newsletter and receive more stories like this straight to your inbox every morning.