But not everyone is happy.
In leaked e-mails, one former male colleague, who blamed the payoff, noticed that he might have been better off if he had "a pair like Avril".
The bonus, which is almost 60 times its £ 525,000 annual salary, is the result of an incentive plan set up four years ago to grow the parent company.
It is related to a rise in the share price.
In addition, she will also receive an increase of eight per cent on her basic salary.
The company, which is owned by British Car Auctions, defended the huge payout by saying that it had to pay a "competitive" rate
As Executive Chairman of BCA, Ms. Palmer-Baunack is believed to be the highest ever paid female manager of a company listed on the stock exchange from London.
It is not the first time she has received a multi-million pound bonus.
She defended a payout of £ 7.1 million from the company in 2015, a year after joining him, saying: "Anyone who says they do not want money talks about b ******* .
"We all want to make money for our family."
The Edinburgh-born boss is married to a German executive at Volkswagen and has an adult son and daughter. Not everyone who deals with the company, which auctions about 750,000 used cars a year in the United Kingdom, is in the clouds about the £ 29 million bonus from Palmer-Baunack.
She faces the prospect of a shameful uprising of shareholders at a meeting this week.
Her last bonus has also been criticized by City experts.
In a report to investors, the influential consultancy firm Glass Lewis called it "exceptionally disproportionate".
Big payouts for company managers can become less in the future.
Last year, Theresa May announced plans to condemn listed companies that attracted exceptional levels of shareholders' complaints about the salaries of bosses.
Mrs. Palmer-Baunack is the former chairman of Stobart Group, one of the most important companies in the field of infrastructure and support services.
The 54-year-old has spoken vocally in the past about women in the workplace.
She said she was "very cynical" about the existence of "glass ceilings" – the term used to describe the limitations of career opportunities for women in large companies.
She explained: "When you stand up and do a good day, you become respectful."
The mother of two started her career at a car rental office in Kennington, South London, where she said she discovered "how it was all about selling".
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