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Finance chief executives get 20 percent raise

A group of 50 finance chief executive officers (CEOs) whose 2011 compensation

A group of 50 finance chief executive officers (CEOs) whose 2011 compensation was compiled by Bloomberg experienced a collective raise of 20 percent.

Every year, the media outlet produces its so called "Finance 50," which delineates the highest-paid CEOs at the U.S.-based corporations with the largest market capitalization. Henry Roberts Kravis, who runs buyout firm KKR & Co., was compensated with $30 million by the company's board, Bloomberg Markets magazine reported in July.

This makes him the highest-paid member on the list, according to the news source. The second-highest paid executive was George Roberts, Kravis' cousin and co-chief executive officer, who was paid $29.9 million.

The high compensation as awarded during a year when 33 of of the 50 largest financial companies experienced negative share returns.

The boards of directors at these companies need to lend more credence to stock appreciation when determining how much executive will be paid, Hugh Johnson, who manages $2 billion as chairman of Albany, New York-based Hugh Johnson Advisors LLC, told the news source.

"The performance was abysmal, and people were overpaid," according to the media outlet.