Whatever the measure, some question whether a CEO deserves the credit for the outcomes for which he or she is rewarded. Peter Voser, CEO of Royal Dutch Shell, Europe's largest company by market capitalization, enjoyed a doubling in his pay in 2011 to 11.7 million euros, largely thanks to a three-year bonus scheme linked to cashflow.
However, the rise in cashflow was tied to three giant projects sanctioned by Voser's predecessor, Jeroen van der Veer - who famously declared that he would not have performed any better or worse had he been paid more or less - and devised by van der Veer's predecessor, Phil Watts.
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