The highest paid CEOs actually run the least successful companies, according to study

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The most underperforming CEOs are the highest paid

High pay doesn't necessarily correlate with high performance.

In fact, thanks to information found in a new study from MSCI, the opposite seems to be true.

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The study focused on 429 U.S. companies over a 10-year period.

According to a summary of the report by CNN Money:

"The report found that average shareholder returns over the decade were 39% higher when a company's CEO was in the bottom 20% of earners compared to a CEO in the top 20% of earners."

In other words, CEOs who were paid significantly less on average were able to retain a higher amount of shareholders in their company than CEOs who were paid more annually.

This same pattern was also found in another part of the study, where data showed that CEOs who were paid "above average" in their sector had underperformed in comparison to other companies in their sectors where the CEOs were paid below average.

Underachieve and get over-compensated? That seems to be the trend.

As MSCI put it themselves:

"Has CEO pay reflected long-term stock performance? In a word, 'no.'"

Now, take a look at the top rated CEOs of 2016:

20 PHOTOS
Glassdoor list of top 20 CEOs 2016
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Glassdoor list of top 20 CEOs 2016

#20: Shantanu Narayen
Adobe

Photo credit: AP

#19: Charles C. Butt
H.E.B.

Photo credit: Getty

#18: Aron J. Ain
Kronos Incorporated

Photo credit: Getty

#17: Lynsi Snyder
In-N-Out Burger

Photo credit: Getty

#16: Alex Gorsky
Johnson & Johnson

Photo credit: Getty

#15: Jack Little
Mathworks Inc.

Photo credit: Getty

#14: Mark Weinberger
Ernst & Young LLP

Photo credit: Getty

#13: John Veihmeyer
KPMG International

Photo credit: Getty

#12: John Legere
T-Mobile 

Photo credit: Getty

#11: David S. Taylor
Procter & Gamble Co. 

Photo credit: Getty

#10: Jim Whitehurst
Red Hat

Photo credit: AP

#9: Joseph R. Sivewright
Nestlé Purina Petcare

Photo credit: Facebook

#8: Tim Cook 
Apple

Photo credit: Getty

#7: Sundar Pichai 
Google

Photo credit: AP

#6: Marc Benioff 
Salesforce

Photo credit: AP

#5: Jeff Weiner 
LinkedIn

Photo credit: AP

#4: Mark Zuckerberg 
Facebook

Photo credit: AP

#3: Dominic Barton
McKinsey & Company 

Photo credit: Getty

#2: Scott Scherr
Ultimate Software

Photo credit: Facebook

#1: Bob Bechek
Bain & Company

Photo credit: LinkedIn

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