Average CEO compensation was up 16% in 2005, according to a new report from a corporate watchdog group. Interestingly, of the 12 companies with the most highly paid CEOs, eight underperformed their peer groups while their CEOs took home betweeen $83 million and $295 million in 2005.

I guess CEOs answer to different performance evaluation criteria than the rest of us peons do.

Celebrity CEO Barry Diller of IAC/Interactive took home the biggest compensation package in 2005 — raking in $295 million (including salary, bonus, exercised options, and other perks). Capital One Financial CEO Richard D. Fairbank was close behind with $249 million in compensation. Check out the full list of highly paid CEOs.