Compensation received by chief executives of the biggest US companies surged 11 percent over the past 12 months to $9.3 million on average, The Wall Street Journal reported. Citing a study conducted for the newspaper by management consultancy Hay Group, The Journal said the increase was largely due to decisions by company boards to reward CEOs for strong profit and share-price growth with bigger bonuses and stock grants. The survey covered the 350 biggest companies that filed their statement between May 1, 2010, and April 30, 2011. Viacom CEO Philippe Dauman topped the list after receiving compensation valued at $84.3 million, more than double his 2009 pay, the report said. Larry Ellison, the billionaire founder of Oracle, took second place, according to The Journal. Long ranked among the highest-paid chiefs, he received compensation valued at $68.6 million for the year ended last May 31. CBS CEO Leslie Moonves landed the number three spot with compensation valued at $53.9 million. Overall, the CEOs of media companies claimed four of the top 10 spots, the paper noted.