Right. And never mentioned is how the upper echelons of business, making millions a year, could take that money and reinvest it in the business instead of skimming off the top. They are never held responsible for the destruction of a company but are quick to take the credit (and money) when a company does well.
And please, don't give me that "they built the company" song and dance. Some did, yes. But today, most of the Board of corporation are cronies brought in to skim the top and reap the rewards.
I knew a guy who was on six boards of corporations. Never worked for them prior to being on the Board yet he would go to two meetings a year and make six figures off of each one.
It the end, it is the responsibility of the shareholders and purchasers to keep excess in check, not government.
It is because of government in the first place the upper echelons of business are bloated and over compensated. Your example of the person you knew on all those boards is not just in business. It goes throughout our system, in business, in academia, and in unions. It is usually because of influence with government for pay.