One thing I’ve found to be universally true: Those in power want to stay in power and they want more of it. CEO’s are no exception to the rule. The BoD’s should check their excesses but generally don’t because they are all on the same team. We shareholders are basically just spectators watching the game from the stands. Occasionally we might get to boo a player off the field, but not very often. ;)
As we grow up in life we learn that there are no 'easy' jobs and there is no free lunch. Hiring someone is hard work and firing him is also hard work. The fact that it's harder work than what our precious 'rank-and-file' do is the reason that managers and owners get paid so much more.