I'm a bit of an admirer of yours, but on this I must interject.
Your argument doesn't alter the fact that executive remuneration is too high world-wide. And your claim that "wages of executives in the private sector are set by the owners of private sector enterprises, i.e., the shareholders" is only true in a cynical way, which could be argued by an overpaid barrister.
I hope you don't think that because shareholders vote on remuneration, then a 'yes' vote means they think the level of remuneration is appropriate. In the USA, a recent survey <https://boardagenda.com/2025/02/13/executive-pay-is-investors-top-concern-for-2025/> found that the number one issue (83%) for investors for 2025 is ... you guessed it, executive pay. And it's not because it's too low.
In fact, the levels of executive remuneration are set by the executive. Yes, they are voted on by shareholders, but often are passed more for structural reasons, inability to effectively oppose in real time, and general inertia and apathy.
Don't get me started on the remuneration of the top few movie stars and sportspeople. An absolute distortion, with far-reaching effects on world happiness and social cohesion.
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