I can't really argue against that. The tragic reality is that all board members are just paid employees and shareholders serve only two purposes.
The first is the initial purchase of shares to provide start up funds and the second is to have their votes at the annual general meeting.
All shareholders can do is hope that board members like their jobs and want to keep them so will be doing their best to make whatever company it is, as successful as possible.
What allows shareholders to sleep at night is that their investment is making them richer (that is the hope anyway). In the end, it isn't whether investors like who is running the company but how good the company is going. We shareholders are rather mercenary, aren't we
