I'm pretty sure that low salaries are a dysfunction of democracies rather than high salaries being a dysfunction of companies. In particular, it's not the case with every company that a couple of people hold enormous shares. And aside from that, even when there is clear evidence that "the majority" gets directly involved in CEO compensation, it doesn't seem that the salaries go down all that much.

Or looking at it differently, if the high salaries were the consequence of an undue concentration of power, we would expect that when one CEO leaves, and a different one who was not previously affiliated with the power holders is installed, the salary of the new one would be much much lower. However, I think this is rarely the case.