This has been a big problem for years now. I have to vote on all of the shares the foundation I work for owns, which is a considerable amount, and one of the instructions from my boss is to vote "no" to the election of any board member who doesn't own a substantial number of shares. It's really important for a board member to have an investment in the company they help navigate.

Having done this for about a decade now I see that so many board appointees are simply people who know people, people who can grease palms, favours, and not people who have a vested interested in running a company responsibly.