While a somewhat extreme view, there is much truth in this. Read the whole article not just this reading-bite:
"Where do such directors come from? In U.S. companies they are typically chosen by shareholders, but in a system so rigged that it may be the closest Western analog to a Soviet election. The incumbent directors nominate all the candidates (usually themselves), severely limiting the voters' freedom of choice. Withholding votes in protest is both useless and dangerous, because it has no effect on the outcome and — if practiced by big investment firms — can even elicit retaliation from management (which has the power, for example, to decide who invests the company's pension money). Directors know that the quickest way to lose their well-paid positions is to criticize the CEO."