The situation that currently exists amazes anyone coming across it for the first time. If 95% of shareholders vote for the removal of a director, the board can ignore it! If 60% of shareholders vote down a remuneration package, their views count for nothing.
The shareholders OWN the company. It should be their company to do with as they wish, subject to the other laws of the country. The directors should be nothing more than employees, whose powers and remuneration are whatever the shareholders award them, and which can be amended or withdrawn at will, by majority vote.