(Lack of) Control and overseeing management in public (and private) companies is a whole another issue entirely, and it affects all the shareholders alike. I don't think unions help here - they just make everything more complicated.

But the point is - if the company granted me some equity, than I participate in the upside and even if certain decision seems not perfect for me as a employee, and they "just benefit the shareholder", I am too a shareholder, and at least I might get some dollars to wipe away my tears.