No, that's how a republic might work. In democracy companies are not allowed to yield such power, and people elected can be revoked at any time....
Yes. Democracy (government by the people) was the ancient Athenian ideal of direct government.
Republic (res publica, administration of public "things"/affairs) is the roman inspired version - but it just means that the country is considered to be governed as a whole "public thing" by some body, as opposed to being a thing belonging to the emperor or king, etc. to do as they wish and for private gate).
A republic doesn't have to be democratic - a cadre of "wise people" could e.g. govern one to the exclusion of the public at large. Or the public might be given some token participation (like voting for one of several bodies of government, or merely voting for electors to elect the actual government, etc., and/or, common too, voting for people with fixed 4-5 year terms on abstract platforms for the whole term taken wholesale).
The discussion is blurred because modern republics (almost everyone) often label themselves democracies because "vote".
Seeing companies cozy up to elected officials reassures me that those elected officials still wield power. When companies abandon elected officials, ignore them as irrelevant, then we know that our elected representatives are not in charge and democracy no longer matters.
That is the system. Companies that want to make money need to keep on the good side of people in power. But isn't that how democracy works? Better that they adapt to every incoming elected administration than have them hold loyalties to old regimes. Seeing them so regularly bend to the will of voters isn't a horrible thing.