Your argument does not negate OP's argument.

I don’t understand what OP is arguing but would be interested to find out.

Who is on the board ? Often CEOs float around between boards, they are almost never going to decrease the pay or not raise it, unlike how it works for the rest of us.

Too often correct. But in a case where Founder1 and Founder2 have absolute majority voting control, the Board is extremely unlikely to play such "obviously we'll vote to give each other raises" games. They are sitting in those cushy Board seats - or not - at 1 & 2's whim.