Neither of these options are what has been commonly referred to as “piercing the corporate veil”: hold the shareholders accountable for the decisions of their hired executives. We’ve been talking about this exact issue so long that it has a name we’ve stopped using.

https://en.wikipedia.org/wiki/Piercing_the_corporate_veil

If a company is being fined millions of dollars it’s likely because they made decisions which should reasonably land those responsible in prison.