The board of directors of any corporation are supposed to represent the interests of the shareholders.
It is not in the interests of the shareholders to lay-off workers while paying the board members millions. Any corporation benefits from increased productivity, and when one single board member costs the company more than 400 employees that is not beneficial to the corporation, nor the shareholders. When twelve board members all receive an average of over 200 times the lowest, that's 2,400 jobs.
Privately owned corporations may do as they please, but once a company goes public, they need to have the pay-scale of senior management limited by the SEC. Restricting total compensation to a "mere" 50 times the lowest-paid employee will give incentive to raise pay, bring outsourced jobs home.