You are certainly describing the reality for many corporate structures.   *There are very different types of corporations, some with only a handful of shareholders, some with millions of shareholders.

Most shareholders are passive owners of  shares that represent their financial investment.  That does not make them owners in the same sense as an owner operator.    I am not owner of any of the hundreds of corporations where I am a shareholder.  I have zero 'investment' in the day to day operation of the company.    I am not unusual at all, the average investor has hired a manager to make their investment decisions, including me who has used mutual funds for investments.   If I had a pension, I would be hiring a manager who will hire managers who hire managers to direct the operation of the business.

You are absolutely right about the need to pay attention to profit/loss.   I'm would hope the companies I have invested in have that same concern.   I just have no pretense about my roll.