> Taken to its logical conclusion the alternative would mean that nobody is entitled to make a decision about anything without taking a referendum on the matter.

I think a much more generous reading would be that taken to it's natural conclusion this would mean that leaders in the workplace would govern more by consent and not by fiat based on their ability to wield economic power within the corporate structure as lever to coerce workers in to faithfully executing their commands no matter how ridiculous or counter-productive.

Corporations are constituted entirely by laws which evolve under democratic processes and those laws have already been used to limit, structure, and shape the power that corporate managers hold. They cannot defraud investors, they cannot imprison or lash their employees and so on. So is it really unimaginable that there might be some kind of democratic legal reform that would place other limits on their powers without requiring death by a million referenda? I don't think so.

In fact, I think there's probably every reason to believe that, if anything, shareholders would be even better served by preventing executives and middle management from building fiefdoms loyal to them personally which are often not really in-line with the goals of the institution.