Everyone forgets that things like leadership and management provide value, and deserve fair compensation. Simple ownership can provide some value, if the owner(s) are putting real capital at real risk in order to operate a business which creates a product or service.
For large companies, there is no real risk. They regularly get bailed out by government (i.e., taxpayers, all of us). "Privatize rewards, socialize risk," you know.
Owners ultimately determine the direction of the business, and the compensation of all labor. When executives have giant compensation packages, where a huge proportion of that compensation is in the form of company stock - more ownership - and they're protected by giant golden parachutes, so that they get a big cash out even if they fail miserably, those owners take on no risk whatsoever. Executive ownership inappropriately pits labor (that which adds value but does not have control) and ownership (that which does not add value, but does have control) against one another, in the same person, high on the power ladder of a company. Executive owners are incentivized to serve the purposes of the ownership portion of their roles, because that is what brings them personally more wealth.
Not only should "regular" labor see a greater share of compensation, the amount that anyone is compensated with company stock should be limited to a very small fraction of their overall compensation amount. If you want to add a stock incentive to someone's compensation, it should really be in the form of options.