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Nice idealistic thoughts, but the board of directors controls a company. Share holders can't do much except for vote for whomever they put on the proxy.

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I think your comment reduces to "The board of directors controls a company, and shareholders have the power to vote for members of the board of directors". I agree. And before this event took place, 59% of shareholders votes were held by Sergey and Larry. This means that Sergey Brin and Larry Page held the majority of shareholder votes.

Within limits, shareholders can elect the board of directors, right?

In theory yes. But let's say 80% of company X shareholders wanted a large one time dividend payout but the executives of company X don't want to do it.

At the next board election they simply choose two candidates but both who agree with what the executives want.

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