On the board? Not really unless they're activist investors with some substantial slice of the total shares. The vast majority of shareholders do not actively participate in the compensation decisions of the CEO except perhaps at an essentially superficial approval of the compensation package.

At best one might say a vote against would be to sell the shares, but if public companies broadly all overcompensate their CEOs then it's this tension between leaving most of the market or investing in companies that might make money despite overpaying.