Public corporations are capital organizing for increased impact and negotiating power. Unions are labor organizing or banding together for increased negotiating power. The former looks like it is enshrined in our culture and law. The latter is under attack, often successfully (e.g. the anti-union politics of Scott Walker, Wisconsin governor).
However, I’m not sure capital’s power is not being undermined also. C-level management (CEO, CFO, etc.) is taking power and money away from both capital (shareholders) and labor. The millions and sometimes billions paid to the C-level means less for labor and shareholders, directly (dividends) and indirectly (capital gains).
The Board of Directors is theoretically in charge of compensation, but C-level has quietly banded together also. Boards are sometimes appointed by the CEO or President. Boards are often interlocking, the CEO at one company is on the boards of other companies, and vice versa. There are efforts to break up this overly cozy arrangements, but they are piecemeal.