I can imagine a scenario where an approval board of 3 or 5 people paid 1/10th a CEO's cost must approve the actions that the iCEO is suggesting rather than give

I can imagine a scenario where an approval board of 3 or 5 people paid 1/10th a CEO's cost must approve the actions that the iCEO is suggesting rather than give it full autonomy to act indiscriminately. They'd effectively become executive assistants with veto power. If there aren't many things for the iCEO to do, then the board doesn't even need to be employed full-time and perhaps it could even be offloaded entirely onto the company board with a rotating schedule. Though, I imagine many board members don't like the idea that their involvement would then become more involved and they wouldn't be able to sit on as many boards collecting some nice comp/benefits.