Yes, and that's one of the dangers of penny stocks. Large cap companies usually aren't controlled by a handful of people. They have stockholders' meetings, and stockholders' votes do count for something.
Not a whole lot, most of the time, but generally if a problem with, say, the CEO is generally perceived, the board will toss him out if shareholders and the press bring pressure.
Recently, of course, things got out of control with Enron, Tyco, Worldcom and so on. The board wasn't doing its job. With luck that'll change now. But in pennystocks people don't, as you say, have any choice.
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