When I am annoyingly underwater on a stock I vote against every director and against every payment to directors and executives. I especially dislike new stock options after a stock has fallen; there should be no reward for correcting poor performance to mediocre.
I agree with that last part only. On the first, it may or may not make sense to vote against the slate of directors. It's unfortunate that more folks don't take that responsibility seriously. In particular, it is mutual funds that prevent meaningful exercise of corporate governance by blindly voting in favor of incumbents or not voting at all.
On your second point, it's just frigging travesty that managements are able -- on losing shareholder value -- to reprice their options. This is the most egregiously stupid thing. How do they get away with this? It's obviously appallingly corrupt and should never happen.
If I were a Congressman, I would seek to criminalize it. It's grotesque.