Who is responsible for the corporation?

Corporation: An enginous device for obtaining profit without individual responsibility - The Devils' Dictionary, 1911 

The Devil's dictionary is so funny because it often hits us with the truth. Who is responsible for the modern corporation? Is it the managers? It is clear that after the GFC the government was unwilling to make individuals responsible for the wide housing fraud. The shareholders provide incentives to managers but are often unwilling to discipline managers except if they do not drive earnings higher. The Jensen-Meckling view of making managers accountable as owners through stock and option grants seems to have been abused by many. Shareholder votes are hard to use as method to impose specific behavior. The question is whether the large corporate has gotten too big to be controlled by any individual with responsibility for their actions.