Again, just wishful thinking. Most company options fade away,...

Again, just wishful thinking.

Most company options fade away, because the vast majority are never exercised.
Board members know this fact.

That's because most options are usually worth less than the exercise price.
I forget the stats but I'm sure that the percentage of options that don't get exercised is more than 85% of all options issued.

No board (certainly not this board) will "work hard" as you put it to make sure they are valuable.

The sad reality is that the board doesn't give a stuff about the shareholders, they only care about their salary and their own shareholding. (And mostly if we'll pay for their next luxury car and holiday flying business or first class)

The company (read board) will just issue another fresh set of options or shares to keep the kitty full so they keep getting paid.

Raising capital is rarely about the working capital for the business, it's more about having enough for the board and staff and their continued salaries.

I have several friends who are retired ex board members and CEOs who don't mind telling the truth.
Sadly they have little or no conscience about their past indiscretions, and those that do sometimes feel a little shame and regret.

As we can all plainly see from the news with the Banking Royal Commission.
Keep firmly in your mind that these loose, illegal and immoral actions and sentiments are not restricted only to the banks, but are prevalent in many if not most Public companies where the "Arses" of the board are not on the line.