MY ARGUMENT for NO:
No doubt, employees form an important part of the the capital assets, known as Human Capital, of the company, BUT
1) If companies can make the Sun to start rising from the west, then they can make their employees to be involved in deciding the salaries of their Managers and CEOs.
2) Also, if the companies are the believers of the communism, they can do so.
3) Still further, if the companies are the believers that no command should remain there and the managers should not be made accountable for the productivity, they can go ahead with the proposed idea.
HOWEVER, the companies must start taking not only the feedback of their employees about the leadership qualities, attitudes, management capabilities and employee relationship, etc., to judge the leadership characteristics & traits of their managers and CEOs, but also get their active involvement in the decision-making process. BUT, it is neither advisable nor possible to make the employees decide about the salaries of their Managers & CEOs. Needless to mention, salaries of the CEOs are decided by the stake holders, i.e., the shareholders of the companies and he salaries of the managers are fixed by the Boar of Directors who are selected by the Shareholders.
If the employees are made to decide about the salaries of the CEOs and Managers, the question would arise, "WHO SHOULD DECIDE ON THE SALARIES OF THE EMPLOYEES?
Should the employees start deciding upon their own salaries, or the CEOs should decide upon the salaries of their employees?