How does a salary of an shareholder (who is also President/Owner in the company) get determined for a small business

Example situation:

* Owner of Company: owns 90% stake
* Investor in Company: owns 10% stake
* Company makes $300,000 in profit at the end of the year

Can Owner of Company set his salary to $300,000 effectively making profit of $0?

Follow up questions: 

1. How is a "fair" salary determined in relation to profitability where "fair" means future investors would feel comfortable investing
2. Under what circumstances would it be possible for shareholder to request salary information and profitability information from the Owner