Buck Stops Here
You may, and in most cases should, have your employees make many of their own decisions. However, ultimately the responsibility for the final decision rests with the manager. When it appeared that insulation might have damaged the space shuttle wing, it was a manager who had to make the decision. It's the manager's job to make the decision, right or wrong.
Somebody Always Wants Your Job There is always someone after your job. Sometimes several people are. As a first line supervisor, you may have several people in your group who think they could do your job better and are actively working to get that chance. As CEO of a company, you have several people within your own organization who want your job and more people on the outside who are after it as well. They may not agree with the decisions you made (see above) or felt they could have made better decisions. You may have actually made a wrong decision and they will use that as leverage to try and push you aside.
The higher you go in any organization, the fewer positions there are at that level and the more competition there is for them.