Yes, the delay in punishment is a huge problem. 3M is facing fines easily pushing them into bankruptcy... so even when the punishment is severe enough, it's too late, huge damage has already been done.
The problem is that even this is not a disincentive, whether or not they know it, executives use these artificial constructs "companies" as vehicles to extract money, the smart ones play hot potato to prevent personal liability once they see what's ahead, instead of blow the whistle - it's immoral, I don't know how to fix it. Perhaps the only way is education, even MBAs need to be made to appreciate the value of environment and the potential ecological and biological consequences of their negligence - I think most of them probably down play it even in their own mind, as a kind of "gotta break some eggs to make an omlet" mentality, that there is always an environmental cost, but lacking the historical knowledge and imagination of how such costs can vary qualitatively and quantitatively with orders of magnitude in separation.
I trust a lawyer more than a CEO because a lawyer has ethical obligations.