Why does it say "Hinave"? It discusses kings who already caused Bitul of Malchus Beis David!
Malbim: It discusses future kings, but also current kings that began [the ruin].
Who are "Ro'ei Yisrael"?
Rashi: They are the leaders of Yisrael.
Radak: They are the kings. Since the nation is depicted as a flock, the kings are called shepherds.
What do we learn from "Asher Ro'im Osam"?
Rashi: They graze themselves 1 . They get pleasure from money of their colleagues under them.
Radak: The same applies to "va'Yir'u ha'Ro'im Osam" (8) and "va'Yikvor Oso va'Gai" (Devarim 34:6) ? [Moshe] buried himself. Also Yonason translates 'woe for leaders of Yisrael who finance themselves ? they were appointed to finance the nation!' The kings engaged in their own pleasure, and were not concerned to conduct the nation properly.
What is the question "ha'Lo Tzon Yir'u ha'Ro'im"?
Rashi: It is proper that shepherds graze the flock, and not themselves! Radak ? they were appointed to 'graze' (teach) them De'ah, Binah and Haskel, like it says about David, who was a faithful shepherd "va'Yhi David Oseh Mishpat u'Tzedakah l'Chol Amo" (Shmuel II, 8:15). It says about Asa "va'Yomer li'Yhudah Lidrosh Es Hashem? v'La'asos ha'Torah veha'Mitzvah" (Divrei ha'Yamim II, 14:3) and Yehoshafat "Shalach l'Sarav? Lelamed b'Arei Yehudah" va'Ylamedu bi'Yhudah v'Imahem Sefer Toras Hashem va'Yasobu b'Chol Arei Yehudah va'Ylamedu ba'Am", "va'Ya'amed Shefatim ba'Aretz", "va'Ytzav? Ko Sa'asun b'Yir'ei Hashem be'Emunah uv'Levav Shalem" (ibid. 17:7, 9, 19:5, 9).
Malbim: There are shepherds who lead for free and do not benefit from the Tzibur. Their purpose is only to conduct the flock and the flock's benefit, like it says about David "va'Yivcha b'David va'Yikachehu mi'Michle'os Tzon" (Tehilim 78:70). Shemos Rabah says, Hashem tested him with flocks. This was in early generations, but not now. There are shepherds who receive shearings and milk for their wage. He grazes the flock also for the wage ? he grazes them, and they graze him.