The problem is, he is meeting the standards the Board have set. It is crystal clear they are happy with him. In fairness to them and Wenger, they have had to set and meet criteria that has been unique to Arsenal in that a team good enough to reach the ECL in the run up and aftermath of the stadium project was required.
The problem as I see it, is that neither the Board nor Wenger have moved on from that mindset. Fans like myself that tolerated that strategy have now moved on and want a team built that maximises the resources the Club has at it's disposal. That this is not happening and unlikely to happen with Wenger in charge is why I want a change of Manager. But until the Board move on in the criteria they set, there will be no change and I fear the only way we will see a material change is when we finish outside the top 4. And by in large, failure to finish in the top 4 has been the main impetus fir managerial change at other clubs with a realistic aspiration of ECL qualification.