Blame Investment Managers for failures of Governance?

Daniel Pinto, a co-founder of the New City Initiative, a campaign to promote better corporate governance, blames (institutional) investors for being too much focused on short-term moves in share prices (The Times, February 3 2014). The problem as I see it is that just one more 'initiative' will at best bring a marginal improvement - and even that at a glacial pace. Lack of coordination among all the proponents of better corporate governance - and lack of accountability linking major investment fiduciaries and the real investors, i.e. the man on the street - are the main obstacles to a real change in corporate governance.
(4 Feb 2014)