Fee pressure - who can afford good Corp Governance?

As an afterthought to the previous entry just one question: if more and more assets move to passive instruments and fee income of the investment fiduciaries is under sustained pressure, who can then afford to pay for detailed corporate governance? The work cannot just be done by some second-rate professionals as the task requires detailed analysis, maybe even more so than the task of buying or selling shares at the right time. And letting a few proxy agencies take over the whole process it not that cheap either when you consider wafer-thin fees on passive products. This is apart from the question of who monitors the proxy agencies and competitive aspects if two or three providers dominate the field. Activist Investors to the rescue? But they want more than a pound of flesh! And are their motives aligned with the interests of the ordinary saver and investor?
(16-Aug-2017)