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I'm focusing on mutual funds because, when you own shares of a fund instead of shares in the business directly, you don't get to vote (usually) even if you want to.
And now I'm going to focus even more specifically:
Most stocks these days are held not only in mutual funds, but in index mutual funds, where they literally don't make the decision you just cited as the thing that keeps the corporate boards aligned with the shareholder values. They just buy every company weighted by market cap instead, and in so doing, jettison all of that kind of influence they would have otherwise had.
In summary, mom & pop investors (i.e. folks who invest entirely or almost entirely via the index funds offered by their 401(k)) are not only disenfranchised in terms of share voting, but also don't actually choose what companies to invest in -- the fund managers and 401(k) plan administrators have taken all of that power from them.
Do you see the problem yet?
spoiler
To be clear: the takeaway should not be "index funds bad" -- I like index funds and own index funds. The takeaway should be "every mutual fund should be required by law to offer pass-through voting of shares."