[vonmoltke]

> Suppose index funds collectively own 80% of the shares. If they don't vote or do something that causes their vote to equal the other shareholders, someone else can buy 10% of the shares and effectively have majority voting power, or even fewer than that since most likely some of the other non-index fund owners wouldn't vote either.

Instead, they vote the board recommendations, disenfranchise all the individual shareholders, and rubber stamp almost anything the board wants. I'm not sure that's any better.