The reformer's battle against excessive executive pay has generated lots of headlines as of late--and lots of vitriol on both sides. But one group has remained conspicuously quiet: institutional investors. 

A study co-sponsored by a union pension fund and a top governance firm have dubbed many of the biggest mutual fund firms--the likes of Ameriprise, AllianceBernstein, Barclays and MFS--mere "pay enablers, notes Fortune. MFS begs to differ.

The fund firm told the magazine that since 2007, it "has determined excessive executive compensation at over 70 issuers and has not supported over 200 directors due to excessive executive compensation concerns." Still, funds are routinely criticized for siding with management on pay issues. Traditionally, these funds have hardly been radical agents of change. Some suggest that mutual funds have governance issue of their own. Other says the costs versus benefits make it unwise for funds to join the activists.

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