With the "ownership society" vanishing, can we create a "fiduciary society"?

From Jim Webb's Op-Ed in The Wall Street Journal:

When I graduated from college in the 1960s, the average CEO made 20 times what the average worker made. Today, that CEO makes 400 times as much.

From a speech by Vanguard founder John Bogle, accepting a leadership award in Colorado:

[T]he “ownership society”—in which the shares of our corporations were held almost entirely by direct stockholders—gradually lost its heft and its effectiveness. It is not going to return. In its stead, a new “agency society” has developed, with financial intermediaries controlling the overwhelming majority of shares. (Since 1950, institutional ownership has risen from 8 percent of U.S. stocks to 68 percent; individual ownership has dropped from 92 to 32 percent.)

Bogle sees the imperial compensation packages of CEO's (not to mention their back-dated stock options) as symptoms of deep trouble in the investment world.

Fox are roaming the farmyards, and nobody (certainly not shareholders' "agents") guards the chicken coops.

Ideally, the solution might be to go back to direct investments in stocks and bonds for every portfolio over $100,000. Get rid of the passive intermediaries. Not likely.

More likely is increased government regulation, leading us nearer and nearer to state capitalism. (China and Russia will be glad to give us pointers.)

Can't there be a better way? All ideas on how to move from an "agency society" to a "fiduciary society" will be gratefully received.