@eboado thanks for your patience.
Did a bit further analysis, although not able to see exact Governance participation from stkAAVE recipients via the Liquidity Mining program.
The beneficiaries of this program seem stark, with Justin Sun receiving the most for a single address:
His address, 0x3ddfa8ec3052539b6c9549f12cea2c295cff5296 (as verified by Etherscan), has received a total claim of 111,989.69 tokens.
This governance power you allude to - 19% seems to go to one individual and 42% to the top 5 address.
You can check out the rest of the analysis here - Aave LM Incentives Claim.