They can only give and take away TOP's sanction and that is only because we are 6th in NS but under 200 members. We have for a long time been sanction worthy, but have not had 200 members required. Just because Vox can ghost an AA doesn't mean they have power, it just means the current sanction system is flawed.
EDIT: Also by your logic any 30 member alliance has just as much power as Vox. If any alliance would have ghosted our AA we would have gained a sanction. The ability to ghost is not some unique power possessed by Vox.