Human nature being what it is, it was never going to be a case of one man one vote on the "transfer committee". Some people just assert themselves more than others, the thing is how Kinnear as a non-football man can bring things together.
It would not be a surprise if Smith defers to Moyes as they worked together previously and I doubt he would be here now if Moyes did not agree to his appointment, whether he was asked about it or not.
I don't agree with the DoF model, but don't agree with the manager calling most or all of the shots either.
Very few clubs have worked this out in a way that brings consistency of outcome at or above expectation.
You could only hope that for any given potential transfer, if there was a strong dissenting voice against, that it would be heard.
As it is, I think it would be more a case of Smith signing some players, and Moyes others, much along the lines of Manager/DoF. That's probably the reality for most clubs. They probably have much the same opinions anyway.
The bigger test is when Moyes leaves, and what his successor makes of this way of doing things. Smith (assuming he remains on afterwards) will probably have increased influence then. Kinnear and TFG will, I assume, be inclined to filter potential manager candidates and screen out those who would have an obvious issue with this structure.
I am more inclined by the day to think that Moyes will have done enough by the end of the season, and should be let go with thanks then, and given January should not be hugely busy, a lot of this may be moot.