Kinetics vs Thermodynamics
"...chemical equilibrium is governed immensely by activation energy of the reaction."


This sentence is incorrect. The relative amounts of species in a chemical equilibrium are not at all influenced by the kinetics; if anything, kinetics are influenced by the chemical equilibrium (such as in the Marcus theory of electron transfer reactions). A rigorous derivation of the expression for an equilibrium constant can be made with no direct reference to reaction kinetics.

Chemical equilibria are what happens to systems after they've been left without interference for an infinite time; any system must reach a steady state in finite time, otherwise it would essentially be a perpetual motion device. In other words, for a chemical equilibrium to be achieved, the system is given more than enough time for any finite activation energy barrier to be overcome.