The Conference Board Governance Center White Paper

American economic success depends on establishing an effective system of corporate governance. Collaboration between the three traditional actors in corporate governance—boards of directors, management, and shareholders—is fundamental to identifying the corporate governance policies and practices that will be most conducive to producing economic growth while reducing attendant financial and legal risk. This white paper was developed to assist the Task Force on Corporate/Investor Engagement in achieving its objectives by providing an overview of the evolution of US corporate governance and describing the principal issues in corporate governance today.

See also:

Recommendations of the Task Force on Corporate/Investor Engagement
The task force examined the facts, the issues, and the policy implications of the current state of US corporate governance and here offers their recommendations.

Guidelines for Engagement 
Direct engagement between companies and their investors is in early stages, but is likely to become a permanent, although less formal, part of governance of US public companies.