The article discusses how conflicts can arise between company board members and shareholders, who may not have direct control over the company. Shareholders can express dissatisfaction by selling shares or voting in annual meetings. Previous studies have focused on the impact of corporate governance on stock performance, but not much attention has been given to the costs borne by shareholders in trying to influence corporate policies. These costs, related to investor campaigns and proxy solicitation processes, should be considered when evaluating factors affecting shareholders' value. Shareholder proposals are used to influence corporate policies, but their effectiveness in solving corporate agency problems is debated.