David Katz of Wachtel, Lipton & Katz and his co-author, Laura McIntosh published a survey article about the results of the 2008 proxy season. Here is a link to the article via a Harvard Law blog:
http://blogs.law.harvard.edu/corpgov/files/2008/11/shareholders-focused-on-stability-in-proxy-votes.pdf
Shareholder communications are vitally important, and they do yield tangible results in cases where there are direct inquiries about executive compensation plans, for example. The authors cite a union that withdrew more than half of its proposed pay-for-performance proposals after direct negotiations with the target companies. So, when a company is under the gun, well constructed outreach to shareholders yields results.
Looking beyond the state of the current market, investors still care the most about fundamentals, like the strategic direction of their portfolio companies, returns, and on management's creation of long-term shareholder value.
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