What is the relationship between corporate governance and the agency problem?

Corporate governance and agency problem relationships seem to point to the shareholders. The Board of Directors supporting corporate governance are elected by shareholders, meaning that they represent the shareholders. Agency problems in corporate government sometimes derive from conflicts of interest when one party does not have the other party's best interest in mind. For example, when disputes arise, it is not unusual for the shareholders to support management, most likely because some impacts from the conflicts impact some of the decisions managers make on behalf of the shareholders.