My personal choice for fan representation would be some kind of membership with the club and a free vote on key issues (badge/name/etc). I don’t think you need the full on hierarchy of a talking shop, you just need a way to poll the fans en masse.
Back in the day, when 25% of our shares were owned by fans... if you limited ownership to 25% max each individual, then at least fans would have a say, but major shareholders could collect together to drive things through if they really wanted. I don't think you'll ever get perfect, you just need to keep owners on their toes, and ensure they're as transparant as possible.
tbh even things like badges, I wouldn't necessarily run it on a vote. Ultimately that boils down to commercial, so the 'vote' is whether it helps sell or not and, of course, the fans of today may have a very different view to those of tomorrow.
I keep remembering the Football Manager type trial with Ebbsfleet. I joined that, saw the message board where everyone was voting for a monster budget to 'give it a go' that season. It didn't end well...