Imo, there should be one governing body -- one champion per division. And 8 divisions, not the 16 or so that exist now.
That would be a monopoly or something.
The WBA can put them out of business by doing a better job.
WBA, WBC, IBF, WBO in that order.
This is a useful link for keeping track.
http://en.wikipedia.org/wiki/List_of_current_world_boxing_champions