I made a thread regarding the not yet implemented Shen changes mentioned a few months ago. Here is a response by RiotStatikk giving us a little bit of an update.
Guinsoo is primarily working on Shen, but I'll try to give you guys some insight into where we are at.
It is quite clear that internally we have agreement on AP ratio buffs to his Q damage and R shield.
To me, Shen's late game energy seems to be an issue for him as well but nothing is decided yet.
Other current debates:
1) Some want to buff his early game enough to make him a solid jungler and duo laner again, but there is a lot of fear of him becoming an overbearing solo lane (ie: Lanewick, Udyr). Energy based ranged harass is extremely frustrating to deal with especially on Shen who severely punishes you for attempting to engage and trade with him.
2) We want to re-make Feint but haven't had time recently to really sit down and hammer out the full direction. We definitely want the W to become a button Shen players will love to use instead of ignore. There is a lot of clamoring about giving Feint some kind of offensive twist when used optimally, but nothing is really set in stone.
Sorry I can't really provide you guys with anything more concrete, but that is currently where we're at with Shen. He's definitely on our radar.
the official forums.