In a heavy saucepan whisk together cornstarch, sugar and pepper until blended and smooth. Gradually whisk in evaporated milk. Add corn, lima beans and shallots and stir to combine.
Place over high heat and bring to a boil, stirring often. Reduce heat to low and simmer, stirring occasionally, until vegetables are tender and sauce has reduced by about half and coats the vegetables lightly (about 10 - 12 minutes).
stir in parsley and serve or refrigerate (up to 2 days) and serve later.