Remove most of the outer leaves of the corn, leaving a thin protective shell. Pull back remaining leaves from the cob, being careful that they remain attached. Remove the silk then place the leaves back into their original position. (It's ok if some of the corn is unprotected). Soak corn in cold water for 10 minutes. Whip butter ingredients together and reserve.
Preheat barbecue to medium heat. Grill corn with the lid closed for 10-15 minutes, turning occasionally. Season corn with salt and pepper and serve butter alongside for slathering on top.