Write short notes on the following: What corporate governance deals with as per Confederation of Indian Industry (CII) Desirable Corporate Governance Code (1998)?

As per Confederation of Indian Industry (CII) - Desirable Corporate Governance Code (1998) "Corporate governance deals with laws, procedures, practices and implicit rules that determine a company's ability to take informed managerial decisions vis-à-vis its claimants in particular, its shareholders, creditors, customers, the State and employees. There is a global consensus about the objective of 'good' corporate governance: maximising long-term shareholder value." The key to good corporate governance is a well-functioning, informed board of directors. The board should meet a minimum of six times a year. Listed companies with a turnover of ₹100 crores and above should have professionally competent, independent, nonexecutive directors, who should constitute at least 30% of the board if the Chairman of the company is a non-executive director, or at least 50% of the board if the Chairman and Managing Director is the same person. No single person should hold directorships in more than 10 listed companies. Key information that must be reported to, and placed before, the board must contain: Annual operating plans and budgets, together with up-dated long term plans, Capital budgets, manpower and overhead budgets, Quarterly results for the company as a whole and its operating divisions or business segments, Internal audit reports, including cases of theft and dishonesty of a material nature, Show cause, demand and prosecution notices received from revenue authorities which are considered to be materially important, Fatal or serious accidents, dangerous occurrences, and any effluent or pollution problems, Default in payment of interest or non-payment of the principal on any public deposit, and/or to any secured creditor or financial institution.