The Principles of Business Ethics are:
(i) Service motive should be preferred rather than profit motive.
(ii) Maximum satisfaction should be available to customers.
(iii) Human feelings should be given importance.
(iv) Scarce resources should not be wasted.
(v) Business must be dynamic one.
(vi) It must assist in raising the standard of living.
(vii) Competition should be healthy.
(viii) There should be job security to employees.
(ix) Better working conditions should be provided.

In the words of Neil H.Jacoby, "A multinational corporation owns and manages business in two or more countries".

Corporate Governance is the system by which businesses are directed and controlled in the best interests of all stakeholders. Corporate Governance lays emphasis on ethics, fair business practices, transparency, discloser and conduct of business for the benefit of all stakeholders.

There are four primary types of benchmarking :
i. Internal:
It is a comparison of a business process to a similar process inside the organisation.
ii. Competitive Benchmarking:
It is a direct competitor - to - competitor comparision of a product, service, process or method.
iii. Generic Benchmarking :
It is related to the overall performance of the chosen unit of MNC or business.
iv. Functional Benchmarking:
It is comparison to similar or identical practices within the same or similar functions outside the immediate industry.

1. Any company is referred to as a multinational company or corporation (MNC) when that company manages its operation or production or service delivery from more than a single country.
2. It has its headquarters based in one country with several other operating branches in different other countries.
3. The country where the head quarter is located is called the home country whereas; the other countries with operational branches are called the host countries.
4. Example:IBM

The following are the main Features or Elements of MNCs:
(i) Considers opportunities throughout the globe though they do the Business in a few countries.
(ii) To invest considerable portion of their Assets Internationally.
(iii) They are huge Industrial/Business organizations.
(iv) It engages in International Production and operates plants in a number of countries.
(v) They take managerial decisions on a global perspective.
(vi) They produce in one or a few countries and sell them in most of the countries.
(vi)Their International. operations are integrated into the corporation's overall Business.

1. Corporate governance specifies the rights and liabilities of different group of people like the chief executives, directors of the board, managers of different departments and other stakeholders.
2. This helps to provide the structure through which the objectives of the company is formulated and their performance is monitored.

1. All business units have realised that ethics is vitally important for the existence and progress of the business as well as the society.
2. It is very important as it improves public image, earns public confidence, and leads to greater success.
3. Ethics and profits go together in the long run. It enhances the quality of life, standard of living and business.

1. Business exists to supply goods and services to the people from social point of view but from individual point of view, the primary objective of any Business unit is to make profit.
2. The individual objective should not be in conflict with societal objective.
3. These two objectives normally contradict each other, as one Business enterprise may be good in individual objective and bad at Societal objective and vice versa.
4. This raises the question of what is right and what is wrong.
5. The subject matter of Ethics is concerned with establishing linkages between individual good and social good. Ethical standards are often enacted into laws.
For Example : Charging fair prices to customers, using fair weights for measurement of commodities, giving fair treatment to workers, earning reasonable profits, etc.

1. Business ethics may be defined as a set of moral standards to be followed by owners, managers and Business people
2. These standards determine the conduct and behaviour of Business people.
3. Business ethics reflects the conduct in the context of Business.