Benchmarking is comparing one's business processes and performance metrics to industry bests and best practices from other companies.

"Corporate governance is about promoting fairness, transparency and accountability".-  World Bank
"Corporate governance is defined as the system by which companies are directed & controlled.   - Cadbury committee.

MNC's are defined to be an enterprise operating in several countries but managed from one country. It engages in various activities like exporting, manufacturing in different countries.

1. To keep proper books of accounts and records.
2. To pay taxes regularly

Ethics is derived from the Greek word 'ethos' which means a person's fundamental orientation towards life. It governs the behaviour, derived from the moral standards which help to determine right or wrong, good or evil.

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

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 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.

Key Elements Of Business Ethics:
Some of the basic elements of Business Ethics while running a Business Enterprises are
a. Top Management Commitment:
(1) Top Management has a very important role to guide the entire organizations towards ethical behaviour.
(2) The top level personnel in any organisation should work openly and strongly committed towards ethical conducts and guide people working at middle and low level to follow ethical behaviour.
b. Publication of a "Code" :
(1) Generally organisations formulate their own ethical codes for the conduct of the Enterprise, it should followed by the employees of the organisation.
(2) The organisation principles are defined in the written document called code.
(3) The code of conduct covers various areas such as health and safety in the workplace, fair dealing in selling and marketing activities, ethical  practices in the business, etc
c. Establishment of Compliance Mechanism :
(1) To make sure that actual decisions match with a firm's Ethical standards, suitable mechanism should be established.
(2) Any organisation following Ethical codes in training, recruitment, selection, etc., is sure to be profitable.
(3) The organisation must provide for an environment where the employees are to free to report about the matters of unethical behaviour.
d. Involving Employees at all levels :
(1) It is the Employees at different levels who implement ethics policies to make Ethical Business a reality.
(2) Therefore, their involvement in Ethics programmes becomes a must.
(3) For Example, Small group of employees can be formed to discuss the important Ethics policies of firms and examine attitudes of employees towards these policies.
e. Measuring Results:
(1) The organisations from time to time keep a check on ethical practise followed.
(2) Although it is difficult to accurately measure the end results of Ethics programmes, the firms can certainly Audit to monitor compliance with Ethical Standards.
(3) The top management team and other Employees should then discuss the results for further course of action.

1. India ranks 10th in the world in Factory output.
2. The manufacturing sector Accounts for 27.6% GDP.
3. Privatisation of certain Public sector Industries.
4. Liberalisation also attracted MNC's and encouraged local entrepreneurs.
5. India stands 15th in service output. Increased demand from Foreign consumers for Indian products and services.
6. India has an extensive network undersea fiber-optic cables leading to India becoming the centre for outsourcing of Business process.
7. India has become big employment generator, especially amongst young graduates.
8. India has witnessed sustained Economic development as envisioned by our forefathers.
Top MNC's in India : 
Following are the names of some of the most famous multinational companies:
1. IBM,
2. Microsoft
3. Pepsico
4. Sony
5. Vodafone
6. Reebok
7. Nokia.
The entry of MNC's into India have proved quite beneficial for the growth and development of Indian Economy providing Employment opportunities for the young generation.

Code of business ethics:
Code of Ethics documents the generally accepted principles of Ethical conduct. They are statements of values and principles which define the purpose of an organisation. It gives a clear picture of the standards that employees should follow. It guides them in decision making.
The code of Business Ethics can include the following:
(1) To offer goods at Fair prices.
(2) To supply goods of good quality and not to deal in spurious and sub-standard . products.
(3) To listen to consumer's complaints and to reduce them.
(4) Not to resort hoarding and black marketing.
(5) Not to resort to price cutting with the sole aim of Killing competition.
(6) Not to issue advertisement containing false information or exaggerated claims.
(7) To pay fair wages to its employees and .not to exploit them.
(8) To provide congenial work atmosphere ..
(9) To design production process in such a way as to reduce Environmental pollution.
(10) To keep proper books of Accounts and Records.
(11) To pay Taxes regularly.
(12) Not to overlook Government rules and regulations even at the time of incurring losses.