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.

1. Select a product, service or process to benchmark.
2. Identify the key performance metrics.
3. Choose companies or internal areas to benchmark.
4. Collect data on performance and practices.
5. Analyze the data and identify opportunities for improvement.

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.

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.