Any corporation which conducts its business across national boundaries, through the ownership and control of subsidiaries in several countries. A traditionally common feature of such an arrangement was a scenario where the parent company was domiciled in a developed country, while the subsidiaries were to be found in developing and under developed countries. This is so to a lesser extent today, in that some trans-national companies are headquartered in lesser developed countries. The MNE/TNC by definition is usually an extremely complex entity. Its capital base is in many cases, larger than the GDP of many underdeveloped and developing countries, putting in a good leverage position to obtain concessions when seeking to operate in such countries. Among other things, it is also known to engage in transfer pricing, and the shifting of activities, assets, and profits. In 1990, at the ICFTU/ITS's Elsinore, Denmark Conference, the following observations were made on Transnational Corporations: They have the ability to and often shift production to countries where labour legislation is less effective, working conditions are less. Information gathering on them is difficult because of the size and complexity of the company structure, and the way that national reporting and accounting requirements vary from country to country. Apart from developed countries, many TNC's are now being based in such countries as Singapore, Hong Kong, South Korea and Taiwan. 40% of world trade was then between subsidiaries of TNC's. The largest 600 industrial corporations accounted for nearly 25% of the value added in the production of goods in the world's market economies