No, my definition would be that multi-national corporations are effectively above the law if, in a particular jurisdiction, they can engage in behaviour that companies constrained solely to that jurisdiction cannot engage in.
I am glad that we have cleared up the difference between being literally and effectively above the law, but I doubt we'll make any progress towards agreement about what being effectively above the law might mean. As we have already circumvented the HN efforts to avoid debates that aren't going anywhere several times, I guess I'll leave it at that. Have a nice day!
edit: Just to be clear, my above definition would also extend to arbitrary numbers of joint jurisdictions. So if corporation X, doing business in jurisdictions A, B, and C, can engage in behaviours within jurisdiction A that are unavailable to corporation Y, which only does business in jurisdictions A and B, then X would be effectively above the law with respect to Y. This definition seems very natural and clear to me: one group is allowed to do things another group isn't by some special status, ergo, they are effectively above the law.