This paper provides an update on the research towards the establishment of a project governance model for global, large capital, projects (LCPs). It provides an overview of the performance of LCPs, their characteristics and importance as well as developments towards improving their success rate by creating a governing environment within which projects are setup and managed for success. Although many smaller capital projects, such as some software developments, can also be classified as global, this study focuses on large capital engineering projects. In modern times nearly all of these projects involves multiple countries as shareholders, financiers, contractors and service providers and can be safely termed as truly global. The study is nearing the final stages and this paper reveals some of the most significant literature findings obtained during the research period. The discussions start with an explanation of the definition of an LCP and progress towards an overview of the performance of LCPs, with specific reference to cost and benefit realisation.