Corporation in the sense he's using it is muddled, but what this is describing is accurate to what he meant. He meant that industry should be run by cooperative alliances that are under the fascist state. Like most fascists, he was always shifting what he meant by corporatism based on whatever rhetorical expediant that was most useful at the time. Corporatism sounds good but in principle it doesn't describe how exactly you form the corporations and how they govern themselves. It's accurate in the sense that this is an example of what he desired in using state power to always be a boot over any cooperative.

See: https://en.m.wikipedia.org/wiki/Corporatism to understand it's essentially a theory to contrast itself with Marxisim without actually describing specifics so it has wildly different interpretations that basically boil down to "let's get together and do what's best for everybody." Who knows how to draw the rest of the owl though.