Document Type : Article
Authors
1 Ph.D. in International Law, Department of Law, Kish International Campus, University of Tehran, Kish, Iran
2 Associate Prof., Faculty of Law and Political Science, Allameh Tabataba’i University, Tehran, Iran
3 Associate Prof., Department of Law, Kish International Campus, University of Tehran, Kish, Iran
Abstract
In terms of the relationship between human rights and trade, the two notions of due diligence and corporate social responsibility of commercial companies, have the capacity to interact and exchange objectively and practically with each other. Both concepts, taking into account their raison d’être, nature, characteristics, require the establishment of a mechanism of accountability ensuring fair treatment in the management of multinational corporations. The present article describes and analyzes the relationship between responsibility and due diligence on the basis of international instruments, particularly UN guiding principles. It proposes a new definition for risk management which is based on due diligence. It also deals with how to reduce social risks and promote respect for human rights in the framework of multinationals activities. Adopting an interdisciplinary approach, the interconnection between the two concepts, as a model for fair social cooperation and drawing on international human rights law as well as economic and sociological concepts, provides new accountability mechanisms for corporations. Through the precautionary principle as a confluence point, it is established that the realization of due diligence-based responsibility is necessary to manage companies' brands, while reducing harms to human rights of stakeholders.
Keywords
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