Status Quo of the Human Rights Responsibilities of Transnational Corporations and Countermeasures for Legal Improvement

Abstract

As economic globalisation took shape, the establishment of transnational corporations (TNCs) expanded rapidly. Transnational corporations bring huge benefits to the economy, However, the principle of trade liberalisation, with its preoccupation with profit maximisation, ignores the human rights obligations that transnational corporations should fulfil. With the increase in the number of lawsuits alleging human rights violations by transnational businesses and the increasing number of transnational firms that have come out to admit to committing a significant number of violations of human rights, violating labour standards, polluting the environment, or acting as accomplices to human rights abuses by Governments. The international community is starting to pay more and more attention to the connection between multinational companies and human rights. Existing legislation and accountability frameworks for abuses of human rights by multinational businesses are insufficient. By strengthening the legislation, transnational firms' obligations to uphold human rights may be controlled and monitored. This essay compares and contrasts the obligations of various nations to regulate obligations related to human rights by analyzing pertinent multinational firms and international human rights cases.