DUE DILIGENCE MECHANISMS IN BUSINESS ENTITIES: CASE OF ALBANIA
This paper examines and explores the concept of due diligence mechanisms in respect of human rights as it pertains to business entities in Albania. In recent years, there has been increased attention paid to the responsibility of businesses to respect human rights, especially in countries with less robust legal frameworks. Albania, a country undergoing rapid economic development, presents a compelling case study for examining the implementation of due diligence in this due context. The paper considers the various approaches to due diligence in respect of human rights, including the UN Guiding Principles on Business and Human Rights, and the mandatory due diligence legal framework of the European Union, and examines their application in the Albanian context. It also highlights the challenges and opportunities for businesses operating in Albania, particularly in the extractive and manufacturing sectors, and identifies areas for further research and collaboration between the government, civil society, and the private sector. Eventually, this paper argues that due diligence in respect of human rights is not only a legal obligation but also a crucial element of sustainable business practices, contributing to the long-term success and prosperity of both businesses and society as a whole.
Keywords: due diligence, entities, social responsibility, business, EU, Albania.
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