What are CRT Principles of Responsible Business ? Discuss.

The 2009 'CRT Principles for Responsible Business' comprise of seven principles and more detailed Stakeholder Management Guidelines covering each of the key stakeholder dimensions of ethical business practices i.e., customers, employees, shareholders, suppliers, competitors, and communities. The CRT Principles for Business are a worldwide vision for ethical and responsible corporate behavior and serve as a foundation for action for business leaders worldwide. As a statement of aspirations, the CRT Principles aim to express a world standard against which business behavior can be measured. The Caux Round Table has sought to begin a process that identifies shared values, reconciles differing values, and thereby develops a shared perspective on business behavior acceptable to and honoured by all. CRT Principles for Responsible Business set forth ethical norms for acceptable businesses behaviour. The principles also have a risk management foundation because good ethics is good risk management. And they balance the interests of business with the aspirations of society to ensure sustainable and mutual prosperity for all. Seven CRT Principles are: Principle 1 - Respect stakeholders beyond shareholders. Principle 2 - Contribute to economic, social and environmental development. Principle 3 - Build trust by going beyond the letter of the law. Principle 4 - Respect rules and conventions. Principle 5 - Support responsible globalisation. Principle 6 - Respect the environment. Principle 7 - Avoid illicit activities.