This paper will be of interest to companies and other organizations committed to advancing corporate water stewardship and improving water security for all. The paper is the start of a broader project that aims to develop guidance for companies seeking to employ meaningful water metrics and targets. The authors make the case that to effectively contribute to long-term risk mitigation and tackle increasing water challenges, corporate water targets must be informed by the best available science on hydro-ecological conditions at the basin level, informed by contextual social needs, and aligned with local to global public policy objectives. The paper is also an invitation to interested organizations and practitioners to support the project in the development of a common approach to identifying context-based water targets. Authors CDP Morgan Gillespy Nicole Dando The Nature Conservancy Kari Vigerstol Naabia Ofosu-Amaah Pacific Institute Tien Shiao Jason Morrison Peter Schulte Stefanie Woodward World Resources Institute Paul Reig WWF International Alexis Morgan Rylan Dobson Partners CDP CDP is the only global disclosure system for companies, cities, states and regions to manage their environmental impacts and for investors or purchasers to access environmental information for use in financial decisions. The Nature Conservancy The Nature Conservancy is the leading conservation organization working around the world to protect ecologically important lands and waters for nature and people. Pacific Institute (representing CEO Water Mandate) The Pacific Institute is a global water think tank that provides science-based thought leadership with active outreach to influence local, national, and international efforts in developing sustainable water policies. WRI WRI is a global research organization that turns big ideas into action at the nexus of environment, economic opportunity and human well-being. WWF WWF’s mission is to stop the degradation of our planet’s natural environment, and build a future in which people live in harmony with nature. Acknowledgements The project team would like to recognize and thank the Mandate endorsing companies, Beverage Industry Environmental Roundtable member companies; Ezgi Barcenas at AB InBev; Kristel Verhoef at Actiam; Mark McElroy at Center for Sustainable Organizations; Greg Koch at The Coca-Cola Company; Michael Alexander at Diageo; Ross Hamilton at International Council on Mining and Metals (ICMM); Ian Knight at Mars; Chris Brown at Olam; Samantha Shiffman at PVH Corp.;Teck Resources; Veolia; Janet Ranganathan at WRI; Lindsay Bass, Nicole Tanner, and Michele Thieme at WWF-US; Philipp Wagnitz at WWF-Germany; and Carlo Galli at Nestle for their feedback and support throughout the development of the discussion paper. The project team would also like to recognize and thank Ashleigh Lezard at CDP, Rebecca Olson at Pacific Institute, Nadia Peimbert at TNC, Leah Schleifer at WRI, and Richard Lee at WWF International for their communication of the discussion paper. ISBN-10: 1-893790-78-9 ISBN-13: 978-1-893790-78-0