Developing a common approach to CBWTs will offer value to both companies and their stakeholders by addressing: Existing integrated basin management priorities and goals. Water stewardship targets are most effective when established in a social, economic, environmental, and political context in which food, energy, water, and ecosystem security for all is in balance. The local basin context. Meaningful targets are more sustainable when founded in scientific understanding as well as in the socioeconomic, political, and hydrological context to ensure sustainability. It is also more sustainable when possible targets align with ongoing public policy dialogues and company initiatives. The multi-issue nature of water. Water stewardship outcomes tend to be more lasting when they align with the six areas outlined in SDG6, consider linkages to the water-food-energy-ecosystem nexus, and drive social and economic development within local contextual constraints. Equitable allocation methods rooted in good water governance. The attainment of CBWTs tends to be more successful when (1) informed by the sustainability of the basin and the company’s share of responsibility, and (2) tied to notions of good water governance and other shared basin goals. Arriving at shared goals and responsibilities may be formal or informal, but it is central to basin sustainability. Data constraints and needs. Data remain a critical element in any context-based target approach. Any proposed approach tends to be more effective when based on a realistic assessment of what data is available for all stakeholders in the near-term, as well as, when possible, ongoing links to data monitoring systems and sharing water data. The need to be company-relevant. CBWTs tend to be more affective when they are applicable for company decision-making and corporate strategy, including scenario analysis and horizon planning, and when they tie back to actual water risk and investor concerns. Target setting must be supported by measurable, meaningful, and pragmatic methodologies for companies across a full value chain, from raw material sourcing all the way to consumer product use.