Written on behalf of 643 investors with US$67 trillion in assets, this report shows that disclosing companies reported USD 14 billion in water related impacts this year; companies are not moving fast enough to address the sustainable management of water; over half of companies report that better water management is reducing GHG emissions – water can potentially make – or break – the low-carbon transition; a pivot toward water stewardship is underway. Call to action The role of business in delivering water security is critical, and the business case for disclosure on the issue is unequivocal. Non-disclosing companies should take immediate steps towards reporting to CDP’s water program. Investors managing more than US$67 trillion in assets support the water program to understand and better manage risks and opportunities around water security. The greater the number of signatories, the clearer the message to companies. Investors should become a signatory to CDP’s water program. CDP is planning to introduce a stronger disclosure framework in 2018, tailored to industry sectors, and a new reporting platform. Reporting companies should engage with the development of the disclosure framework to ensure they can provide investors with the information they need.