This chapter analyses the way in which the UN Global Compact Office (UNGCO) has attempted to mobilize the private sector to contribute to the attainment of MDG 7 through its initiative, the CEO Water Mandate. Since water governance represents a global environmental issue, which is characterized not only by the absence of an international regime, but also by the need for technical information on water resources that can be provided by major corporations, it requires goal-based hybrid governance, where successful governance depends on effective collaboration of corporate water users. As such, the UNGCO has found it necessary to contain the associated “risk of goal displacement” by engaging in “activation,” “orchestration,” and “modulation,” of which “orchestration” has proved central. The output of this process has been the concept of corporate water stewardship representing a shared knowledge base, which allows corporations to manage their physical, reputational, and regulatory risks.