Alex Money University of Oxford

Agency theory (e.g. Jensen, Meckling: 1976)

Resource dependence theory (e.g. Pfeffer, Salancik: 1978)

Institutional theory (e.g. DiMaggio, Powell: 1983)

Unit of analysis: All consumer staples companies in CDP Water 2011 Report

Rationale: water intensive; considered 'exemplar' sector in terms of disclosure

Spread: 58 companies, in AU, BE, DE, DK, FR, JP, MX, NL, SG, ZA, CH, UK, US

Average market capitalisation: US$ 43.7 billion

Total market capitalisation: US$ 2.49 trillion (GDP equivalent to G5 country)

Total reported water abstraction: 1,598 billion litres per annum (44 companies)

Abstraction equivalent: 0.6 litres per day for every person on the planet

Template: created in Google Docs

Primary source: online sustainability report/ annual report/ IR presentation

Identifiers: Name; Stock Ticker; Website; Date; CDP Status

GRI data: EN8 (Abstraction); EN9 (Region); EN10 (Reuse); EN21 (Discharge)

Qualitative: Reconciliation; Target; Tools; Financial; Risk; Opportunity; Other

Quantitative: Disclosed water abstraction; water efficiency; target; timeline

Data history: prior 6 years of reported/ disclosed annual data, where available

Indicator 1: Disclosed water abstraction (in thousands of cubic meters p.a.)

Indicator 2: Disclosed water efficiency (e.g. litres used per unit of production)

Indicator 3: Disclosed abstraction or efficiency target and time frame

Measure 1: Actual change in abstraction and efficiency in prior 5 years

Measure 2: Implied change in abstraction/ efficiency to meet target timeframe

Unit of Measurement: Compounded Annual Growth Rate (CAGR)

Aspiration Multiple (Reported)

Aspiration Multiple (Adjusted)

Completeness

Comparability Consistency Calculation Credibility

Carry On

Experiment

Think Again

Alex Money University of Oxford

Alex Money alex.money@ouce.ox.ac.uk Worcester College, Oxford OX1 2HB