This paper presents a case study of the agency of the largest water using corporations in water politics and governance in South Africa, focusing on the new corporate engagement on water labelled as “corporate water stewardship”, i.e. “managing shared water risk”. South Africa is undergoing an ambitious water governance reform, aiming at redressing past inequalities and addressing resource scarcity. Water stewardship activities by corporations such as investments in water infrastructure and proactive engagement in catchment management and national policy planning are hailed to present participatory water governance as its best by stewardship advocates, whereas critics warn of policy and resource capture by corporations, reinforcing power-asymmetries and undermining state sovereignty. Based on key informant interviews, participating observation of stewardship pilot projects, and institutional and stakeholder analysis, the study calls for more robust risk assessments to ensure legitimacy of the corporate agency and efficiency and equity in the stewardship activities and outcomes.
