Shareholder advocates of sustainability posit that companies should report comprehensively on how their operations affect the environment and society. Because multinational companies now rival governments in their impact on the world, achieving sustainability requires that both work together so that development can “meet the needs of the present without compromising the ability of future generations to meet their own needs.” This goal was articulated at the UN World Commission on Environment and Development conference in 1987. Through their shareholder campaign, sustainability proponents hope to add substance to this admirable but fairly amorphous goal. Their efforts have gained traction as an increasing number of companies release sustainability reports, voluntary codes converge, investment analysts give credence to the relevance of sustainability reporting to mainstream risk assessment, and regulators consider their next moves.