The investments on social and environmental responsibility in Colombia have generated a new perspective for private governance in terms of sustainability. To understand this phenomenon, we analyze sustainability reports, financial statements and management reports provided by a successful case of sustainability in Colombia. This would be with the purpose of assessing whether or not such policies constitute a potential political instrument to advance in government regulations; otherwise policies would curtail to management strategy with repercussions on corporate image and financial performance for reporting companies. The testing of our research hypotheses concluded that the execution of sustainability reports in Colombia is a recent practice, despite the existence of a normative framework established since the 1991 Constitution. The foregoing may acknowledge that actual importance is due to investments on social innovation and a new approach of private governance, as a response for economic dynamics and political advances in Colombia.