There are three components to the principle, the first being the protection of the water by "giving the first right to water, to water".
"What we have been advocating for is the prioritisations of that eco-system health, and human health," Ms Porou said.
"Once that is set and there's enough water for the water to sustain itself and its eco-systems, then the second part of Te Mana o te Wai is the enable part. That is sustainable economic use within limits."
However, Ms Porou said she did not believe the current allocation of water for commercial uses should immediately end, "because that's not good for any of our businesses and our communities".
So, the group was advocating a gradual transition to an allocation system which would give the first right to water, to water.
"That might mean over time people have to be more efficient, they have to demonstrate how they're giving effect to Te Mana o te Wai with their sustainable use. It might mean if you're using the water you have to prove that you're giving effect to the responsibility of having that water," she said.
"We see that transition as taking probably close to 20 years, but we do want to transition to a system that changes the behaviours of commercial users of water to make sure the water is given its right."
Sustaining both the protection of water, and its economic use was included in the third component of Te Mana o te Wai.
This ensured waterways which had been degraded were protected, conserved, or enhanced, while maintaining gains made by only having economic use of water within certain limits.
If the principle was given effect to, Ms Porou said it was not their decision on how water was allocated for commercial use - which could include contentious water bottling if it fit within the Te Mana o te Wai framework.
"Each iwi, hapu, and whanau have mana whenua and mana wai which essentially means the right to develop," she said, "but we are saying is that right to develop must come after the caring and protecting and enhancing the first right of water."
Ngati Kahungunu Iwi Inc chairman Ngahiwi Tomoana has previously spoken out against water bottling.
Ms Porou stated the principle was "not the Maori view" - as there were differing views across Maoridom - but represented the key directions supported by the Iwi Chairs Forum.