Element Fleet Management Releases 2023 ESG Report

Progress made in 2022 demonstrates sustainability advancements in fleet management

TORONTO, June 26, 2023 (GLOBE NEWSWIRE) -- Element Fleet Management Corp. (TSX: EFN) (“Element” or the “Company”), the largest publicly traded pure-play automotive fleet manager in the world, today announced the release of “Progress that Matters,” the Company’s 2023 Environmental, Social and Governance (ESG) Report. This third annual Element report outlines the Company’s ESG strategy and advancements made in 2022 on fleet electrification, diversity within its workforce and across its value chain, and community support.

“Element’s ESG initiatives in 2022 represent meaningful progress towards a future where we deliver sustained and positive differences to the clients and communities we serve globally,” said Laura Dottori-Attanasio, President and CEO of Element Fleet Management. “Element’s efforts to understand our impact are aimed at positioning us to drive progress for our clients and communities in areas of importance, such as reducing greenhouse gas emissions and establishing diverse supplier networks across our global operations.”

This year’s report features notable additions, including three years of greenhouse gas (GHG) emissions data, which provides the Company with a deeper understanding of its climate impact. Additionally, a third-party materiality assessment was conducted to evaluate the financial and societal impacts of priority areas within Element’s business.

Report Highlights

• Reducing carbon emissions through internal fleet and client electrification:
  • 20% of the Company’s internal fleet is electrified, with a goal of 100% by the end of 2025; and
  • Client EV originations grew 75% in 2022 following the launch of Arc by Element in 2022 -- the Company’s end-to-end full-service fleet electrification offering.
• Enhancing supplier diversity: Element enhanced its supplier diversity program with a diverse-supplier-locator feature in its app for clients’ drivers, and diversity spend dashboard tools for clients, which contributed to the $1.75 billion spent with diverse suppliers in 2022.
• Safety: The Company’s suite of fleet driver safety products and services has reduced clients’ annual “preventable collisions” incident rates by 21%, on average, over three years.
• Recognition of strong governance practices and improvements in external ESG scores:
  • Placed in the top 25% in the EcoVadis sustainability ranking; and
  • Placed in the top 7% of 226 Canadian companies in The Globe and Mail’s Board Games.

“We significantly advanced our ESG efforts in 2022 by forging strong alliances with our clients, vendors, partners, and industry stakeholders, who share in our commitment to operating with accountability and transparency to help create a more sustainable and inclusive future,” said Jacqui McGillivray, Executive Vice President and Chief People and Social Impact Officer, Element Fleet Management.