Fastenal Releases 2024 Environmental, Social, and Governance (ESG) Report
WINONA, Minn. , March 28 /Businesswire/ - Fastenal Company (Nasdaq: FAST) is proud to announce the publication of its 2024 ESG Report. The report, which recaps Fastenal's performance and progress in the year ending December 31, 2023, was produced with reference to the Global Reporting Initiative (GRI) standards and aligns with the ESG disclosure and reporting frameworks established by the Sustainability Accounting Standards Board (SASB, now part of the IFRS Foundation) and the Taskforce on Climate-Related Financial Disclosures (TCFD).
A consistent theme of the report is how Fastenal's 23,000-plus employees are using their talents and creativity to advance the company's ESG vision: empowering people, preserving our world, and serving as a trusted partner. Their efforts, combined with an organizational commitment to continuously improve processes, systems, and reporting, helped Fastenal solidify and make progress toward its long-term ESG goals in 2023.
Some highlights from the report:
- Received a silver medal from EcoVadis, indicating that the quality of Fastenal's sustainability management system ranked in the top 25% of all companies in all industries rated by EcoVadis in 2023.
- Completed a scope 3 materiality assessment, an important step to further broaden the company's carbon inventory and establish baselines for science-based targets.
- Launched a large-scale plastic recycling program with Trex Company, Inc., which uses the material to manufacture composite outdoor decking products. The teams in Fastenal's North American distribution centers and in-market locations are on pace to divert more than 600,000 pounds of plastic waste in the first year of the program.
- Continued to achieve excellent workplace safety results, including a superior Experience Modification Rate (EMR). EMR is a widely accepted measure of an organization's health and safety risk determined by the National Council on Compensation Insurance based on a company's expected workplace injuries versus other organizations with similar characteristics. In 2023, Fastenal's EMR was 51% better than the average performance rate for its industry group.
"The 'Blue Team' is providing great service and creating tremendous value for our customers, and they're doing it in a very responsible and sustainable way," said Fastenal President and CEO Dan Florness. "We're excited to share our story in this latest ESG report."
VIEW THE REPORT HERE: www.fastenal.com/fast/esg
About Fastenal
Fastenal provides a broad offering of industrial supplies, including fastener, safety, and metal cutting products, to manufacturing, construction, and state and local government customers through more than 3,400 in-market locations (branches and customer-specific Onsite locations) spanning 25 countries. With continual investment in tailored local inventory, dedicated local experts, and flexible FMI® (Fastenal Managed Inventory) and digital solutions, we help our business partners achieve product and process savings across the supply chain – a "high-touch, high-tech" approach encapsulated by our tagline, Where Industry Meets Innovation™. Our local service teams are supported by 17 regional distribution centers, a captive logistics fleet, multiple teams of industry specialists and support personnel, and robust sourcing, quality, and manufacturing resources, enabling us to grow by getting closer to customers and providing innovative and comprehensive solutions to customer supply chain challenges.
Additional information regarding Fastenal is available on the Fastenal Company website at www.fastenal.com.
Cautionary Note Regarding Forward-Looking Statements
This release includes forward-looking statements, which are subject to risks and uncertainties. Fastenal's sustainability goals, targets, pace, and expectations are long-term and inspirational and by their nature, include forward-looking statements. Actual results may differ from those set forth in the forward-looking statements due to a variety of factors, including those described in Fastenal's annual ESG Reports and filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Fastenal undertakes no obligation to update or revise any forward-looking statements.
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