Fastenal Releases 2024 ESG Report
Fastenal Co.'s silver medal from EcoVadis is one of the many accomplishments included in the company's just-released 2024 ESG Report, which recaps Fastenal's performance and progress in the year ending December 31, 2023.
It 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.
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 Co. 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
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
