BrightView Publishes 2024 Corporate Responsibility Report
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Insights
From a sustainability perspective, BrightView's commitment to reducing its environmental impact is a significant step towards aligning with global efforts to combat climate change. The establishment of a baseline Scope 1 & 2 GHG emissions inventory is crucial for setting measurable goals and tracking progress. The transition to a fleet with electric and fuel-efficient alternatives, with 17% of vehicles being hybrid or electric, is a commendable achievement. Moreover, the continued conversion of landscaping equipment to electric power could potentially reduce operational costs over time, due to lower fuel and maintenance expenses and could also appeal to environmentally conscious clients.
However, it is important to contextualize these efforts within the broader industry trends. Many companies are setting net-zero targets and increasing their investments in renewable energy. BrightView's progress should be compared to these benchmarks to fully assess its competitive and environmental positioning. Furthermore, stakeholders would benefit from understanding the expected timelines for achieving these sustainability initiatives and any projected financial impacts.
BrightView's governance structure, with nine out of ten Board members being independent and an average tenure of under five years, suggests a fresh and potentially more objective oversight of the company's operations. This structure could foster better decision-making and increased accountability, which is often valued by investors. The Board's role in maintaining oversight of societal and environmental matters highlights the company's commitment to corporate responsibility.
However, it is essential to examine the effectiveness of such governance in driving tangible outcomes. The active role of the Board in setting ambitious goals and tracking progress is a positive sign, but stakeholders should look for evidence of the Board's impact on the company's strategic direction and performance. Additionally, the transparency in reporting progress is a key factor that can influence investor confidence and public perception.
The social initiatives outlined by BrightView, such as workforce diversification, maintaining a low total recordable injury rate and charitable contributions through their foundation, reflect the company's commitment to its employees and communities. These efforts can enhance the company's reputation and potentially lead to a more engaged and productive workforce. The Volunteer Time Off program, in particular, demonstrates a culture that values community engagement and could be attractive to both current and prospective employees.
However, while these initiatives are noteworthy, it is important to measure their impact. For instance, the degree of workforce diversification and how it compares to industry averages could provide a more nuanced understanding of the company's social performance. Additionally, the financial implications of these social initiatives, such as any associated costs or savings, would be relevant for stakeholders to understand the balance between social responsibility and financial health.
Report Outlines Progress on Fiscal 2023 Sustainability and Social Responsibility Initiatives
Download the report here
“This report reflects our team’s hard work over the past year and continued focus on corporate responsibility and sustainability initiatives. Every day we set out to positively impact our stakeholders, including our employees, clients, investors, and neighbors,” said Dale Asplund, BrightView President and Chief Executive Officer. “The actions we take, and the projects we promote, are designed to do our part to help improve our environment and to help take care of our team members and customers, and the communities we serve. We remain committed to setting ambitious goals, tracking our progress transparently, and continually improving our performance to ensure we’re working to create a bright future for the world around us.”
Fiscal 2023 Highlights:
Environmental
- Established a baseline Scope 1 & 2 greenhouse gas (GHG) emissions inventory.
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Ongoing replacement of our fleet with electric and fuel-efficient alternatives resulting in
17% of our vehicles being hybrid or electric as of the end of Fiscal 2023. - Continued conversion of gas and 2-cycle landscaping equipment to electric power, with an additional 480 battery-powered handheld units, 200 electric/hybrid vehicles, and 80 electric mowers deployed.
Social
- Continued to diversify our workforce.
- Once again, maintained a total recordable injury rate lower than the landscaping industry average, demonstrating safety is a top priority.
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Raised over
$160,000 - Team members contributed over 550 volunteer hours, as part of our Volunteer Time Off program.
Governance
- BrightView’s Board maintains oversight of societal and other matters affecting the Company’s stakeholders and the environments in which we operate.
- Nine of 10 Board members are independent, with an average tenure of under five years.
About BrightView
BrightView (NYSE: BV), the nation’s largest commercial landscaper, proudly designs, creates, and maintains the best landscapes on Earth and provides the most efficient and comprehensive snow and ice removal services. With a dependable service commitment, BrightView brings brilliant landscapes to life at premier properties across
Forward-Looking Statements
This press release, as well as the report referenced herein, contains “forward-looking statements” within the meaning of the federal securities laws. All statements, other than statements of historical facts, including statements relating to BrightView’s goals and commitments, plans made with respect thereto, and any expectations relating to sustainability matters are forward-looking statements. The words such as “outlook,” “guidance,” “projects,” “continues,” “goals,” “believes,” “expects,” “may,” “will,” “should,” “seeks,” “intends,” “plans,” “estimates,” or “anticipates,” or the negative version of these words or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. By their nature, forward-looking statements: speak only as of the date they are made; are not statements of historical fact or guarantees of future performance; and are subject to risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs, and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, goals, beliefs and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. Factors that could cause actual results to differ materially from those projected include, but are not limited to: the Company’s inability to meet goals in projected timeframes, or at all; the inability to satisfactorily meet evolving standards, regulations and disclosure requirements related to corporate responsibility and sustainability; and changes in laws or regulations. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found under “Item 1A. Risk Factors” in our Form 10-K for the fiscal year ended September 30, 2023 as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission, which are accessible on the SEC’s website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. Any forward-looking statement made in this press release speaks only as of the date on which it was made. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
Source: BrightView Landscapes
View source version on businesswire.com: https://www.businesswire.com/news/home/20240126331546/en/
For More Information
Investor Relations
IR@BrightView.com
David Freireich, VP of Communications & Public Affairs
David.Freireich@BrightView.com
Source: BrightView Landscapes
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