Covetrus Issues Inaugural Environmental, Social and Governance (ESG) Report
Covetrus® (NASDAQ: CVET), a global leader in animal-health technology and services, today released its first Environmental, Social and Governance report since forming just over two years ago. The report discloses the Company’s ESG programs, policies and metrics since the Company’s inception on February 7, 2019, through the end of the last fiscal year on December 31, 2020.
As this is the Company’s inaugural report, it affirms the Company’s commitment to providing ethical and sustainable solutions that improve the lives of its employees, customers and partners, while positively impacting the communities it serves.
“Although we are still a young company, ESG is already an important area of focus for our Covetrians around the globe,” says Ben Wolin, Covetrus president and CEO. “We believe supporting our communities and the environment is a critical part of our foundation and our future success. Our commitment to providing ethical and sustainable solutions that help advance veterinary medicine extends to the communities and people we interact with and serve, and our employees.”
Report Highlights
Environment: Covetrus’ Commitment to the Planet and Future Generations
Covetrus has committed to cataloging and benchmarking its environmental footprint, the beginnings of which are included in this year’s report. As a multi-national company with an extensive global supply chain footprint, building the processes to collect data on its environmental footprint will enable Covetrus to adapt sustainable business models in the future.
A prime example of how this will work is exemplified in the Company’s pharmaceutical compounding business. Hazardous waste is a by-product of compounding pharmaceuticals. Covetrus has undertaken a year-long process to evaluate its exact hazardous waste outputs at its pharmacy and outsourcing facilities in the United States and Europe, with the goal of understanding how much waste is being produced and how that waste correlates with specific products. In 2020, the Company completed the following key activities in benchmarking, tracking, and eventually reducing hazardous waste:
- Reviewed all of its global facilities to identify the locations producing hazardous waste;
- Reviewed and confirmed that it has standard operating procedures in place at each facility producing waste; and
- Confirmed that all locations producing hazardous waste are disposing of it in a responsible manner through verified, expert third-party waste disposal contractors specializing in this type of waste disposal.
Corporate Social Responsibility: Covetrus’ Commitment to Covetrians
Covetrus is committed to attracting, developing and retaining the best talent globally. With the right people, skills and mindsets, the Company is actualizing a high-performing, customer-centric culture that helps advance the world of veterinary medicine. Inclusion and diversity are an essential part of Covetrus’ corporate strategy that will help shape the company and drive business success.
In 2020 Covetrus announced its five Inclusion & Diversity commitments to drive lasting change within the animal-health industry. Those five commitments are:
- To engage in diversity focused recruitment that will support the goal of achieving a diverse workforce that is demographically reflective of society at all levels;
- To help diversify the animal-health industry by supporting diversity within Covetrus and the animal-health industry;
- To promote inclusion and diversity for all Covetrians at all levels through targeted training and education programs;
- To foster a workplace of inclusion and belonging through the recognition and support of employee resource groups; and
- To track and share workforce data and be publicly accountable for achieving a more diverse workforce.
In 2020 Covetrus launched an employee resource groups program, introduced unconscious bias training and made strides towards gender parity. At the end of fiscal year 2020, Covetrus had 40 percent women on its Board of Directors and 28 percent women among its senior leaders (defined as Vice President and above). Women also represented 50 percent of the global workforce.
Corporate Social Responsibility: Covetrus’ Commitment to its Communities
Covetrus believes in giving back to communities. Whether it is in response to a specific crisis or in support of a good cause, Covetrus — and Covetrians — regularly donates products, financial resources and time to universities, shelters, and other non-profit organizations around the world. A prime example of this commitment to community action occurred in response to the COVID-19 pandemic.
At the height of the pandemic in early- to mid-2020, as hand sanitizer and personal protective equipment (PPE) were in critically short supply, Covetrus switched production in its 503B outsourcing facility to commence production of hand sanitizer. Covetrus worked with the Arizona Governor Office’s Arizona Together Initiative to donate more than 6,000 medical-use containers of hand sanitizer. This hand sanitizer was distributed to medical personnel and community outreach organizations serving some of the most vulnerable communities.
“ESG has been, and continues to be, an important topic of discussion among our directors and executive leadership team,” says Dustin Finer, Covetrus chief administrative officer. “It’s not only the right thing to do for Covetrus, but it’s what our employees, investors, and customers expect from us.”
The full report can be read here: http://covetrus.com/ESG.
About Covetrus
Covetrus is a global animal-health technology and services company dedicated to empowering veterinary practice partners to drive improved health and financial outcomes. We are bringing together products, services, and technology into a single platform that connects our customers to the solutions and insights they need to work best. Our passion for the well-being of animals and those who care for them drives us to advance the world of veterinary medicine. Covetrus is headquartered in Portland, Maine with more than 5,500 employees serving over 100,000 customers around the globe. For more information about Covetrus visit https://covetrus.com/.
Forward-Looking Statements
This press release contains certain statements that are forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and that involve risks and uncertainties, including statements about our plans, objectives, expectations, and intentions. Such statements are subject to numerous risks and uncertainties. Factors that could adversely affect our business and prospects are set forth in our public filings with the Securities and Exchange Commission. Our forward-looking statements are based on current beliefs and expectations of our management team and, except as required by law, we undertake no obligations to make any revisions to the forward-looking statements contained in this release or to update them to reflect events or circumstances occurring after the date of this release, whether as a result of new information, future developments or otherwise. Investors are cautioned not to place undue reliance on these forward-looking statements.
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