Covenant Releases 2021 Corporate Social Responsibility Report

Rhea-AI Summary

Covenant Logistics Group has released its 2021 Corporate Social Responsibility (CSR) Report, highlighting its commitment to employees, communities, and the environment. Key findings include that nearly 20% of its workforce comprises military veterans and a 28% year-over-year increase in minority hires. Community initiatives include the Company Benevolence Fund and Volunteer Time Off programs. Environmental efforts feature a 600,000 lbs tire recycling initiative and 150kw solar panel installation. The company received multiple accolades, including recognition as a SmartWay High Performer in sustainability.

Positive

• 20% of workforce comprises military veterans.
• 28% increase in minority hires year-over-year.
• 600,000 lbs of tire waste recycled.
• Installed 150kw of solar panels for renewable energy.
• Recognized as a SmartWay High Performer in sustainability.

Negative

• None.

Findings reflect company’s continued commitment to its people and communities and the planet

CHATTANOOGA, Tenn., Sept. 06, 2022 (GLOBE NEWSWIRE) -- Covenant Logistics Group, Inc. a leading provider of transportation and logistics services in the U.S., announces the release of the company’s 2021 Corporate Social Responsibility (CSR) Report. Key sections from this year’s report showcase Covenant’s 2021 commitment to its employees and drivers, the communities it serves, and the wellbeing of our planet.

Highlights from this year’s report include:

Our People

• Covenant recruited military veterans through Operation Victory program. As of 2021, nearly 20 percent of the company’s workforce is comprised of U.S. veterans.
• Emphasized diversity as a strength. Year over year since 2020, minority hires increased 28 percent, individuals with disabilities increased two percent and female hires increased 14 percent.

Our Communities

• Continued Covenant in the Community and Covenant Cares programs to create opportunities for our team members to give back in meaningful ways.
• Managed the Company Benevolence Fund, designed to provide hardship assistance for employees.
• Executed Volunteer Time Off (VTO) program to encourage community engagement.
  

Our Planet

• Participated in a tire recycling program that kept 600,000 lbs. of tire waste out of landfills.
• Adopted aerodynamic technology, TruckWings, that improved trucking fleet’s fuel economy.
• Installed Electric Auxiliary Power Units (EAPUs) which are expected to reduce fuel consumption, increase driver comfort, and significantly reduce greenhouse gas emissions during idle periods.
• Installed 150kw of solar panels generating 100-percent renewable energy for the company. Installed white roofs on Covenant facilities, which reflect sunlight and reduce heat buildup.

Click here to see the full report and the total impact of Covenant’s 2021 CSR activities.

“Covenant believes that building, growing and improving collaborative relationships are part of the company’s long-term commitment to help customers,” said Covenant’s Matt McLelland, vice president of sustainability and innovation. “This commitment extends to our CSR and ESG activities. While corporations exist to provide valuable goods and services, Covenant believes corporations are also uniquely positioned to impact the world positively. We realize that the foundation of our company – doing what’s right – is more important than ever.”

In 2021, SmartWay named Covenant as a High Performer for achieving a high-performance ranking as a SmartWay TL/Dry Van Truck Carrier in the “Carbon” category. This honor is given to fewer than 10 percent of all SmartWay carriers. EcoVadis, the world's largest and most trusted provider of business sustainability ratings, also awarded Covenant with a prestigious bronze sustainability rating. This rating ranks Covenant in the top fifty percent of those assessed for sustainability practices. Finally, Covenant was named one of the top companies to work for by Women in Trucking (WIT) in 2021.

For more information about Covenant’s CSR initiatives, click here.

About Covenant Logistics
Covenant Logistics Group, Inc., through its subsidiaries, offers a portfolio of transportation and logistics services to customers throughout the United States. Primary services include asset- based expedited and dedicated truckload capacity, as well as asset-light warehousing, transportation management, and freight brokerage capability. In addition, Transport Enterprise Leasing is an affiliated company providing revenue equipment sales and leasing services to the trucking industry. Covenant's Class A common stock is traded on the NASDAQ Global Select market under the symbol, “CVLG.”

This press release and the accompanying linked report contain “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995, as amended. These statements are based on management’s current expectations and involve substantial risks and uncertainties, which may cause results to differ materially from those set forth in the statements. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements should be evaluated together with the many uncertainties that affect our business. Please review the risk factors set forth in our Annual Report on Form 10-K and in our other filings with the Securities Exchange Commission for factors that could cause actual results to differ materially from those in the forward-looking statements. Our ability to successfully execute the initiatives set forth in this press release or the linked report, and accurately report our progress on these initiatives presents numerous operational, financial, legal, reputational and other risks, many of which are outside our control, and all of which could have a material negative impact on our business. Additionally, the implementation of these initiatives imposes additional costs on us. If our initiatives fail to satisfy our stakeholders, then our reputation, our ability to attract or retain employees, and our attractiveness as an investment and business partner could be negatively impacted. Similarly, our failure, or perceived failure, to pursue or fulfil our goals, targets and objectives or to satisfy various reporting standards within the timelines we announce, or at all, could also have similar negative impacts and expose us to government enforcement actions and private litigation.

Media Contact:
Melissa Stephenson
Corporate Communication Manager

FAQ

What are the key highlights of Covenant Logistics' CSR Report for 2021?

Covenant Logistics' CSR Report highlights included a nearly 20% veteran workforce, a 28% increase in minority hires, a tire recycling program that saved 600,000 lbs of waste, and 150kw of solar energy installations.

How does Covenant Logistics support its employees and communities?

Covenant supports employees through programs like the Company Benevolence Fund and Volunteer Time Off, encouraging community engagement and providing hardship assistance.

What sustainability initiatives does Covenant Logistics have in place?

Covenant Logistics' sustainability initiatives include a tire recycling program, adoption of aerodynamic technology, and installation of Electric Auxiliary Power Units to reduce emissions.

What awards did Covenant Logistics receive regarding sustainability?

In 2021, Covenant was recognized as a SmartWay High Performer and received a bronze sustainability rating from EcoVadis, ranking in the top 50% of assessed companies.

What percentage of Covenant's workforce is comprised of military veterans?

As of 2021, nearly 20% of Covenant's workforce consists of military veterans.