Merchants 
Fleet 2021 
ESG Report

Welcome 	
	
	
	
	
2
	
A message from our CEO	
	
3
	
Our ESG approach	
	
	
4
Our Planet	
	
	
	
	
6
	
Fleet electrification	
	
	
7
	
Bold EV actions	
	
	
8
	
AdoptEV Program	
	
	
10
	
Electrify Fleet Hub	
	
	
11
	
Employee incentives & programs	
11
	
CEVA	 	
	
	
	
12
	
Extreme-E McLaren partnership	
12
	
Looking ahead to 2022	
	
13
Our People	
	
	
	
	
14
	
Engagement	 	
	
	
15
	
Diversity, equity & inclusion	
	
16
	
Training & development	
	
18
	
Health & wellness	
	
	
19
	
Looking ahead to 2022	
	
20
Our Communities	
	
	
	
22
	
Community service	
	
	
23
	
Major charitable events & projects	
24
	
Looking ahead to 2022	
	
25
Our Business	 	
	
	
	
26
	
Our vision, mission & values	 	
27
	
Our ESG purpose	
	
	
28
	
Executive leadership team	
	
29
	
Enterprise risk management	 	
30
	
Information security	
	
	
32
	
Ethics & integrity	
	
	
34
	
Client advistory board 	
	
34
	
Looking ahead to 2022	
	
35
Accelerating Forward	
	
	
36
	
Contents
Environmental
Social
Governance
2

I am delighted to introduce the company’s inaugural Environment, 
Social, and Governance (ESG) report, detailing our strategy, 
plans, and goals in the issues most relevant to our business 
operations and our stakeholders. Merchants has been enabling 
the movement of people, goods, and services for over 60 years, 
and for the past 25+ years has been providing highly customized 
fleet management and fleet leasing solutions to companies in 
more than 20 diverse industries—large businesses, mid-sized 
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A message from CEO 
Brendan P. Keegan
companies, governments, delivery companies, and more. With this initial annual report, we will acknowledge 
the magnitude of the environmental challenge, the importance of social responsibility, the significance of good 
governance, and how Merchants Fleet is addressing all ESG issues, both now and in the future. 
I’m frequently asked, “what does ESG mean for Merchants?” Simply put, my answer is always the same. Our 
ESG purpose is to:    
   E – Create a fleet ecosystem that drives sustainable business   
   S – Shape a culture of belonging, collaboration, empowerment, and social responsibility  
   G – Apply ethics and integrity to all business activities while being accountable and transparent to our   
            stakeholders
We view ESG as foundational to who we are as a company, how we operate as a team, and the way we 
approach our products and services. To that end, our inaugural ESG report is reflective of our good work over 
the past several years as a company and highlights our commitment to making an impact across our omni-
channel business model, with our employees, and in the communities we serve. We are incredibly pleased with 
our accomplishments to date and have built the framework to continue to deliver against our future ESG goals 
as we work to create a more sustainable future for our clients, employees, suppliers, and stakeholders. 
Merchants Fleet’s vision is “to enable the movement of people, goods, and services freely and responsibly.” We 
strongly believe that our commitment to ESG and this very report are vital factors that will ensure this free flow 
of resources accelerates in a responsible manner, with as little impact as possible to the planet. Our efforts in 
electrification, the environment, gender equity, diversity and inclusion, and governance to date have furthered 
our mission, and we are excited to continue on the journey. 
I hope you enjoy reading the report and that it helps you understand how ESG is woven into the core of who we 
are as a company.  
Enjoy the journey, responsibly,
 
Brendan P. Keegan
Chief Executive Officer
3

Satisfying today’s priorities with 
tomorrow’s in mind
ESG is the key to satisfying today’s priorities with tomorrow in 
mind. Combined with existing business strategy, ESG reveals 
opportunities that will impact Merchants Fleet’s ability to create 
long-term value for Our Planet, Our People, Our Communities, 
and Our Business alike.   
Inaugural ESG Report
This is Merchants Fleet’s inaugural ESG report. It proudly 
illustrates all that we have accomplished to date, and our 
many aspirations for the future. Merchants has a long history 
of aligning itself with corporate social responsibility and 
acknowledges that we are still in the preliminary stages of 
developing our ESG program. As such, we look forward to 
advancing our ESG strategy in 2022, while continuously 
improving and adapting our priorities to achieve our 
stakeholders’ evolving demands.  
Thinking outside the box is a guiding principle at Merchants, 
and in that theme our first ESG Report is not constrained to 
traditional verticals, but rather to who and what we strive to 
benefit from our ESG actions; the purpose behind the choices 
we make. 
In this report we focus on the impact our actions have on: 
1. Our Planet
2. Our People
3. Our Communities
4. Our Business
ESG can be thought of as an ecosystem of causes, actions 
and benefits that often overlap with one another due to their 
interconnectedness. To be sustainable, you must thrive in all 
aspects of ESG. We look forward to building on the success 
we have had in 2021 and welcome your input to accelerate 
Merchants Fleet’s ESG program and impact forward. 
Our ESG approach
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“The impact of integrating 
ESG with corporate strategy 
extends far beyond the 
inherent environmental, social, 
and corporate benefits. The 
world is rapidly changing, 
causing tremendous shifts in 
client, investor, and employee 
sentiment. Viewing corporate 
strategy through an ESG 
lens prepares Merchants to 
mitigate financial risks and 
enhances our ability to engage 
with stakeholders who are 
increasingly measuring success 
in new and meaningful ways. 
The opportunity to do good 
while simultaneously doing well, 
is great, and I’m thrilled to lead 
the way with ESG at Merchants.” 
 	
	
	
  Ted Lague,
  	
	
	
  Director of 
	
	
	
  ESG Innovation
ESG thoughts
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Our Planet
In this section                                           
Fleet electrification	
	
	
7
Bold EV actions	
	
	
8
AdoptEV Program	
	
	
10
Electrify Fleet Hub	
	
	
11
Employee incentives & programs	
11
CEVA	 	
	
	
	
12
Extreme-E McLaren partnership	
12
Looking ahead to 2022	
	
13
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6

The air we breathe, the water we drink, the 
landscapes we inhabit; our planet needs our 
protection for the benefit of our people, our communities, 
and our business, alike. When our planet flourishes, we 
flourish. When our planet withers, we wither. Put simply, our 
future depends on our planet’s well-being. We are at a tipping 
point with climate change; either we take significant action 
now, or risk a future with dramatic climate variability. There 
are no solve-all solutions, there are, however, many smaller 
things we can accomplish, that when done collectively, can 
lead to major improvements for the environment. Making 
positive changes to the way we live and do business has 
never been more important, and we are committed to 
innovating solutions that reduce Merchants environmental 
impact, as well as our clients’, through bold fleet electrification 
initiatives and corporate sustainability efforts.  
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Merchants recognizes that organizations are evolving to make sustainability goals top business priorities. As the 
fastest-growing fleet management company in the country, we have launched several bold initiatives that place 
us at the forefront of fleet electrification in the United States. We provide the fastest path to electric vehicles 
(EVs) while reducing risk and ensuring business continuity. 
Merchants is committed to being the most electric fleet management company in the world, and to strategically 
prepare and position our clients to realize the benefits of this transformational technology. 
Fleet Electrification

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Merchants is taking action NOW: 
And making bold commitments to the FUTURE:  
Bold EV actions
$2.5B
committed to EVs    
by Merchants 
40K+
EV reservations with 
vehicle manufacturers
1.4K 
metric tons of CO2 
prevented by client 
EV fleets in 2021*
5.2M+ 
miles driven by client 
EV fleets in 2021
Merchants has built a dedicated EV team to help our 
clients adopt EVs and succeed. We combine the best 
in EV infrastructure and technology to offer a variety of 
services and solutions to help our clients manage their 
EVs, from acquisition to disposition.  
50%
of mobility portfolio to 
be EVs by 2025
50%
of fleet portfolio to be 
EVs by 2030
Exhaust from cars, trucks, planes, trains, and boats 
cause serious harm to both public health and our 
climate. Today, the transportation sector serves as 
one of the world’s biggest polluters, with ICE (internal 
combustion engine) fleets being a major contributor. 
Every day, millions of ICE vehicles take to the roads 
and highways to deliver the goods and services that 
support our modern, interconnected societies.  
Fleet electrification is now at a point we call 
“technological and economic maturity.” As it relates to 
EVs, they are becoming increasingly affordable, cost 
effective, reliable, and able to compete with ICE variants 
from performance and productivity standpoint. 
Full vehicle electrification means zero tail pipe 
emissions, and this fundamental transformation of 
powertrain technology can, and will, yield a similarly 
transformational moment for the planet, as direct 
emissions from vehicle operations are greatly reduced, 
and air quality improves. 
*Calculated using formula from the Union of Concerned Scientists, which 
takes into consideration the full scope of emissions through power generation 
and exhausts. https://evtool.ucsusa.org/
Good for the planet

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Electric cars are one facet of a larger technological revolution that we see playing out in the transportation 
sector. The nation’s vehicles will not only become increasingly electric, but they will also be automated, 
connected, and shared. Utilizing connected technologies like TotalConnect, our connected vehicle product, 
optimizes fleets to not only to save money but to reduce emissions, congestion, and accidents in their local 
communities, all while continuously identifying which fleet vehicles are compatible for electrification to ensure 
efficient adoption. Merchants will continue to explore the possibilities that new developments in automotive and 
fleet technology may unlock both to the benefit of fleet operators, and the local communities and environments 
that they operate in. 
It is no longer assumed that every adult will drive solo in their ICE car. We can share cars and rides. So-called 
micro-mobility, e-scooters, e-bikes, and electric mopeds can provide last mile solutions. Connected electric 
vehicles also generate data that can be used by planners to help reconfigure streets and parking. Smart EV 
charging stations are the beginning of a major change. That can be followed by giving more roadway real estate 
over to bicycle lanes, pedestrians, and green spaces. 
Another significant benefit to the community is that electric vehicles and smart charging help create a resilient 
local grid. CleanTechnica, an energy publication, reports that nearly 40% of EV drivers have rooftop solar. When 
drivers plug into a home using solar panels, they are essentially driving on sunshine. 
Good for the community
For any company with a fleet, transitioning away from emissions-heavy vehicles to zero emissions cars and 
trucks offers a huge, proportional decline in greenhouse gas emissions attributed to transportation operations. 
For these companies, the fastest path to meeting corporate environmental goals is integrating EVs into their 
own ESG strategies. 
While it’s not yet possible to replace every ICE vehicle in the world with an EV, one area ripe for change is fleets. 
Whether it’s a multinational delivery company, or your local retail store, organizations all over North America are 
seeing the long-term benefits of adopting EVs into their fleets. Our AdoptEV initiative at Merchants is aimed at 
helping organizations develop an execution ready blueprint for this critical transition. 
Good for clients

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LEARN: Educate on the EV capabilities and 
technology landscape
1
ALIGN: Get buy-in from stakeholders and 
develop an organizational position on EVs
2
PLAN: Strategize an adoption plan, from project 
budgeting to ultimately procuring the vehicles
3
PILOT: Test the EVs and gather data to inform 
further pilots and decision-making
4
ADOPT: Initiate and continually adjust the 
adoption plan and track progress toward EV goals
5
Merchants has developed a five-step process to help prospects 
and clients have the tools and understanding they need in order to 
successfully integrate EVs into their fleets. The road to EV adoption 
includes the following components: 
AdoptEV Program
10
“Fleet vehicles account for over 70% of our country’s freight 
movements, so to achieve our nations’ sustainability goals the fleet 
industry has to adopt sustainable modes of transportation - and the 
quickest way to get started on that pathway is through electrification. 
That’s a tall order for an industry that prior to this, had no centralized 
place to turn for real, actionable information about electrification. The 
Electrify Fleet Hub aims to completely change that, by providing fleet 
clients with one convenient resource for customized guidance and 
support to ensure they’re making the right decisions that’ll allow their 
fleets to quickly and easily realize the many benefits and cost savings  
of electrification.” 
 Hari Nayar, Vice President of Electrification & Sustainability

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■This year we proudly launched a comprehensive program to incentivize senior leadership and eligible 
employees to replace their ICE vehicles with EVs. The program includes a 20% higher budget for EV 
company cars, free EV charging at HQ for all employees, and reimbursement for EV home charging 
equipment
	
■Between November 2020 and October 2021, the Merchants leadership team drove over 90,000 miles in 
corporate EVs, thereby reducing CO2 emissions by 24 metric tons* (https://evtool.ucsusa.org/) 
	
■In 2021, the company installed 10 EV chargers at headquarters in Hooksett, NH, and plans to install 
additional chargers and expand use of company EVs, thereby further reducing overall CO2 emissions
	
■We launched a program that gives eligible employees 24/7 free access to a fleet of EVs we procured, 
providing the opportunity for real world testing and promoting EV adoption
	
■The company enrolled its leadership team in the Harvard Business School’s Online Sustainable Business 
Strategy certificate program, furthering a culture of sustainability-first leaders. 50 total, or 96% of senior 
leadership (director and above) successfully completed the course, with the remaining recently hired 4% 
enrolled for 2022. The program illustrates how businesses can thrive and grow while simultaneously 
solving some of the world’s biggest challenges, and how individuals can make a difference
	
■Merchants offset the carbon emissions of all 110 Fleet Summit guests for the entire year. The Fleet 
Summit is the company’s annual industry event where company leadership, clients, OEMs, and major 
partners gather to discuss the latest happenings in the fleet world and logistics. In 2021, we had over 
20 commercial EVs available for companies to test and view. In total, 2,200 tons (4.4 million pounds) of 
carbon offset credits were issued by the American Carbon Registry (ACR)
incentives & programs at a glance
Employee sustainability 
This year, we launched the Electrify Fleet Hub, an innovative online tool providing centralized information 
designed to help fleet managers make a seamless adoption of EVs as part of their sustainability goals. The 
new online tool is the first of its kind for the fleet industry, which includes a convenient EV Finder that allows 
users to research current and future EV models based on their specific needs. The tool also provides EV 
adoption planning, charging and infrastructure roadmaps and financing, and other useful resources including 
white papers, guides, infographics, and webinars.
Highlights include: 
	
■First program of its kind for fleets, revolutionizing the path to sustainability through electrification 
	
■Enables customized fleet electrification and sustainability planning one-stop resource for EVs and 
charging options for fleets
	
■The EV Finder feature allows fleets to review current and future EV options
	
■To learn more about this exciting new program, visit our Electrify Fleet Hub here
Electrify Fleet Hub
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2021 saw Merchants partner with McLaren for 
the Extreme-E series, an all-electric, off-road 
international racing event that provides the 
world’s first gender-equal motorsport platform. 
The series is focused on highlighting the impact 
of climate change in some of the most remote 
environments around the globe.  
McLaren’s approach to Extreme-E is supported 
by its four pillars: Electrification, Environment, 
Equality, and Entertainment. Merchants is 
equally invested in forwarding electrification, 
environment, and equity to create a more 
sustainable future. We firmly believe that 
partnering with one of the world’s great racing 
brands on this breakthrough initiative is an 
exciting and meaningful way to punctuate our 
commitment to ESG.  
12
In 2021, Merchants joined the Corporate Electric Vehicle Alliance (CEVA). Led by sustainability 
non-profit Ceres, CEVA is a collaborative group of companies focused on accelerating the 
transition to EVs and supports companies in making and achieving bold commitments in fleet 
electrification. The Alliance also loosely aggregates corporate demand for EVs to expand the 
business case for production of a more diverse array of EV models. 
CEVA helps companies chart a course towards a successful transition of their transportation 
and logistics fleets to EVs. Alliance members collaborate to identify challenges and potential 
solutions, and to leverage aggregate corporate demand and market influence to expand: 
	
■
Production of new and increased volumes of EV models 
	
■
EV market growth and economies of scale 
	
■
Adoption of supportive policies and the removal of policy barriers 
	
■
Peer-to-peer learning with regard to industry best practices 
Merchants has engaged with the CEVA community by providing fleet data, participating in 
discussions of best practices, and engaging with local and national policymakers on EV policy. 
We look forward to continuing our work with the alliance to enable and promote corporate 
fleet electrification.  
Corporate Electric Vehicle Alliance (CEVA)
Extreme-E McLaren Partnership

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In 2022, we will be building upon all the work we’ve 
accomplished both from an electrification standpoint, 
increasing the adoption of EVs nationally, and from an 
operational emissions position, taking action on our 
corporate environmental impact. Through our business, 
Merchants has the opportunity to make a tremendous 
impact to our planet. 	
■
Accelerate EV adoption to drive our 2025 and 2030
goals of 50% fleet electrification	
■
Enhance how we measure and report our impact on
the planet, while helping our clients to do the same	
■
Increase EV accessibility for our employees to
advance adoptions and reduce emissions	
■
Continue our Extreme-E partnership with McLaren
Racing to inspire sustainability, raise climate change
awareness, and empower greater gender equity	
■
Help clients leverage EV financial incentives
with local, state, and federal entities, and utility
companies	
■
Deepen engagement in the sustainability arena by
advocating social responsibility in business, clean
energy, and sustainable transportation	
■
Broaden waste management and reduction efforts	
■
Expand sustainable procurement policies and
strategies
Looking ahead 
to 2022 & beyond

Our People
In this section                                           
Engagement	 	
	
	
15
Diversity, equity & inclusion 	 	
16
Training & development	
	
18
Health & wellness	
	
	
19
Looking ahead to 2022	
	
20
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We are Merchants Fleet, a set of unique individuals that collaborate as a unified 
fleet of people with diverse perspectives. Our people support our communities, grow our
business, better our planet and are what make Merchants, Merchants.  
“We believe that innovation and positive change happens through a culture 
of belonging that encourages all employees to be their authentic selves. We 
leverage diverse perspectives and invest in our employees to become leaders, in 
and out of the office - growing our business, supporting their communities, and 
bettering the planet for future generations.” 			
   Richie Coladarci, Director of Human Resources 
Merchants values its employees, not just for the business functions that they fulfill, but for who they are as 
individuals. Having an engaged workforce unlocks our employees’ potential while also providing our business 
with the input to ensure that their concerns are heard, their needs are met, and their accomplishments are 
celebrated.  
One of the primary metrics we use to measure employee engagement is through the Great Place to Work® 
Trust Index Survey. Administered anonymously and confidentially, the Trust Index survey provides insight into 
employees’ perception of their workplace experience and our organizational culture. The top-level survey score 
is shared with all employees and more detailed results are shared with senior leadership and within business 
unit managers to ensure understanding and continuous improvement. 
Furthermore, to ensure a long-term approach and focus on employee engagement, the Human Resources 
department sets goals related to the positive responses reported by employees. In 2021, 89% of survey 
respondents responded that Merchants is a “great place to work” while the average for North America was 
53%. Historically, Merchants has consistently scored high on this survey, resulting in a Great Place to Work® 
certification every year since 2016. Other external measures that affirm our commitment to the employee 
experience include several other accolades received in 2021:  	
■Merchants was named a Best and Brightest Company to Work For® in both Boston and Chicago	
■Recognized as a Top 10 Best Company to Work For® in New Hampshire	
■Selected by Fortune as a Best Workplace in Financial Services and Insurance™
Other employee engagement measures that Merchants uses, tracks and reports quarterly to senior leadership 
include the frequency of peer-to-peer recognition, and the percentage of the workforce that participates in 
wellness activities, training and development, and company events. Here are some highlights from 2021 that 
exemplify our employee engagement efforts: 	
■Employees celebrated each other 269 times with four innovations celebrated	
■Employees spent 8,300 hours utilizing the professional development programs and courses that
Merchants offers	
■53% of the workforce engaged in professional training and/or development related programs
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Engagement
15

Merchants is dedicated to all issues surrounding Diversity, Equity and Inclusion (DEI) and believes that true 
innovation only happens when all voices are heard. DEI is about creating and supporting a workforce that 
represents various backgrounds and perspectives, is empowered to offset societal imbalances, and is actively 
encouraged to participate. With a diverse and welcoming workforce, Merchants has created a true culture of 
belonging that encourages dialogue, learning and celebration of all that makes us unique. When it comes to DEI, 
Merchants is taking the following actions: 
Diversity, equity & inclusion
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Emphasis on gender equity
In the traditionally male-dominated fleet industry, 
Merchants stands out with its robust commitment to 
the Diversity, Equity and Inclusion program. In line 
with the program’s equity pillar, Merchants is proud 
to report that female executives make up 45% of 
our executive leadership team and half of our total 
employee base. 
Hosting DEI virtual event series
Merchants has launched a popular new virtual event 
series focused on DEI. Recent events have focused on 
topics such as “Black in America: Three Perspectives” 
and “Demystifying Trans Identity”. The company has 
also hosted a World Café-style event focused on DEI, 
out of which came the idea to celebrate differences 
while also using them to bring people together. This 
led to the “I Am” challenge that invited employees to 
share their identity using the “I Am...” prompt on our 
internal social media page. The result was a beautiful 
visual of the unique perspectives that shape the 
Merchants culture. 
Joined the Diversity Workforce 
Coalition
In 2021, we became a corporate member of the 
Diversity Workforce Coalition. The coalition comprises 
employers and other community members whose 
dual purpose is to promote diversity in the workplace 
through education, training, and enhanced networking 
opportunities, and to identify and connect resources 
to its members and the public. 
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DEI virtual library
Merchants has curated an extensive library of resources 
that promote the acceleration of rich, candid, and honest 
dialogue, designed to create allyship and further our 
commitment to a truly inclusive work environment. 
Examples include books written by female activists, 
articles on racial identity, films that tell the story of gay 
rights in America, and many more topics designed to 
educate employees on DEI.
17
Named 2021 Diversity & Inclusion 
Rising Champion by the University of 
New Hampshire
Merchants has been named a 2021 Diversity & Inclusion 
Rising Champion by the University of New Hampshire, 
which promotes organizations who demonstrate values 
of DEI. The program recognizes employer partners, such 
as Merchants, who demonstrate the utmost devotion to 
social justice and equality through tangible actions. 
Hiring diversity through Circa
Diverse staffing is a business imperative. Merchants uses 
Circa, a SaaS-based diversity recruitment technology 
solution company that has developed a platform that 
connects directly with millions of underrepresented job 
seekers through their network of community-based 
organizations and niche diversity websites. Every new 
Merchants job posting is sent through Circa to over 200 
different community organizations.

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Merchants is committed to talent optimization through customized learning plans through all levels of the 
organization. Employee training and development platforms include:	
■LearniQ: Employees can use partnerships with Emeritus and EdeX to take courses and gain
certifications and micro-credentials free of charge	
■ManageriQ: New manager development program for new hires and promotions to ensure success in
new management roles	
■Mentorship program: Provides support, wisdom, and fulfillment through voluntary staff mentor/mentee
pairings each year	
■Innovation Coaches Academy: Opportunity to develop innovation skills across multi-departmental
teams and propose a business innovation for leadership to invest in	
■Educational Assistance Program: Includes tuition reimbursement for eligible programs
Training & development
Great Place to Work® Survey
The purpose of this survey is to build a better world by helping 
organizations become a great place to work for all. The Great 
Place to Work® platform is built on 30 years of research, 
proven to help quantify company culture and increase 
employee engagement. 
                                                                                                                  
Great Place to Work Survey® DEI Results
of respondents believe that new employees 
are made to feel welcome
of respondents believe employees are treated 
fairly regardless of their sexual orientation 
of respondents believe that employees are 
treated fairly regardless of their race
of respondents believe that employees are 
treated fairly regardless of their gender
of respondents believe that employees are 
treated fairly regardless of their age  
See the complete survey here: Merchants Fleet Survey 
Summary
95%
98%
98%
94%
90%

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Health and wellness are paramount to our organization, now more than ever. This is why Merchants has 
bolstered our programs to ensure the well-being of our greatest asset: our people. Well-being means much 
more to us than just physical health. As such, we are prioritizing how Merchants as a company can provide 
resources and stability in the face of other types of hardship or for those who simply want to achieve a 
greater state of wellness. Whether it is subsidizing health insurance or providing resources for mental health 
counseling, Merchants believes that the less our employees worry about outside stressors, the more they 
can be 100% present inside and outside of work. 
Health & wellness
Merchants Restore 
Program 	
■Merchants offers a
simple and holistic
wellness program
designed to help
employees be their best
selves	
■Employees can directly
access a certified
nutritionist, personal
trainer, life coach, or
therapist at no cost to
the employee
COVID-19 & employee 
safety	
■Stringent COVID-19 protocols
implemented to reduce the
spread of the virus	
■Remote working options
offered to employees,
increasing flexibility and
ensuring safety during the
pandemic	
■Merchants provided a financial
incentive to those who chose to
get fully vaccinated. Employees
were also provided the option
to defer the incentive to the
COVID-19 Solidarity Response
Fund
Affordable health 
insurance	
■For 2022, Merchants
absorbed all increases
to employee health plan
premiums, meaning
no increase in health
insurance premiums
for any employee	
■Health insurance
financial aid for eligible
employees, to ensure
affordable medical
coverage for everyone
enrolled in Merchants
Fleet’s medical plan

Smart commuting	
■We will be deploying additional employee EV,
EVSE, ridesharing, walking, cycling, public transit,
and micro-mobility incentives
Hybrid engagement & utilization	
■The pandemic has changed the way we engage
with employees, and we have adjusted our
strategy accordingly. Merchants will continue
to have virtual events to ensure employees feel
connected and engaged with the company, no
matter where they are	
■Offer additional flexible and hybrid work
alternatives that support work-life balance
Merchants Prime 	
■In 2022, Merchants will launch Merchants Prime,
an employee recognition and engagement
platform. On the platform, employees will be
incentivized to earn wellness points that can be
redeemed for trips, merchandise and gift cards to
marketplaces such as Amazon
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Employee engagement initiatives
Diversity, equity & inclusion 
program: “Ambassadors & Allies”
At Merchants, we want all employees to be 
encouraged and empowered to be their authentic 
selves. To advance our culture of DEI, we will be 
launching our Ambassadors & Allies program 
in 2022. The program consists of a two-month 
commitment that includes DEI training, a capstone 
project and participation in the New Hampshire 
Workplace Racial Equity Learning Challenge. 
Our culture of belonging will be reinforced by our 
Ambassadors & Allies who will inspire diversity, 
equity and inclusion throughout our company. 
The New Hampshire Workplace Racial Equity 
Learning Challenge, an element of this program, 
provides individuals and teams in the New Hampshire 
workforce community a way to: 	
■Learn about the history and dynamics of how
racism manifests at the individual, interpersonal,
organization, and systemic level	
■Gain insights into New Hampshire history and
current imperatives on issues relating to racial
equity	
■Discover local resources and leaders working on
these issues so you can support, amplify, and/or
complement this work	
■Have a space for dialogue with other
organizational leaders to reflect and consider how
you can take action and invest your resources for
change in the most effective ways
Diversity in Fleet
In 2022, Merchants will launch a “Diversity in Fleet” 
initiative, which is designed to help “level the playing 
field” in the fleet industry. Working directly with our 
fleet management peers, the initiative will expand 
efforts to build and attract a diverse candidate pool, 
and include presentations and symposiums focused 
specifically on diversity. 
Looking ahead to 2022
While our business has always been aligned with the tenants of employee engagement, DEI, training and 
development, and health and wellness, this inaugural ESG report is the first step towards integrating it with our 
larger ESG strategy. In our efforts to ensure that Merchants continues to provide support, fulfillment and sense 
of belonging to our employees, we have created an ever-growing list of projects and initiatives that we are 
eager to explore; the following is just a sample of what we plan to accomplish in the coming year.

Welcome  |  Our Planet  |  Our People  |  Our Communities  |  Our Business  |  Accelerating Forward
Training & development
The following are highlights of how we plan to 
develop our talent in 2022: 	
■Expand our paid summer internship and grad
rotation programs both in size and duration, and
provide housing subsidies for those not local to
Merchants Headquarters.	
■Invest in the next generation of talent, and our
commitment to DEI through targeted recruiting	
■Expand courses and content available through
LinkedIn Learning, including hybrid courses
focused on sustainability	
■Launch initiatives to understand, ingrain, and
continuously evolve ESG concepts with our
employees
Double minimum wage
Starting in 2021 and continuing into 2022, Merchants 
will finalize the minimum pay rate increase to $15 
per hour for all positions; more than doubling New 
Hampshire’s minimum wage, where Merchants is 
headquartered.
21

Our Communities
In this section 
Community service	
	
	
23
Major charitable events & projects	
24
Looking ahead to 2022	
	
24
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Welcome  |  Our Planet  |  Our People  |  Our Communities  |  Our Business  |  Accelerating Forward
At Merchants Fleet, we encourage our 
employees to enrich the communities in 
which they live and empower them in the 
pursuit of those efforts. Our organizational philosophy 
has been deeply vested since our inception and continues 
proudly today. 
Throughout our history, our sense of responsibility has provided 
the necessary support and hope for those in need. It is our 
promise to maintain our commitment to the benefit of the 
common good through the preservation of a corporate culture 
that celebrates and encourages community involvement, 
investment, and volunteerism. 
Our communities house our operations, fuel our business, 
support our people, and, in turn, help us better our planet. To 
show our support for the communities that make us who we 
are, we incentivize our people to give back through generous 
volunteering opportunities and philanthropic giving.  
To encourage our commitment to our communities, Merchants 
provides all employees 16 hours of paid volunteer time off 
(VTO) for causes particularly meaningful to them.  
Volunteering is good for our community, people and business 
alike. Merchants Fleet’s VTO policy: 
	
■
Attracts new talent who are exceptionally passionate 
and find a sense of purpose in the company’s social and 
community values 
	
■
Promotes an increase in job satisfaction, leading to 
healthier and happier employees  
	
■
Supports greater work-life balance 
	
■
Builds stronger bonds between co-workers 
	
■
Increases our engagement with the community  
Community service
23

Gail Singer Memorial Blood Drive
Gail Singer is the late wife of Gary Singer, owner of 
Merchants Automotive Group. The Singer Family 
is the founder of Merchants Fleet (previously 
Merchants Motors) and has been involved in the 
Greater Manchester, NH community for over 50 
years. Their philanthropic efforts have helped to aid 
many people, places, and organizations throughout 
the state. 
2022 will see the 39th Gail Singer Memorial Blood 
Drive, an event for which Merchants is widely 
recognized. The blood drive is the Singer Family’s 
signature community service activity, one that has 
grown substantially over the last 10 years. It’s now 
one of the largest community blood drives in the 
U.S., responsible for collecting more than 22,000 
pints of blood over the last 15 years. 
                                                                                                                                                      
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Merchants is proud to support and be involved in the following charitable events and projects: 
Major charitable events & projects
Families in Transition (FIT)
Merchants employees have been volunteering at 
the Families in Transition (FIT) Soup Kitchen for 
the last seven years. Our volunteers proudly serve 
over 100 meals each month and plan to continue 
helping families in need for years to come. 
FIT’s mission is to prevent and break the cycle of 
homelessness. They accomplish this by:  
	
■Providing dignified housing 
	
■Delivering comprehensive and innovative 
solutions 
	
■Developing collaborative relationships with 
their clients and partners 
	
■Creating opportunities for donors and 
volunteers committed to making a difference 
where they live and work 
With headquarters in Manchester, NH, and 
locations in Concord, Dover, and Wolfeboro, NH, 
Families in Transition includes the Outfitters Thrift 
Store and Willows Treatment Center brands. 
                                                                                                                                                      
Salvation Army
                                                                                                                                                      
Merchants has been working with the Salvation 
Army since 1996 and participates in: 
	
■Annual holiday toy collection  
	
■Annual chocolate bunny sales  
	
■Baking and volunteering at Kid’s Café  
	
■Coordinating an auction for Union Leader 
Salvation Army Santa Fund luncheon 
	
■Holiday Card images with Kid’s Café artwork 
	
■Salvation Army Bell Ringing  
Merchants has been bell ringing for over 25 
years and has collected over $500,000 for the 
Manchester, NH Salvation Army.We coordinate 
over 150 volunteers to cover 300-plus storefront 
hours. We also work with the Hooksett, NH 
Salvation Army and support fundraising efforts. 
Philanthropic giving
Merchants gave to several key organizations in 
2021, with some of the largest donations going to: 
	
■Granite United Way 
	
■Manchester Proud 
	
■Temple Israel 
	
■Red Cross  
	
■Waypoint 
	
■Families in Transition 
	
■City Year 
	
■Webster House 
	
■Nackey S. Loeb School of Communications 
Additionally, Merchants supports its employees’ 
giving efforts by matching their donations to 
charities of their choice, up to $500 a year. 
                                                                                                                                                      
24

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Looking ahead to 2022
As we move through 2022, the company plans to increase volunteering utilization rates 
and continue to give to those who need it most, while evaluating where funding is most 
impactful.  
Over the past 60 years, Merchants has done much to support our communities and has 
built incredible relationships in the process. As we continue the tradition of giving back 
to our local communities, we are also assessing our charitable actions so they effectively 
match our growth and impact as an increasingly global company. We will be adding to 
our list of charitable events in 2022 and are particularly excited to identify and support 
organizations that share our ESG vision and empower their communities through social 
justice, environmental protection, and corporate ethics. 
25

Our Business
In this section 
Our vision, mission & values		
27
Our ESG purpose			
28
Executive leadership team		
29
Enterprise risk management		
30
Information security	 		
32
Ethics & integrity			
34
Client advistory board 		
34
Looking ahead to 2022		
35
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26

Our vision speaks to how we operate business, 
serve clients in over 20 unique industries, and 
provide flexible products and services that effectively 
facilitate transportation, while remaining dedicated 
to being an ethical and sustainable business.  
Our vision       
With our vehicles, we enable the movement of people, goods, and 
services freely and responsibly. 
We specialize in developing tailored fleet leasing 
programs and fleet management solutions. As a 
partner, we work closely with clients to understand 
their needs and design the most effective fleet 
program for their organization. From robust 
analytics to the latest mobility solutions, Merchants 
has everything our clients need to hit performance 
targets and benefit from today’s most impactful 
fleet innovations. 
Our mission 
Providing the most comprehensive, flexible, and innovative fleet 
experience on the planet. 
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27

E
Create a fleet ecosystem 
that drives sustainable 
business
S
Shape a culture of 
belonging, collaboration, 
empowerment, and    
social responsibility 
G
Apply eithics and integrity 
to all business activities 
while being accountable 
and transparent to 
stakeholders
How do we accomplish these goals? Through the responsible and comprehensive 
governance of company policies and procedures.
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28
Our ESG purpose
Our values                             
Service
We commit to the most high-touch and 
responsive service in the industry 
Integrity
We believe that doing business with the 
utmost integrity is the only way to do 
business
Flexibility
We are creative, entrepreneurial, and 
nimble in our solutions
Community
We believe in giving back our time, energy 
and resources to make a better world
Innovation
We cultivate out-of-the-box thinking, 
continuous improvement, and technology

Brendan P. Keegan
Chief Executive Officer	
■6-Time President & CEO	
■Business Transformation
Leader	
■Technologist, Innovator
& Market Disruptor	
■ESG Expert & Thought
Leader	
■Global Award-Winning
CEO
Entrepreneur of the 
Year Finalist
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We are excited to be among the best fleet management companies, and that success is because of our entire 
team at Merchants – hardworking individuals who collaborate to provide the best fleet solutions for our clients’ 
needs. The Merchants executive leadership team guides these efforts with over 300 years of combined 
experience in fleet management, an average of 22 years of leadership experience, 45% of the team being 
women, and the oversight of over 600 employees nationally. We believe in the power of people, which is why 
we actively reward high performers and have hired some of the best talent that exists.  
Executive leadership team
29
Jerry Pavelich
Sr. Vice President 
& Chief Financial 
Officer
Tom Coffey
Sr. Vice President, 
Sales & Consulting
Alicia Hart
Vice President, 
Human Resources
Adam Secore
Sr. Vice President, 
Operations
Kristin Parshay
Vice President, 
Finance & Controller
Amanda E. Rogers
Vice President, 
Marketing & 
Innovation
John Cail
Sr. Vice President, 
Mobility
Diana Holland
Vice President, 
Strategic Accounts
2020 President’s Award
Jack Firriolo
Vice President & 
Chief Credit Officer
Jeanine L. Charlton
Sr. Vice President & 
Chief Technology & 
Digital Officer

“Having a leadership team that is 
as diverse as our clients, employees 
and communities enables us to 
better manage the company as we 
pull from our variety of experiences, 
perspectives, and talents to better 
represent and serve our stakeholders. 
Here at Merchants, every employee 
has an opportunity to make an 
impact and share their unique and 
diverse perspective—hearing from 
our stakeholders enriches our ability 
to anticipate and mitigate risks while 
most often identifying innovative 
ways to turn them into opportunities. 
As leaders, we take pride in being 
surrounded by different minds and 
perspectives.”			
      Amanda E. Rogers,	
      Vice President of 			
      Marketing & Innovation
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30
The Enterprise Risk Management (ERM) Team at Merchants drives value creation by mitigating risk, while also 
preparing for and promptly responding to uncertainty. 
Enterprise risk management
Our corporate governance structure is designed to foster principled actions, informed and effective decision-
making, and appropriate monitoring of compliance and performance, assuring that the interests of shareholders 
are being served. 
Corporate governance

Enterprise risk management program
Merchants understands that from an organizational standpoint, prudent risk 
management is an unsung pillar on which the future success of our organization stands 
upon. Our extensive ERM program governs the policies, procedures, and practices that 
are used by management to identify, assess, and respond to risks. From operational 
risks such as business continuity and process-based risks to technology risks such as 
information security and client privacy, our all-encompassing ERM program takes a 
disciplined and pragmatic approach to managing the everchanging risk landscape that 
our organization faces. 
Specifically, the ERM Committee is made up of eight total members: six senior level 
executives along with the two members of the Credit & Risk Management Department. 
The purpose of the ERM Committee is to provide holistic oversight of the strategy 
and carry out governance responsibilities to support management in the achievement 
of business objectives. Some of the main responsibilities of the committee are to 
understand the organization’s philosophy and agree upon its risk appetite levels as 
well as ensuring the tenants of risk management are areas of focus when conducting 
strategic planning. The committee also has a responsibility to foster a risk management 
environment that encourages open dialogue, ample engagement by committee 
members, and clear communications. A few of the key roles that the committee 
oversees are reviewing risk response plans and providing feedback to business 
owners as well as periodically reevaluating risk response strategies to ensure that they 
adequately and effectively address appropriate risks.  
The ERM Advisory Group is comprised of four individuals including the Director of 
Legal, the Vice President of Finance & Controller as well as the two members of the 
Risk Management Department. The purpose of the ERM Advisory Group is to take an 
enterprise view of the risks the organization faces and offer bi-directional guidance 
and best practices in relation to any future course of action. Some key responsibilities 
of the advisory group are ensuring that an appropriate framework is in place for 
the company’s risk management activities, overseeing the risk assessment process, 
and participating in the escalation of risks to the ERM Committee. As it relates to 
the risk escalation process, the advisory group plays a key role in synthesizing and 
assessing risks to recommend to the higher-level ERM Committee. The ERM Advisory 
Group serves as a second layer of defense, providing guidance and best practice 
advice when it comes to identifying, assessing, and responding to enterprise level risks. 
                                                                                                     
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31

Business continuity
Merchants understands the importance of managing risks 
and that effectively balancing risk and return is critical to our 
long-term success. Our ERM program as well as our ERM 
Committee oversees the policies and procedures used by 
management to monitor, evaluate, and manage our risks.  
Alongside our ERM program, we have documented plans 
and procedures to ensure business continuity in the event 
of a crisis or other emergency situation. These processes 
include regular monitoring and testing of our information 
systems to ensure appropriate backup and recovery, regular 
testing of emergency response plans through emergency 
communications and tabletop exercises as well as training 
of employees involved in emergency response and crisis 
management. For example, in response to the COVID-19 
pandemic in early 2020, Merchants activated its business 
continuity plan (BCP) to ensure the safety and well-being of 
our employees, clients, and community. Our well-grounded 
BCP policies and procedures enabled us to quickly expand 
remote working capabilities, to work compassionately with 
clients impacted by the pandemic, and to support our local 
communities in unprecedented ways. Merchants believes 
that, in order to be a sustainable business, we must have a 
robust business continuity strategy. We are confident that 
our BCP program ensures operational resilience during 
crises, thereby allowing us to focus on turning risks into 
opportunities. 
                                                         
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32
Information Security (IS), including cybersecurity has been and continues to be a high priority for Merchants. 
Therefore, Merchants has been devoted to protecting information assets as well as safeguarding its people, 
processes, and equipment. 
Merchants is committed to ensuring confidentiality, integrity, and availability of information. A cornerstone 
of delivering on that commitment is alignment with the ISO 27002 security standard. The information we 
manage is being protected in transit and at rest by industry-standard encryption mechanisms. Merchants has 
a dedicated IS team that includes a 24/7 Security Operations Center (SOC) responsible for the identification 
and remediation of security events. All security initiatives are coordinated by the Security Council, which consist 
of cross-department members in order to ensure proper governance. Additionally, we have a robust Security 
Training program that employees are required to complete quarterly. This program helps to create a culture 
of awareness and accountability, as well as a knowledge base of IS protocols and procedures. As the security 
environment and threat landscape evolve, as does our security posture and positioning. We are committed to 
adopting the latest security standards in order to provide the most secure environment. 
Information security

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33
Data security
Merchants has deliberately invested in 
the right people, processes, and technology to 
further develop our capabilities to deter attacks 
and risks. We have evolved our procedures and 
practices to protect both our own and our clients’ 
information from malicious activities, cyberattacks, 
corruption, and other loss or compromise. Our IS 
policies are designed to comply with and adhere 
to all regulatory and compliance requirements 
related to the protection of clients’ data, including 
consumer privacy laws. Merchants works 
relentlessly to understand our posture in the IS 
environment as well as our potential areas of 
vulnerability. The everchanging landscape of the 
IS environment is constantly being monitored 
and our Director of Infrastructure & Security is 
routinely invited to present on IS risks during ERM 
Committee meetings.  
                                             
Client privacy
Merchants understands the magnitude of 
responsibility we take on when clients entrust 
us with their information. From the beginning, 
Merchants has been committed to respecting and 
protecting the privacy of personal information 
provided to us by our clients. Our governance 
model along with our numerous policies and 
procedures are designed to protect the information 
of our clients by applying the principle of least 
privilege (PoLP) to their data. The principle of 
least privilege is the practice of restricting access 
rights to only those authorized individuals who 
absolutely require it for legitimate business needs 
and functions. Merchants has mechanisms built 
into processes and procedures that enable our 
employees to report potential unauthorized privacy 
or security incidents as it relates to our clients’ data.

Our culture is one that is established in ethical and lawful behavior, abiding by the highest standards, 
and complying with all laws, regulations, and policies. Merchants supports a culture of openness, trust, 
and integrity, while diligently keeping employees free from all forms of intimidation and retaliation. This 
philosophy is engrained in all areas and functions of the business which helps foster open communication 
and encourages all employees to share their questions, concerns, and/or comments.    
To ensure our company operates with the highest degree of ethics and integrity, we regularly review and 
revise our policies and programs. They include but are not limited to:	
■
Our culture of ethics	
■
Our governance of ethics	
■
Our good health and well-being programs	
■
Our work and economic growth conditions	
■
Our compliance with the Equal Pay Act	
■
Our DEI policies, including equal employment policies
Ethics & integrity
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34
Understanding our clients’ demands and expectations is imperative to the success of our company. To 
satisfy these needs, Merchants developed the Client Advisory Board (CAB) to engage with key clients 
on a regular basis. The CAB is comprised of 12 businesses ranging from logistics and home services to 
manufacturing and energy. It is positioned to provide client research and market intelligence and inform 
and validate our products, services, and roadmaps. 
Client advisory board

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As always, we will continuously improve our processes and policies to ensure we are well governed and 
resilient while operating with the highest levels of ethics and integrity. Additionally, in 2022 we will undertake 
the following initiatives: 
Though we have already established channels 
and processes to keep us connected with our 
stakeholders, Merchants plans to pursue additional 
levels of engagement to ensure that our business 
continues to meet and exceed our stakeholders’ 
expectations. 
On an every-other-year basis we evaluate the 
makeup of the CAB, with a goal of making it more 
inclusive and to reflect the diversity of our growing 
client pool. Doing so enriches our stakeholder 
engagement process by including more individuals 
with varied backgrounds. Whether that be culture, 
ethnicity, age, gender, industry, or work experience 
– each unique perspective serves to strengthen the
validity of the CAB and through that, the resilience of
the business. We will grow our CAB by at least five
new members in 2022 and are excited to introduce
new voices to the table.
We will also be increasing the frequency with which 
we engage our stakeholders so that our rapidly 
growing business can continue to stay ahead of an 
ever-changing globalized economy.  
Enhance stakeholder engagement                        
Merchants will be leveraging a new technology that 
will allow us to understand more about our critical 
suppliers and partners. The immediate focus will 
be on tracking women-owned, minority-owned, 
veteran-owned, LGBTQ-owned, and disability-
owned businesses, as well as surveying our critical 
vendors about their sustainability practices and 
the diversity of their vendors. This will help us 
gain additional insights and permit us to establish 
expectations around responsible actions and the 
diversity of our suppliers and partners going forward. 
It will also enhance our understanding of the impact 
our business has on our communities and beyond.  
Seek out responsible partners & 
elevate supplier diversity
We are dedicated to enhancing and evolving our 
ESG governance strategy with the goal of achieving 
alignment and compliance across our employee base. 
We will accomplish this by ensuring our ESG policies 
and priorities are clear, accessible and supported. 
In 2022, we will be launching new policies for 
measuring and reporting our ESG performance, 
aligning our data with an industry-accepted and 
standardized ESG disclosure framework.
ESG governance
Looking ahead to 2022
35

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Accelerating 
Forward
36

Welcome  |  Our Planet  |  Our People  |  Our Communities  |  Our Business  |  Accelerating Forward
The most sustainable fleet 
management company on the planet
Merchants has accomplished a great deal and is primed to advance our ESG program in 2022 to elevate the 
value delivered to stakeholders. We will achieve this through comprehensive materiality assessments, strategy 
integration, standardized metrics and reporting, consistent governance and communication, and continuous 
innovation. ESG is an ecosystem of causes, actions and benefits; to be sustainable, we must thrive in all 
aspects of ESG. We look forward to building on the success we have had and welcome your input to accelerate 
Merchants Fleet’s ESG program and impact forward.  
For questions or comments regarding this report, please contact esg@merchantsfleet.com.
Contact us
facebook.com/merchantsfleet
twitter.com/merchantsfleet
linkedin.com/company/merchants-fleet
DISCOVERY
Understand the 
current state, 
and what issues 
are important to 
key stakeholder 
groups
STRATEGY
Define a shared 
ESG purpose 
and vision, and 
integrate it with 
the corporate 
business strategy
METRICS & REPORTING
Establish consistent and 
controlled policies for 
measuring and reporting 
performance
CULTURE
Embed an ESG 
mindset into the 
organization through 
standardized 
governance, 
communication and 
compensation plans
INNOVATION
Identify and solve 
opportunities that 
address the company’s 
ESG priorities
ADAPT
Welcome changing 
stakeholder views 
and adapt 
strategy 
accordingly
37
Our process for accelerating our planet, people, communities, and business forward.
Roadmap