Women in Fleet: Zheng Wang

What do you see as the key drivers in your role that impact progress and growth at Custom Fleet?

As the head of the Legal and Compliance function, my role is to safeguard the interests of Custom Fleet in everything we do from regulatory compliance to deal negotiation.

Together with my team, our mission is to understand the key drivers and risk appetite of the business, and the various risks that affect the success and longevity of the business so that we can contribute to discussions that lead to good business outcomes.

Having a deep understanding of the business also enables the team to monitor the broader market to identify regulatory trends that may benefit or hinder our strategic goals.

Environment, Social and Governance (ESG) is an emerging priority for organisations and communities around the world.

In my other role as our ESG leader, I lead Custom Fleet’s journey towards our vision of becoming the most trusted fleet management organisation and leading our customers, suppliers, and employees to a safer and more sustainable future.

The key driver of my role as the ESG leader is the evolution of the ESG movement, the changing ESG expectations of our stakeholders, and the fundamental principles of good corporate governance.

What does ESG mean and why is it important to Custom Fleet?

If you pause and think about some of the most impactful events that have affected communities around the world, you may be able to see a pattern of imbalance. This imbalance requires more to be done to improve the sustainability of our environment, cohesiveness of our society, and the integrity of organisations.

This realisation underpins the ESG movement that’s shaping the direction of responsible organisations around the world. It is the next step in the evolution of our global community.

Responsible organisations wanting to lead this evolution are investing in initiatives that support environmental sustainability (e.g. electric vehicles and renewable energy), diversity and inclusivity, safety and wellbeing, community, and good corporate governance.

As a leader in our industry, Custom Fleet can lead the way for our customers, suppliers and employees to a safer and more sustainable future.

As an industry, how do you see regulatory changes impacting Fleet?

Given the ESG movement, every aspect of ESG will come under increasing regulation.

We have already seen regulatory changes relating to electric vehicle incentives or taxes, anti-modern slavery laws, anti-discrimination laws, health and safety laws and corporate governance requirements.

As governments around the world continue to drive better ESG outcomes, we should expect to see further government policy changes relating to carbon emissions, modern slavery, gender equity, and corporate governance, all of which affect Custom Fleet, our products and services, our customers, and the industry.

Outside of ESG, data and privacy are the most important topics on the regulatory landscape.

Data security and the protection of individual privacy will continue to be an area of heavy regulation. There’s both opportunities and threats to us as the future vehicle will be a computer on wheels.

How the fleet industry navigates regulatory changes that restrict or enable the creation and accessibility of data will affect the success and longevity of our industry.

What do you see as key elements/challenges in the future of the Fleet industry?

ESG, data and innovation are going to be critical to the evolution of the fleet industry. No industry is immune to disruption.

Those businesses that are tuned into the changing landscape around them will be able to explore opportunities and anticipate threats before others, and ultimately be better prepared to navigate the challenges beyond the horizon.

What is the one piece of advice you would give to women wanting to grow their career?

As cliché as it sounds, every person’s career path is different. What works for one person may not work for another.

Growth or success should not mean the same thing to everyone. It’s important that each of us take steps to understand and challenge our own unconscious biases and assumptions about what growth or success is, and how you can achieve it.

Each of us should look beyond gender, age, ethnicity, sexuality, appearance, or other attributes and dare to create our own path.