PNC Financial Services Group

In terms of senior leadership accountability, the responsibility for sustainability issues within PNC lies with the board of directors. Furthermore, the financial institution acknowledges that its financing activities have both positive and negative impacts and has subsequently identified and prioritised its impacts through a materiality assessment process, which included feedback from external stakeholders. In regard to trade associations, PNC discloses a list of associations of which it is a member including sustainability- and non-sustainability-related organisations.

PNC discloses a time-bound target for its climate solutions. The financial institution aims to mobilise USD 20 billion in environmental financing over 5 years.

PNC discloses the amount of finance it directs towards usually excluded groups, namely loans for community development and small- and medium-sized enterprises. In terms of workforce diversity, the financial institution discloses the proportion of its total direct operations workforce for each employee category by gender, race and ethnicity. Moreover, the financial institution has publicly available policy statements where it outlines its commitment to respecting the health and safety of workers and prohibiting bribery and corruption. In addition, PNC discloses its approach to lobbying and political engagement.

PNC has an opportunity to link the remuneration of its executive and management teams to sustainability performance criteria. In terms of female representation in leadership positions, the financial institution has an opportunity to achieve a gender balanced board of directors and senior leadership team. Currently 5 out of 14 board members are women and 33.6% of executive and senior-level manager roles are held by women. PNC could also disclose the actions it takes to address any gender pay gaps. On the topic of engagement, the financial institution has an opportunity to describe its engagement approach on sustainability themes and impact topics with clients and investees, across all its financing activities.

PNC has an opportunity to disclose a target to reach net-zero financed emissions by 2050. Regarding financing for climate solutions, the financial institution discloses several figures referring to sustainable, ESG and environmental financing but it could specifically disclose its financing activities devoted to climate solutions. In addition, the financial institution has an opportunity to disclose the key sectors and companies it has identified as priorities to engage with, specifically on alignment with the Paris Agreement. In addition, PNC could commit to minimising its negative nature- and biodiversity-related impacts.

PNC has an opportunity to publish a policy statement committing it to respect human rights. Furthermore, it could describe a process for identifying its human rights risks and impacts through its relevant financing activities. While PNC provides a grievance mechanism to raise human rights, as well as bribery and corruption, concerns and complaints, it should specify that the complainant has the choice to identify themselves or remain anonymous and that the mechanism is accessible to external stakeholders.