PNC

PNC assigns decision-making and oversight responsibility for its sustainability strategy to the highest governance body, while implementation is delegated to specific functions, teams, or committees within the organization. The institution also discloses a list of trade associations to which it belongs. PNC specifies that it does not make political contributions and discloses its lobbying expenditures.

The institution has established time-bound and measurable targets for the provision of products, services, and capital supporting climate solutions. The institution monitors its Scope 1-2 emissions as well as emissions resulting from its financing activities under Scope 3, category 15. Furthermore, it discloses the monetary amount or share of products, services, and capital allocated to small- and medium-sized enterprises.

While PNC has a material assessment which identifies material sustainability impacts, further detail on the process and criteria used for prioritisation is needed. Linking senior executive remuneration to sustainability targets is recommended. Although a reputational risk framework exists, there is no evidence of a stewardship policy supporting environmental transitions. The entity engages in public policy through trade associations but does not disclose its lobbying approach on sustainability. The institution has a Rapid Risk Screen addressing supply chain management but lacks disclosure on capital linked to biodiversity risks. Monitoring of scope 3 emissions occurs, yet additional categories could be included with rationale provided. Transparency in methodology for footprint calculation and a transition plan covering operations and supply chain is recommended and PNC should disclose emissions reductions in line with interim targets. It is advised to avoid unintended divestment from low-income countries due to sustainability strategies. The risk assessment on human rights issues is vague and does not encompass ILO rights, necessitating a process for risk mitigation and identification of social risks related to net zero transition. An example of actions taken on salient human rights issues in the last three years is also recommended.

This scorecard refers to information in English which was publicly available by July 15 2024. AuM and Total assets are stated in USD for comparability and have been calculated based on reported local currency values multiplied by applicable IMF currency converter values.