Public Investment Corporation (PIC)

In terms of female representation in leadership positions, PIC has a gender-balanced board of directors where 8 out of 20 members are women. The financial institution also describes its approach to engagement on sustainability themes and impact topics with investees.

No leading practices were identified for the financial institution in the respecting planetary boundaries measurement area.

PIC discloses the proportion of its total direct operations workforce for each employee category by gender, race and ethnicity. Moreover, it also discloses the amount of finance it directs towards usually excluded groups and small- and medium-sized enterprises (SMEs). PIC prohibits bribery and corruption and is committed to respecting the health and safety of workers and protecting personal data. It also has a privacy statement on the use of personal data.

There is no evidence that PIC assigns responsibility for sustainability to the group’s highest governing body. Moreover, there is no evidence that the financial institution links the remuneration of its executive or management teams to sustainability performance criteria. Currently women hold 36% of senior management roles. The financial institution has an opportunity to reach at least 40% female representation in senior leadership positions. It could also publicly commit to gender equality and women’s empowerment and disclose the actions taken to address any pay gaps. There is an opportunity for PIC to specify that it includes clear frameworks with success criteria and escalation points, as part of its engagement approach.

There is no evidence that PIC discloses a target to reach net-zero financed emissions by 2050. Furthermore, no evidence of an approach to fossil fuels, which covers the entire fossil fuel value chain and all of the financial institution’s financing activities, was found in the public domain. This could include the amount or share of finance directed towards fossil fuels, or the financial institutions stance on financing companies with new fossil fuel projects. The financial institution has an opportunity to disclose the key sectors and companies it has identified as priorities to engage with on climate change, specifically on alignment with the Paris Agreement. It could also disclose its financing activities devoted to climate solutions. Regarding nature and biodiversity, the financial institution has an opportunity to commit to minimising its negative impacts.

There is no evidence that PIC has a publicly available policy statement committing it to respect human rights laid out in the UNGPs and the ILO declaration on fundamental rights at work. The financial institution has an opportunity to describe a comprehensive process for identifying its human rights risks and impacts across all its activities, especially its financing activities. Moreover, while the financial institution provides a mechanism to raise complaints, it should specify that it can be used to raise concerns related to human rights. There is an opportunity for PIC to disclose the proportion of its total direct operations workforce for each employee category by age group. It could also disclose the amount of finance directed towards low-income developing countries.