In 2018, PNC conducted its second materiality analysis — the first of which was conducted in 2015 — to identify its priority issues while taking into account the concerns and expectations of internal and external stakeholders. This materiality analysis is a requirement of the Global Reporting Initiative’s (GRI) Standards framework and informed much of the content in this report.
As part of this materiality analysis, we worked with a sustainability consultant to conduct in-depth research, including surveying employees and conducting interviews with PNC executives, customers and suppliers, as well as public officials and community leaders. We selected each participant carefully, surveying employees whose roles are relevant to the company’s environmental, social and governance (ESG) priorities, and interviewing external stakeholders who are familiar with PNC’s strengths, opportunities and impacts.
Among other results, PNC’s analysis confirmed that data privacy and protection, ethical conduct, risk management, customer relations, innovation and talent management are the issues of greatest importance and impact to PNC and its stakeholders. As community engagement, responsible lending and employee engagement are by no means immaterial — rather, they are very important in defining who we are as an organization — we have assigned them to a second priority band of “important” issues. Below is a materiality matrix that highlights these material and important issues, among others of varying significance.
PNC publishes an annual Corporate Social Responsibility (CSR) report. This is our fourth GRI-based report and has been prepared in accordance with the GRI Standards: Core option. PNC’s 2018 CSR report covers the period of January 1 through December 31, 2018. Our most recent, prior CSR report was published in April 2018, and all of PNC’s GRI reports are available online at www.pnc.com/csr.
In addition to identifying the company’s priority issues, PNC’s analysis assessed the extent to which these issues impact various stakeholders. PNC’s GRI index outlines the boundaries of these issues, all of which are mapped to GRI Standards topics.