In 2015, PNC conducted a comprehensive materiality analysis 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) G4 framework and informed much of the content in this report.
As part of the 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 financial performance, customer relations, data privacy and protection, community engagement, innovation and ethical conduct are the issues of greatest importance and impact to PNC and its stakeholders.
In addition to identifying the company’s priority issues, PNC’s analysis assessed the extent to which these issues impact various stakeholders. Below is a table that outlines the boundaries of these issues, all of which are mapped to GRI G4 Aspects or topics.
|GRI G4 Material Aspects||Material within organization or external||Relevant external entities|
|Financial Performance||Economic performance
||Both||Communities, competitors, customers, non-governmental organizations, shareholders, suppliers|
|Customer Relations||Product and service labeling||Both||Customers, non-governmental organizations, regulators|
|Marketing communications||Both||Customers, shareholders, non-governmental organizations, regulators|
|Data Privacy & Protection||Customer privacy||Both||Customers, shareholders, employees|
|Community Engagement||Market presence||Both||Communities, competitors, customers, non-governmental organizations, suppliers|
|Indirect economic impacts||External||Communities, customers, non-governmental organizations, suppliers|
|Innovation||N/A - GRI does not have relevant aspects
||Both||Competitors, customers, shareholders, regulators, suppliers|
|Ethical Conduct||Anti-corruption||Both||Customers, shareholders, regulators, suppliers|
|Anti-competitive behavior||Both||Competitors, customers, shareholders, regulators, suppliers|
PNC publishes an annual Corporate Social Responsibility (CSR) report. This is our third GRI-based report and has been prepared in accordance with the Core GRI G4 Guidelines, including the Financial Services Sector Disclosure. PNC’s 2017 CSR report covers the period of January 1 through December 31, 2017. Our most recent, prior CSR report was published in March 2017.
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