Priority Issues & Stakeholder Engagement
Our priority issues reflect rapidly evolving environmental, social and governance (ESG) considerations, and stakeholder interests.
Defining our Priority Issues
PNC manages a variety of ESG topics across our business and operations. We assess and identify new or emerging ESG issues that could impact or be impacted by our company on an ongoing basis.
In 2021, PNC conducted its third priority issues analysis—to identify its priority ESG issues while considering the concerns and expectations of internal and external stakeholders.
As part of this analysis, we worked with an external sustainability consultant to conduct in-depth research, including surveying employees and conducting interviews with PNC executives, customers and suppliers, as well as representatives of the community. We selected each participant carefully, surveying employees whose roles are relevant to the company’s ESG priorities, and interviewing external stakeholders who are familiar with PNC’s strengths, opportunities and impacts. We also performed extensive benchmarking and research to support our understanding of other external stakeholders and viewpoints, drawing on credible standards, such as the Global Reporting Initiative, SASB, CDP (formerly the Carbon Disclosure Project) and industry reports.
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The environmental, social and governance (ESG) topics we have identified as the most relevant to our business and of greatest interest to our stakeholders include:
- Information Security: PNC’s approach to cybersecurity; employee training on information security; information security infrastructure; and emerging threat detection
- Diversity and Inclusion: PNC’s executive and workforce diversity strategies to cultivate an inclusive culture; supplier diversity; diversity in the talent pipeline; and pay and promotion equity
- Talent Management and Engagement: PNC’s management of employee-related topics including opportunities for learning and development; recruitment and retention; employee turnover and satisfaction, compensation and benefits; and company culture
- ESG Risk Management: PNC’s approach to environmental, social and governance (ESG) integration and due diligence in lending and credit analysis; environmental and social risk management (ESRM) and analysis, including climate change scenario planning; and stakeholder engagement on ESG issues management
- Customer Privacy: PNC’s approach to customer and business partner data use, protection, and privacy; fraud prevention and authentication; employee training on data privacy and protection; and compliance with data protection and privacy laws
- Ethics and Compliance: PNC’s anti-bribery and anti-corruption policies; compliance with banking rules and regulations; employee ethics training and awareness; ethical standards, grievances and whistleblowing mechanisms; and Code of Business Conduct and Ethics
- Financial Access and Inclusion: PNC’s programs or policies that cover access to financial products; financial education and literacy initiatives; financial wellbeing; diverse customers; and the expansion of financial access to a broader customer base
We recognize that our stakeholders care about these issues, and therefore seek to manage them well and report on them transparently. Many of these issues also have high potential to impact PNC’s strategic business strategic priorities, as outlined below.
To address these areas, we continue to invest in our employees, customers and communities; remain aware of our impact on the environment; engage in deep dialogue with our stakeholders; and maintain strong governance and risk management practices.
Business Strategic Priorities |
Priority Topics |
Objective 1: Expanding our leading banking franchise to new markets and digital platforms |
Customer Privacy Diversity and Inclusion Ethics and Compliance Financial Access and Inclusion Information Security Talent Management and Engagement ESG Risk Management |
Objective 2: Deepening customer relationships by delivering a superior banking experience and financial solutions |
Customer Privacy Diversity and Inclusion ESG Risk Management Financial Access and Inclusion Information Security Talent Management and Engagement Ethics and Compliance |
Objective 3: Leveraging technology to innovate and enhance products, services, security and processes |
Customer Privacy Information Security Talent Management and Engagement ESG Risk Management Ethics and Compliance |
To develop and maintain these relationships, we must build trust and engage in two-way communication with our stakeholder groups. We must actively listen and respond to our stakeholders’ questions and concerns.
PNC has a broad range of stakeholders, including employees, customers, members of the communities we serve, shareholders, government and suppliers. We engage with these groups on an ongoing basis to gain insight into their needs and perspectives, as well as to share information about our company’s strategy, practices and performance.
We employ a variety of channels and touchpoints to engage across our stakeholders, including e-mail, social media, phone conversations, our PNC website and feedback options/channels. In addition, our 40 Regional Diversity and Inclusion Councils are a vital sounding board across stakeholder groups to help us identify and act on business opportunities that result from changing community demographics.
An overview of specific touchpoints and issues mentioned by stakeholder groups is included below.
Stakeholder |
Specific channels |
Main issues |
Employees |
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Customers |
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Communities |
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Shareholders |
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Government |
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Suppliers |
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Important Legal Disclosures & Information
The content in PNC’s corporate responsibility materials, including our Corporate Responsibility Reports and Newsletters, is accurate as of the date of each such report. Updates or changes to any of our corporate responsibility materials will be reflected in the online version of such report, which can be found at www.pnc.com/csr. Our corporate responsibility materials should be read in conjunction with PNC’s then current Annual Report and Proxy Statement, both of which contain additional information about our company. Our corporate responsibility materials use certain terms, including those that the GRI sustainability reporting guidelines refer to as "Material topics," to reflect the issues of the greatest importance to PNC and our stakeholders. Used in this context, these terms should not be confused with the terms "material" or "materiality," as defined by or construed in accordance with securities law, or as used in the context of financial statements and financial reporting. Furthermore, any forward-looking statements contained in our corporate responsibility materials should not be unduly relied upon, as actual results could differ materially from expectations. For more information about such statements, please refer to the "Forward-Looking Statements" and "Risk Factors" sections of our latest Form 10-K in PNC’s Annual Report, as updated or supplemented by our subsequent filings with the Securities and Exchange Commission, which can be found at www.pnc.com/investorrelations.
This material does not constitute an offer or solicitation in any jurisdiction where or to whom it would be unauthorized or unlawful to do so.
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