Boston, MA – Yesterday, shareholders of PNC Financial (PNC), headquartered in Pittsburgh, PA, have repeated their message to the company that greater attention to, and disclosure about, the bank’s management of climate change is necessary. At PNC’s annual shareholder meeting, similar to last year, approximately 23% of shares voted were in support of a resolution filed by Boston Common Asset Management and other investors requesting that the company assess its exposure to climate change in its lending, investing and financing activities.
As Leah Turino stated in her comments, given on behalf of Boston Common Asset Management, “Boston Common is concerned that PNC’s future share value may be harmed if it allows the risks and opportunities related to climate change to go unmanaged.” Despite the resolution’s request that the requested disclosure be at “reasonable cost,” PNC has stated that complying with the resolution’s request would be a “significant burden.” The continuing lack of corporate disclosure has increased filers concerns that the company has not developed the internal expertise necessary to meaningfully address climate change.
Marcela Pinilla of Mercy Investment Services, a co-filer of the resolution, stated, “As investors in PNC, we are looking for assurance that the bank has integrated climate change into its risk considerations and cultivated the knowledge and resources necessary to successfully manage this issue.”
Unlike JPMorgan Chase, which released its “Environmental and Social Policy Framework” on April 15, 2014, after collaborating with investors and other stakeholders, PNC Financial has not yet been responsive to requests for dialogue and disclosure related to climate change.
Boston Common and other investors are calling on PNC and other banks to integrate climate change into an enhanced risk management process, to seek to capture climate related opportunities and to develop a corporate long-term vision to address climate change. Please refer to Boston Common’s forthcoming Banking and Climate Change Thought Piece for additional context.
For inquiries, please contact Lauren Compere, Managing Director at lcompere@bostoncommonasset.com.
About Boston Common Asset Management
Boston Common Asset Management specializes in sustainable and responsible global equity strategies. It seeks long-term capital appreciation by investing in diversified portfolios of high quality stocks. Through rigorous analysis of financial, environmental, social, and governance (ESG) factors we identify innovative, attractively valued companies for investment. On behalf of its shareholders, Boston Common urges portfolio companies to improve transparency, accountability, and manage for the long term. The firm manages US, International and Global portfolios for institutions and individuals through separate accounts, commingled and mutual funds.
