CONTENT FROM PNCthe most senior levels will result
in better decision-making,” says
Richard Bynum, chief corporate
responsibility officer at PNC. “Hav-
ing multiple points of view creates
better outcomes for our employees,
customers, and communities.”
With this in mind, the
Pittsburgh- based company ex-
panded its approach to ensure it
included candidates with different
demographics and perspectives.
For example, in 2019, they ac-
cessed a new pool of contenders
with a variety of backgrounds by
hiring an external firm to help
broaden the search to include
ethnic, gender, and cognitive
diversity.
Another critical shift is in what
is considered a valuable back-
ground for qualified candidates.
Case in point, one of PNC’s women
directors is a former member of the
military, bringing a different per-
spective than that of people from the private sector.
Assuming only individuals with significant
corporate experience are solid candidates is
limiting, says Bynum. “ That’s a bad assumption,”
he says. “They may be academics, entrepreneurs,
investors, or military.”
PNC’s efforts to diversify are paying off. Today
the board has 13 members, with 12 serving as
independent directors. Of those 12, 33% are
women, and 25% are people of color. In 2019, in
recognition of its progress, PNC received the
Board Diversity Award from DirectWomen, a U.S.
nonprofit that works to increase the number of
women on corporate boards. PNC is also commit-
ted to developing its own employees, particularly
women, to serve as leaders not just within the
organization, but beyond.
“ We have a very strong program that promotes
and advances leadership skills in women across
the company, from branch locations to wealth
teams and individual contributors,” says Bynum.
He believes initiatives like this will ultimately lead
to increased board diversity across corporate
America. “ These women go on to make significant
contributions to our communities, many serving
on nonprofit boards, gaining valuable experience
that translates well to a corporate setting.”
Diversity, Bynum says, is integral to PNC’s
operations—from the board to the retail branches.
“ There is strength in diversity. It is essential to
our success.” ■BUILDING STRONGER
BOARDS THROUGH
GENDER PARITY
PNC Financial Services Group, Inc.
knows the value of creating
and sustaining diversity across
the company.
RESEARCH HAS FOUND THAT WHEN COMPANIES PUT WOMEN
in leadership positions, they are more profitable and more
socially responsible, among other benefits, according
to Harvard Business Review. Yet corporate boardrooms
continue to lack gender parity.
Deloitte’s Global Women in the Boardroom report
found that in 2020 women held just 16.9% of board seats.
Even though more companies are finally realizing gender
parity in the boardroom has benefits, progress has been
slow. Deloitte’s report also found that the number of
women in board seats has increased only 1.9% since 2017.
PNC Financial Services Group, Inc., has been working
to enhance the diversity of its board composition for
years. “As a company, we know that gender parity at