News

Putting Climate Change on the Agenda at PNC

Domini does not invest in coal companies, but we may be able to have an influence on that industry through its bankers. PNC Financial Services has been a long-term holding in the Domini Social Equity Fund. As a Pennsylvania-based bank, PNC has a number of large coal-mining clients and has, in the past, directly financed mountaintop coal removal, a destructive practice that adds to the already unacceptable environmental damage done by the coal industry. In 2010, in response to public pressure, PNC adopted a mountaintop removal (MTR) policy prohibiting direct financing of the practice. The bank, however, like many other mainstream banks, continues to service coal-mining clients.

Although we have monitored developments for some time, in 2012 we received an email from a concerned Domini shareholder that pushed us to dig a bit deeper. Although our primary source did not report any new coal financing, we contacted the Rainforest Action Network and learned that, although PNC does not appear to be directly financing MTR, the bank had in fact engaged in a number of recent financial transactions with several coal companies that are the largest MTR practitioners.

We were pleased to join Boston Common Asset Management in filing an important proposal with PNC to address the climate impact of the bank’s financial services, including its lending to coal companies. At PNC’s annual shareholder meeting on April 23, our proposal received a vote of 22.8%, an extremely strong vote for a first-time resolution. We look forward to continuing our dialogue with PNC, where we have been stressing our serious concerns about greenhouse gas emissions produced by the burning of coal, as well as the damaging effects of mountaintop removal coal mining.


The composition of the Funds’ portfolios is subject to change. View the most current list of the Domini Social Equity Fund and Domini International Social Equity Fund's holdings.

The Domini Funds are not insured and are subject to market risks, such as sector concentration and style risk. Investing internationally involves special risks, such as currency fluctuations, social and economic instability, differing securities regulations and accounting standards, limited public information, possible changes in taxation, and periods of illiquidity. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. You may lose money. This information is provided for educational purposes only, and should not be considered investment advice with respect to any of the holdings listed.


Check the background of DSIL Investment Services LLC and its investment professionals on FINRA's BrokerCheck. Before investing, consider the Domini Funds’ investment objectives, risks, charges, and expenses. View or order a prospectus. Read it carefully.

DSIL Investment Services LLC (DSILD) distributor, Member FINRA.

Domini Impact Investments LLC (Domini) is the Funds’ investment manager. The Funds are subadvised by unaffiliated entities.

Eye iconEye slash icon