Effort to stop banks financing nuclear weapons industry

PNC shareholders defeat proposal on nuclear weapons lending for second time

PATRICIA SABATINI, Pittsburgh Post-Gazette, 27 Apr 22,

Like the threat of nuclear war, the “Stop Banking the Bomb” campaign aimed at getting banks to stop financing companies involved in the nuclear weapons industry refuses to go away.

For the second year in a row, a proposal backed by a group opposed to such financing was defeated at PNC Financial Services Group’s annual shareholders meeting Wednesday.

Presented by the Sisters of St. Joseph of Brentwood in New York, the proposal asked that Pittsburgh-based PNC issue a report on the risks associated with lending to companies involved in making nuclear weapons.

The campaign has been targeting the bank for several years, demonstrating outside of PNC offices and shareholder meetings.

“PNC faces significant legal, financial and reputational risks if it continues to be linked to the nuclear weapons industry,” according to the proposal.

In addition, it said, the bank has a moral responsibility to address “adverse human rights impacts that it may cause, contribute to, or be directly linked to its business.”

PNC’s board recommended voting against the proposal, saying a review of the bank’s lending business concluded it did not pose a “material credit, legal or reputational risk to PNC,” and was properly vetted for potential environmental and human rights risks……………………

The proposal was defeated by a majority of shareholders. The exact vote count was not immediately available. ………………. https://www.post-gazette.com/business/pittsburgh-company-news/2022/04/27/pnc-financial-services-group-shareholders-nuclear-weapons-lending-banking-bomb/stories/202204270137

April 28, 2022 - Posted by Christina Macpherson | business and costs, USA