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TORONTO, March 14, 2023 – CIBC (TSX: CM) (NYSE: CM) today released its 2022 Sustainability Report, providing an update on the bank’s environmental, social and governance (ESG) progress in creating enduring value for stakeholders through its purpose-led commitment to helping make ambitions a reality.
CIBC’s Sustainability Report demonstrates how the bank is working alongside stakeholders to create positive change and enable a more sustainable future for its clients, employees, communities and the planet. The report includes the Public Accountability Statement for CIBC and its applicable subsidiaries.
“Sustainability lies at the heart of our purpose, and as a bank, we play a unique and vital role in enabling a more secure, equitable and sustainable future, a responsibility we act on every day across our team,” said Victor G. Dodig, CIBC President and CEO. “We are committed to further advancing our ESG efforts, including working closely with our clients to activate our resources to help achieve their sustainability ambitions.”
“We will remain responsive to our stakeholders as we deliver on our strategy, further embedding ESG into all facets of our bank,” said Kikelomo Lawal, CIBC Executive Vice-President, Chief Legal Officer and Chair of the Senior Executive ESG Council. “We made steady progress in 2022, and we are well positioned to continue building on our momentum as we play our part in accelerating climate action, creating access to opportunities and building integrity and trust.”
The 2022 Sustainability Report highlights examples of CIBC’s ambitions in action through collaboration with stakeholders to drive change and maximize impact.
Key highlights from CIBC’s 2022 Sustainability Report
Accelerating climate action – we support solutions to address climate change and help transition to a more sustainable, low carbon future.
Creating access to opportunities – we partner to build equitable and resilient communities where ambitions are more attainable for all.
Building integrity and trust – we act with integrity and transparency to maintain the trust that you have placed in us.
CIBC’s Sustainability Report has been prepared with reference to the Global Reporting Initiative (GRI) Standards and mapped to the United Nations Sustainable Development Goals.
For more details, please read CIBC’s 2022 Sustainability Report and accompanying ESG Data Tables detailing the bank’s seven-year performance trends.
(1) Reduction in absolute GHG emissions (Scope 1 & 2) versus the baseline year of 2018. 2022 data is as of August 1, 2021 – July 31, 2022.
(2) Sustainable financing largely relates to client activities that support, but are not limited to, renewable and emission-free energy, energy efficiency, sustainable infrastructure, sustainable real estate, affordable housing and basic infrastructure, and products such as, sustainability-linked and green financial products. The services offered by CIBC included in our mobilization commitment to support these client activities include loans and loan syndications, debt and equity underwritings, M&A advisory and principal investments. In 2022, our methodology was updated prospectively to include transactions relating to the affordable housing sector. The affordable housing sector includes loans and investments that meet our obligations under the U.S. Community Reinvestment Act. We provided hedging solutions to our clients related to sustainable finance activities with a notional amount of $1.56 billion in 2022 and $6.45 billion cumulative from 2018 to 2022 that are excluded from our sustainable finance mobilization commitment.
(3) Source: Inframation. For transactions that closed from January 1, 2022 to December 31, 2022 (North American Renewables League Tables).
(4) Board-approved executive roles include Vice-Presidents and above appointed to their role as of October 31, 2022. All data is based on self-identification voluntarily disclosed by employees as of October 31, 2022 and excludes temporary employees, contingent workers, retirees, and FirstCaribbean International Bank Limited (CIBC FirstCaribbean) and CIBC Mellon. People of colour includes those who self-identify as visible minorities in Canada and non-white outside of Canada. Visible minorities are defined as persons – other than Indigenous peoples – who self-identify as non-white.
(5) Includes corporate giving, including $80 million since 2021 to CIBC Foundation, corporate sponsorships and employee giving and fundraising. Corporate giving and community sponsorships are defined as contributions CIBC makes in support of charities and non-profit organizations, including to the CIBC Foundation, that follow the contribution principles set by Imagine Canada’s Caring Company Certification. Community sponsorships also include contributions in support of organizations, that may have a for-profit structure, where the activities supported have a social purpose that benefits the community. Team CIBC is defined as regular employees and retirees who volunteer, donate or fundraise in support of charities and non-profit organizations, including CIBC Miracle Day fundraising.
(6) The Client Experience Index is an enterprise-wide dashboard comprised of 20 internal and external client experience metrics. Excludes CIBC FirstCaribbean, CIBC Mellon, and the Asia-Pacific region.
For further information: Erica Belling, CIBC Investor & Financial Communications, 416 594-7251, email@example.com