CIBC increases support for sustainable forestry practices

Paper supply is now 94 per cent Forest Stewardship Council certified, which supports sustainable forestry practices and helps to preserve Canada's boreal forest

TORONTO, June 1, 2012 /CNW/ - CIBC continues its efforts to help preserve Canada's boreal forest through its purchase of FSC-certified paper, increasing CIBC's total FSC-certified stock to 94 per cent.

In 2008, CIBC made a commitment to switch its office paper supply and migrate other paper supplies to FSC-certified stock.  This includes printer paper, client statements, forms, cheques, envelopes and commercial printing.  In 2012, CIBC extended the commitment to the purchase of wood products used in corporate office furniture systems.

"CIBC is committed to being an environmentally responsible organization," said Barclay Cornell, CIBC's Senior Vice-President responsible for Procurement and Sourcing. "Our commitment to source FSC paper and other FSC-certified products further demonstrates the effectiveness of our Environmentally Responsible Procurement Standard, as well as proof of our efforts to support sustainable forestry practices."

"We congratulate CIBC on their continued commitment to purchase FSC-certified products," said Chris McDonell, Co-Chair FSC Canada, Board of Directors. "By choosing FSC-certified paper and other FSC-certified wood products, CIBC continues on a path to reduce their corporate environmental footprint."

CIBC has also extended its efforts to reduce overall paper consumption. This includes helping clients' select paperless banking options including record keeping, pre-authorized bill payment, online transfers, direct deposit programs and telephone and online banking.  In 2011, CIBC launched an eAdvantage Savings Account, designed for clients looking to access and manage all aspects of their savings account online, including record keeping.

FSC is an international certification and labeling system that guarantees that purchased forest products come from responsibly managed forests. Under FSC certification, forests are certified against a set of strict environmental and social standards, and fibre from certified forests is tracked all the way to the consumer through the chain of custody certification system. The end result is products in the marketplace carrying the FSC logo.

CIBC is a leading North American financial institution with nearly 11 million personal banking and business clients. CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, and has offices in the United States and around the world. You can find other news releases and information about CIBC in our Press Centre on our corporate website at www.cibc.com.

SOURCE CIBC

For further information:

Sean Hamilton, Director, External Communications and Media Relations: (416) 304-8456 or sean.hamilton@cibc.com


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