New targets and a broader discussion on ESG priorities reinforce bank's commitment to sustainability
TORONTO, March 9, 2020 /CNW/ - CIBC (TSX: CM) NYSE: CM) today released its 2019 Sustainability Report which complements CIBC's Annual Report to Shareholders. The report highlights the evolution of CIBC's sustainability strategy as well as progress against environmental, social and governance (ESG) priorities and United Nations Sustainable Development Goals (SDGs).
The report focuses on ESG topics of importance to CIBC and its stakeholders, including how the bank integrates and governs sustainability across its operations to support the long-term prosperity of the people and communities it serves.
In recognition of the growing importance of ESG considerations, the report discloses new targets and expanded discussion around the following:
- Climate Change, including an increase to our existing target of reducing CIBC's greenhouse gas (GHG) emissions from 10 per cent by 2023 to 20 per cent by 2026
- Inclusive Banking, including providing diverse banking solutions to serve all segments of the population, and a commitment to enhancing our clients' financial confidence through strategic partnerships and investing in financial education initiatives
- Our principles-based approach to business ethics, effective risk management and privacy and information security
The report also details CIBC's progress towards its sustainability commitments, including:
- Mobilizing $26.4 billion to date in environmental and sustainable financing towards a target of $150 billion by 2027 to support clients and initiatives in transitioning to a lower carbon economy
- Contributing $79 million in corporate and employee giving towards a target of $350 million by 2023 to make a positive impact in our communities
- Enhancing workforce diversity targets, including 35-40 per cent women in board-approved executive roles by 2022 and a commitment to ensure eight to nine per cent of annual hires are persons with disabilities, to further advance a culture of inclusion and innovation that better meets the needs of clients
Underscoring CIBC's commitment to transparency, independent assurance has been provided for a selection of environmental and social key performance indicators and an index has been added that maps to Sustainability Accounting Standards Board (SASB) metrics. The report includes Canadian Public Accountability Statement disclosures and fulfills the requirements for a Core report in accordance with the Global Reporting Initiative (GRI) Standards.
CIBC is proud to be recognized for industry-best practices by:
- Dow Jones Sustainability North America Index since its inception in 2005
- FTSE4Good Index since its inception in 2001
- Corporate Knights Best 50 Corporate Citizens in Canada
- Achievers 50 Most Engaged Workplaces™ in North America
- Mediacorp Canada's Top 100 Employers, Top Employers for Young People and
- Best Diversity Employers
- Bloomberg Gender-Equality Index for inclusive leadership
- Equileap Global Top 100 companies for gender equality
- Imagine Caring Company
We welcome questions or feedback on our report: [email protected].
CIBC is a leading Canadian-based global financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html.
For further information: Erica Belling, Investor and Financial Communications, 416-594-7251, [email protected]