TORONTO, Oct. 1, 2020 /CNW/ - CIBC Asset Management Inc. (CAM) today announced that it has become a founding signatory of the Responsible Investment Association's (RIA) investor statement on diversity and inclusion.
The statement acknowledges the impact of systemic racism on Black and Indigenous communities and people of colour in Canada and around the globe. In addition, it outlines actions institutional investors will commit to in order to address systemic inequalities and their expectations for Canadian investee companies.
"We have an important role to play in addressing inequalities by holding Canadian investee companies accountable and encouraging better integration of diversity and inclusion into our processes," said David Scandiffio, President and CEO, CIBC Asset Management. "We are committed to strengthening socially responsible business practices and are proud to join RIA today in working towards eliminating inequities in business, the workplace and society."
As a signatory, CIBC Asset Management commits to the expectations for investee companies which include enhanced public disclosure of diversity data and adoption of policies and timelines to improve diversity on boards and senior management. It also includes expanded efforts to address inclusion barriers and recruitment practices for marginalized candidates. As a signatory, CAM also commits to engage with Canadian investee companies to convey expectations of improved disclosure of diversity practices, integrate diversity and inclusion into investment processes, and strengthen internal practices to effectively address barriers to inclusion and advancement of underrepresented groups. The full statement can be found here.
CIBC has a longstanding commitment to fostering inclusion and diversity. This announcement builds on CIBC's measures to stand against systemic racism, which include a specific focus on talent, inclusive leadership, and supporting our clients and communities.
CIBC is a leading North American 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 with offices 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.
About CIBC Asset Management
CIBC Asset Management, Inc. (CAM), the asset management subsidiary of CIBC, provides a range of high-quality investment management services and solutions to retail and institutional investors. CAM's offerings include: a comprehensive platform of mutual funds, strategic managed portfolio solutions, discretionary investment management services for high-net-worth individuals, and institutional portfolio management. CAM is one of Canada's largest asset management firms, with over $143 billion in assets under administration as of June 2020.