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Corporate Knights selects CIBC among Canada's Best 50 Corporate Citizens
CIBC's fifth time on the list since its inception in 2002 TORONTO, June 23 /CNW/ - CIBC (CM: TSX;NYSE) is proud to announce that, for the fifth time since 2002, Corporate Knights has named the bank to its 2009 Best 50 Corporate Citizens list. Corporate Knights Inc. is an independent Canadian-based media company focused on promoting and reinforcing sustainable development in Canada. The Best 50 Corporate Citizens ranks Canada's largest and most influential companies on corporate sustainability initiatives and responsible business practices, specifically reviewing environmental, social and governance measures. "We're pleased to be included once again in Corporate Knights' list of top corporate citizens," said Stephen Forbes, CIBC's Executive Vice-President, Marketing, Communications and Public Affairs. "At CIBC, we are committed to providing accessible, affordable banking to our diverse clients, ensuring strong corporate governance, making a difference in our communities, and being an environmentally responsible organization. This recognition validates our ongoing efforts to deliver on these commitments to all of our stakeholders - clients, employees, investors and our communities." CIBC compared favourably to its peer financial institutions for Aboriginal banking, the quality of services the bank provides to First Nations, Inuit and Métis, and for the holistic, integrated approach CIBC has to building relationships with Aboriginal communities. CIBC also did well against its peers in the key performance indicator of sustainable assets under management. CIBC World Markets Inc. has been an equity underwriter of energy technology companies for several years. Additionally, CIBC's wholesale bank has been at the forefront of financing renewable energy projects (including hydroelectric, wind, biomass, biogas and district energy systems), having raised or extended over $3 billion in capital for renewable energy developers since 2002. According to Corporate Knights, "The goal of the Best 50 Corporate Citizens in Canada ranking is to assemble a body of data that can distinguish laggards from leaders and allow financial markets to better integrate valid corporate social and environmental performance metrics into their standard valuations."(1) Corporate Knights methodology is reviewed externally and calibrates a broad range of metrics. In addition to inclusion on this year's Best 50 Corporate Citizens list, in 2008 CIBC was recognized by several other prominent lists and indexes for its sustainability and corporate social responsibility. Last year, CIBC was:- Selected as a component of the Dow Jones Sustainability Index for the seventh consecutive year; - Included as a member of the Jantzi Social Index since its inception in 2000; - Included on the FTSE4Good Index since it began in 2001, highlighting companies that demonstrate exceptional corporate responsibility practices; - Recognized by the Conference Board of Canada's Carbon Disclosure Project as a Carbon Disclosure Leader for our approach to climate change disclosure; and - Scored among the highest in the global banking sector for corporate governance quality by Governance Metrics International.About Corporate Knights, Inc. Corporate Knights is an independent Canadian-based media company that publishes the world's largest circulation magazine with an explicit focus on responsible business. The mission of Corporate Knights Inc. is to humanize the marketplace. Corporate Knights publishes the annual "Best 50 Corporate Citizens in Canada" and the annual "Global 100 Most Sustainable Corporations in the World." About CIBC 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, 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.---------------- (1) "Toward the Holy Grail: Putting a number on corporate sustainability," Best 50 Corporate Citizens White Paper, Corporate Knights, 2006
For further information:
For further information: Doug Maybee, Director, External Communications and Media Relations, CIBC, Tel: (416) 980-7458, doug.maybee@cibc.com