Bank recognized for leading in environmental and social disclosure practices
TORONTO, Dec. 7, 2020 /CNW/ - CIBC (TSX: CM) NYSE: CM) has been included in the Dow Jones Sustainability Index (DJSI) North America for the 16th consecutive year, a recognition of the bank's approach to sustainable business practices. The DJSI includes companies based on economic, environmental and social criteria.
CIBC earned the maximum score of 100 in environmental and social reporting, reflecting the bank's continued focus on enhancing disclosure practices in sustainability. The bank was also recognized for gains in the categories of sustainable finance and materiality.
"We are pleased to be recognized for our commitment toward building a more sustainable future," said Kikelomo Lawal, Executive Vice-President and Chief Legal Officer, CIBC. "We continue to strengthen our disclosure practices to demonstrate the progress we are making on the environmental and social issues that matter to our clients, our team, and our communities."
CIBC's actions towards a sustainable future include:
- In 2019, announced a target of mobilizing $150 billion in environmental and sustainable finance activities by 2027
- Also in 2019, issued the climate-related disclosure report "Building a Sustainable Future," aligned with the Task Force on Climate-Related Financial Disclosures
- In 2020, issued a USD $500 million, five-year green bond to help finance new and existing green projects, assets, and businesses that mitigate the risks and effects of climate change. These include renewable energy, green buildings, clean transportation, natural resource conservation, biodiversity conservation, energy efficiency, and pollution prevention and control.
- Signatory to the UN Women's Empowerment Principles
- 2020 commitment to the BlackNorth Initiative to end anti-Black systemic racism as CIBC's President and CEO, Victor Dodig took on the role of co-Chair with this initiative
- In 2020, CIBC Asset Management committed to the Responsible Investment Association's investor statement on diversity and inclusion
Other industry recognitions for CIBC include:
- FTSE4Good Index since its inception in 2001
- Mediacorp Canada's Top 100 Employers and Best Diversity Employers
- Bloomberg Gender-Equality Index for inclusive leadership
- Equileap Global Top 100 companies for gender equality
- Imagine Caring Company
More on CIBC's sustainability practices can be found in the 2019 Sustainability Report.
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.