TORONTO, June 30, 2021 /CNW/ - CIBC has been named one of the Best 50 Corporate Citizens in Canada for 2021 by Corporate Knights.
"We are pleased to receive this recognition for our investments in a more sustainable, inclusive future," said Kikelomo Lawal, Chief Legal Officer and head of CIBC's environmental, social and governance strategy. "We are committed to being a positive force in society and to making progress on issues of importance to our clients, team, communities and shareholders."
For this year's Best 50 Corporate Citizens in Canada rankings, Corporate Knights analyzed a pool of 271 firms against a suite of quantitative key performance indicators. CIBC was recognized for its proven commitment to clean investment and clean revenue from sustainable financing activities, as well as executive and board gender diversity, executive racial diversity and pension fund quality.
CIBC continues to take action toward fostering a more sustainable and inclusive future for its stakeholders. Recently, CIBC became one of the first Canadian banks to link employee and executive pay to ESG performance, creating a clear connection between compensation and outcomes on key issues such as inclusion, diversity and sustainable finance.
Other notable ESG commitments and recognition for CIBC include:
- CIBC made continued progress against its target of mobilizing $150 billion for environmental and sustainable finance by 2027, achieving 28% of its 10-year target over the last three years.
- CIBC was the First Canadian Bank to join RMI's Center for Climate-Aligned Finance.
- CIBC joined the Partnership for Carbon Accounting Financials (PCAF), an initiative led by the financial industry to develop a harmonized global standard to measure and disclose the greenhouse gas emissions (GHG) of loans and investments.
- CIBC is further investing in Black leaders, changemakers and entrepreneurs by doubling funding for education and resource programs for the Black community to $2 million annually.
- In 2020, CIBC invested $75 million in more than 4,800 community organizations across North America toward its target of $350 million between 2019 and 2023.
- Named to The Globe and Mail's 2021 Women Lead Here benchmark for executive gender diversity.
- Ranked #1 in Canada for gender equality by Equileap in 2021.
- Ranked among the top-tier global banks for climate change actions by CDP for 2020.
To learn more about CIBC's commitment to building an inclusive and sustainable future, visit CIBC's 2020 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.