TORONTO, Sept. 29, 2021 /CNW/ - Ahead of the National Day for Truth and Reconciliation, CIBC is announcing further commitments to support economic prosperity for Indigenous peoples in Canada under its newly launched Reconciliation Framework.
"We must proactively confront our past, and accept the truth about the injustices and systemic racism faced by Indigenous peoples in Canada to move forward," said Victor Dodig, President and CEO, CIBC. "We remain committed to making meaningful change and supporting Indigenous communities and leaders to build a more inclusive future. Our Reconciliation Framework will play an important role in these commitments."
CIBC's Reconciliation Framework, which embeds reconciliation into the bank's client-focused and human capital strategies, is supported by the bank's Reconciliation Action Committee, co-chaired by Jaimie Lickers, Vice-President, Indigenous Markets and the Hon. Lisa Raitt, Vice-Chair, Investment Banking.
The framework aims to promote economic prosperity for Indigenous peoples in Canada through a number of programs and policies, including:
- ensuring all project financing affecting Indigenous peoples is in accordance with our commitment to the Equator Principles, including an informed consultation process
- working with First Nations, Métis and Inuit leadership to provide practical lending solutions through a customized housing loan program
- integrating Indigenous rights into CIBC Asset Management's responsible investing policy and engaging with investee companies on reconciliation
The framework also introduces new initiatives focused on fostering a workplace inclusive of Indigenous values and advancing reconciliation, including:
- providing Indigenous team members with five paid days to engage in traditional practices such as hunting, fishing or mourning the death of a community elder
- partnering with First Nations University of Canada and Reconciliation Education to develop new eLearning for all CIBC employees in Canada that promotes awareness of the residential school system, its legacy of inter-generational trauma and encourages a conversation about economic reconciliation
- closing banking centres and most banking operations on September 30 to observe the National Day for Truth and Reconciliation
- setting a new goal that at least 2 per cent of board-approved executive roles in Canada will be held by First Nations, Métis and Inuit peoples by 2025
In addition to the above, CIBC also remains committed to investing in Indigenous communities through annual contributions of more than $1.8M supporting scholarships and partnerships like the CIBC STEM Learning Fund with Connected North. Today, CIBC announces an additional $50,000 donation to the Orange Shirt Society, an organization working to support Survivors of the residential school system in Canada.
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.