Bank donates $70 million in fiscal 2021 to launch the Foundation with plans to grow to $155 million over time to help make ambitions real for communities
TORONTO, Nov. 15, 2021 /CNW/ - CIBC announced today the launch of the CIBC Foundation, which will serve to advance social and economic equity by creating greater access to opportunities for underserved communities in Canada. To support this goal, the bank has made donations totalling $70 million in fiscal 2021 to launch the foundation, with plans to grow to $155 million over time. As part of a North American approach, the bank is also announcing plans to launch the foundation in the US in the coming year.
"The CIBC Foundation is a clear demonstration of our purpose in action, helping to make ambitions real for our clients and our communities," said Victor Dodig, President & CEO, CIBC. "An inclusive economy with opportunity for all lifts our society and benefits everyone. The CIBC Foundation exemplifies our bank's genuinely caring belief that together as a community with shared vision, we can overcome obstacles and emerge more united, resilient, prosperous, and ready for a sustainable future without limits to ambition."
Now in its 155th year, the bank has a history of supporting our communities, and the CIBC Foundation will build on this legacy by focusing its efforts on funding partner organizations in Canada that support greater employment outcomes and access to education.
The CIBC Foundation Board of Directors will include two external board members, Maverix Private Equity Founder and Managing Partner John Ruffolo and Olympic gold medalist Damian Warner, who will provide expertise and lived experiences to help guide decision making at the foundation.
"Giving back is part of our DNA at CIBC, and the CIBC Foundation will play a significant role in supporting the social element in our ESG commitments," added Mr. Dodig. "The launch of the CIBC Foundation builds on our bank's storied history of strengthening communities by making investments in inclusion and access to opportunity for all."
The CIBC Foundation aims to disburse at minimum 5 per cent of its total assets on an annual basis, to benefit charities now and in the future, exceeding the 3.5 per cent requirement for charities in Canada. Funding applications will be accepted beginning in February 2022. With the bank's initial donations in 2021, the CIBC Foundation will be one of Canada's top providers of funding grants to charitable organizations.
As part of the bank's continuing commitment to creating a future where no one needs to fear a cancer diagnosis, Team CIBC raised more than $2 million for the Canadian Cancer Society CIBC Run for the Cure while celebrating its 30th anniversary on October 3, 2021. More recently, all CIBC executives will be donating $500 to a charity of their choice in their local community as part of the bank's employee recognition program, recognizing the efforts of the CIBC team in supporting clients through the pandemic and helping them stay focused on their long term ambitions.
On December 1, the bank will host CIBC Miracle Day, its annual fundraising tradition that helps improve the lives of children from underserved communities globally. This event raised $5.6 million in 2020 and has raised over $260 million globally since 1984.
CIBC is a leading North American financial institution with 10 million personal banking, business, public sector and institutional clients. Through corporate donations, community partnerships and the genuinely caring culture of Team CIBC, we are committed to helping people and our communities make their ambitions a reality. Learn more about our community impact. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html.