TORONTO, July 5, 2022 /CNW/ - CIBC has been named one of Canada's Best 50 Corporate Citizens for 2022 by Corporate Knights.
"At CIBC, we are proud of our long-standing focus on ESG priorities. We're applying industry-leading approaches to seize opportunities and manage risks in areas such as sustainable finance, climate change, data ethics, and inclusion," said Kikelomo Lawal, Chief Legal Officer and executive lead of CIBC's ESG strategy. "We are pleased to receive this recognition for our continued leadership in enabling a more inclusive and sustainable future for all."
Corporate Knights' selection of the 2022 Best 50 Corporate Citizens in Canada was based on several key performance indicators (KPIs) covering ESG-linked compensation, labour practice indicators, Board and Executive representation and clean revenue and clean investment. CIBC's ranking reflects in part its focus on building access to opportunities for team members through benefits, culture and diversity as well as board and executive leadership representation.
In 2021, CIBC announced its refocused ESG strategy which brings together well-established and new ESG initiatives across the bank focused on building integrity and trust, creating access to opportunities, and accelerating climate action.
Recent and notable ESG initiatives include:
- CIBC's Board of Directors achieved gender-balanced leadership with 50 per cent representation of women.1
- Co-founded Carbonplace, a new technology platform for the voluntary carbon market, helping companies meet net-zero ambitions.
- $34.9 billion in mobilization of sustainable financing in 2021 – and doubling our sustainable finance mobilization target to $300 billion by 2030.2
- Committing $100 million in Limited Partnership (LP) investments dedicated to investing in key climate tech and energy transition funds.
- In 2022, CIBC enhanced health and wellbeing benefits for its employees, including increased income replacement benefits during childcare leave, mental health services, gender affirmation care, fertility treatments and access to registered dieticians.
- Over 212,000 clients were engaged in financial education seminars and events between 2019 – 2021, exceeding our goal of 200,000. 1
- $8.3 billion in new loan authorizations were provided to small and medium-sized enterprises (SMEs), achieving 92.4 per cent to-date of a four-year $9 billion target. 1
In addition to the Corporate Knights ranking, CIBC's recent recognition for efforts related to sustainability includes the following:
- Ranked A- among the top-tier of global banks for climate actions by CDP.
- Named to the Dow Jones Sustainability Index - North America for 17th consecutive year.
- Named one of Canada's Best Diversity Employers for the 12th consecutive year.
- Named one of Canada's Top Employers for Young People for the 10th consecutive year.
- Named to the Globe & Mail's 2021 Women Lead Here benchmark for executive gender diversity.
To learn more about how CIBC is activating resources to create positive change, contributing to a more secure, equitable and sustainable future where everyone's ambitions are made real, visit our Corporate Responsibility webpage.
2 Sustainable financing largely relates to client activities that support, but are not limited to, renewable and emission-free energy, energy efficiency, sustainable infrastructure, green buildings, sustainability-linked financings and green financial products. The products offered by CIBC included in its mobilization commitment to support these client activities include loans and loan syndications, debt and equity underwritings, M&A advisory and principal investments.
CIBC is a leading North American financial institution with 13 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