# CIBC 2016 Corporate Responsibility Report and Public Accountability Statement **Banking that fits your life.** | Navigation | | | | | | |---|---|---|---|---|---| | [Overview](#overview) | [Client Experience](#client-experience) | [Responsible Banking](#responsible-banking) | [Engaging Employees](#engaging-employees) | [Community Investment](#community-investment) | [Governance & Integrity](#governance-integrity) | Welcome to the CIBC 2016 Corporate Responsibility Report and Public Accountability Statement [Download the full report 2016 CRR and PAS Full PDF (6.18MB)](Full%20PDF%20(6.18MB)) | Section | Link | |---|---| | [Client Experience](#client-experience) | [Learn more](#client-experience-learn-more) | | [Responsible Banking](#responsible-banking) | [Learn more](#responsible-banking-learn-more) | | [Engaging Employees](#engaging-employees) | [Learn more](#engaging-employees-learn-more) | | [Community Investment](#community-investment) | [Learn more](#community-investment-learn-more) | | [Governance & Integrity](#governance-integrity) | [Learn more](#governance-integrity-learn-more) | | Topic | Action | Link | |---|---|---| | About This Report | [Learn more](#about-this-report) | | | Inclusion to Innovation | [Play the video] [Download video script] | [Learn more](#inclusion-to-innovation) | | Balanced Scorecard | Financial Non-financial | | | CEO Message | [Learn more](#ceo-message) | | | Accessible Banking with MagnusCards | [Play the video] [Download video script] | [Learn more](#accessible-banking-with-magnuscards) | CIBC is recognized by a variety of organizations for its business leadership, community commitment, governance and sustainability performance, employee initiatives and other achievements. | Recognition | Organization | |---|---| | Dow Jones Sustainability Indices | In Collaboration with RobecoSAM | | FTSE4Good | | | Caring Company | | | JSI | JANTZI SOCIAL INDEX | | CANADA'S 10 MOST ADMIRED CORPORATE CULTURES 2016 | by Waterstone | | (100) Imagine | | | CDP | DIVERSITY EMPLOYERS DRIVING SUSTAINABLE ECONOMIES | | Canada's Top Employers 2017 | | [Learn more](#learn-more-recognition) | Overview | | Responsible Banking | | Engaging Employees | | Community Investment | | Governance & Integrity | |---|---|---|---|---|---|---|---|---| | [Overview...](#overview-1) | 1 | [Responsible Banking](#responsible-banking) | 32 | [Engaging Employees](#engaging-employees) | 37 | [Community Investment](#community-investment) | 50 | [Governance & Integrity](#governance-integrity) | 52 | | Message from the President and CEO | 2 | Responsible Finance | 34 | Valuing Our Team | 39 | | | | | Our Commitment | 5 | Responsible Investing | 35 | Supporting Our Employees | 43 | | | | | Balanced Scorecard | 6 | Supply Chain | 36 | Diversity and Inclusion | 45 | | | | | About this Report | 8 | | | | | | | | | Stakeholder Engagement | 10 | | | | | | | | | Economic Value | 13 | | | | | | | | | Canadian Public Accountability Statement | 15 | | | | | | | | | Client Experience | 16 | | | | | | | | | Making Banking Easier | 18 | | | | | | | | | Financial Literacy | 21 | | | | | | | | | Protecting Our Clients and Their Assets | 23 | | | | | | | | | Ways to Bank | 25 | | | | | | | | | Helping Canadian Businesses Succeed | 30 | | | | | | | | --- # Message from the President and Chief Executive Officer **Victor G. Dodig** President and Chief Executive Officer At CIBC we are committed to creating value for our clients, employees, communities and all our stakeholders. Our bank-wide strategy is to build a strong, innovative and relationship-oriented bank. We are doing this by relentlessly focusing on our clients, innovating to meet their needs, and simplifying the way we do business. This is the foundation from which we create stakeholder value. This 2016 Corporate Responsibility Report and Public Accountability Statement highlights the five environmental, social and governance (ESG) areas that are most important to both CIBC and our stakeholders. ### Client Experience Our medium-term goal is to be #1 in Client Experience amongst our Canadian banking peers. We recognize that the sustainable success of our bank is closely linked to our clients' day-to-day satisfaction around doing business with us, as well as the longer-term relationship-based client loyalty. ### Responsible Banking We aspire to be a leader in environmental performance. Responsible Banking delineates how our business objectives and environmental responsibilities are connected. ### Engaging Employees We recognize that the success of our bank is a direct result of the efforts made every day by our more than 43,000 team members - coast-to-coast-to-coast and around the world. To help our clients prosper, it is important that we build a strong and inclusive team that works together to bring the very best of CIBC to them. The 2016 Canadian Breast Cancer Foundation CIBC Run for the Cure raised an estimated **$17 million**, including nearly **$3 million** from Team CIBC. --- # Message from the President and Chief Executive Officer ### Community Investment In 2016, CIBC invested more than **$65 million** in community organizations across Canada through more than **1,500** charitable donations. This includes **$44 million** in corporate giving and nearly **$21 million** in employee-led fundraising. In addition, our team members' personal commitments of **200,000** volunteer hours have helped CIBC make a real difference in our communities. In the 2015 United Way campaign, CIBC team members and retirees gave more than **$14 million**, and raised **$6 million** for CIBC Miracle Day in December 2015. ### Governance and Integrity Strong governance provides a framework for accountable and responsible business practices and is the foundation to creating sustainable stakeholder value. Our bank is committed to leadership in governance and we live our values of Trust, Teamwork and Accountability every day in our actions. Our benchmarks for measuring progress are the international indices that assess corporate ESG performance. DJSI, FTSE4Good and Jantzi Social Index are three such indices. We are proud to be longstanding constituents of each. ### Proud to be CIBC In 2016, CIBC was also recognized by a number of other third party organizations including being named one of: * Best 50 Corporate Citizens by Corporate Knights; * Canada's Best Diversity Employers by Mediacorp; * Top 50 Most Engaged Workplaces™ by Achievers; and * 10 Most Admired Corporate Cultures™ by Waterstone. 2016 was an excellent year for CIBC and I am proud of the difference we made to our clients, our shareholders and our communities. As we head into 2017, our focus will be on accelerating our transformation to build the bank of the future for our clients and all our stakeholders. **Victor G. Dodig** CIBC President and Chief Executive Officer --- # Our Commitment Our commitment to corporate social responsibility extends from our vision and values, and is integrated into our operations and business practices. CIBC is a leading Canadian-based financial institution with a market capitalization of **$40 billion**. Through our three main businesses – Retail and Business Banking, Wealth Management, and Capital Markets – our **43,000** employees provide a full range of financial products and services to **11 million** individual, small business, commercial, corporate and institutional clients in Canada, the U.S. and around the world. ### Our Strategy At CIBC, we are building a strong, innovative, relationship-oriented bank that puts our clients at the centre of everything we do and delivers growth to our shareholders. Together, our three bank-wide priorities are the key drivers that are accelerating our transformation: ```mermaid graph TD A[CLIENT FOCUS] --> B[Focusing on our clients]; C[INNOVATION] --> D[Innovating for the future]; E[SIMPLIFICATION] --> F[Simplifying our bank]; ``` ### Our Vision and Values Our vision is to be the leader in client relationships. We will build the most trusting and enduring client relationships by putting our clients at the centre of all that we do. Our vision comes to life through our core values of Trust, Teamwork and Accountability. We endeavor to demonstrate our values in our everyday interactions with all of our stakeholders. --- # Balanced Scorecard We recognize that the long-term success and viability of CIBC is closely linked to the confidence and trust our clients and stakeholders have in our organization. We report on our corporate responsibility performance using the Global Reporting Initiative Sustainability Reporting guidelines. Our Balanced Scorecard tracks our progress against both financial and non-financial measures. ### Financial | Metric | Target | 2016 Reported Results | 2016 Adjusted Results$^{(1)}$ | |---|---|---|---| | Diluted earnings per share (EPS) growth | 5% to 10% on average, annually $^{(2)}$ | \$10.70, up 21% from 2015 | \$10.22, up 8% from 2015 | | Return on equity (ROE) | 18% to 20% $^{(2)}$ | 19.9% | 19.0% | | Efficiency ratio | 55% by 2019 | 59.7%, an improvement of 420 basis points from 2015 | 58.0%, an improvement of 160 basis points from 2015 | | Basel III CET1 ratio | Strong buffer to regulatory minimum | 11.3% | | | Dividend payout ratio | Approximately 50% | 44.3% | 46.4% | | Total shareholder return | Outperform the S\&P/TSX Composite Banks Index over a rolling five-year period | CIBC - 68.6% Banks Index - 85.9% | | $^{(1)}$ For additional information, see the "Non-GAAP measures" section of the MD&A. $^{(2)}$ Going forward, our medium term EPS and ROE targets are at least 5% and at least 15%, respectively. ### Non-financial | Category | 2016 Performance | |---|---| | Clients | > 1.5 point improvement in Ipsos Customer Satisfaction Index Net Promoter Score > 22 point improvement in J.D. Power Canadian Retail Banking Customer Satisfaction Index | | Responsible Banking | > CIBC conducts environmental risk assessments of our financial transactions and our Environmental Risk Management group reviewed and advised on 1,012 transactions as an integral part of our due diligence process. | | Community Investment | > CIBC invested more than $65 million in community organizations across Canada through more than 1,500 charitable donations, including $44 million in corporate contributions and nearly $21 million in employee-led fundraising and giving. | | Engaging Employees | > Increased Employee Commitment Index in our annual employee survey > 89% of our team agree that CIBC is a great place to work and 88% are proud to be identified with our bank | | Governance & Integrity | > 35% women on the CIBC Board of Directors > 100% of employees completed CIBC Mandatory Training and Testing | --- # About this Report The CIBC Corporate Responsibility Report and Public Accountability Statement provides an overview of CIBC's environmental, social and governance commitments to our communities where we do business. ### Contact Us **Corporate Secretary** Email: corporate.secretary@cibc.com Call: 416-980-3096 **Corporate Responsibility** Email: corporateresponsibility@cibc.com ### Standards and Assurance This report is based on the Global Reporting Initiative (GRI) G4 Sustainability Reporting Guidelines and fulfills the requirements for a Core report. The G4 framework sets out the principles and indicators that organizations can use to measure and report their environmental, social and governance performance. The report content was reviewed by internal subject matter experts, Legal, Compliance and Communications and Public Affairs. The content has also been validated by supporting documentation. This report covers our fiscal 2016 activities in Canada for the year ended October 31, 2016. We report annually and any material restatements and significant changes from previous reports are described in performance data footnotes. Unless otherwise stated, measures are metric and currency amounts are in Canadian dollars. --- # About this Report ### Materiality Material topics are those with the potential to have both a significant environmental, social or governance impact on our business and that substantially influence the assessments and decisions of our stakeholders. ### Materiality Assessment Process We developed a process for identifying our environmental, social and governance impacts and have established measures for documenting and reporting on our progress, as follows: | Step | Description | |---|---| | Identification | CIBC Communications and Public Affairs (C&PA) group conducted research on issues important to CIBC's business and its stakeholders and compiled a comprehensive list of potential material topics. | | Prioritization | These material topics were prioritized and through discussion and analysis were reduced and grouped into the following themes: Client Experience, Responsible Banking, Engaging Employees, Community Investment, and Governance and Integrity. | | Validation | CIBC Corporate Responsibility Council, a Senior Vice President level committee with representation from Risk Management, Client Experience, C&PA (including Community Investment), and Human Resources, reviewed and approved our reporting themes. Our GRI Index lists these themes along with the associated metrics and boundary impacts (internal and/or external). | | Review | For each reporting period, the themes are reviewed to ensure they reflect the most relevant environmental, social and governance issues for our business and our stakeholders. | ### GRI Index This CIBC 2016 Corporate Responsibility Report is written in accordance with the Global Reporting Initiative G4 framework and fulfills the requirements for a Core report. Our online [GRI index](online%20GRI%20index) provides a summary of disclosures that can be found throughout our Corporate Responsibility Report and Public Accountability Statement and in our operational and financial information made available in CIBC's Annual Report and Management Proxy Circular. Additional information about CIBC and our business is also available at [www.cibc.com](www.cibc.com). --- # Stakeholder Engagement At CIBC, stakeholder engagement is critical to how we conduct our business. We use a variety of methods to strengthen stakeholder relationships. These include gathering feedback and gauging the perceptions of our stakeholders to ensure we are meeting their evolving needs and expectations. We use this feedback to change how we run our business. Throughout 2016, our clients, employees, shareholders and investors, governments and regulators, non-governmental organizations (NGOs) and interest groups, community partners, and suppliers helped us on a number of important issues. | Stakeholders | Focus | Engagement methods | 2016 Key results | |---|---|---|---| | Clients | > Client experience > Accessible banking > Affordable banking > Newcomers > Small business owners | > Client feedback through meetings, events and CIBC Net Promoter Surveys > Competitive Client Experience Benchmarking through: Ipsos Customer Service Index (CSI) Survey Net Promoter Score (NPS) and J.D. Power Canadian Retail Banking Customer Satisfaction Study > Client Complaint Management Reporting through the front-line channels Client Care, Office of the CEO and CIBC Ombudsman | > Completed 140,000 NPS closed-loop surveys > Improved CIBC NPS results across 10 of the 13 client-facing channels > Improved Ipsos CSI NPS results and narrowed the gap to peer average from 2014 to 2016 > Maintained #4 ranking among the Big 5 Canadian Banks and closed the gap to 1st place on J.D. Power Canadian Retail Banking Customer Satisfaction Study > Overall client complaints received decreased by approximately 1% > Hosted three client appreciation days > CIBC CEO met with more than 250 clients > Formed cross-functional teams to improve experiences for clients | | Employees | > Client focus, innovation and simplifying work processes > Learning and Development > Diversity and Inclusion > Enabling employee contribution to communities | > Annual employee survey and quarterly pulse checks > Leadership townhalls > Learning and Development programs > Individual employee discussions to review performance and career development > Diversity and Inclusion activities > Employee intranet - CIBC Today, Newsfeeds, Communities | > Increased Employee Commitment Index in our annual employee survey > Launched new initiatives to support employees' focus on our clients > Senior leadership engaged with over 33,000 employees - 75% of employee base > Invested more than $61 million in employee learning and development > Celebrated 24th annual Diversity Month virtually to allow for employee involvement across the country > Supported employees in their communities through CIBC's Volunteer Program, including $447,000 in grants > Support for employee-giving and employee-led fundraising initiatives which raised nearly $21 million this year > Hosted our annual Employee Appreciation Day in May | | Shareholders and investors | > Financial performance > Strategic priorities > Current economic climate | > Annual Meeting > Shareholder resolutions > Investor meetings > Investor days > Quarterly conference calls > Dedicated investor website > Emails, phone calls and perception research studies > Annual investor meeting with Chair of the Board | > Annual Meeting > One-on-one meetings with rating agencies, analysts and other stakeholders > Meetings held with over 130 of CIBC's institutional shareholders, representing approximately 139 million shares > Investor conferences > Analyst calls/webcasts | | Government, regulators and policy makers | > Promoting stability and growth of Canadian banking sector | > Engage with policy makers and regulators for development of initiatives that balance growth and stability | > Dialogue and information exchange led to changes in regulation, as well as in product development, strategy, and business > Continued to leverage our expertise to assist in government policy development > Ongoing discussions with Department of Finance and Financial Consumer Agency of Canada on the evolution of mobile payments in Canada > Direct and ongoing engagement with Department of Finance on the housing sector policy review and the legislative review of the Bank Act | | Non-governmental organizations (NGOs) and interest groups | > Small business > Consumers > Infrastructure investment > Environment | > Facilitate policy and business discussions on current trends for clients, products and channels | > Dialogue and information exchange led to adjustments in strategy and business execution | | Community partners | > Nurturing and educating children and youth > Supporting those affected by cancer > Building stronger communities by helping those in need | > Investments in charitable and non-profit organizations across Canada > Grant applications, ongoing meetings, phone calls, emails and progress reports from community partners > Social media engagement and participant feedback | > Contributed more than $65 million through corporate and employee giving and fundraising across Canada > Provided scholarships and bursaries to more than 500 post-secondary students funded by CIBC > Joined 115,000 Canadians in Canadian Breast Cancer Foundation CIBC Run for the Cure which raised $17 million > Raised more than $14 million during CIBC's 2015 United Way campaign | | Suppliers | > Supplier governance and relationship management > Environmental requirements in procurement activities | > Request For Proposal process, supplier risk assessment processes, and the Supplier Governance and Relationship Management framework > To Our Suppliers web page on cibc.com > Supplier environmental evaluation form | > Supplier Diversity program includes a partnership with Women's Business Enterprises Canada to assess and improve program results > Membership in the Canadian Aboriginal and Minority Supplier Council to support our Supplier Diversity program > Monthly, quarterly and annual supplier reviews | --- # Economic Value CIBC is a major contributor to the Canadian economy and to the communities in which we work and live. Growing economies need strong banks. We create economic value through employment opportunities, purchasing local goods and services, supporting small businesses, helping our clients achieve their financial goals, and by investing in social issues that matter to Canadians. CIBC's business strategy is to build a strong, innovative, relationship-oriented bank by focusing on our clients, innovating for the future and simplifying our bank to make it easier to do business with us. We have a track record of delivering consistent, sustainable financial results underpinning our economic contribution. Our approach to create economic value spans how we manage: * Our business, including how we deliver value to our clients; * Our workforce and our suppliers; and * Our contribution to the communities in which we work and live. ### CIBC economic contributions | Metric | 2014 | 2015 | 2016 | |---|---|---|---| | Revenue (billions) | \$ 13.4 | \$ 13.9 | **\$ 15.0** | | Adjusted net income (billions) | \$ 3.7 | \$ 3.8 | **\$ 4.1** | | Taxes paid in Canada (billions) | \$ 1.2 | \$ 1.2 | **\$ 1.3** | | Total shareholder return | 20.9% | 2.0% | **5.2%** | | Debt financing to business (billions) | \$ 122.4 | \$ 135.9 | **\$148.0** | | Goods and services (billions) | \$ 2.8 | \$ 2.9 | **\$ 3.1** | | Community investment (millions) | \$ 42 | \$ 65 | **\$ 65** | | Employee compensation and benefits (billions) | \$ 2.8 | \$ 3.0 | **\$ 2.9** | --- # Economic Value ### Taxes in Canada In 2016, the CIBC group of companies contributed **$1.3 billion** to all levels of government in Canada. This total consisted of **$692 million** in income tax expense, **$38 million** in capital taxes and **$609 million** in payroll taxes (employer portion), business taxes, property taxes, GST/HST and provincial sales taxes. ### Taxes - 2016 **CIBC group of companies** \$ thousands | Jurisdiction | Income Taxes | Capital Taxes | Other Taxes | |---|---|---|---| | Federal government | \$ 417,873 | \$ - | \$ 136,751 | | **Provincial and territorial governments** | | | | | British Columbia | 29,176 | \$ - | 27,267 | | Alberta | 22,724 | - | 22,159 | | Saskatchewan | 4,669 | 10,190 | 5,025 | | Manitoba | 4,345 | 10,449 | 9,691 | | Ontario | 186,888 | 25 | 338,735 | | Quebec | 17,394 | - | 46,163 | | New Brunswick | 2,075 | 3,995 | 3,850 | | Nova Scotia | 3,659 | 5,790 | 6,689 | | Prince Edward Island | 519 | 1,132 | 1,088 | | Newfoundland and Labrador | 1,828 | 6,679 | 10,979 | | Northwest Territories | 491 | - | 334 | | Nunavut | 78 | - | 48 | | Yukon | 227 | - | 206 | | **Total** | **\$ 691,946** | **\$ 38,259** | **\$ 608,983** | --- # Canadian Public Accountability Statement All federally regulated financial institutions in Canada with equity greater than $1 billion are required to publish annual public accountability statements outlining their contributions to the Canadian economy and society. Our previous Public Accountability Statement was included in the CIBC 2015 Corporate Responsibility Report and Public Accountability Statement. Our current and previous reports are available for download and printing [here](here). ### Important Information 1. Affiliates 2. Community Investment 3. Support for Small Business 4. Debt Financing to Canadian Firms 5. Access to Financial Services 6. Branches and ATMs 7. Employment in Canada 8. Taxes ### Our Affiliates This Corporate Responsibility Report and Public Accountability Statement has been published by CIBC and the following affiliates of CIBC: CIBC World Markets Inc.; CIBC Mortgages Inc.; CIBC Life Insurance Company Limited; CIBC Trust Corporation; CIBC Securities Inc.; CIBC Investor Services Inc.; CIBC Asset Management Inc.; CIBC BA Limited; Atlantic Trust Company, N.A.; AT Investment Advisers, Inc. ### Trademarks Trademarks used in this 2016 Corporate Responsibility Report and Public Accountability Statement which are owned by Canadian Imperial Bank of Commerce, or a wholly-owned subsidiary, in Canada and/or other countries include: CIBC; CIBC CUBE DESIGN AND "BANKING THAT FITS YOUR LIFE"; CIBC 60 PLUS ADVANTAGE; CIBC ADVANTAGE; CIBC ASSET MANAGEMENT; CIBC BUSINESS BANKING; CIBC CAPITAL MARKETS; CIBC CHILDREN'S FOUNDATION; CIBC CREDITSMART; CIBC EVERYDAY; CIBC FOREIGN CASH ONLINE; CIBC GLOBAL MONEY TRANSFER; CIBC HELLO HOME; CIBC HOMEOWNER; CIBC INVESTOR'S EDGE; CIBC MIRACLE DAY; CIBC MOBILE BANKING; CIBC ONLINE BANKING; CIBC PRIVATE WEALTH MANAGEMENT; ATLANTIC TRUST; IMPERIAL INVESTOR SERVICE; PROFESSIONAL EDGE; and WOOD GUNDY. $^{\circledR}$ President's Choice Financial is a registered trademark of Loblaws Inc. CIBC is a licensee of the mark. All other trademarks mentioned in this 2016 Corporate Responsibility Report and Public Accountability Statement, which are not owned by Canadian Imperial Bank of Commerce or its subsidiaries, are the property of their respective owners. --- # Client Experience At CIBC, we are focused on building a strong, innovative, relationship-oriented bank. We are innovating with relevant client-focused technologies and we are simplifying our bank to make it easier for clients to do business with us. ### Why it's Important to CIBC We recognize that the long-term success and viability of CIBC are closely linked to the confidence and trust of our clients. We aim to build deep and enduring client relationships by putting our clients at the centre of everything that we do. Bringing our vision to be the leader in client relationships to life is our team of more than 43,000 team members, who are shaping the overall client experience each and every day. ### Management Approach To embed our client-focused culture in our bank, we have: | Action | Result/Measure | |---|---| | Set our medium-term goal | > Be #1 in client experience | | Established a common bank-wide measure for client experience | > Ipsos Customer Satisfaction Index Net Promoter Score | | Aligned executive compensation to our client experience goals | > 20% of variable compensation tied directly to the client experience | --- # Client Experience ### 2016 Performance We've seen a real shift within our bank in 2016 – a move from understanding to action – as we drive to become #1 in client experience. Over the past several years we have made progress. Our client experience scores showed the greatest improvement among Canada's five largest banks. In terms of measuring client experience and loyalty, we've made positive gains year-over-year, as measured by Ipsos Customer Satisfaction Index Net Promoter Score (NPS) which was up **1.5 points** over 2015$^{(1)}$. (NPS is a measure of client loyalty that reflects the likelihood that a client will refer CIBC to others.) Other metrics also indicate we're on the right track. In the J.D. Power Canadian Retail Banking Satisfaction Study, our results have shown significant improvements in client satisfaction$^{(2)}$. $^{(1)}$ Ipsos CSI survey rolling four quarter total as at August 2016. $^{(2)}$ J.D. Power annual survey conducted in April-May 2016, with results reported July 2016. Peer average includes BMO, BNS, RBC and TD. ### Client Experience Metrics: Change from 2014 to 2016 ```mermaid bar chart title Change in Client Experience Metrics (2014 to 2016) section J.D. Power Canadian Retail Banking Satisfaction Study Peer Average: 10.5 CIBC: 19.0 section Ipsos CSI Net Promoter Score Peer Average: 1.7 CIBC: 6.7 ``` | Award/Recognition | Detail | |---|---| | **FORRESTER** | Top overall scores among the five largest Canadian banks for mobile banking functionality | | | Top overall ranking among Canadian banks for online banking functionality | | **CELENT MODEL BANK** | Model Bank for Cash Management and Trade Finance | | **Atlantic Trust** | named a Best Multi-Family Office by Family Wealth Report | | **Canadian FinTech Awards 2016** | Financial Institution Innovator of the Year | | | Top Canadian Prime Broker at the 2016 Canadian Hedge Fund Awards | | **GlobalCapital Americas Derivatives Awards** | Canada Derivatives House of the Year by GlobalCapital | | | Ranked #1 by retail advisors in the Investment Executive magazine Report Card on Banks and Credit Unions | | **ACT Canada** | Silver IVIE Award for Most Innovative Organization among major Canadian banks | --- # Making Banking Easier ### CIBC Retail and Business Banking provides personal and business clients across Canada with financial advice, products and services through a strong team of advisors and relationship managers, in our banking centres or through remote channels such as mobile advisors and telephone, online or mobile banking. ### CIBC Wealth Management provides integrated advice and investment solutions to meet the needs of institutional, retail, and high net worth clients. Our asset management, retail brokerage and private wealth management businesses combine to create an integrated offer, delivered through approximately 1,600 advisors across Canada and the U.S. ### CIBC Capital Markets provides integrated global markets products and services, investment banking advisory and execution, corporate banking and top-ranked research to corporate, government and institutional clients around the world. ### Affordable Banking We're making banking more affordable by offering a wide range of products and advisory solutions that include no-fee and lower-cost alternatives. Our offerings include: * President's Choice Financial$^{\circledR}$ No-Fee Bank Account and Low-Cost Borrowing Account; * CIBC Advantage for Youth; * CIBC Advantage for Students; * CIBC Professional Edge Student program; * CIBC 60 Plus Advantage; * CIBC Global Money Transfer; * CIBC Foreign Cash Online; * No-annual-fee credit cards; * Competitive mortgage and lending rates * CIBC Smart Account; * CIBC Smart Prepaid Visa Cards; * CIBC Everyday Chequing Account; and * Bundle rebates including the CIBC Homeowner Banking Bundle. --- # Making Banking Easier ### Accessible Banking We continue to make enhancements across our physical and digital channels so that we can offer barrier-free facilities and services. We ensure that every new CIBC banking centre is fully accessible, from parking and counters to ATM and vestibule access. Most of our ATM network is accessible and includes features such as wheelchair accessibility, larger fonts and volume controls. To ensure that digital properties are also accessible for all of our clients, our website follows the web content accessibility guidelines provided by the W3C, the primary governing body of the Internet, and supports assistive technology such as screen readers. For visually and hearing impaired clients, the elderly, and persons with restricted mobility, we offer: * Client statements for CIBC deposit and credit card accounts, as well as CIBC Wood Gundy accounts, available in Grade 1 or Grade 2 Braille and large print formats in 16-point Verdana font, as per industry and Canadian government standards; * Large print cheques by request; * Advanced speech recognition and teletype (TTY) technology through CIBC Telephone Banking * Bell Relay Call for assistance with CIBC Telephone Banking transactions or information requests; * Sign language interpreters who can be requested for complex banking needs; and * Mortgage advisors who are able to accommodate flexible schedules and locations that are most convenient for our clients. ### Inclusion to Innovation [Play the video] [Download video script] ### Helping Newcomers Succeed Our goal is to build strong relationships with new Canadians to help them achieve their financial objectives. We offer newcomers advice on savings and investment products that are unique to Canada, service in multiple languages, and special offers to meet their immediate and future financial needs. In addition to 24/7 telephone banking in English and French, we also provide services by phone in Cantonese and Mandarin from Monday to Friday 8 a.m. until 12 a.m. (ET) and Saturdays 9 a.m. to 10 p.m. (ET). We can also offer services in approximately 50 different languages across our network of banking centres. [Learn more](#learn-more-newcomers) We've heard from newcomers to Canada that establishing a credit history is one of their greatest financial challenges. To make it easier to start building a credit profile right away, our Welcome to Canada Package includes a range of credit cards without a deposit or credit history requirement for clients holding other CIBC products, free day-to-day banking for one year on a new CIBC Smart Account and a rebate on fees for a safety deposit box. We promote the program in multiple languages to ensure the message reaches as many new Canadians as possible. --- # Making Banking Easier The CIBC Syrian Refugees Program helps new arrivals in Canada to get off to a strong financial start. CIBC Global Money Transfer, a no-fee international remittance service, also provides clients an affordable and reliable way to send money to family overseas with no upfront fees through CIBC Online Banking or at CIBC banking centres. Our goal is to bring communities together, strengthen relationships with our clients and engage Canadians of all backgrounds. ### Indigenous Banking We have sharpened our focus on and support for Canada's Indigenous (First Nations, Métis and Inuit) communities and individuals. CIBC is a participating lender with the First Nations Market Housing Fund to provide greater support and access to First Nations housing both on reserve and on settlement lands across Canada. This partnership complements CIBC's new Indigenous housing program geared at offering mortgage-like loans to First Nations citizens. We continue to provide an off-reserve banking centre network, one agency, and six on-reserve banking centres, which are located in urban, rural and remote communities across Canada, and our Remote Account Opening platform allows new, personal bank accounts to be set up in locations where there are no banking centres. Our experienced Aboriginal Banking team works closely with our clients to achieve their objective of economic self-sustainability through long-term relationship building, partnering and transferring knowledge to community leaders and members on- and off-reserve. We also provide ongoing development of Financial Literacy programs geared specifically to Indigenous clients. [Learn more](#learn-more-indigenous) We continue to partner with and support strong Indigenous-focused organizations that share our values and are committed to strengthening Indigenous prosperity and economic equality in Canada. This year we became a member of CANDO, a national Aboriginal organization focused on sustainable Indigenous economic development. As a member of the Canadian Council for Aboriginal Business, CIBC is recognized as 'PAR Committed' and we intend to undergo external verification of our Aboriginal relations strategies going forward. --- # Financial Literacy Every day, our team members help Canadians make sense of their finances by strengthening their knowledge, skills and confidence to make responsible and sound financial decisions. While much of our expertise is shared in our banking centres in one-on-one conversations with clients or through free seminars at many CIBC locations, our team members also volunteer their time to support financial capabilities for those in need in our communities. In addition, we invest in community programs that support financial literacy and entrepreneurship including Junior Achievement. ### Accessible Banking with MagnusCards [Play the video] [Download video script] CIBC teamed up with Magnusmode to offer customized banking content for an app designed to help people with special needs gain independent living skills. The MagnusCards app provides step-by-step visual guides that help individuals perform banking tasks and gain confidence as they complete each step. Through our bank's partnership with Magnusmode we are removing barriers and delivering everyday banking in a way that is fun and accessible to our clients with cognitive special needs. ### Information, Advice and Tools CIBC financial professionals provide expert commentary and reports on tax strategies, estate planning, investments and personal finances. We help clients navigate and plan for various life stages, such as buying a first home, funding post-secondary education, opening a new business, purchasing a vacation property or saving for retirement. To support families as they make plans to transition assets or businesses to the next generation, and to help secure their legacy for their children and future generations, we produce reports and hosted events in Canada and the U.S. We conduct polls to provide insight on financial planning topics to help clients better prepare for their financial future. Over the last year, these poll results generated national attention on issues such financial confidence, home ownership, tax savings, investing, saving for retirement, and budgeting for post-secondary education. Our online banking website offers several personal financial management tools and options including: * Savings goal tools to help clients reach their savings objectives; * Net worth tool to track assets and liabilities; * CIBC CreditSmart features to monitor credit card spending; and * Alerts for upcoming bill payments and transfers. The **CIBC Advice Centre** offers several online financial tools and resources to help Canadians feel confident about making personal and family financial decisions. These include tips and resources on saving, budget and cash management, borrowing money, reducing debt, family finance, home ownership, retirement planning, and tax savings. There are also specialized sections for new Canadians and students. [Learn more](#learn-more-advice-centre) --- # Financial Literacy ### Financial Literacy for Youth We support a number of financial literacy programs with a special focus on educating Canada's kids and young adults to build a better future. In the past year, hundreds of team members helped more than **6,700 students** across Canada with financial and business education through Junior Achievement, in addition to delivering **CIBC Money Smarts** seminars for students, focused on finances, credit and basic budgeting tools. ### Financial Literacy for Seniors Your Money Seniors is presented by bankers in the community volunteering their time and expertise, and has been developed in partnership with the Financial Consumer Agency of Canada (FCAC). **CIBC Wealth Management** holds financial literacy seminars to educate young adults between the ages of 18 and 25 on a range of financial issues, financial responsibility and tips on how to manage their own finances. To help seniors protect themselves against financial abuse, identify financial fraud, and make the most of their retirement savings, our team members volunteered their time and expertise to deliver Your Money Seniors financial literacy programs. [Learn more](#learn-more-seniors) ### Financial Literacy for Entrepreneurs Every day, we are committed to strengthening financial literacy in our business communities. We invest in a number of community programs supporting financial literacy and entrepreneurship including Entrepreneurship 101 at MaRS Discovery District – an online course that equips innovators, entrepreneurs, and intrapreneurs with the skills, tools, intelligence and networks they need to succeed in Canada and around the world. --- # Protecting Our Clients and Their Assets Each of us is accountable to our clients and we are committed to becoming the leader in client relationships. Safeguarding our clients' personal information and privacy is important to us. ### Our Service Commitment Our goal is to provide clients with the best possible service each time they do business with us. **Our Service Commitment to You** outlines our focus on exceeding client expectations. We strive to be open and forthcoming, provide clear explanations of our products, services and fees, listen to client concerns and provide solutions that are easy to understand and flexible to individual needs. When concerns arise, our goal is to make things right by providing a fair and speedy resolution each and every time. [Learn more](#learn-more-service-commitment) CIBC's Complaint Process includes the Ombudsman's Office, which is the last point of complaint escalation within CIBC. The primary mandate of the CIBC Ombudsman's Office is to review unresolved client complaints involving CIBC and its group of companies. The goal of the Office is to resolve disputes fairly through an independent and thorough investigation. The cases brought to the CIBC Ombudsman's Office allow us to identify areas, products and services where changes might be made based on client feedback. To this end, the CIBC Ombudsman communicates regularly with senior business leaders at the bank to highlight opportunities for improvement. [Learn more](#learn-more-ombudsman) In 2016, the Ombudsman's Office investigated **182** general banking complaints, resolved **92** of those to the satisfaction of the client and took an average of **19 days** to complete its investigations. --- # Protecting Our Clients and Their Assets ### Privacy and Information Security Protecting the privacy and confidentiality of our clients' personal information is a cornerstone of our business and an integral part of our commitment to service excellence. At CIBC, we value the trust that our clients have placed in us by choosing CIBC as their financial services provider. CIBC is committed to making privacy protection a top priority, in particular in light of emerging technologies and trends. To help us meet this commitment, CIBC has appointed a Chief Privacy Officer to oversee CIBC's privacy management framework. This framework, consisting of privacy policies, procedures, proactive consulting, and privacy awareness and education, assists in preventing and mitigating privacy risk. All employees complete mandatory code of conduct, privacy and information security training upon hiring and subsequently annually. At CIBC we take the protection of personal information seriously. We implement security safeguards designed to prevent unauthorized use, sharing, loss or theft of information. The Chief Information Security Officer oversees CIBC's information security organization and framework. This involves managing CIBC's information security strategy, policies, risk management, security architecture and services, security testing and cyber resilience practices to protect CIBC's information assets. At CIBC, our security program proactively adapts to address the evolving threat landscape, technology trends, regulatory environment and existing and emerging standards. CIBC actively participates in external security collaboration with industry peers and government agencies, with a strong focus on threat intelligence, cyber preparedness and response, and activities to improve collective defenses across our industry. [Learn more](#learn-more-privacy) * Privacy at a Glance * CIBC Privacy Principles * Online Privacy Statement * Online Fraud Reporting and Alerts ### Economic Hardship We are committed to helping our clients and assisting them in times of distress. Our advisors work directly with clients to help them manage their finances when they are faced with hardship or crisis that makes it difficult for them to meet their financial responsibilities. In these situations, we offer assistance to clients in their day-to-day and long-term financial needs by deferring mortgage or other loan payments and providing them with debt restructuring solutions. We also support disaster relief efforts in communities across Canada and around the world by making financial donations and through various fundraising initiatives. In 2016, our bank supported disaster relief efforts for the wildfires in Fort McMurray through the Canadian Red Cross and other organizations such as Alberta Food Banks. Together with our employees, CIBC supported an emergency food drive to help the people of Fort McMurray refill their fridges and restock their cupboards with healthy food from the Wood Buffalo Food Bank. Over the past three years, CIBC has also supported efforts including the Syrian refugee crisis, the Nepal earthquake, the West Africa Ebola outbreak, flooding in Southern India and closer to home – flooding in Manitoba and Saskatchewan. To help coordinate the outpouring of support from Canadians, CIBC banking centres across the country regularly accept donations from the public to help those in affected communities. --- # Ways to Bank We offer a full range of financial services allowing clients to bank through their mobile device, online, by phone, or through our teams at banking centres across the country. Some of our recent innovations include: * Launching the **CIBC Hello Home** app, allowing clients to complete their mortgage application from start to finish on their mobile device; * Delivering Apple Pay and Samsung Pay, allowing clients to pay for purchases on their CIBC credit card with a simple wave of their smartphone; and * Launching a new way to apply for a loan in partnership with fintech lender Borrowell, allowing qualified, existing clients to complete a loan application online, provide necessary documents electronically, and receive the funds often within one business day. In addition, CIBC offers advice and banking services through our network of over **1,100 banking centres** and nearly **4,000 ATMs** across the country. Our network also includes **218 President's Choice Financial** sales locations and **129 CIBC Wood Gundy, CIBC Private Wealth Management and Atlantic Trust** locations across Canada and the U.S. CIBC's banking centre and ATM locator is available [here](here). --- # Ways to Bank The following is a list of CIBC banking centres and ATMs that have opened, relocated or closed in 2016. ### Banking Centre Openings **British Columbia** 2146 Dollarton Hwy., North Vancouver 496 Marine Dr. SW, Vancouver 783 Richards St., Vancouver **Alberta** 2412 34th Ave. SW, Calgary ### Banking Centre Closures In every decision to close a banking centre, we carefully consider the interests of the community, our clients and employees. We inform the community at large, including clients, employees, community leaders, politicians and government officials, of the decision to close the banking centre. We hold a community meeting when circumstances require and assist affected individual clients and groups, identifying their needs and the most appropriate banking centre in the market to serve them. **British Columbia** 4757 51st St., Chetwynd 210 1st St., Port McNeill **Alberta** 201 Main St. N., Milk River **Saskatchewan** 217 Bellamy Ave., Birch Hills 201 Main St., Cudworth Main St. and 1st Ave., Dinsmore Main St., Mankota 210 Main St., Unity **Manitoba** 130 Waddell Ave., Dominion City 62 Tache St., Fisher Branch 118 Broadway St., Holland 449 Norton Ave., Miami **Ontario** 15195 Yonge St., Aurora 352 Main St., Deseronto 251 Parkdale Ave. N., Hamilton 328 Main St., Ignace 37 Queen St., Langton 3461 St. Clair Pkwy., Sombra **Quebec** 544 rue Principale, St-Ferdinand 168 rue Principale S, Waterville **New Brunswick** 135 Otis Dr., Nackawic ### Banking Centre Relocations **Ontario** 3500 Dundas St., Burlington Relocated to 3111 Appleby Line, Burlington 1161 Dundas St. E., Mississauga Relocated to 1470 Dundas St. E., Mississauga 7205 Goreway Dr., Mississauga Relocated to 7185 Goreway Dr., Mississauga **Alberta** 200 52nd St. NE, Calgary Relocated to 409 East Hills Blvd. SE, Calgary --- # Ways to Bank ### Other Closures These President's Choice Financial$^{\circledR}$ locations, which formerly offered in-person services, will continue to offer ATMs. **British Columbia** 3455 Johnston Rd., Port Alberni 1900 Garibaldi Way, Squamish 1255 Davie St., Vancouver 1030 Denman St., Vancouver **Alberta** 5101 46th St., Bonnyville 5212 50th St., Drayton Valley 1103 18 St. SE, High River 2601 14th Ave., Wainwright **Saskatchewan** 137 King St., Estevan 1341 Broadway Ave., Regina 3960 Albert St., Regina 921 Broad St., Regina **Manitoba** 130 Provincial Trunk Hwy. 12 N., Steinbach 1445 Main St., Winnipeg 701 Regent Ave., Winnipeg 6650 Roblin Blvd., Winnipeg 740 St. Anne's Rd., Winnipeg **Ontario** 401 Ottawa St., Almonte 39 Winner's Cir., Arnprior 830 Beaver Ave., Beaverton 603 Colborne St., Brantford 5111 New St., Burlington 1105 Fountain St. N., Cambridge 1565 King St. E., Cambridge 297 Eramosa Rd., Guelph 160 Kortright Rd., Guelph 50 Dundurn St. S., Hamilton 499 Mohawk Rd. E., Hamilton 665 Philip Pl., Kincardine 300 Main St. E., Kingsville 1375 Weber St. E., Kitchener 123 Pioneer Dr., Kitchener 600 Mitchell Rd., Listowel 599 Fanshaw Park W., London 635 Southdale Rd E., London 9292 Hwy. 93, Midland 975 McKeown Ave., North Bay 289 Coldwater Rd. W., Orillia 1300 King St. E., Oshawa 1050 Simcoe St. N., Oshawa **Prince Edward Island** 670 University Ave., Charlottetown 509 Main St., Montague **Newfoundland & Labrador** 132 Bennett Dr., Gander 17 Cromer Ave., Grand Falls-Windsor 20 Lake Ave., St. John's **Northwest Territories** 4910 50th Ave., Yellowknife **Yukon** 2270 2nd Ave., Whitehorse **Alberta** 2148 Carling Ave., Ottawa 224 Hunt Club Rd., Ottawa 1910 St. Laurent Blvd., Ottawa 1020 10th St. W., Owen Sound 20 Jocelyn Rd., Port Hope 680 O'Brien Rd., Renfrew 9625 Yonge St., Richmond Hill 10909 Yonge St., Richmond Hill 519 Korah Rd., Sault Ste. Marie 654 Algonquin Blvd. E., Timmins 720 Broadview Ave., Toronto 269 Coxwell Ave., Toronto 222 Cherry St., Toronto 2280 Dundas St. W., Toronto 270 The Kingsway, Toronto 700 Lawrence Ave. W., Toronto 301 Moore Ave., Toronto 585 Queen St. W., Toronto **Nova Scotia** 111 Post Rd., Antigonish 211 Duke St., Chester 920 Cole Harbour Rd., Dartmouth 118 Wyse Rd., Dartmouth 470 Warwick St., Digby 129 Reserve St., Glace Bay 6139 Quinpool Rd., Halifax 451 Main St., Kentville 125 King St., North Sydney 5240 Hwy. 7, Porters Lake 16 Dentith Rd., Spryfield 332 Welton St., Sydney **New Brunswick** 577 Victoria St., Edmundston 240 Madawaska Rd., Grand Falls 138 Main St., Sussex 350 Connell Rd., Woodstock --- # Ways to Bank ### ATM Installations **British Columbia** 4755 Kingsway, Burnaby 4733 51 St., Chetwynd 1410 Parkway Blvd., Coquitlam 2146 Dollarton Hwy., North Vancouver (2 ATMs) 6011 No. 3 Rd., Richmond (2 ATMs) 12893 16th Ave., Surrey 3113 Arbutus St., Vancouver 496 Marine Dr. S., Vancouver (2 ATMs) 2092 West 4th Ave., Vancouver 783 Richards St., Vancouver (3 ATMs) **Alberta** 2015 16th Ave. NW, Calgary (2 ATMs) 8 Nolan Hill Blvd. NW, Calgary 10 Sage Hill Plaza NW, Calgary 1840 9th Ave. SE, Calgary 2412 34th Ave. SW, Calgary (3 ATMs) 400 3rd Ave. SW, Calgary 19655 Seton Way SE, Calgary 409 East Hills Blvd. SE, Calgary (3 ATMs) 1221 Canyon Meadows Dr. SE, Calgary 31 Royal Vista Place NW, Calgary 12904 167th Ave. NW, Edmonton 804 Webber Greens Dr. NW, Edmonton 895 Tamarack Way NW, Edmonton 3924 118th Ave. NW, Edmonton 5009 Ellerslie Rd. SW, Edmonton 4431 4th Ave., Edson 1000 Emerald Dr., Sherwood Park 100 Longview Dr., Spruce Grove 3604 Highway St., Valleyview 5020 56th St., Wetaskiwin **Ontario** 292 Brock Rd., Aberfoyle 90 Kingston Rd. E., Ajax 7994 Wellington Rd. 109, Arthur 70 Barrie View Dr., Barrie 3111 Appleby Line, Burlington (4 ATMs) 39 Victoria Blvd., Clinton 175 Bunker Ave., RR#1, Corunna 15 Canrobert St., Campbellford 346 Main St., Deseronto 225 The East Mall, Etobicoke 415 Woodlawn Rd. W., Guelph 2300 Princess St., Kingston **Quebec** 32 av Lachine E, Lachine 995 boul des Prés-Verts, Laprairie **Nova Scotia** 6136 University Ave., Halifax **Newfoundland & Labrador** 100 World Parkway, St. John's (2 ATMs) **Northwest Territories** 250 Old Airport Rd., Yellowknife **Other Installations (Continued)** **Ontario** 5th Field Company Lane, Level 2, Kingston 9305 Hwy. 48, RR#1, Markham 6543 Airport Rd., Mississauga 100 City Centre Dr., Mississauga (2 ATMs) 1470 Dundas St. E., Mississauga (4 ATMs) 620 Eglinton Ave. W., Mississauga 7185 Goreway Dr., Mississauga (5 ATMs) 6300 Silver Dart Dr., Mississauga 700 Alness St., North York 1641 Jane St., North York 13 King St. E., Omemee 360 Dundas St. E., Oakville 493 Dundas St. W., Oakville 1020 Dundas St. W., Oakville 425 West St. N., Orillia 1780 Heron Rd., Ottawa 103 Richmond Rd., Ottawa 3101 Strandherd Dr., Ottawa 898 Monaghan Rd., Peterborough 87 Thompson Dr., Port Dover 291 Colborne St., Port Stanley 65 Dillane Dr., Schomberg 101 Second Line, RR#1, Shelburne 20819 Dalton Rd., Sutton West 4406 Provincial Rd., Tecumseh 7 Station St., Toronto 111 Peter St., Toronto 1 Fort York Blvd., Toronto 35 York St., Toronto 1529 Bayview Ave., Toronto 641 College St., Toronto 120 Lynn Williams St., Toronto 101 Eglinton Ave. E., Toronto 199 Bay St., Toronto 120 Adelaide St. W., Toronto 333 Eglinton Ave. W., Toronto 205 Queen St. W., Toronto 301 College St., Toronto 200 University Ave. W., Waterloo --- # Ways to Bank ### ATM Removals **British Columbia** 4757 51st St., Chetwynd 700 Mackenzie Blvd., Mackenzie 2904 Granville St., Vancouver **Alberta** 200 52nd St. NE, Calgary (3 ATMs) 70 Crowfoot Way NW, Calgary 205 5th Ave. SW, Calgary 121 Stewart Green SW, Calgary 240 4th Ave. SW, Calgary 333 Aspen Glen Landing SW, Calgary 324 Anderson Rd. SE, Calgary 12720 137th Ave. NW, Edmonton 10058 170th St. NW, Edmonton 9933 100th Ave., Grande Prairie 9825 116 St., Grande Prairie 5040 50 Ave., Lamont 535 6th Ave. S., Lethbridge 1606 Mayor Magrath Dr., Lethbridge 201 Main St. N., Milk River **Saskatchewan** 201 Main St., Cudworth 210 Main St., Unity **Manitoba** 62 Tache St., Fisher Branch 701 Regent Ave., Winnipeg **Ontario** 15195 Yonge St., Aurora 3500 Dundas St., Burlington (3 ATMs) 352 Centre St., Deseronto 251 Parkdale Ave. N., Hamilton (2 ATMs) 328 Main St., Ignace 37 Queen St., Langton 1161 Dundas St. E., Mississauga (3 ATMs) 7205 Goreway Dr., Mississauga (4 ATMs) 4841 Yonge St., North York (2 ATMs) 2530 Postmaster Dr., Oakville 200 Consilium Pl., Scarborough 3461 St. Clair Pkwy., Sombra 1623 Avenue Rd., Toronto 269 Coxwell Ave., Toronto 25 King St. W., Toronto (4 ATMs) 97 Laird Dr., Toronto 378 Queen St. W., Toronto **Quebec** 800 rue de la Gauchetière O, Montréal 130 av Lépine, Gatineau 1200 av McGill Collège, Montréal 300 boul Ste-Croix, Montréal 2185 rue Galt O, Sherbrooke 544 rue Principale, St-Ferdinand 168 rue Principale, Waterville **New Brunswick** 123 Champlain St., Dieppe 135 Otis Dr., Nackawic **Newfoundland & Labrador** Humber Ave., Labrador City 80 Airport Terminal Access Rd., St. John's --- # Helping Canadian Businesses Succeed We are committed to helping our clients reach their business and financial goals. We offer our clients the information, opportunities and tools they need to succeed in their fields of business. We offer business solutions to help clients manage day-to-day banking, enhance cash flow and maximize savings and investments. [Learn more](#learn-more-business-solutions) We produce economic reports that provide relevant information to business owners. Among them was a report by Managing Director and Deputy Chief Economist at CIBC, Benjamin Tal, on Canadian export responsiveness and the impacts on GDP and employment gains – key indicators of Canada's economy. We also conduct polls to provide insights for business clients on topics such as investing in innovation and succession planning. In conjunction with Social Capital Partners, the rate drop rebate initiative is a partnership between the government of Ontario and leading banks and credit unions, including CIBC, to help Ontario businesses grow by hiring people facing barriers to employment. Small- and medium-sized businesses in select markets in Ontario can receive a reduced interest rate on a loan, or six months interest-free on a line of credit in the form of a rebate for each hire. We sponsor Canada's Best Managed Companies where applicants can receive coaching from seasoned experts at CIBC, Deloitte, Queen's University, the National Post, and MacKay CEO Forums. ### Debt Financing to Canadian Firms We provide our clients with access to credit in order to support their business goals. Our range of lending products and services meets the needs of small, medium and large corporate businesses and includes real estate lending and commercial mortgages, agriculture lending, leveraged financing, asset-based lending, wholesale automotive financing and general corporate financing. As well, through our referral partnership with Thinking Capital, small business owners can apply for a loan online, receive timely credit decisions, and have the funds transferred to their accounts in as little as 24 hours. ### CIBC and its listed affiliates debt financing to firms in Canada As at October 31, 2016 ($millions) | Province or Territory | \$0- \$24,999 | \$25,000- \$99,999 | \$100,000- \$249,999 | \$250,000- \$499,999 | \$500,000- \$999,999 | \$1,000,000- \$4,999,999 | \$5,000,000 and Greater | Total | |---|---|---|---|---|---|---|---|---| | **British Columbia** | Authorized Amount | 49 | 237 | 288 | 287 | 411 | 1,846 | 13,438 | 16,557 | | | Number of Firms | 7,314 | 4,548 | 2,092 | 822 | 556 | 665 | 405 | 16,402 | | **Alberta** | Authorized Amount | 36 | 201 | 239 | 288 | 356 | 1,643 | 28,352 | 31,115 | | | Number of Firms | 5,848 | 3,920 | 1,681 | 712 | 472 | 658 | 466 | 13,757 | | **Saskatchewan** | Authorized Amount | 10 | 78 | 75 | 86 | 117 | 410 | 1,966 | 2,741 | | | Number of Firms | 1,398 | 1,490 | 532 | 247 | 156 | 187 | 52 | 4,062 | | **Manitoba** | Authorized Amount | 8 | 52 | 62 | 66 | 108 | 501 | 4,903 | 5,700 | | | Number of Firms | 1,110 | 989 | 445 | 186 | 154 | 205 | 101 | 3,190 | | **Ontario** | Authorized Amount | 171 | 842 | 960 | 867 | 1,339 | 5,329 | 59,442 | 68,949 | | | Number of Firms | 25,860 | 15,829 | 7,162 | 2,432 | 1,656 | 1,763 | 1,204 | 55,906 | | **Quebec** | Authorized Amount | 33 | 172 | 217 | 251 | 440 | 2,006 | 13,793 | 16,912 | | | Number of Firms | 5,011 | 3,362 | 1,481 | 693 | 562 | 641 | 395 | 12,145 | | **New Brunswick** | Authorized Amount | 4 | 22 | 21 | 26 | 35 | 242 | 824 | 1,174 | | | Number of Firms | 499 | 429 | 144 | 62 | 45 | 70 | 34 | 1,283 | | **Nova Scotia** | Authorized Amount | 7 | 41 | 40 | 40 | 62 | 315 | 2,643 | 3,147 | | | Number of Firms | 1,053 | 811 | 278 | 102 | 71 | 100 | 69 | 2,484 | | **Prince Edward Island** | Authorized Amount | 2 | 7 | 11 | 8 | 22 | 106 | 91 | 247 | | | Number of Firms | 217 | 142 | 75 | 26 | 28 | 45 | 10 | 543 | | **Newfoundland & Labrador** | Authorized Amount | 4 | 23 | 20 | 16 | 17 | 130 | 536 | 744 | | | Number of Firms | 633 | 438 | 142 | 45 | 21 | 53 | 18 | 1,350 | | **Northwest Territories, Nunavut and Yukon** | Authorized Amount | 2 | 9 | 11 | 15 | 21 | 70 | 542 | 669 | | | Number of Firms | 287 | 172 | 78 | 38 | 27 | 34 | 16 | 652 | | **Total** | Authorized Amount | 326 | 1,683 | 1,944 | 1,949 | 2,928 | 12,598 | 126,528 | 147,956 | | | Number of Firms | 49,230 | 32,130 | 14,110 | 5,365 | 3,748 | 4,421 | 2,770 | 111,774 | --- # Responsible Banking We believe that our environmental responsibilities and business objectives are connected, as a healthy environment fosters sustainable economic growth. For more details on our environmental programs and our environmental performance data, please visit the CIBC and the Environment section of our website. ### Why it's Important to CIBC CIBC aspires to be a leader in environmental performance. We recognize the importance of environmental issues and our role in sustainable development. We understand our stakeholders are engaged and impacted by the critical issues related to the environment. ### Management Approach We conduct our business activities in an environmentally conscious manner through adherence to our environmental policy. The policy is addressed by an integrated Corporate Environmental Management Program, which is under the overall management of the Environmental Risk Management (ERM) group in Risk Management. The program follows an Environmental Management System (EMS) framework, including setting objectives and targets, monitoring progress, and striving for continuous improvement. Detailed program requirements are articulated in standards, procedures, and guidelines governing environmental management. The ERM group works closely with our main business units and functional and support groups to ensure that high standards of environmental responsibility are applied to the banking services that we provide our clients, the relationships we have with our stakeholders, and the way we manage our facilities. An executive-level Environmental Management Committee provides input on environmental strategy and oversight of CIBC's environmental initiatives. ### 2016 Performance CIBC conducts environmental risk assessments of our financial transactions as an integral part of our due diligence process. In 2016, CIBC's ERM group reviewed and advised on **1,012 transactions** worth **$13.8 billion**. | Transactions reviewed and advised by ERM | 2014 | 2015 | 2016 | |---|---|---|---| | | 1,010 | 827 | **1,012** | Environmental and social risk assessments in project finance, project-related corporate loans and related bridge loans are required in accordance with our commitment to the Equator Principles. The Equator Principles are adopted voluntarily by financial institutions and are intended to support environmental and social due diligence and responsible risk decision making. In fiscal 2016, we financed two projects under the Equator Principles. --- # Responsible Banking Employees help to clean up Canadian shorelines to celebrate CIBC's My Environment Day. Across all CIBC businesses we are encouraging our team and our clients to go paperless to reduce our environmental impact. For example: * 60% of our Retail and Business Banking clients are now engaged with CIBC digitally and we have surpassed our targets for eStatement conversion; * eStatements are now available for CIBC Personal Portfolio Services and CIBC Mutual Fund accounts for our Wealth Management clients; and * All reports from Capital Markets Equity Research are now distributed digitally. --- # Responsible Banking ### Responsible Finance Environmental evaluations are integrated into our credit and investment risk assessment processes, with environmental risk management standards and procedures in place for all sectors. CIBC's Environmental Credit Risk Management Standards and Procedures help employees involved in lending to identify environmental risks pertaining to credit evaluation and financing. Depending on several factors, the Standards apply different levels of environmental credit risk assessment, with the strictest standards applied to high environmental risk sectors. Lending opportunities that may pose environmental risks for CIBC are further assessed by our Environmental Risk Management (ERM) group. The ERM group actively engages with transaction stakeholders and provides training for applicable CIBC staff as required. In addition to protecting the bank from undesired risks, our environmental review process often helps our clients better understand their own risks and liabilities, in order to effectively manage them. As part of our environmental strategy, CIBC is committed to providing innovative financial solutions with environmental attributes to our clients. We conduct ongoing research and benchmarking on environmental issues such as climate change as they may pertain to responsible lending practices. The **CIBC Capital Markets** team is at the forefront of financing new and innovative projects that contribute to cleaner, alternative or renewable energy supplies, including biogas, biomass, district energy systems, hydroelectric, solar and wind. In the last five years, CIBC lent **$1.6 billion** towards **$11.5 billion** of financing for renewable power projects. > "CIBC co-led the $377 million refinancing of the 200 megawatt Chatham and Port Alma wind farms in Ontario. The wind farms generate enough electricity to power approximately 60,000 households per year. The transaction allowed Kruger Energy to reduce its borrowing costs and increased its financial flexibility. CIBC played an important role in structuring and executing the transaction.” > - Alexandre Patte, Chief Financial Officer, Kruger Energy CIBC Capital Markets is a member of the Green Bond Principles initiative, a set of voluntary guidelines designed to promote integrity in the green bond market where capital is raised to fund projects with environmental benefits. --- # Responsible Banking ### Responsible Investing Environmental, social and governance (ESG) issues can affect investment performance, and **CIBC Asset Management (CAM)** considers these factors as part of our regular investment research process. CAM has a rigorous Canadian equity research process that includes an evaluation of the general environmental and social policies of a company to assess their possible impact on stock performance. We also consider the quality and governance practices of corporate boards. To support our process, CAM subscribes to and uses the research provided by Sustainalytics, an independent firm that assesses the ESG performance of global companies. Attention to these issues is therefore central to our broader client investment objectives, not just the objectives of clients specifically interested in responsible investments. The CAM Proxy Voting Guidelines applied to all equity accounts are consistent with the United Nations Principles for Responsible Investments. We take our responsibility as shareholders seriously and many votes, including all controversial votes, are subjected to close scrutiny by the CAM equity investment team. As part of our due diligence, a company's management team, board members and others may be consulted before a vote is cast. CAM manages a family of equity and fixed income portfolios with specific Responsible Investment (RI) mandates. These RI portfolios will not hold securities of any company whose primary business is the sale of tobacco, alcohol or weaponry, or that has major operations in countries that disregard human rights. CIBC's RI holdings include mutual funds as well as institutional mandates managed on behalf of our clients. As of October 31, 2016: * **CIBC Wood Gundy** held **$84.9 million**, and **Imperial Investor Services** and **CIBC Investor's Edge** held **$15.1 million** in RI retail mutual fund assets representing both Responsible Investment Association (RIA) member and non-member-promoted funds; * **CIBC Asset Management** had **$361.5 million** in RIs on behalf of clients managed on a segregated account basis; and * Our U.S. private wealth management business held **US$512.5 million** on behalf of clients with RI mandates. --- # Responsible Banking ### Supply Chain We have a fair, transparent and disciplined sourcing and procurement process to evaluate, negotiate, contract with and govern our suppliers. Each of our contracted suppliers is evaluated on comprehensive criteria, including their social and environmental initiatives. Procedures are in place to assess supplier risk and to govern our contracted supplier relationships. Our Supplier Governance Program, Enterprise Supplier Governance Office and Executive-level Enterprise Sourcing Committee govern our bank's sourcing activities across a broad range of suppliers. #### Ethical Sourcing and Supplier Labour Practices To ensure alignment and compliance with our standards, policies and expectations, our contracted suppliers must abide by our global [Supplier Code of Conduct](Supplier%20Code%20of%20Conduct), commit to live up to our core values and meet the highest standards of ethical and professional behaviour. [Learn more](#learn-more-ethical-sourcing) Our procurement program for selecting and managing our supplier relationships helps to ensure our supplier community represents the clients and communities we serve. Our Supplier Diversity program helps us to identify and build on the current diversity within our supply chain. Our memberships in Women's Business Enterprises Canada an organization that certifies firms that are at least 51% owned by women – and in the Canadian Aboriginal and Minority Supplier Council support our intentions to use and develop diverse suppliers. [Learn more](#learn-more-supplier-diversity) In the United Kingdom, the Modern Slavery Act 2015 became law in March 2015. It requires firms who provide goods or services in the U.K. (and meet the prescribed revenue threshold) to disclose the steps they have taken to ensure that slavery, servitude and forced or compulsory labour and human trafficking are not taking place in their business or supply chains. CIBC is preparing a U.K. Modern Slavery Act Statement. #### Environmentally Responsible Procurement CIBC's Environmentally Responsible Procurement Standard describes the requirements for integrating environmental considerations into our procurement activities. We seek to form business relationships with suppliers who follow acceptable environmental standards and who can demonstrate attributes such as the development and maintenance of an environmental management system, continuous improvement in the areas of greenhouse gas emissions, energy and material efficiency, and air and water quality, product recovery and recycling, reduction of hazardous substances and systems to promote ecologically and socially sustainable forestry. [Learn more](#learn-more-environmentally-responsible-procurement) We work with our suppliers to improve the environmental performance of our supply chain as it relates to the purchase of technology goods and services. Through the use of a Technical Performance Assessment, we consider many factors when purchasing technology equipment including the space needed to house the equipment, service life, recyclability and energy efficiency. [Learn more](#learn-more-technical-performance-assessment) --- # Engaging Employees At CIBC, we're a team of more than **43,000 employees** working together to build a strong, innovative, relationship-oriented bank. ### Why it's Important to CIBC As one team, we are all working towards the same goal of putting our clients at the heart of everything that we do. To help our clients grow and prosper, it is important that we build an inclusive and empowered team that works together to bring the very best of CIBC to them. ### Management Approach From learning and development, to health and wellness, and career management programs, we are working together to support our team and engender a sense of ownership to make our bank a great place to work and do business. To cultivate engaged teams, we: * Conduct employee surveys to understand how our team members feel about our progress against our priorities and we continue to respond to what matters to them; * Encourage career development conversations and prioritize internal candidates for opportunities within our bank; * Integrate diversity, and recognize that only with an inclusive team can we achieve true innovation and leadership in our industry; and * Take a holistic approach to Total Rewards that is aligned to our business strategy. ### 2016 Performance At CIBC, one of the richest sources of feedback we have is from our team. This year, our bank expanded our approach to gathering employee feedback. In addition to the annual survey that measures our team members' experiences at work, we also conduct quarterly pulse check surveys to obtain feedback from our team on how our bank is delivering on CIBC's priorities. Drawn from our annual survey, CIBC's three key indices are the Employee Commitment Index (ECI), the Manager of People Index (MPI) and the Learning and Development Index (LDI), each with a maximum score of 100. * **> 94% participation rate** in CIBC's annual employee survey. * **> Our Employee Net Promoter Score**, which measures willingness to recommend CIBC as a place to work and do business, reached its highest level on record. At CIBC, we support employees in shaping their careers by providing development opportunities to help them reach their full potential. In 2016, almost two-thirds of all non-entry vacant positions were filled by internal talent. Our employees play an important role in helping us build the best team for our clients, with more than **25%** of external hires coming from employee referrals. ```mermaid pie title Employee Recommendations "89% of our employees would recommend CIBC as a place to do business." : 89 "11% would not" : 11 ``` **89% of employees would recommend CIBC as a place to do business.** **88% are proud to be identified with our bank.** - 2016 CIBC Employee Survey | Recognition | Source | |---|---| | One of Canada's 10 Most Admired Corporate Cultures™ by Waterstone | CANADA'S 10 MOST ADMIRED CORPORATE CULTURES 2016 Presented by Waterstone | | One of Canada's Top 100 Employers by Mediacorp | Canada's Top 100 Employers 2017 | | One of the Financial Post's Ten Best Companies to Work For | FP FINANCIAL POST'S 10 BEST COMPANIES TO WORK FOR 2016 | | One of Canada's Top Employers for Young People by Mediacorp | TOP EMPLOYERS FOR YOUNG PEOPLE | | One of the 50 Most Engaged Workplaces™ in Canada by Achievers | Achievers 50 Most Engaged Workplaces 2016 | --- # Valuing Our Team ### Employee Commitment Index (ECI) The ECI is a measure of the strength of the relationship between our bank and our employees. It is comprised of items such as “I am proud to be identified with this organization" and “I would recommend CIBC as a place to do business." ### Manager of People Index (MPI) The MPI is a measure of the effectiveness of managers, from the perspective of their direct reports. Included in this index are items that relate to core aspects of a manager's role. ### Learning and Development (LDI) The LDI is a measure of employees' learning and development experiences in the context of their current role. ```mermaid bar chart title Employee Survey Index Scores (2014-2016) section Employee Commitment Index (ECI) 2014: 84 2015: 86 2016: 87 section Manager of People Index (MPI) 2014: 84 2015: 86 2016: 86 section Learning and Development (LDI) 2014: 80 2015: 82 2016: 81 ``` * **> 94% participation rate** in CIBC's annual employee survey. * **> Our Employee Net Promoter Score**, which measures willingness to recommend CIBC as a place to work and do business, reached its highest level on record. At CIBC, we support employees in shaping their careers by providing development opportunities to help them reach their full potential. In 2016, almost two-thirds of all non-entry vacant positions were filled by internal talent. Our employees play an important role in helping us build the best team for our clients, with more than **25%** of external hires coming from employee referrals. ```mermaid pie title Employee Appreciation "77% of employees feel appreciated for the contribution they make." : 77 "83% of employees feel that their manager recognizes their contribution on a regular basis." : 83 ``` --- # Valuing Our Team ### Employee Retention We recognize the importance of retaining our talent at all levels within our organization. We regularly monitor turnover across all employee segments and actively deploy strategies to manage turnover in key segments including increasing focus on new hire fit to role, onboarding programs, learning and development as well as coaching. ### Employee Turnover (%) | Segment | 2014 | 2015 | 2016 | |---|---|---|---| | **Canada** | | | | | Voluntary turnover of high-performing employees$^{(1)}$ | 4.7 | 4.2 | **4.7** | | Total turnover$^{(2)}$ | 12.9 | 13.6 | **14.4** | | **Global** | | | | | Voluntary turnover of high-performing employees$^{(1)}$ | 4.8 | 4.2 | **4.6** | | Total turnover$^{(2)}$ | 12.8 | 13.5 | **14.3** | $^{(1)}$ Those who have received the highest performance rating (exceeded expectations or exceptional). $^{(2)}$ Turnover as a percentage of regular workforce, excluding temporary employees, employees on unpaid leaves and retirees. --- # Valuing Our Team ### Employment in Canada CIBC is one of Canada's largest employers. In 2016, CIBC and its listed affiliates had approximately **41,500** regular full-time and part-time employees in Canada out of our global workforce of more than **43,000**. The CIBC group of companies paid over **$2.9 billion** in base salaries and benefits to our Canadian workforce in 2016. ### Full-time and part-time employees$^{(1)}$ (as at October 31, 2016) | Province or Territory | Full-time employees | Part-time employees | Total | |---|---|---|---| | British Columbia | 3,310 | 742 | **4,052** | | Alberta | 2,371 | 501 | **2,872** | | Saskatchewan | 843 | 172 | **1,015** | | Manitoba | 565 | 135 | **700** | | Ontario | 24,950 | 2,240 | **27,190** | | Quebec | 3,127 | 497 | **3,624** | | New Brunswick | 534 | 94 | **628** | | Nova Scotia | 839 | 143 | **982** | | Prince Edward Island | 65 | 29 | **94** | | Newfoundland and Labrador | 197 | 55 | **252** | | Northwest Territories | 43 | 8 | **51** | | Nunavut | 11 | - | **11** | | Yukon | 28 | 7 | **35** | | **Grand Total** | **36,883** | **4,623** | **41,506** | $^{(1)}$ Permanent employees, working and on paid/unpaid leaves, excluding temporary employees. Excludes employees of Home Loans Canada, and INTRIA. --- # Supporting Our Employees ### Health and Safety Workplace health and safety is a shared responsibility and collaborative effort, where everyone has an active role to play. All employees in Canada are represented by Workplace Health and Safety Committees or Representatives who conduct monthly workplace inspections to ensure that every part of our workplace is safe. We also provide mandatory health and safety training for all members of our team, as well as training to recognize and prevent violence in the workplace. We provide a comprehensive range of benefits and programs that support overall health and wellness, and address personal circumstances. Through our Flexibility@CIBC program, we offer our team members a variety of work arrangements, such as flexible work schedules, telecommuting, reduced and modified work arrangements, including compressed work weeks. Several departments have also adopted CIBC@work, a program that offers a variety of options for when, where and how we work. Through our Ergonomics Program, we provide information and tools for our team in Canada to assess individual workstations and proactively address problems to help eliminate discomfort and prevent injuries. The Ergonomics Program provides assistance in the form of equipment or assessments where a team member is unable to resolve an ergonomic issue on their own. Our Workplace Accommodation Program helps employees with various accommodation supports, such as sign-language interpreter services, assistive software and devices, and access to facilities to support religious observances. ### Workplace Accidents (Number of Injuries)$^{(1)}$ | Types of Workplace Injuries | 2013 | 2014 | 2015 | |---|---|---|---| | Minor injuries$^{(2)}$ | 337 | 400 | **429** | | Disabling Injuries$^{(3)}$ | 121 | 213 | **202** | $^{(1)}$ Latest data available. Federally regulated employees in Canada for calendar years 2013, 2014 and 2015. The 2016 data will be reported to the federal government in spring 2017. $^{(2)}$ Injuries that are treated in the workplace, with no time lost beyond the day of the injury. $^{(3)}$ Injuries that result in lost time in the workplace on any day following the injury. For each of the years shown there were no workplace fatalities. --- # Supporting Our Employees ### Human Rights Every member of the CIBC team has the right to be treated fairly, with decency and respect and to feel safe and secure when they come to work. We are committed to providing a workplace that is free from harassment and discrimination on the basis of characteristics protected by human rights legislation: * Race * National or ethnic origin * Colour * Religion * Age * Sex * Sexual orientation * Marital status * Family status * Physical and/or mental disability * Gender identity and gender expression, and * Any other protected ground listed in applicable legislation. We comply with applicable human rights and related legislation in all jurisdictions in which we operate, including legislation addressing issues such as pay equity, employment equity, health and safety, discrimination and harassment. We also have a number of policies and programs to protect and promote human rights across our organization, including: * Code of Conduct * Confidentiality and Privacy Policy * Global Hiring Policy * Employment Equity Policy (Canada) * Employee Leaves Policies * Employee Privacy Policy (Canada) * Employee Time Off Policies * Respect in the Workplace Anti-Discrimination and Anti-Harassment Policies * Violence in the Workplace Policies * Workplace Accommodation Policies and associated Workplace Accommodation Programs * Emergency Back-Up Child Care Program * Diversity Programs including Employee Affinity Networks Our bank respects the choice of our employees and we do not operate where the right to exercise freedom of association and collective bargaining is at risk. Approximately **1.53%** of CIBC employees in Canada are covered by a collective bargaining agreement, specifically at our Credit Card Contact Centre in Toronto. --- # Diversity and Inclusion ### Celebrating and including the rich diversity of identities, talents, and perspectives of our team members helps CIBC to foster a culture of innovation and meet the unique needs of our 11 million diverse clients. We are proud to be recognized as a thought leader in workplace diversity & inclusion. One of Canada's Best Diversity Employers by Mediacorp ### Our Commitment to Equity, Diversity & Inclusion CIBC is committed to employment equity and to achieving and maintaining a qualified workforce that is representative of women, aboriginal peoples, persons with disabilities and members of visible minorities, at all levels of the organization. Our Canadian federal Employment Equity representation rates remain strong relative to external labour market availability and we continue to focus our efforts in areas that require further improvement. --- # Diversity and Inclusion ### Workforce representation rates and goals (as at December 31)$^{(1)}$ (%) Representation based on employee self-disclosure. | Employment Equity Group | 2015 labour market availability rates$^{(2)}$ | CIBC 2013 | CIBC 2014 | CIBC 2015 | |---|---|---|---|---| | Women | 52.9 | 63.9 | 62.3 | 61.0 | | Women in senior management | 27.4 | 26.1 | 27.2 | 29.5 | | Women in middle and other management | 38.9 | 54.3 | 53.8 | 48.9$^{(3)}$ | | Visible minorities | 25.0 | 28.2 | 29.4 | 29.6 | | Visible minorities in senior management | 10.1 | 9.5 | 10.4 | 12.0 | | Visible minorities in middle and other management | 15.0 | 22.6 | 24.2 | 25.9 | | Persons with disabilities | 4.6 | 3.0 | 2.9 | 2.9 | | Persons with disabilities in senior management and in middle and other management$^{(4)}$ | 4.3 | 2.3 | 2.3 | 2.3 | | Aboriginal peoples | 2.2 | 1.4 | 1.3 | 1.3 | | Aboriginal peoples in senior management | 2.9 | 0.8 | 0.7 | 0.8 | | Aboriginal peoples in middle and other management | 2.2 | 1.2 | 1.1 | 1.0 | $^{(1)}$ Figures represent Employment Equity data as a percentage of the number of active employees at CIBC as of December 31, in our federally regulated businesses in Canada, which are governed by the Employment Equity Act. $^{(2)}$ Source: Statistics Canada $^{(3)}$ Much of the year-over-year change can be attributed to the movement of employees into other roles. $^{(4)}$ The most recent census for persons with disabilities, the Workplace Equity Information Management System Workforce Analysis Summary Report, used to determine 2015 labour market availability rates, reports a combined rate for Senior Management and Middle and Other Management. Representation and availability for persons with disabilities are reported at an aggregate level for Senior Managers and Middle and Other Managers. We expanded our Confidential Diversity Questionnaire to help CIBC continue to make informed decisions on how we will shape our people programs to build the bank of the future and support a strong culture of innovation where everyone is included. The questionnaire provides a modern picture of our unique characteristics and the collective differences of our global team. ### Our Diversity & Inclusion Strategy At CIBC, our differences are valued as strengths rather than as barriers. Our diversity and inclusion mandate is designed to support our bank in continuing to build a talented, dynamic team that reflects the diversity of our communities, and fosters a workplace culture that leverages the differences of our people to create a superior client experience. The CIBC Diversity & Inclusion Executive Champion Council provides sponsorship, strategic direction, oversight and accountability to our diversity and inclusion strategy. ```mermaid pie title Valued Points of View "86% of employees feel different points of view are valued in their team." : 86 "14% do not" : 14 ``` - 2016 CIBC Employee Survey --- # Diversity and Inclusion ### Celebrating the Differences of Our Team Our Employee Affinity Networks help CIBC celebrate differences and create a sense of community within our bank while providing forums for collaboration, personal and professional development and networking. Additionally, the networks contribute their advice and expertise to many different initiatives within our bank to ensure accessibility and inclusion are embedded into the design and launch of new products, services and campaigns. #### CIBC Employee Affinity Networks * Aboriginal Employee Circle; * Asian Employee Network; * Black Employee Network; * HOLA@CIBC (Hispanic/Latino Organization for Leadership and Advancement); * International Professionals Network; * Pride Network; * South Asian Employee Network; * Women's Network; and * WorkAbility Employee Network. CIBC CEO Victor G. Dodig congratulates some of the winners at our Diversity and Inclusion Awards. ### Investing in the Future of Canada's Indigenous Peoples CIBC honours and values the rich traditions and contributions of Canada's First Peoples. We are proud to partner with Indigenous organizations from coast-to-coast, including the Aboriginal Professional Association of Canada, Aboriginal Human Resources Council, Native Women's Resource Centre of Toronto, Prince's Charities, and Indspire. CIBC continues to offer dedicated career and on-boarding support, tailored programming developed by and for Indigenous employees and, most importantly, a suite of products customized to the specific needs of our Indigenous clients. [Learn more](#learn-more-indigenous-peoples) --- # Diversity and Inclusion ### Creating a Workplace and World without Barriers At CIBC, we recognize that each team member has unique talents and differing abilities that contribute to the success of our bank. Our Workplace Accommodation Program continues to provide reasonable accommodations, such as sign-language interpreter services, assistive software and devices for job applicants and team members in Canada. CIBC works with Specialisterne to identify job opportunities that allow persons on the autism spectrum to leverage their individual strengths and achieve their full potential while making a significant contribution to our bank's performance. ### Continuing to Build a Team with a Global Mindset As a relationship-oriented bank, we welcome new Canadians and internationally trained professionals who are helping us build the bank of the future by bringing a global mindset, fresh perspective and new ideas to the table. Just over **30%** of our team members self-identified as a visible minority – our team is truly a mosaic of individuals with ethnic origins from around the globe. Through Toronto Region Immigrant Employment Council's Mentoring Program, our team mentored over **1,000 newcomers**, **75%** of whom found employment in their field within a year of completing the program. ### Our Commitment to Gender-Balanced Leadership CIBC believes that gender-balanced teams that recognize, include and leverage the authentic differences men and women bring to the workplace create better business outcomes. Our Gender Diversity and Inclusion strategy integrates inclusion principles across our talent management programs to develop inclusive leaders and improve gender balance at the leadership levels. Women represent approximately two-thirds of CIBC's global workforce. Additionally, CIBC has strong representation of women in key leadership positions, but there is still work to be done. We are committed to raising the representation rate of women at executive levels to **30%-35% by 2018**. Additional initiatives that support our commitment to gender-balanced leadership include: * Disrupting Unconscious Bias training for our executives, with plans to roll out this training to people managers; * Partnership with Catalyst to bring the first Men Advocating for Real Change (MARC) program to Canada; and * CIBC President and CEO, Victor G. Dodig, chairs the **30% Club of Canada**, a group that champions women on corporate boards. --- # Diversity and Inclusion CIBC was one of 26 companies worldwide to be recognized for its ongoing commitment to gender diversity in the 2016 Bloomberg Financial Services Gender-Equality Index. ### Promoting LGBT+ Inclusion We recognize that people perform at their best when they can be their authentic selves. In 2008, CIBC became a founding corporate partner of Pride at Work Canada – a non-profit organization committed to improving the climate of inclusiveness for Lesbian, Gay, Bi-sexual and Trans-identified people in Canadian workplaces. We continue to be a strong supporter of Pride at Work Canada by participating in and sponsoring many of their events and initiatives. This past year, CIBC celebrated Pride with our team members and clients across the country and marched in the Pride Parades of nine different Canadian cities. ```mermaid pie title Fair Treatment in Workplace "88% of employees agree that we have an environment where people are treated fairly in the workplace, regardless of personal attributes." : 88 "12% do not" : 12 ``` - 2016 CIBC Employee Survey --- # Community Investment CIBC invests in the social and economic development of our communities across Canada to enrich lives and build better futures. ### Why it's Important to CIBC CIBC is committed to making a significant and lasting contribution to the well-being of our communities across Canada. We believe in a commitment to fostering healthy communities in which we work and live. It is embedded within our identity to support initiatives that strengthen and diversify communities across Canada in sustainable ways. ### Management Approach Through corporate donations, sponsorships and employee-giving and fundraising, our goal is to make an impact in the communities in which we work and live. In addition to financial contributions, much of our support comes through sharing our business expertise, marketing and other in-kind resources to build capacity for community organizations. Our priorities are to: * Link our community investment programs to identified community needs; * Provide strategic support to key causes and contribute to broad community needs; * Enable our employees to engage in and contribute to community initiatives that matter to them; * Maintain or exceed 1% target for community giving as set by Imagine Canada; and * Measure and communicate the impact of our community giving. --- # Community Investment ### 2016 Performance CIBC invested more than **$65 million** in community organizations across Canada through more than **1,500** charitable donations. This includes **$44 million** in corporate contributions and nearly **$21 million** in employee-led fundraising and giving. Our corporate contributions include nearly **$20 million** in charitable donations and exceed the **1% benchmark** established by Imagine Canada. | Corporate and Employee Contributions (millions) | 2014 | 2015 | 2016 | |---|---|---|---| | Corporate contributions | \$ 42 | \$ 45 | **\$ 44** | | Employee giving/Fundraising | \$ 17.5 | \$ 20 | **\$ 21** | CIBC employees and retirees volunteered **200,000 hours** in communities across Canada. CIBC encourages the volunteer spirit of its employees through the Employee and Team Volunteer Programs, and allows employees to use their personal day allotment for volunteer activities. #### CIBC Miracle Day CIBC employees together with clients across Canada and in offices in New York, London and Hong Kong raised **$6 million** on **CIBC Miracle Day**. Funds in Canada are distributed year round by the **CIBC Children's Foundation** in support of children's charities. #### United Way CIBC, its employees and retirees raised more than **$14 million** during the **2015 United Way campaign** and were engaged throughout the year in agency tours, visits and Days of Caring across Canada. #### Canadian Breast Cancer Foundation CIBC Run for the Cure Team CIBC helped raise an estimated **$17 million** through the 2016 **Canadian Breast Cancer Foundation CIBC Run for the Cure**, including nearly **$3 million** contributed by the **15,000 Team CIBC** members who participated and joined close to 100,000 Canadians in more than 60 communities across the country. 2016 marked the **20th year** of CIBC's title sponsorship of the Run and, over the two decades, Team CIBC has raised more than **$45 million** in support of a future without breast cancer. --- # Governance & Integrity At CIBC, we are committed to being a leader in corporate governance and conducting our business with honesty and integrity. ### Why it's Important to CIBC Effective corporate governance ensures that our Board of Directors has proper oversight of how CIBC is being managed on behalf of shareholders and all stakeholders. Our clients' confidence and trust in us is integral to our long-term success. ### Management Approach CIBC's **Statement of Corporate Governance Practices** describes the governance framework that guides the Board and management in fulfilling their obligations to CIBC, its shareholders, employees and clients. This statement and other information regarding corporate governance at CIBC, including our **Code of Conduct** and **Code of Ethics for Directors**, support CIBC in being a recognized leader in governance practices, acting in an ethically responsible manner and living up to our values of Trust, Teamwork and Accountability. At the foundation of CIBC's governance structure are knowledgeable, independent and effective Directors who are committed to upholding strong governance principles, leading in governance best practices, and creating a culture of engagement and transparency. The Board believes it is important to understand the broad range of stakeholder perspectives and welcomes stakeholder feedback as valuable input to the Board for enhancing its governance practices. This governance framework supports the Board as CIBC continues to evolve its growth strategy in alignment with CIBC's risk appetite. [Learn more](#learn-more-governance) --- # Governance & Integrity ### 2016 Performance * **35%** of the directors on our Board were women, exceeding our goal of at least **30% by 2017**. * **100%** of employees completed CIBC Mandatory Training and Testing, which includes courses on acting with integrity and recognizing risks. | Metric | 2014 | 2015 | 2016 | |---|---|---|---| | Women on the CIBC Board of Directors | 31% | 27% | **35%** | | Employee completion of CIBC Mandatory Training and Testing | 100% | 100% | **100%** | CIBC scored **98 out of 100**, or second place, in the *Globe and Mail's* Board Games 2016 annual review of corporate governance practices in Canada. CIBC President and CEO, Victor G. Dodig, serves on the Catalyst Canada Advisory Board and chairs the 30% Club Canada Advisory Committee, with a pledge to increase the representation of women on boards and in senior leadership roles. ### Governance Framework for Corporate Responsibility Two committees of the Board – the Corporate Governance Committee (CGC) and the Risk Management Committee (RMC) – have oversight accountabilities related to CIBC's corporate responsibility. * As part of its reputation risk mandate, the CGC reviews policies which describe CIBC's efforts to conduct its business in an ethical and socially responsible manner. This review includes CIBC's codes of conduct for employees, directors and contingent workers, client complaint processes, privacy matters, and the Board's stakeholder engagement framework. * The RMC reviews and approves CIBC's frameworks and policies on the identification and control of a variety of risks. This review includes CIBC's Reputation Risk Management Framework. [Learn more](#learn-more-governance-framework) CIBC's Executive Committee is accountable for the progress of our corporate responsibility program and senior management compensation is linked to company-wide performance. When making incentive compensation decisions, the Management Resources and Compensation Committee looks at CIBC's financial performance, adherence to CIBC's risk appetite statement, impact of control matters, client satisfaction metrics and other key metrics established by management and the Board. As well, there is a higher proportion of deferred compensation for individuals with potential to create significant risk for CIBC. Learn more about CIBC's approach to executive compensation in our Management Proxy Circular. [Learn more](#learn-more-executive-compensation) --- # Risk Management CIBC manages a wide variety of risks across all of its areas of business. Identifying and understanding risks and their impacts allows CIBC to frame its risk appetite and risk management practices. Defining acceptable levels of risk and establishing sound principles, policies and practices for managing risks is fundamental to achieving consistent and sustainable long-term performance, while remaining within our risk appetite. ### Risk management framework Our risk management framework sets out the key principles and framework that underpin CIBC's approach to risk management, including our risk appetite, policies and limits, risk organization structure, and governance framework. The Risk Appetite Statement (RAS) is the cornerstone for the Bank's approach to managing risk and guides risk-taking activities. The RAS is supported by a comprehensive framework of risk limits, policies, standards, procedures, processes and controls, set out by type of risk, and intended to ensure risks are appropriately identified, measured, monitored and controlled in accordance with the risk appetite. Our RAS is defined by management and is reviewed and approved by the Board of Directors at least annually. ### Reputation risk management framework CIBC's reputation is of fundamental importance not only to us but also to our clients, shareholders, employees and contingent workers. Every day, our business is faced with situations that could pose undue risk to our reputation. We have developed an integrated approach to managing our reputation risks through a framework of corporate-wide policies, procedures and processes – including our Code of Conduct, our Supplier Code of Conduct, our Global Reputation and Legal Risks policy and procedures, and policies related to anti-money laundering and anti-terrorist financing, lobbying, employee health and safety, the environment, and our global hiring practices. --- # Risk Management ### Regulatory compliance management framework It is CIBC policy to have an effective enterprise-wide regulatory compliance management (RCM) framework to manage and mitigate regulatory compliance risk. The RCM framework is founded upon CIBC's regulatory compliance philosophy, which is to manage and mitigate regulatory compliance risk through the promotion of a strong compliance culture within the parameters established by CIBC's RAS. A strong compliance culture includes a commitment to maintaining an open and candid relationship with CIBC's regulators and other internal and external governance partners (including CIBC's internal and external auditors). CIBC's regulatory compliance philosophy requires and supports the early self-identification of issues giving rise to regulatory compliance risk, as well as the prompt implementation of appropriate measures to manage and mitigate that risk. ### Business continuity and crisis management The objective of our business continuity program is to ensure an ongoing capability is in place under conditions of interruption or crisis for the continuation of critical business functions, and for restoration of normal operations in a highly effective and efficient manner. All functions throughout CIBC are required to regularly assess their exposures to business interruption risk, take appropriate measures to minimize them, and develop, maintain and test business continuity plans. The health and safety of CIBC's employees and clients is considered paramount in all of our planning. [Learn more](#learn-more-business-continuity) --- # Business Conduct We adhere to a number of measures to help us achieve the highest standards of behaviour. ### CIBC Mandatory Training and Testing CIBC Mandatory Training and Testing (CMTT) is a series of e-Learning modules designed to meet regulatory, legislative and corporate learning requirements, and is an important part of our bank's Risk Management framework. Approximately **130 minutes** of CMTT learning is completed by each team member each year. ```mermaid graph TD A[CIBC Mandatory Training and Testing courses include:] --> B(CIBC Orientation); A --> C(Act With Integrity); A --> D(Health and Safety); A --> E(Respect in the Workplace); A --> F(Violence in the Workplace); A --> G(Anti-Money Laundering); A --> H(Protect Confidentiality and Privacy); A --> I(Protect Information); A --> J(Recognize Risks and Take Action); A --> K(Records Management); subgraph In 2016, 100% of employees completed CIBC Mandatory Training and Testing. end ``` --- # Business Conduct ### Code of Conduct The CIBC Code of Conduct outlines the standards of ethical and professional behaviour expected of CIBC employees and contingent workers. The Code applies to every employee of CIBC and its wholly-owned subsidiaries globally. This includes both regular and temporary employees working either full-time or part-time. The Code also applies to contingent workers (i.e., temporary agency workers, contractors and service provider workers) delivering services to CIBC. As part of CIBC's Mandatory Training and Testing program, employees and contingent workers must complete an annual attestation that they have read, understood and will abide by the Code at all times. Our Board of Directors is bound by a similar Code. Key areas and obligations covered by the Code include: * Acting with honesty and integrity, including upholding the law and preventing corruption, bribery and fraud; * Treating everyone with respect; * Avoiding conflicts of interest; * Protecting our brand, clients, investors and the environment; * Using and safeguarding information and assets; and * Cooperating with internal and regulatory investigations. ### Civic and Political Contributions CIBC is open and transparent about our political contributions and public policy activities, all of which follow our internal policies and federal and provincial regulation. In keeping with federal laws, and as stated in CIBC's Political Donations Policy, CIBC does not contribute to federal political parties, candidates or electoral district associations. CIBC employees and contingent workers have an obligation to report all actual or potential violations of the Code or violations of a law or regulation. The Code protects employees and contingent workers from retaliation for reporting a violation made in good faith (including where the report is made to a regulator). We have also established an Ethics Hotline which allows anonymous reporting of suspected contraventions of any of our policies (including the Code of Conduct) in confidence without fear of retaliation. Potential consequences for violations of the Code include termination of an individual's employment or contractual engagement without notice, as well as civil, criminal or regulatory action. [Learn more](#learn-more-code-of-conduct) CIBC contributes to political parties in Canadian provinces where legally permitted to encourage and support the democratic process and to demonstrate our commitment to good corporate citizenship. CIBC's Senior-Vice President, Communications and Public Affairs must approve any contribution made on behalf of CIBC in support of a provincial/territorial political party, cause or candidate. Each political contribution is made public via the websites of provincial election offices. In 2016, CIBC's provincial political contributions totaled **$79,850**. As part of a highly regulated industry, we meet with regulators, officials and elected politicians regularly. These meetings fully comply with federal and provincial lobbying legislation. --- # Business Conduct ### Anti-Bribery and Anti-Corruption Achieving the highest standard of ethical behaviour means that we will not engage, directly or indirectly, in bribery, kick-backs, payoffs or other fraudulent or corrupt business practices. If an employee or contingent worker is approached by an employee, contingent worker, supplier, client, government representative or other third party with an opportunity to engage in such activity, they are required to report the incident to their manager, to Corporate Security, or call the confidential Ethics Hotline. In addition, CIBC's Anti-Bribery and Anti-Corruption Policy establishes minimum standards of conduct related to gifts or entertainment given to or received from government officials as well as private persons. These standards include a prohibition on gifts or entertainment given corruptly and in order to obtain, retain or direct business or to secure an improper advantage (including facilitation payments). Employees and contingent workers learn about this Policy as part of CIBC's annual mandatory Code of Conduct training and testing program. Employees in certain geographic regions also receive customized periodic communication of the requirements of this Policy. Processes are in place to ensure bribery and corruption are considered when engaging suppliers, hiring employees or contingent workers, and entering into strategic transactions. ### Anti-Money Laundering and Anti-Terrorism Financing CIBC has an enterprise-wide program to protect the safety, soundness and reputation of CIBC by meeting or exceeding the regulatory requirements relating to anti-money laundering and anti-terrorist financing in each jurisdiction in which we operate. The program helps us detect, deter, and report suspected money laundering and terrorist financing activities. As governed by CIBC's Fraud Management Policy, CIBC's Corporate Security department is engaged whenever any internal fraud event is detected or suspected. Corporate Security is responsible for ensuring that CIBC's approach to internal fraud issues is managed consistently across CIBC. All internal fraud is investigated, recorded, and reported to the CEO, the Executive Committee, the Operational Risk and Control Committee, and the Audit Committee. Corporate Security staff include seasoned investigators and computer forensics and business intelligence specialists who keep current with the evolution of technology and emerging banking requirements domestically and globally. CIBC has a zero tolerance position regarding internal fraud. The mandate of the Audit Committee of the Board includes oversight of CIBC's fraud prevention and detection program. [Learn more](#learn-more-anti-bribery-and-anti-corruption) CIBC reports breaches pertaining to bribery, corruption and other ethics-related issues to the appropriate regulatory bodies such as the Office of the Superintendent of Financial Institutions (OSFI) via mandatory reporting. CIBC will also inform its shareholders and the public via press release of any incidents pertaining to bribery, corruption, and other ethics-related issues if deemed material. Our focus is on minimizing the risk that CIBC or our employees will become involved in money laundering or terrorist financing activities, whether inadvertently or otherwise. CIBC has appropriate controls and procedures in place to ensure we are conducting due diligence on new and existing clients, and for performing enhanced due diligence on clients who may pose a potential reputation risk to CIBC. We stay informed about evolving trends and techniques to counter such risk, consult on an ongoing basis with external experts, and provide regular training to help our employees stay abreast of ongoing changes. ### Voluntary Codes and Public Commitments As part of our commitment to our clients, CIBC has adopted a number of voluntary codes of conduct and public commitments. These guidelines and commitments establish the standards that clients can expect each time they do business with CIBC. [Learn more](#learn-more-voluntary-codes)