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CIBC releases 2023 ESG disclosures updating its progress toward a more sustainable future

Press Release

TORONTO, March 12, 2024 – CIBC (TSX: CM) (NYSE: CM) today released its annual environmental, social and governance (ESG) disclosures that include the 2023 Sustainability Report and Public Accountability Statement, and the 2023 Climate Report. The disclosures provide an update on the bank’s ESG progress and outline how the bank is helping to drive positive change toward a more sustainable future.

“Our commitment to enabling a more secure, equitable, and sustainable future has never been more important, as we live our purpose of helping make ambitions real,” said Victor G. Dodig, CIBC President and CEO. “Banks are uniquely positioned to help address some of our biggest social and environmental challenges, and we have a shared responsibility to act – across our bank and the broader community.”

Key highlights from the reports include:

Building integrity and trust:

  • Advanced the evolution of our artificial intelligence (AI) governance and risk management processes. This includes Generative AI guidelines for all CIBC team members, creation of a Generative AI Adoption and Oversight Council and ‘Trustworthy AI’ Principles, which are the foundation of our AI Governance program.
  • Enhanced our Data Ethics Impact and Risk Assessment process to ensure we consistently enhance how we identify ethical data risks including impacts on clients, employees and our brand.
  • Received five awards for our mobile banking services, which recognized CIBC for its client experience, innovative features, security and ease of use. These include #1 ranking overall in Surviscor’s Consumer Mobile Banking Experience and tying for #1 ranking in Customer Satisfaction in the J.D. Power 2023 Canada Banking Mobile App Satisfaction Study.

Creating access to opportunities:

  • Increased the share of women in Board-approved Executive roles to 39% women and increased representation of people of colour in Board-approved executive roles to 25% (globally).(1)
  • Provided more than $66 million globally in corporate and Team CIBC contributions to community investment initiatives, with a focus on supporting persons with disabilities, Indigenous peoples, and members of the Black community.(2)
  • Named as the inaugural recipient of 2023 Employment Equity Achievement Award for Indigenous Reconciliation from the Canadian federal Labour Program for our commitment to partnerships with Indigenous communities, innovative approaches to Indigenous recruitment, and reconciliation-focused training for Canadian team members.

Accelerating climate action:

  • Achieved a 26.3% cumulative reduction in absolute greenhouse gas emissions (Scope 1 & 2) from our operations in Canada and the U.S. since 2018(3) and we are on track to reach our goal of 30% reduction by 2028.
  • Became Platinum Certified for Leadership in Energy and Environmental Design (LEED), the highest level of achievement under the LEED building rating system, for our workplace at CIBC SQUARE, our global headquarters.
  • Announced a 2030 interim net-zero target for our automotive manufacturing portfolio and demonstrated continued progress towards our 2030 interim net-zero targets for our oil and gas and power generation portfolios.
  • Disclosed the absolute financed emissions for three new portfolios in addition to providing updates to previously disclosed portfolios using the Partnership for Carbon Accounting Financials (PCAF) methodology.

“In 2023, we focused on executing against our sustainability priorities and furthering initiatives across our bank to contribute to a more inclusive and prosperous future,” said Kikelomo Lawal, CIBC Executive Vice-President, Chief Legal Officer and Chair of the Senior Executive ESG Council. “We will continue to advance our progress, drive positive change and enable a more sustainable and inclusive future for our clients, team members, communities and the planet.”

CIBC’s Sustainability Report has been prepared with reference to the Global Reporting Initiative (GRI) Standards and mapped to the United Nations Sustainable Development Goals.

For more details, please refer to CIBC’s Sustainability Reporting website and accompanying ESG data tables which provide the bank’s performance trends.

(1) Board-approved executive roles include Vice-Presidents and above appointed to their role as of October 31, 2023. All data is based on self-identification voluntarily disclosed by employees as of October 31, 2023 and excludes temporary employees, contingent workers, retirees, and CIBC First Caribbean. People of colour includes those who self-identify as visible minorities in Canada and non-white outside of Canada. Visible minorities are defined as persons – other than Indigenous peoples – who self-identify as non-white.

(2) In 2022, we set a goal to contribute $800 million over the decade (2023 – 2032) to community investment. This includes cash and in-kind contributions, time, management costs, and employee giving and fundraising (Team CIBC). Cash and in-kind contributions includes donations and grants, sponsorships, and the value of in-kind contributions that CIBC makes in support of charities and non-profit organizations, including to the CIBC Foundation, that follow the contribution principles set by Imagine Canada’s Caring Company Certification. Sponsorships also include contributions in support of organizations, that may have a for-profit structure, where the activities supported have a social purpose that benefits the community. Sponsorships may have rights and benefits attached, including public brand benefits, and in the case of fundraising events, may have advantages attached (such as meals, prizes, and merchandise). Time includes employee volunteerism (by regular employees in Canada) that occurs during working hours (time paid for by CIBC) which is calculated by multiplying the average hourly employee wage of regular employees in Canada (excluding executives, employees participating in specialized compensation programs, and employees on an extended leave of absence) by the total hours volunteered. Management costs include costs related to running CIBC’s community investment program. Examples include employee compensation and benefits, information technology fees and costs relating to the promotion of community programs. Team CIBC is defined as regular employees and retirees who donate or fundraise in support of charities and non-profit organizations, including CIBC Miracle Day fundraising. Team CIBC excludes CIBC First Caribbean.

(3) Reduction in absolute GHG emissions (location-based Scope 1 and 2) versus the baseline year of 2018. 2023 data is as of August 1, 2022 – July 31, 2023.

A note about forward-looking statements

From time to time, we make written or oral forward-looking statements within the meaning of certain securities laws, including in this Report, in other filings with Canadian securities regulators or the SEC and in other communications. All such statements are made pursuant to the “safe harbour” provisions of, and are intended to be forward-looking statements under applicable Canadian and U.S. securities legislation, including the U.S. Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements in this Report related to our purpose – to help make our clients’ ambitions a reality, priorities, targets, metrics, sustainability commitments (including our $300 billion by 2030 sustainable finance goal, the implementation and update of our Sustainable Finance Methodology, our 2030 interim net-zero targets and reducing operational GHG emissions) and goals, as well as our economic and environmental, social and governance (ESG) related impacts and objectives, including but not limited to, sustainable financing, data ethics, inclusion, employee engagement, making a difference in the community, inclusive banking and accelerating climate action. Forward-looking statements are typically identified by the words “believe”, “expect”, “anticipate”, “intend”, “estimate”, “forecast”, “target”, “predict”, “commit”, “ambition”, “goal”, “strive”, “project”, “objective” and other similar expressions or future or conditional verbs such as “will”, “may”, “should”, “would” and “could”. By their nature, these statements require us to make assumptions and are subject to inherent risks and uncertainties that may be general or specific, which give rise to the possibility that our predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that our assumptions may not be correct and that our priorities, targets, commitments and goals, and economic and ESG related impacts and objectives will not be achieved. As we work to advance our ESG goals, external factors outside of CIBC’s reasonable control may act as constraints on achieving these goals, including inflationary pressures, global supply-chain disruptions, geopolitical risk, including from the war in Ukraine and conflict in the Middle East, the occurrence, continuance or intensification of public health emergencies, such as the impact of post-pandemic hybrid work arrangements, and any related government policies and actions, the failure of third parties to comply with their obligations to us and our affiliates or associates, our ability to implement various sustainability-related initiatives internally and with our clients under expected time frames, our ability to scale our sustainable finance products and services, the availability of comprehensive and high-quality GHG emissions data (including from CIBC’s clients) and standardization of ESG-related measurement methodologies, the evolution of our lending portfolios over time, the need for active and continuing participation, cooperation and collaboration from various stakeholders (including enterprises, financial institutions, governmental and non-governmental organizations and individuals), deployment of new technologies and industry-specific solutions, the evolution of consumer behaviour, varying decarbonization efforts across economies, the need for thoughtful climate policies globally, the challenges of balancing interim emissions goals with an orderly transition, and the continuing development and evolution of regulations, guidelines, principles, and frameworks internationally and CIBC’s compliance thereto, which could lead to us to being subject to various legal and regulatory proceedings, the potential outcome of which could include regulatory restrictions, penalties and fines. These and other factors may cause actual results to differ materially from the expectations expressed in the forward-looking statements and may require CIBC to adapt its initiatives and activities or adjust its commitments, metrics, targets and goals. The forward-looking statements in this Report are presented for the purpose of assisting clients and others in understanding our objectives and strategic priorities, and may not be appropriate for other purposes. We do not undertake to update any forward-looking statement except as required by law.

About CIBC

CIBC is a leading North American financial institution with 14 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets and Direct Financial Services businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/ca/media-centre.

SOURCE CIBC

For further information: Erica Belling, CIBC Investor & Financial Communications, 416 594-7251, erica.belling@cibc.com

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