CIBC Announces Measures to Stand Against Systemic Racism

CEO Victor Dodig announces hiring and executive representation goals, serves as co-chair of the BlackNorth Initiative

TORONTO, July 21, 2020 /CNW/ - CIBC today announced specific measures to combat anti-Black systemic racism, including specific goals for the advancement of Black talent into executive roles, and active involvement in leading change across the industry through CEO Victor Dodig's role as co-Chair of the BlackNorth Initiative.

"Racism in any form diminishes what we are all capable of together, and our bank is taking specific steps to combat anti-Black systemic racism and grow our culture of inclusion," said Victor Dodig, President and CEO of CIBC. "As we've listened to our team members, our clients and other stakeholders in recent weeks and heard personal stories of the impact of racism, we've also strengthened our resolve to take a leadership role in addressing these issues and making our bank and our economy more inclusive."

CIBC's measures to combat racism include a specific focus on talent, inclusive leadership, and supporting our clients and communities.

Talent

Developing talent and attracting the next generation of leaders that reflect the communities we serve is a critical step in building a truly inclusive culture.

CIBC announced today a new target to have 4% of board-approved executive roles based in Canada held by Black leaders by 2023. This forms part of the bank's broader target to have 22% representation of visible minorities in board-approved executive roles by 2022.

In addition, beginning next year CIBC will ensure that at least 5% of student recruitment is from the Black community.

Inclusive Leadership

Achieving talent targets and building a truly inclusive culture will require the full support of leaders across the bank.

In addition to the bank's existing programs to support inclusive leadership and disrupt unconscious bias, all people leaders at CIBC will receive learning resources specifically focused on addressing anti-Black systemic racism.

New learning modules will be shared with all employees, aimed at ensuring everyone at our bank is equipped to become more intentionally inclusive.

Client and Community

CIBC will direct over $1,000,000 of our corporate donations in 2020 and 2021 to organizations supporting Black communities and also committing to fund scholarships for Black youth, and developing support programs for Black entrepreneurs. 

CIBC is also taking on a leadership role against systemic racism with President and CEO Victor Dodig serving as co-chair of the BlackNorth Initiative, which was created to encourage leading organizations in Canada to make specific commitments to combat anti-Black systemic racism. Mr. Dodig has signed the CEO pledge on behalf of CIBC, and participated in the first BlackNorth Initiative Summit where over 200 organizations came together to discuss how to remove systemic barriers that impact Black Canadians.

"When we achieve a truly inclusive economy, everyone benefits. We can earn a greater share of global commerce by maximizing our shared talent and capabilities which creates more opportunity for everyone," added Mr. Dodig. "Our future prosperity depends on our ability to move forward together."

About CIBC
CIBC is a leading North American financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada with offices in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html.

SOURCE CIBC