CIBC

The financial institution publishes an engagement report on sustainability impact topics and discloses its approach to lobbying and political engagement in a policy statement. It also specifies that it does not make political contributions and maintains a gender balance of 40-60% at the senior executive level. Furthermore, the oversight of the sustainability strategy is assigned to the highest governance body, with performance criteria for senior executive remuneration linked to sustainability targets. It delegates the responsibility for implementing its sustainability strategy to specific functions or teams within the institution.

The institution provides examples of how its products and services supports the climate adaptation and resilience of society. It monitors Scope 1 and 2 emissions, as well as financed emissions (Scope 3, category 15), and has interim targets for 2025 and 2030 aligned with a 1.5°C trajectory, with emissions reductions of Scope 1-3 progressing accordingly with the targets. Additionally, it discloses the monetary amount of products, services and capital provided to usually excluded groups and to small-and medium-sized enterprises.

The financial institution commits to respecting the ILO’s fundamental rights at work but has the opportunity to formalise this in a policy document. It expects suppliers to uphold specific workers’ rights and could reference all ILO fundamental rights.

While the institution identifies and prioritises material sustainability impacts, it has the opportunity to disclose the objective criteria and evidence used in its materiality analysis. Furthermore, it has time-bound and measurable targets for the provision of products, services, and capital for “green” solutions but it could specify the share devoted to climate solutions to enhance transparency. Although it monitors scope 3 emissions beyond financed emissions, it could cover additional categories and provide a rationale for those excluded. Moreover, it could improve the disclosure of its emissions calculation methodology by including emissions coverage for each category, data types, sources for applied emission factors and reference to applied standards.

It is recommended that the institution disclose the breakdown of clients by income group and clarify processes to prevent divestment from low-income and lower-middle-income countries due to its sustainability strategies and targets. Also, its risk assessment process should incorporate risks related to ILO fundamental rights at work for those affected by its products and services, with a mitigation process for identified risks.

This scorecard refers to information in English which was publicly available by July 15 2024. AuM and Total assets are stated in USD for comparability and have been calculated based on reported local currency values multiplied by applicable IMF currency converter values.