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