Environmental Management Structure

In 1991, CIBC became the first Canadian bank to hire an in-house environmental risk manager to cover all aspects of environmental management. At the time, environmental management was primarily focused on credit risk issues in response to the enactment of stringent environmental protection legislation in Canada and the U.S., presenting potentially significant loan impairment and direct liability financial exposures to CIBC. Shortly afterwards, in conjunction with CIBC becoming a signatory to a number of international commitments, a Corporate Environmental Management program was developed with a broader focus on management of the full range of risks associated with environmental matters, as well opportunities associated with new products, services, and reputation enhancement.

Environmental leadership, management and oversight

Our program is based on the ISO 14001 environmental management system standard, with oversight responsibility assigned to the Environmental Risk Management (ERM) group in Corporate Risk and Insurance Services.

The ERM group consists of 4 full-time environmental professionals. Executive oversight is provided by the Senior Vice-President of Corporate Risk and Insurance Services, who reports regularly to executive management on environmental issues. The ERM group has responsibility for CIBC-wide environmental management policies and standards. It also retains overall responsibility for monitoring, governance and communication programs to promote and support adherence to CIBC's policy commitment.

Both environmental risks and opportunities are managed according to a model of centralized program direction and governance and decentralized accountability for adherence to environmental objectives. CIBC's ERM group works in close partnership with other business and functional groups in the bank in meeting mutual objectives and ensuring adherence to the spirit and requirements of the Corporate Environmental Policy. For example, the ERM group works with the Senior Manager of Environmental Standards within our Corporate Real Estate unit to identify significant environmental issues and implement programs pertaining to facility management, workplace environmental issues, and occupancy strategies at our owned and leased premises.

Committee

CIBC's cross-functional Environmental Management Committee (EMC) oversees the environmental aspects of CIBC's own operations, and verifies that the environmental management system is working. The committee, which meets 6 times per year, is made up of representatives from various CIBC functions including: Environmental Risk Management, Corporate Health & Safety, Corporate Real Estate, and Legal Division. A number of EMC members have extensive knowledge of the ISO 14001 and OHSAS 18000 standards. The committee's mandate includes:

1. Monitoring CIBC's environmental practices and procedures to assess compliance with applicable legislation, conformity with industry standards, implementation of best practices and prevention or mitigation of losses
2. Considering whether CIBC's environmental policies, procedures and practices are being effectively implemented and adhered to