Winning Means Creating Value for All Who Have a Stake in CIBC
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CIBC 1016_e_2004AR_FRT&BCK 12/10/04 6:41 PM Page 20 20 Public Accountability Statement CIBC Annual Accountability Report 2004 For what matters CIBC Chief Executive Officer John Hunkin (left) is joined by The Honourable Mary Anne Chambers, Ontario Minister of Training, Colleges and Universities (second from right) and Trish Barbato, Chair, Big Brothers Big Sisters of Canada (second from left) to celebrate the 2004 CIBC Youthvision™ Scholarship recipients. Winning means creating value for all who have a stake in CIBC The company annual report has traditionally been a retrospective snapshot of an enterprise’s financial results with a message from senior management, anchored by a letter from the shareholders’ auditors. As the document’s format evolved over time, reports often added other information on business accomplishments, new initiatives and, increasingly, details on topics like the environment and community involvement. This was a reflection of the fact that businesses do not exist in isolation from society. Indeed, there is a growing realization that long-term value creation is driven by successfully addressing a host of non-financial issues, including but not limited to client satisfaction, employee commitment, community involvement, brand strength and ethical behaviour. Separate from this, the Government of Canada has, in recent years, required banks and other federally regulated financial institutions to publish an annual public accountability statement outlining, among other things, their efforts to provide affordable, accessible banking to all Canadians; to support small business; and to play a role in community development. While these two documents have existed separately, CIBC’s business strategy integrates financial performance and social responsibility, and includes both financial and non-financial reporting measures, to enable us to create a sustainable business that builds on – and extends – our 137-year heritage of success. While we have robust financial measures in place, our non-financial measures are less well established. Globally, several sustainability reporting frameworks and guidelines, such as the Global Reporting Initiative, have been established and are gaining broad recognition. The creation of this year’s Annual Accountability Report, which integrates our Public Accountability Statement(1) with the Annual Report, is the natural outgrowth of our efforts to evolve towards implementing a broad framework for measuring and reporting our progress. Our main goal is to provide greater transparency to our readers on a broader range of activities and programs, using, where practicable, globally accepted standards of non-financial reporting. Because it is a new undertaking, it is almost by definition a work in progress. In some instances, we have good data; in other areas, we are working to develop objectives and measurement methodologies that we hope to implement in the future. But, in all instances, we are pursuing an integrated approach to value creation – one that takes into account the critical factors most likely to affect CIBC’s prospects for sustainable growth. On the pages that follow, you will see special attention paid to the non-financial aspects of our business – we see these activities as central to our success. John S. Hunkin (1) This statement has been published for CIBC and the following affiliates of CIBC in Canada: Amicus Bank; CIBC World Markets Inc.; CIBC Mortgages Inc.; CIBC Life Insurance Company Limited; CIBC Trust Corporation; CIBC Securities Inc.; CIBC Investor Services Inc.; TAL Global Asset Management Inc.; TAL Private Management Ltd.; CIBC Financial Planning Inc.; CIBC Asset Management Inc.; CIBC BA Limited. CIBC 1016_e_2004AR_FRT&BCK 12/10/04 6:42 PM Page 21 CIBC Annual Accountability Report 2004 For what matters Public Accountability Statement 21 Public Accountability Statement Our Clients Our People At CIBC, we are in business to help our clients achieve what matters CIBC is committed to becoming the employer of choice in to them. We are developing innovative products and services so Canada’s financial services industry. Creating a supportive work that they receive a range of financial solutions that meet their environment that is fair and inclusive is central to our needs. Fulfilling our commitment to long-term value creation for all commitment to build sustainable value for our stakeholders. of our stakeholders means paying attention to the unique needs of Our holistic approach to managing human resources combines our diverse client groups. This section highlights the progress we are CIBC’s business priorities with meeting the diverse needs of our making in providing affordable and accessible banking products and employees. It will also help us to develop a high performance services, advancing the goals of our small business clients and culture that sets us apart from our competitors. actively engaging the Aboriginal community. Please refer to page 30 for more detailed information. Please refer to page 22 for more detailed information. CIBC in the Community CIBC and the Environment At CIBC, we are determined to make a difference in the CIBC acknowledges that as a major financial institution we have lives of Canadians by having a positive, enduring impact an impact on the environment and society, and we recognize our on the communities where our clients and employees work responsibility for managing environmental issues responsibly. We and live. Through corporate donations, community are committed to policies, procedures and initiatives to minimize sponsorships, gifts in-kind and the volunteer efforts of our the impact of our operations on the quality of the air, land and employees, giving back to the community is an important water and to integrate environmental risk evaluation into our part of our culture. We’re dedicated to playing our part to credit assessment process. In this way, we contribute to the health strengthen Canada’s communities and to improve the and well-being of all of our stakeholders and a sustainable future quality of life of its citizens. for CIBC. Please refer to page 34 for more detailed information. Please refer to page 38 for more detailed information. CIBC 1016_e_2004AR_FRT&BCK 12/10/04 6:42 PM Page 22 22 Public Accountability Statement CIBC Annual Accountability Report 2004 For what matters Our Clients CIBC’s vision is to be the leader in client relationships. We provide personal and business banking solutions across Canada to individuals, small businesses, and the Aboriginal community. To increase our value to clients, we’re creating new products, improving our service, upgrading our delivery channels, becoming more efficient and working to gain a better understanding of our clients’ needs. “Our clients are our priority. Everything we do is focused on helping our clients achieve what matters to them.” Jill Denham Vice Chair, CIBC Retail Markets CIBC 1016_e_2004AR_FRT&BCK 12/10/04 6:42 PM Page 23 CIBC Annual Accountability Report 2004 For what matters Public Accountability Statement 23 “Our experience at CIBC was very positive. We now have more financial control over our future and our business plans are attainable. This has changed our lives.” Nancy Brace and Sam Abousamak Halifax, Nova Scotia Affordable banking At CIBC, we’re committed to meeting the needs of every client. For Canadians living on modest Affordable incomes, the CIBC Everyday Chequing Account provides clients with up to 10 transactions included in the low monthly fee of $3.90, and $0.60 for each transaction after that. CIBC waives the monthly Accessible service fee of $3.90 when a minimum monthly balance of $1,000 is maintained. With our variable- rate CIBC Better Than Prime Mortgage™ or fixed-rate CIBC Better Than Posted Mortgage™, Banking Canadians continue to have affordable mortgage choices in today’s market. CIBC also provides a range of service packages tailored to meet the banking needs of seniors, Affordable banking choices students and youth clients. The CIBC Advantage for Seniors program offers banking and travel With the CIBC Everyday Chequing advantages for clients 60 years of age and over. It includes free daily banking transactions and no Account, fixed- and variable-rate monthly fee on the CIBC Everyday Chequing Account, and a discount on a safety deposit box rental. mortgages, and service packages for seniors, students and youth, The CIBC Advantage for Students package offers up to 10 transactions on the CIBC Everyday Chequing CIBC offers a wide range of Account for a low monthly fee of $1.95, and $0.30 for each transaction thereafter. The monthly service affordable banking options. fee of $1.95 is waived when a $1,000 minimum monthly balance is maintained. For our banking clients President’s Choice Financial under 19 years, the CIBC Advantage for Youth package offers free daily banking on the CIBC Premium Canadians can access competitive Growth™ Account. financial products and services through the President’s Choice Financial offer. This low-cost President’s Choice Financial banking option is available at ABMs, over the telephone, on the CIBC’s unique banking offer, President’s Choice Financial (PCF), a co-venture with Loblaw Companies Internet and at on-site pavilions in Limited, is a quality, low-cost banking option for clients looking for an alternative to traditional banking select Loblaw Companies stores services. PCF customer associates provide clients with a wide range of competitive financial products and across Canada. services at in-store pavilions and over the telephone. Clients can also access their accounts through ABMs Revitalizing branches and over the Internet. In 2004, CIBC opened new flagship branches in seven There are 201 staffed President’s Choice Financial pavilions and 17 remote pavilions, located at locations in British Columbia, select Loblaw Companies Limited stores across Canada. In 2004, CIBC introduced President’s Choice Alberta, Manitoba, Ontario Financial creditor insurance products to its existing product line, to help protect clients’ families and and Quebec. dependants in the event of death, disability or job loss. For a complete listing of pavilion openings ABMs and closings, see page 178.