Bank donates $70
million in fiscal 2021 to launch the Foundation with plans
to grow to $155 million over time to
help make ambitions real for communities
TORONTO, Nov. 15, 2021 /CNW/ - CIBC announced today the
launch of the CIBC Foundation, which will serve to advance social
and economic equity by creating greater access to opportunities for
underserved communities in Canada.
To support this goal, the bank has made donations totalling
$70 million in fiscal 2021 to launch
the foundation, with plans to grow to $155
million over time. As part of a North
American approach, the bank is also announcing plans to launch
the foundation in the US in the coming year.
"The CIBC Foundation is a clear demonstration of our purpose in
action, helping to make ambitions real for our clients and our
communities," said Victor Dodig,
President & CEO, CIBC. "An inclusive economy with opportunity
for all lifts our society and benefits everyone. The CIBC
Foundation exemplifies our bank's genuinely caring belief that
together as a community with shared vision, we can overcome
obstacles and emerge more united, resilient, prosperous, and ready
for a sustainable future without limits to ambition."
Now in its 155th year, the bank has a history of
supporting our communities, and the CIBC Foundation will build on
this legacy by focusing its efforts on funding partner
organizations in Canada that
support greater employment outcomes and access to education.
The CIBC Foundation Board of Directors will include two external
board members, Maverix Private Equity Founder and Managing Partner
John Ruffolo and Olympic gold medalist Damian Warner, who will provide expertise and
lived experiences to help guide decision making at the
foundation.
"Giving back is part of our DNA at CIBC, and the CIBC Foundation
will play a significant role in supporting the social element in
our ESG commitments," added Mr. Dodig. "The launch of the CIBC
Foundation builds on our bank's storied history of strengthening
communities by making investments in inclusion and access to
opportunity for all."
The CIBC Foundation aims to disburse at minimum 5 per cent of
its total assets on an annual basis, to benefit charities now and
in the future, exceeding the 3.5 per cent requirement for charities
in Canada. Funding applications
will be accepted beginning in February
2022. With the bank's initial donations in 2021, the CIBC
Foundation will be one of Canada's
top providers of funding grants to charitable organizations.
As part of the bank's continuing commitment to creating a future
where no one needs to fear a cancer diagnosis, Team CIBC raised
more than $2 million for the Canadian
Cancer Society CIBC Run for the Cure while celebrating its
30th anniversary on October 3,
2021. More recently, all CIBC executives will be donating
$500 to a charity of their choice in
their local community as part of the bank's employee recognition
program, recognizing the efforts of the CIBC team in supporting
clients through the pandemic and helping them stay focused on their
long term ambitions.
On December 1, the bank will host
CIBC Miracle Day, its annual fundraising tradition that helps
improve the lives of children from underserved communities
globally. This event raised $5.6
million in 2020 and has raised over $260 million globally since 1984.
About CIBC
CIBC is a leading North American financial institution with 10
million personal banking, business, public sector and institutional
clients. Through corporate donations, community partnerships and
the genuinely caring culture of Team CIBC, we are committed to
helping people and our communities make their ambitions a reality.
Learn more about our community impact. Ongoing news
releases and more information about CIBC can be found
at www.cibc.com/en/about-cibc/media-centre.html.
SOURCE CIBC