Canadian Imperial Bank of Commerce : CIBC Sets Measures to Boost Black Executive Representation, Hiring

By Colin Kellaher

Canadian Imperial Bank of Commerce Tuesday unveiled new hiring and executive representation goals as part of an effort to combat systemic racism against Black people.

The Toronto bank said it aims to have 4% of board-approved executive roles based in Canada held by Black people by 2023 as part of a broader target to have 22% representation of visible minorities in such posts by 2022.

CIBC also pledged that at least 5% of student recruitment will be from the Black community beginning next year.

The new goals come as Victor Dodig, CIBC's chief executive, is serving as co-chair of the BlackNorth Initiative, an effort aimed at ending anti-Black systemic racism in corporate Canada.

Around 3.5% of Canada's population is Black, while only six of 799 senior executives and four of 686 board members at all 60 companies on the S&P/TSX 60 Index are Black--less than 1%, according to a Corporate Knights analysis.

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