Canadian Imperial Bank of Commerce : 2023 Sustainability Report

2023 Sustainability Report and

Public Accountability Statement

Ambitions made real

March 2024

Sustainability Report 2023

2023 ESG performance highlights

i

1.0 Overview

2.0 Buildingintegrity and trust

3.0 Creatingaccess to opportunities

2023 ESG

performance highlights(1)

Leadership

Climate action

Employee experience

4.0 Sustainableproducts and solutions

5.0 Accelerating climate action

6.0 Appendix

39%

women in Board-approved executive roles (Global)

26.3%

cumulative reduction in GHG emissions from operations (from 2018 baseline) (Canada, US)

90%

employee engagement score

Making a difference in the community

Leadership

Sustainable finance

$66 million	25%	$44.4 billion
in community investment (Global)	people of colour in Board-approved executive	in sustainable finance activities
	roles (Global)

• This figure has been independently assured to a limited level. The applicable limited assurance report or verification statement can be found in the ESG Document Library on ourwebsite.
  (1) Refer to footnotes in 1.3 2023 ESG scorecardfor more information.

Sustainability Report 2023

CIBC's purpose is to help make your ambition a reality

ii

1.0 Overview

2.0 Buildingintegrity and trust

3.0 Creatingaccess to opportunities

4.0 Sustainableproducts and solutions

5.0 Accelerating climate action

6.0 Appendix

CIBC's purpose is to help make your ambition a reality

Who we are

CIBC is a leading and well-diversified North American financial institution committed to creating enduring value for all our stakeholders - our clients, team, communities, and shareholders. We are guided by our purpose - to help make your ambition a reality, and we are activating our resources to create positive change and contribute to a more secure, equitable, and sustainable future. Across our bank and our businesses - Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets and Direct Financial Services - our 48,000 employees bring our purpose to life every day for our 14 million personal banking, business, public sector, and institutional clients in Canada, the US, and around the world.

2023 highlights

$5.0B	10.3%	14M
Reported net income	Return on equity(1)	Clients
$6.5B	13.3%	12.4%
Adjusted net income(2)	Adjusted return on equity(2)	Common Equity
		Tier 1 (CET1) ratio(3)

1. Certain additional disclosures on the composition of these specified financial measures have been incorporated by reference and can be found in the "Glossary" section of our 2023 Annual Report, available on SEDAR+ atwww.sedarplus.ca.
2. Adjusted measures are non-GAAP measures. Non-GAAP measures do not have a standardized meaning under IFRS, and accordingly, these measures may not be comparable to similar measures used by other companies. For additional information see the "Non-GAAP measures" section starting on page 14 of CIBC's 2023 Annual Report available on SEDAR+ at www.sedarplus.com, which section is incorporated by reference herein, including the quantitative reconciliations therein of reported fiscal 2023 GAAP measures to adjusted net income on pages 15 to 19.
3. Calculated pursuant to Office of the Superintendent of Financial Institutions (OSFI) Capital Adequacy Requirements (CAR) Guideline, which is based on Basel Committee on Banking Supervision (BCBS) standards.

Sustainability Report 2023

Table of contents

iii

1.0 Overview

2.0 Buildingintegrity and trust

3.0 Creatingaccess to opportunities

4.0 Sustainableproducts and solutions

5.0 Accelerating climate action

6.0 Appendix

Table of contents

1.0	1.1	CEO message	2
1.2	Chair of Senior Executive ESG Council message	4
1.3	2023 ESG scorecard	5
	Overview	1.4	2023 awards and recognition	8
		1.5	Our ESG strategy	9
		1.6	Delivering value to stakeholders	12
		1.7	Environmental and social risk management	14
		1.8	ESG governance framework	16
2.0	2.1	Business ethics	20
2.2	Artificial intelligence (AI), privacy and information security	27
2.3	Commitment to our clients	34
	Building integrity and trust	2.4	Human rights	38
3.0	3.1	Employee engagement	40
3.2	Inclusion at work	46
3.3	Inclusive banking	55
	Creating access to opportunities	3.4	Making a difference in the community	62
	4.0			68
	Sustainable products and solutions
	5.0			78
	Accelerating climate action
6.0	6.1	About this report	86
6.2	Public Accountability Statement	87
6.3	Stakeholder engagement	93
	Appendix	6.4	Code of conduct for the delivery of banking services to seniors	95
		6.5	Accessibility Plan progress report	97
		6.6	GRI content index	104
		6.7	SASB index	111
		6.8	CIBC's alignment to the UN Sustainable Development Goals (SDGs)	116
		6.9	Glossary	117
		6.10	Caution regarding forward-looking statements	120

Sustainability Report 2023

1.0	Overview
1.1	CEO message	1.0
1.2	ChairofSeniorExecutive
	ESG Council message
1.3	2023 ESG scorecard
1.4	2023awards
1.8	and recognition
framework	Overview
1.5	Our ESG strategy
1.6	Deliveringvalue
	to stakeholders
1.7	Environmentaland
	social risk management

ESGgovernance

2.0 Buildingintegrity and trust

3.0 Creatingaccess to opportunities

4.0 Sustainableproducts and solutions

5.0 Accelerating climate action

6.0 Appendix

1.0 Overview1

Sustainability Report 2023

1.0 Overview | 1.1 CEO message

2

1.0	Overview
1.1	CEO message
1.2	ChairofSeniorExecutive
	ESG Council message
1.3	2023 ESG scorecard
1.4	2023awards
	and recognition
1.5	Our ESG strategy
1.6	Deliveringvalue

CEO message

From the inside out, CIBC is committed to creating access to opportunities,

Through a year of environmental, economic, political, and social change, CIBC's purpose, helping make ambitions real, has never been more vital, and our commitment to enable a more secure, equitable and sustainable future has never been more important.

	to stakeholders
1.7	Environmentaland
	social risk management
1.8	ESGgovernance
	framework

2.0 Buildingintegrity and trust

3.0 Creatingaccess to opportunities

4.0 Sustainableproducts and solutions

5.0 Accelerating climate action

6.0 Appendix

beginning with our team, and extending to the communities where we live and work."

Victor G. Dodig

President and Chief Executive Officer, CIBC

The financial sector is uniquely positioned to enable positive change in this space by activating resources to help shape the kind of future we all want. At CIBC, our entire team is taking action and building on the momentum that is gathering. Through innovation, inclusion, and implementation, we are making important strides in this area, and setting measurable goals and commitments to assess our progress.

CIBC's three key pillars of our Environmental, Social and Governance (ESG) strategy - accelerating climate action, creating access to opportunities, and building integrity and trust - guided the progress we made in 2023. This report highlights our accomplishments, our collective commitment to driving change, and our shared dedication to the wellbeing of our team members, clients, communities, and shareholders.

Building integrity and trust

Integrity and transparency are foundational to how our bank conducts business and interacts with our stakeholders, and both are essential to maintaining the trust our clients place in us. This includes ensuring we maintain integrity in how we manage and protect data, holding ourselves accountable through oversight and training, and respecting and protecting human rights. In 2023, our teams advanced the evolution of our artificial intelligence (AI) governance and risk management processes. Notably, we developed and published Generative AI guidelines for all CIBC team members, created a Generative AI Adoption

and Oversight Council, and launched a pilot program to evaluate the ethical and responsible development and use of AI at our bank. As part of these efforts, we formulated Trustworthy AI Principles, which are the foundation of our AI governance program. By continuously evolving our governance and approach to AI, we are proactively addressing risks associated with this technology, to protect our bank, team members, and clients.

Creating access to opportunities

The inclusive, highly connected culture we have built at CIBC creates an environment where our team members can reach their full potential and help our clients achieve their ambitions. This is a competitive advantage for us and is foundational to our future growth and progress. From the inside out, CIBC is committed to creating access to opportunities, beginning with our team, and extending to the communities where we live and work. Aligned to our commitment to provide a minimum wage of $25 per hour by the end of 2025 in Canada and the US, in January 2024, we raised our minimum hourly rate of pay for merit-eligible employees in Canada and the US to $22.50.

Creating a culture of inclusion where employees feel they belong is the cornerstone of our bank. I am encouraged by the progress we continue to make on the time-bound goals set out in our inclusion strategy, including increasing the share of women in Board-approved executive roles to 39% in 2023, in line with our goal of at least 40% representation by the end of 2024.(1)

(1) Refer to footnotes in 1.3 2023 ESG Scorecardfor more information.

Sustainability Report 2023

1.0 Overview | 1.1 CEO message

3

1. Overview
2. CEO message
3. ChairofSeniorExecutive ESG Council message
4. 2023 ESG scorecard
5. 2023awards and recognition
6. Our ESG strategy
7. Deliveringvalue to stakeholders
8. Environmentaland social risk management
9. ESGgovernance framework

2.0 Buildingintegrity and trust

3.0 Creatingaccess to opportunities

4.0 Sustainableproducts and solutions

5.0 Accelerating climate action

6.0 Appendix

We're also making progress in helping to drive transformational opportunities for members of the Black community, Indigenous peoples, and other talent segments. In 2023, CIBC and the CIBC Foundation invested over $4.2 million in community programs aimed at removing barriers to ambition for members of the Black community.

We continue to invest in economic inclusion. In partnership with the Institute for Canadian Citizenship, which supports newcomers on their journey towards full citizenship, CIBC is connecting newcomers with exclusive CIBC offers, advice, and resources to help them achieve their ambitions as they settle into life in Canada. 

Since launching the CIBC Foundation in 2021, we have made meaningful progress in creating social and economic opportunities for all. In 2022, we announced a goal to contribute $800 million over the decade to community investment initiatives with a focus on supporting persons with disabilities, Indigenous peoples, and members of the Black community. In 2023, we provided more than $66 million in corporate and Team CIBC contributions globally.(1)

Accelerating climate action

Banks are uniquely positioned to help solve some of our biggest environmental challenges, and we have a shared responsibility to act - across our bank and the broader economy. Hand in hand with our stakeholders, CIBC is focused on transitioning to a low carbon future through investments in cleaner forms of energy.

Additionally, we have established 2030 interim net-zero targets to reduce the carbon intensity of our financed emissions across our oil and gas, power generation, and automotive manufacturing portfolios, and we continued to make progress towards our oil and gas and power generation targets. CIBC continues to demonstrate strong leadership in financing for the renewable energy sector across North America. Not only is this a growth opportunity for CIBC and for our clients, it is an essential step in paving the path towards addressing climate change.

Outlook for the year ahead

We are confident in the momentum we've built and the action we have taken on issues that matter most to our clients, team members, communities, and shareholders. This progress is motivating for me personally, and for our broader CIBC team

as we work together to shape a brighter, more sustainable future in 2024 and beyond.

Victor G. Dodig

President and Chief Executive Officer, CIBC

(1) Refer to footnotes in 1.3 2023 ESG Scorecardfor more information.

Sustainability Report 2023

1.0 Overview | 1.2 Chair of Senior Executive ESG Council message

4

1.0	Overview
1.1	CEO message
1.2	ChairofSeniorExecutive

Chair of Senior Executive ESG Council message

	ESG Council message
1.3	2023 ESG scorecard
1.4	2023awards
	and recognition
1.5	Our ESG strategy
1.6	Deliveringvalue
	to stakeholders
1.7	Environmentaland
	social risk management
1.8	ESGgovernance
	framework

2.0 Buildingintegrity and trust

3.0 Creatingaccess to opportunities

4.0 Sustainableproducts and solutions

5.0 Accelerating climate action

6.0 Appendix

We continuously monitor developments across the sustainability landscape to ensure we are ready to comply with evolving regulatory requirements and ESG reporting standards."

Kikelomo Lawal

Executive Vice-President

and Chief Legal Officer, CIBC

In 2023, we focused on executing against our ESG strategic priorities and furthering sustainable initiatives across CIBC to contribute to a more inclusive and prosperous future.

We will continue to advance our ESG goals throughout 2024, guided by our purpose of helping our clients, team members, and communities achieve their ambitions.

Evolving our ESG strategy

In 2023, our focus was on ensuring our ESG strategy reflected the priorities of our stakeholders. We remained informed through employee and client surveys and consultations, as well as one-on- one meetings with investors to validate our existing material(1) ESG topics.

In 2024, we plan to complete a fulsome materiality assessment of our ESG risks and opportunities, as well as the direct and indirect impacts of these ESG priorities on our stakeholders. With these insights in hand, we will work collaboratively with industry and community partners to put into place the right policies and processes to address current and emerging ESG priorities, including artificial intelligence, financed emissions, human rights, and sustainable finance.

Supporting our clients, team members, and communities

We're committed to maintaining a trust-based relationship with our clients while keeping up with the rapidly evolving pace of artificial intelligence (AI). In 2023, we formulated our Trustworthy

AI Principles, which guide our AI governance approach. Throughout 2024, we will continue to enhance our data ethics practices and develop targeted, advanced training materials for team members. This will allow us to refine the direction of our data ethics initiatives, ensuring the responsible use of data and the security of our clients and team members globally.

We promote and advance inclusion across CIBC to enable all talent segments, including people of colour, members of the Black community, and Indigenous peoples, to achieve their career ambitions at CIBC. CIBC has engaged an independent third-party to undertake a two-phased racial equity assessment on our employment policies and commercial practices in 2024 and 2025. The assessment will review our policies and practices and identify opportunities for improvement.

As a signatory to the Net-Zero Banking Alliance (NZBA), we have made progress towards achieving our 2030 interim net-zero targets to reduce the carbon intensity of our financed emissions across our oil and gas and power generation portfolios. This year, we set an additional net-zero interim target for our automotive manufacturing portfolio. Building on our current momentum, in 2024, we will continue to evaluate targets for priority sectors. Our 2023 Climate Report features details on our interim targets and progress.

Preparing for evolving ESG regulations and standards

We continuously monitor developments across the sustainability landscape to ensure we

are ready to comply with evolving regulatory requirements and ESG reporting standards. In 2023, we established an enterprise-wide ESG

regulatory readiness program and cross-functional executive steering committee with representatives from Enterprise ESG, Risk Management, Finance, Technology, and Human Resources. The Committee's objective is to enhance our ESG disclosure processes to ensure alignment with market practice and regulatory requirements.

In line with our commitment to transparency and accountability, we published our 2024 Sustainable Finance Methodology and updated our 2024 Sustainability Issuance Framework.

Achieving our sustainability ambitions requires collective change through collaboration and partnerships. By maintaining representation at multiple industry consultation and decision making tables, we engage in knowledge exchange, collaborate with industry partners on topical issues, and ensure policy, initiatives, and technology advancements are practical, aspirational, and reflect the priorities of our stakeholders. Industry engagement enables us to provide thought leadership and guidance to our clients and communities.

Our ESG strategy builds on our history of ESG leadership to address the evolving needs of our clients, team members, and communities. Thanks to the strides we made in 2023, we are well positioned to drive positive change and enable

a more sustainable and inclusive future for the communities where we live and work.

Kikelomo Lawal

Executive Vice-President

and Chief Legal Officer, CIBC

(1) The term material topics is defined by the Global Reporting Initiative (GRI) as topics that represent the organization's most significant impacts on the economy, environment, and people, including impacts to their human rights. CIBC uses the term material topics in alignment with GRI's definition throughout this report.

Sustainability Report 2023

1.0 Overview | 1.3 2023 ESG scorecard

5

1. Overview
2. CEO message
3. ChairofSeniorExecutive ESG Council message
4. 2023 ESG scorecard
5. 2023awards and recognition
6. Our ESG strategy
7. Deliveringvalue to stakeholders
8. Environmentaland social risk management
9. ESGgovernance framework

2.0 Buildingintegrity and trust

3.0 Creatingaccess to opportunities

4.0 Sustainableproducts and solutions

5.0 Accelerating climate action

6.0 Appendix

2023 ESG scorecard

	ESG topic	Goal	2023 performance(1)	Status
Governance	Board composition	At least 40% women on CIBC's Board of Directors	46%(2)

Building integrity	Privacy and	No unresolved well-founded privacy findings against CIBC from the Office of Privacy	No unresolved well-founded privacy findings
and trust	information	Commissioner of Canada (OPC)(3)
	security	No regulatory privacy findings against CIBC outside of Canada(4)	One regulatory privacy finding outside	Not achieved(5)
			of Canada

Creating access	Employee	Employee engagement score of 91% or greater than the Willis Towers Watson Global	107% of the WTW GFSN which is an
to opportunities	engagement	Financial Services Norm (WTW GFSN)(6)	employee engagement score of 90%
	Inclusion at work	Representation of Board-approved executive roles
		At least 40% women in Board-approved executive roles by 2024 (Global)(7)	39%
			On track
		At least 25% people of colour in Board-approved executive roles by 2024 (Global)(7)(8)	25%
		At least 5% leaders from the Black community in Board-approved executive roles	4%
		by 2025 (Global)(7)(9)
			On track

• This figure has been independently assured to a limited level. The applicable limited assurance report or verification statement can be found in the ESG Document Library on ourwebsite.

1. All metrics exclude CIBC Mellon. CIBC is a 50/50 joint venture partner with The Bank of New York Mellon in two joint ventures: CIBC Mellon Trust Company and CIBC Mellon Global Securities Services Company Inc. (collectively referred to as CIBC Mellon).
2. All data is based on self-identification voluntarily disclosed as of October 31, 2023. For more information on Board composition, refer to CIBC's Management Proxy Circular.
3. The Office of the Privacy Commissioner of Canada (OPC) defines "well-founded" to mean the organization contravened a provision of the Privacy Act or Personal Information Protection and Electronic Documents Act (PIPEDA).
4. Includes US, Europe, the Asia-Pacific region, Republic of Colombia and the Caribbean. Each region has a designated privacy representative or team with expertise in relevant local legislation and regulation who is responsible for managing and reporting privacy findings in their respective region. CIBC FirstCaribbean and CIBC Cayman Bank each maintain their own privacy program including policies and processes.
5. There was one privacy finding as a result of an enforcement order that has been resolved.
6. Our annual employee survey ran from May 15, 2023 to May 28, 2023. Our regular (full-time and part-time) employees who were working as of April 10, 2023 were eligible to participate. Employees on leave as of April 10, 2023, employees hired after April 10, 2023, and employees who left the organization prior to May 15, 2023 were excluded. Temporary employees, contingent workers, retirees, and CIBC FirstCaribbean were also excluded. Over 37,000 employees completed the survey for an overall response rate of 83%. Willis Towers Watson developed the questions that make up our employee engagement score for the annual employee survey. The employee engagement score is grounded in three pillars of employees' experience: how engaged employees are, how enabled they feel, and how energized they are at work. The engagement score represents the percent of employees that agree with each of the nine survey questions related to employee engagement in CIBC's annual employee survey. Our overall score of 90% is six points greater than the Willis Towers Watson Global Financial Services Norm (WTW GFSN), which results in CIBC meeting our 2023 goal.
7. Board-approvedexecutive roles include Vice-Presidents and above appointed to their role as of October 31, 2023. All data is based on self-identification voluntarily disclosed by employees as of October 31, 2023 and excludes temporary employees, contingent workers, retirees, and CIBC FirstCaribbean.
8. People of colour includes those who self-identify as visible minorities in Canada and non-white outside of Canada. Visible minorities are defined as persons - other than Indigenous peoples - who self-identify as non-white. Excludes CIBC FirstCaribbean.

(9) Starting in 2023, the share of leaders from the Black community also includes executives who have self-identified as Mixed Race and have reported at least one of their ethnicities as Black. This change represents a more precise measurement driven by the availability of more granular data for leaders who self-identify as members of the Black community.

Sustainability Report 2023

1.0 Overview | 1.3 2023 ESG scorecard

6

1. Overview
2. CEO message
3. ChairofSeniorExecutive ESG Council message
4. 2023 ESG scorecard
5. 2023awards and recognition
6. Our ESG strategy
7. Deliveringvalue to stakeholders
8. Environmentaland social risk management
9. ESGgovernance framework

2.0 Buildingintegrity and trust

3.0 Creatingaccess to opportunities

4.0 Sustainableproducts and solutions

5.0 Accelerating climate action

6.0 Appendix

	ESG topic	Goal	2023 performance(1)	Status
Creating access	Inclusion at work	Representation of Board-approved executive roles (continued)
to opportunities	(continued)	At least 2% Indigenous peoples in Board-approved executive roles by 2025 (Canada)(7)(10)	1%
(continued)
				On track
		Workforce representation
		At least 9% of workforce identify as persons with disabilities by 2024 (Canada)(11)(12)(13)	10%
		At least 3% of workforce identify as Indigenous peoples by 2024 (Canada)(10)(11)(12)	2%
				On track
		Student recruitment
		At least 5% of student recruitment from the Black community in 2023 (Global)(14)	7%
	Inclusive banking	26% cumulative growth in Indigenous wealth and commercial banking business	12%
		over three years (2022-2024)(Canada)(15)		40% cumulative growth since
				2022
		Engage 250,000 participants in financial education seminars and events over	108,300
		three years (2022-2024) (Canada, US)(16)
				On track - 186,700 (75%) to
				date
		$10 billion in new or increased credit authorizations to small and medium-sized	$4.7 billion
		enterprises (SMEs) over three years (2022-2024) (Canada)(17)
				On track - $9.3 billion (93%)
				to date
	Making a difference	$800 million in community investment over 10 years (2023-2032)(18)	$66 million
	in the community
				On track
		One million hours volunteered by Team CIBC over 10 years (2023-2032) (Canada)(19)	122,000
				On track

1. Indigenous peoples refers to the original inhabitants of Canada and their descendants, including First Nations, Inuit, and Métis peoples. Reporting also includes those who self-identify as having mixed or other Indigenous ancestry, based on the aforementioned definition.
2. Regular employees refers to our regular (full-time and part-time) employees, who are working or on paid leaves, as of October 31, 2023. Excludes temporary employees, contingent workers, retirees, employees on unpaid leaves, and CIBC FirstCaribbean.
3. All data is based on self-identification voluntarily disclosed and reflects the percentage of regular employees in Canada only, excluding temporary employees, contingent workers, retirees, employees on unpaid leaves, and CIBC FirstCaribbean, as of October 31, 2023.
4. Persons with disabilities are those who have long-term, temporary or recurring physical, mental, sensory, psychological or learning differences.
5. Temporary fixed term hires in co-op/intern job profiles. All data is based on self-identification voluntarily disclosed during the application process, per cent is based on the number of responses. Excludes CIBC FirstCaribbean.
6. This metric includes Indigenous clients of CIBC's wealth (Private Banking, Wood Gundy, and CIBC Private Investment Council) and Commercial Banking business including Indigenous individuals, Indigenous businesses, and Indigenous communities and governments. It excludes funds held in CIBC's retail banking channel and Indigenous Trust Services. Indigenous clients identify through self-disclosure, as evidenced by their constating documents, or status card, as applicable. The metric compares spot end of year October 31, 2022 to October 31, 2023 for Deposit, Lending and Investment Balances held in those lines of businesses. Lending balances are gross of allowances. We believe that a metric that includes loans and deposits provides the reader with a better understanding of how management assesses the size of our total client relationships with Indigenous commercial banking and wealth management clients. Our growing reputation in Indigenous communities, and increased market activity in this space, including the initiatives outlined in the Advancing economic reconciliationfeature has positioned us as a trusted financial advisor and firm for Indigenous clients. This, combined with external market conditions, has driven our growth in this segment. We have achieved a cumulative growth of 40% in the last two years, achieving our three-year goal one year early.
7. Participants refers to clients, prospective clients, family members, and client referrals. In 2023, we continued to deliver financial education programming through our network of internal CIBC partners, and we also enhanced our methodology to capture financial education programming delivered by partner organizations due to the support provided by CIBC and CIBC Foundation.
8. Cumulative new or increased credit authorizations for the two-year period ended on October 31, 2023 to small and medium-sized enterprises were comprised of $2.7 billion to small enterprises (includes Private Banking lending growth), which are typically companies with revenue of less than $5 million, and $6.6 billion to medium-sized enterprises, which are typically companies with revenue of more than $5 million but less than $20 million. New or increased credit authorizations to small and medium-sized enterprises largely relates to CIBC products and services such as loans, lines of credit, banker's acceptances, and letters of credit.
9. In 2022, we set a goal to contribute $800 million over the decade (2023 - 2032) to community investment. This includes cash and in-kind contributions, time, management costs, and employee giving and fundraising (Team CIBC). Cash and in-kind contributions includes donations and grants, sponsorships, and the value of in-kind contributions that CIBC makes in support of charities and non-profit organizations, including to the CIBC Foundation, that follow the contribution principles set byImagine Canada's Caring Company Certification. Sponsorships also include contributions in support of organizations, that may have a for-profit structure, where the activities supported have a social purpose that benefits the community. Sponsorships may have rights and benefits attached, including public brand benefits, and in the case of fundraising events, may have advantages attached (such as meals, prizes, and merchandise). Time is regular employee volunteerism in Canada that occurs during working hours (time paid by CIBC) which is calculated by multiplying the average hourly employee wage of regular employees in Canada (excluding executives, employees participating in specialized compensation programs, and employees on an extended leave of absence) by the total hours volunteered. Management costs include costs related to running CIBC's community investment program. Examples include employee compensation and benefits, information technology fees and costs relating to the promotion of community programs. Team CIBC is defined as regular employees and retirees who donate or fundraise in support of charities and non-profit organizations, including CIBC Miracle Day fundraising. Team CIBC excludes CIBC FirstCaribbean.
10. Team CIBC includes regular employees (who volunteer both during and outside of paid work time) and retirees who volunteer their time to various organizations and community causes. Team CIBC volunteer hours are self-reported through CIBC's giving and volunteering platform.