Canadian Imperial Bank of Commerce | French as official language at Canadian Imperial Bank of Commerce

Status
0.99% votes in favour
AGM date
Previous AGM date
Proposal number
3
Resolution details
Company ticker
CM:CN
Lead filer
Mouvement d'éducation et de défense des actionnaires (MÉDAC)
Resolution ask
Adopt or amend a policy
ESG theme
  • Governance
ESG sub-theme
  • Diversity, equity & inclusion (DEI)
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Financials
Company HQ country
Canada
Resolved clause
It is proposed that the official status of French be formally recognized, in writing, in the Bank’s letters, which will impact the working language in Québec, the language used at the annual meetings of shareholders and the language of the Bank’s public communications.
Supporting statement
The bank is headquartered in Canada, a country where French is an official language. The language of a people is most essential and fundamental to its identity. It is an existential attribute. The diversity of the world cannot boil down to issues relating strictly to the biological nature of individuals or the arbitration of individual privileges. The diversity of the world is first and foremost a collective issue based essentially on the culture of peoples. Through their territorial State and public institutions, starting with the national assembly, constitution and charters, the people of Québec protect linguistic diversity in the world by rigorously protecting the collective and public nature of their language. The spirit of the law is clear;1 so is the spirit of the federal2 and Québec3 legislative reforms. Respecting and promoting global diversity is a corporate social responsibility matter. Doing so is in the interest of all stakeholders, starting with the community as a whole, regardless of background. Sustainable development and long-term performance cannot be conceived otherwise. The company has a duty to act in strict compliance with these sacred principles. Moreover, it is entirely possible to do business anywhere in the world with headquarters operating in the language of the State where they are located. For example, the annual shareholder meeting of Samsung (Suwon) is held in Korean, Heineken (Amsterdam) in Dutch, Nissan (Yokohama) in Japanese, Foxconn (Taiwan) in Mandarin, Volkswagen (Wolfsburg) in German and L’Oréal (Clichy), Danone (Paris), Christian Dior (Paris) and LVMH (Paris) in French. The content is translated into other languages. The principle is clear and simple. The French language is not a choice. It is a collective instrument used for communicating. Besides, foreign languages can be translated, whether or not simultaneously.  French is our language.  It is an issue of social equity, justice and dignity. It is a national issue. 

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