Canadian Imperial Bank of Commerce | Incentive compensation for all employees based on ESG targets at Canadian Imperial Bank of Commerce

Status
Withdrawn
AGM date
Previous AGM date
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
  • Environment
ESG sub-theme
  • Remuneration or pay
Filer type
Shareholder
Company sector
Financials
Company HQ country
Canada
Resolved clause
RESOLVED: It is proposed that the Board of Directors consider the advisability of introducing a new approach to incentive compensation, with the aim of linking part of the compensation of all employees to the organization’s performance against its key ESG targets.
Supporting statement
SUPPORTING SATEMENT: In April 2022, Mastercard CEO Michael Miebach announced that the company was extending its ESG incentive compensation program to all employees.1 Referring to the introduction of such a compensation model for senior executives during the previous year, he mentioned that this compensation strategy had enabled the company to meet and exceed its objectives. He added the following: “Each and every one of us shares the responsibility to uphold our ESG commitments. That’s why we’re extending that model to our annual corporate score and all employees globally, taking our shared accountability and progress to the next level.”2 As does Mr. Miebach, we believe that achieving many ESG objectives is not the sole responsibility of senior management, but of all employees who, in their day-to-day work, can make a significant contribution to achieving the organization’s key objectives, surpassing them and suggesting innovative ways of achieving them more quickly. For Mastercard’s CEO, this new compensation strategy, which includes all employees, has led him to bring forward the achievement of carbon neutrality from 2050 to 2040.3 1 Sharing accountability and success: Why we’re linking employee compensation to ESG goals, Michael Mi

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