Canadian Imperial Bank of Commerce | Circular Economy at Canadian Imperial Bank of Commerce

Status
22.51% votes in favour
AGM date
Previous AGM date
Proposal number
1
Resolution details
Company ticker
CM:CN
Resolution ask
Report on or disclose
ESG theme
  • Environment
ESG sub-theme
  • Waste and pollution
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Financials
Company HQ country
Canada
Resolved clause
It is proposed that the Bank produce a report on the loans it has made in recent years to support the circular economy.
Supporting statement
According to the Institut de l'environnement, du developpement durable et de l'economie circulaire du Quebec, the circular economy is "a system of production, trade and consumption designed to optimize the use of resources at all stages of the life cycle of a good or service, taking a circular approach, while reducing the environmental footprint and contributing to the well-being of individuals
and communities."
Circular business models are rethinking systems and processes, starting at the design stage, to find opportunities to recycle, repair, reuse, repurpose or refurbish products and materials, in order to reduce waste and greenhouse gas emissions. In Canada, as a government publication states, many of our innovators and industries are seeing the benefits of using circular models to save money or open up new market opportunities - from turning pulp-and-paper-mill waste into renewable bioproducts to launching product buy-back programs that enhance customer interaction and recover usable materials such as metals and alloys. These innovative solutions are leading the way toward a more circular economy that benefits the environment while creating wealth and opportunities in industries. This new approach cannot be developed without financing from Canadian banks. The objective of this proposal is to expand shareholders' awareness of the Bank's support for the growth of this new economy in recent years.

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