What is Canadian Imperial Bank of Commerce (CIBC)? Canadian Imperial Bank of Commerce (CIBC) Review, Features

Canadian Imperial Bank of Commerce (CIBC) is a leading North American financial institution committed to creating lasting value for its clients, teams and communities.

About Canadian Imperial Bank of Commerce (CIBC)

• Canadian Imperial Bank of Commerce is a leading global financial institution in Canada, with nearly 11 million personal banking and business customers. It has three main business divisions - Retail and Commercial Banking, Wealth Management and Wholesale Banking, with branches and offices in Canada, the United States and other parts of the world. Through an integrated electronic banking network, Canadian Imperial Bank of Commerce provides a full range of products and services.
• The Canadian Imperial Bank of Commerce was formed in 1961 by the merger of the Bank of Commerce of Canada (established in 1867) and the Imperial Bank of Canada (established in 1875). The predecessor of the Canadian Bank of Commerce was the Bank of Canada, which was established in 1858 under special legislation of the Province of Canada. Since then, the bank's charter has been amended several times to increase its capital.
• Canadian Imperial Bank of Commerce has set up institutions in various financial centers around the world, with major locations in the United States, Switzerland, Cayman Islands, Bahamas, Barbados, Jamaica, the United Kingdom, Ireland, etc. In addition to the Americas and Europe, Canadian Imperial Bank of Commerce has set up its Asia-Pacific headquarters in Singapore, and its Asia-Pacific branches are located in Australia, Singapore, Hong Kong, Tokyo, Beijing and other places.

Canadian Imperial Bank of Commerce (CIBC) Organization

The highest decision-making body of Canadian Imperial Bank of Commerce is the Board of Directors, which consists of seven committees:

1. Executive Committee

Responsible for checking the implementation of the bank's policies and measures, exercising the functions of the board of directors and handling various related matters within the scope permitted by law when the board of directors is not in meeting.

2. Audit Committee

The committee meets regularly with the shareholder auditors, receives reports from the inspector general and other senior management personnel, reviews and evaluates the financial intelligence system and management procedures, and reviews the bank's annual audited statements and all of the bank's books and records.

3. Credit Policy Committee

It is composed of directors who are not bank employees and meets regularly to discuss major policy issues regarding the bank's lending and investment activities, including the concentration, merger and acquisition of loans, and the combination of assets.

4. Resources and Remuneration Management Committee

Review the personnel, management and remuneration of the bank, review the appointment and remuneration of senior vice presidents and above. With the approval of the board of directors, be responsible for approving the salary of all employees and the salary increase of meritorious personnel.

5. Nomination Committee

Recommend qualified director candidates to the board of directors and make comments and suggestions on the composition and size of the board of directors and the remuneration of directors.

6. Pension Fund Council

Review the management of employee pension funds and the policies and practices implemented by fund managers, including the asset mix, quality of the investment portfolio and returns.

7. Regulatory Committee Regulatory Committee

The Control Committee is composed of the Chairmen of the Audit Committee, the Credit Policy Committee and the Nominating Committee and the Vice President of the Board of Directors. The Control Committee shall meet at least once a year to review whether the management system of CIBC is effective and whether it has fulfilled its responsibilities to shareholders, customers, employees, etc. The Control Committee shall hold regular meetings with the Chief Executive Officer at least once a year to review the functions of the Board of Directors and its committees and the procedures and systems of their operation. The Committee shall recommend to the Board the criteria for measuring the performance of the Chief Executive Officer. The Chief Executive Officer shall submit a personnel succession plan to the Committee at least once a year to ensure that personnel changes can be carried out in an orderly manner.