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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 11/29/18 Canadian Imperial B… Commerce/CAN 40-F 10/31/18 279:56M Donnelley … Solutions/FA |
Document/Exhibit Description Pages Size 1: 40-F Registration Statement or Annual Report by a HTML 108K Canadian Issuer 10: EX-99.B.10 Principal Accountant Fees and Services HTML 84K 11: EX-99.B.12 Tabular Disclosure of Contractual Obligations HTML 140K 2: EX-99.B.3(A) Annual Information Form HTML 292K 3: EX-99.B.3(B) Audited Consolidated Financial Statements for HTML 3.18M the Year Ended October 31, 2018 4: EX-99.B.3(C) Management's Discussion and Analysis HTML 2.99M 5: EX-99.B.3(D) Other Pages of Cibc's 2018 Annual Report HTML 157K Incorporated in Annual Information Form 6: EX-99.B.6(A)(1) Certifications Required by Rule 13A-14(A) HTML 94K 7: EX-99.B.6(A)(2) Certifications Required by Rule 13A-14(B) HTML 89K 8: EX-99.B.8 Disclosure Regarding Audit Committee Financial HTML 85K Expert 9: EX-99.B.9 Disclosure Regarding Code of Ethics HTML 87K 12: EX-99.D.9 Consent of Independent Registered Public HTML 88K Accounting Firm 19: R1 Document and Entity Information HTML 107K 20: R2 Consolidated balance sheet HTML 197K 21: R3 Consolidated statement of income HTML 215K 22: R4 Consolidated statement of income (Parenthetical) HTML 89K 23: R5 Consolidated statement of comprehensive income HTML 220K 24: R6 Consolidated statement of comprehensive income HTML 90K (Parenthetical) 25: R7 Consolidated statement of changes in equity HTML 208K 26: R8 Consolidated statement of changes in equity HTML 89K (Parenthetical) 27: R9 Consolidated statement of cash flows HTML 217K 28: R10 Consolidated statement of cash flows HTML 89K (Parenthetical) 29: R11 Basis of preparation and summary of significant HTML 338K accounting policies 30: R12 Fair value measurement HTML 864K 31: R13 Significant transactions HTML 125K 32: R14 Securities HTML 323K 33: R15 Loans HTML 502K 34: R16 Structured entities and derecognition of financial HTML 185K assets 35: R17 Land, Buildings and Equipment HTML 132K 36: R18 Goodwill, Software and Other Intangible Assets HTML 191K 37: R19 Other assets HTML 97K 38: R20 Deposits HTML 121K 39: R21 Other liabilities HTML 99K 40: R22 Derivative instruments HTML 398K 41: R23 Designated accounting hedges HTML 260K 42: R24 Subordinated indebtedness HTML 153K 43: R25 Common and preferred share capital HTML 229K 44: R26 Capital Trust securities HTML 111K 45: R27 Share-based payments HTML 176K 46: R28 Post-employment benefits HTML 332K 47: R29 Income taxes HTML 282K 48: R30 Earnings per share HTML 106K 49: R31 Commitments, guarantees and pledged assets HTML 147K 50: R32 Contingent liabilities and provision HTML 157K 51: R33 Concentration of credit risk HTML 138K 52: R34 Related-party transactions HTML 112K 53: R35 Investments in equity-accounted associates and HTML 111K joint ventures 54: R36 Significant subsidiaries HTML 124K 55: R37 Financial instruments - disclosures HTML 126K 56: R38 Offsetting financial assets and liabilities HTML 165K 57: R39 Interest income and expense HTML 106K 58: R40 Segmented and geographic information HTML 322K 59: R41 Future accounting policy changes HTML 101K 60: R42 IFRS 7 Disclosure HTML 822K 61: R43 Basis of preparation and summary of significant HTML 461K accounting policies (Policies) 62: R44 Basis of preparation and summary of significant HTML 211K accounting policies (Tables) 63: R45 Fair value measurement (Tables) HTML 821K 64: R46 Significant transactions (Tables) HTML 123K 65: R47 Securities (Tables) HTML 334K 66: R48 Loans (Tables) HTML 516K 67: R49 Structured entities and derecognition of financial HTML 141K assets (Tables) 68: R50 Land, Buildings and Equipment (Tables) HTML 132K 69: R51 Goodwill, Software and Other Intangible Assets HTML 173K (Tables) 70: R52 Other assets (Tables) HTML 96K 71: R53 Deposits (Tables) HTML 120K 72: R54 Other liabilities (Tables) HTML 98K 73: R55 Derivative instruments (Tables) HTML 360K 74: R56 Designated accounting hedges (Tables) HTML 277K 75: R57 Subordinated indebtedness (Tables) HTML 151K 76: R58 Common and preferred share capital (Tables) HTML 209K 77: R59 Capital Trust securities (Tables) HTML 105K 78: R60 Share-based payments (Tables) HTML 148K 79: R61 Post-employment benefits (Tables) HTML 320K 80: R62 Income taxes (Tables) HTML 272K 81: R63 Earnings per share (Tables) HTML 106K 82: R64 Commitments, guarantees and pledged assets HTML 129K (Tables) 83: R65 Contingent liabilities and provision (Tables) HTML 106K 84: R66 Concentration of credit risk (Tables) HTML 136K 85: R67 Related-party transactions (Tables) HTML 100K 86: R68 Investments in equity-accounted associates and HTML 103K joint ventures (Tables) 87: R69 Significant subsidiaries (Tables) HTML 124K 88: R70 Financial instruments - disclosures (Tables) HTML 118K 89: R71 Offsetting financial assets and liabilities HTML 165K (Tables) 90: R72 Interest income and expense (Tables) HTML 106K 91: R73 Segmented and geographic information (Tables) HTML 270K 92: R74 Summary of Breakdown of Our Standardized Credit HTML 126K Risk Exposures by Risk-weight Category (Tables) 93: R75 IFRS 7 Disclosure (Tables) HTML 652K 94: R76 Basis of Preparation and Summary of Significant HTML 188K Accounting Policies - Reconciliation of Closing Allowance for Credit Losses in Accordance with IAS 39 (Detail) 95: R77 Basis of Preparation and Summary of Significant HTML 101K accounting Policies - Additional Information (Detail) 96: R78 Basis of Preparation and Summary of Significant HTML 101K accounting Policies - Additional Information1 (Detail) 97: R79 Basis of Preparation and Summary of Significant HTML 307K Accounting Policies - Reconciliation of Carrying Amounts Under IAS 39, Net of Tax on Shareholders' Equity and Total Equity (Detail) 98: R80 Basis of Preparation and Summary of Significant HTML 108K Accounting Policies - Reconciliation of Carrying Amounts Under IAS 39, Net of Tax on Shareholders' Equity and Total Equity (Parenthetical) (Detail) 99: R81 Fair Value Measurement - Fair Value of Financial HTML 291K Instruments (Detail) 100: R82 Fair Value Measurement - Fair Value of Derivative HTML 208K Financial Instruments (Detail) 101: R83 Fair Value Measurement - Summary of Assets and HTML 138K Liabilities Not Carried On Consolidated Balance Sheet at Fair Value (Detail) 102: R84 Fair Value Measurement - Summary of Financial HTML 243K Instruments Carried On Consolidated Balance Sheet at Fair Value (Detail) 103: R85 Fair Value Measurement - Summary of Financial HTML 101K Instruments Carried On Consolidated Balance Sheet at Fair Value (Parenthetical) (Detail) 104: R86 Fair Value Measurement- Additional Information HTML 124K (Detail) 105: R87 Fair Value Measurement - Changes in Fair Value of HTML 368K Financial Assets and Liabilities in Level 3 (Detail) 106: R88 Fair Value Measurement - Changes in Fair Value of HTML 92K Financial Assets and Liabilities in Level 3 (Parenthetical) (Detail) 107: R89 Fair Value Measurement - Valuation Techniques and HTML 180K Quantitative Information About Significant Non-observable Inputs Used In Level 3 Financial Instruments (Detail) 108: R90 Significant Transactions - Additional information HTML 175K (Detail) 109: R91 Significant Transactions - Detailed Information of HTML 102K Business Acquisition (Detail) 110: R92 Significant Transactions - Detailed Information of HTML 118K Business Acquisition (Parenthetical) (Detail) 111: R93 Significant Transactions - Disclosure of HTML 129K Preliminary Fair Values of Identifiable Assets Acquired and Liabilities Assumed at the Acquisition Date (Detail) 112: R94 Significant Transactions - Disclosure of HTML 101K Preliminary Fair Values of Identifiable Assets Acquired and Liabilities Assumed at the Acquisition Date (Parenthetical) (Detail) 113: R95 Securities - Summary of Securities (Detail) HTML 110K 114: R96 Securities - Summary of Securities (Parenthetical) HTML 88K (Detail) 115: R97 Securities - Summary of Residual Term to HTML 293K Contractual Maturity of Financial Instruments (Detail) 116: R98 Securities - Summary of Residual Term to HTML 166K Contractual Maturity of Financial Instruments (Parenthetical) (Detail) 117: R99 Securities - Schedule of Fair Value of Debt HTML 161K Securities Measured and Equity Securities Designated at FVOCI (Detail) 118: R100 Securities - Schedule of Fair Value of Debt HTML 89K Securities Measured and Equity Securities Designated at FVOCI (Parenthetical) (Detail) 119: R101 Securities - Additional Information (Detail) HTML 126K 120: R102 Securities - Summary of Profit or Loss Recognized HTML 107K on FVOCI Securities (Detail) 121: R103 Securities - Summary of Allowance for Losses HTML 118K measured at FVOCI (Detail) 122: R104 Securities - Summary of Allowance for Losses HTML 98K measured at FVOCI (Parenthetical) (Detail) 123: R105 Loans - Disclosure of Loans and Receivables HTML 162K (Detail) 124: R106 Loans - Disclosure of Loans and Receivables HTML 106K (Parenthetical) (Detail) 125: R107 Loans - Summary of Allowance for Credit Losses HTML 225K under IFRS 9 (Detail) 126: R108 Loans - Summary of Allowance for Credit Losses HTML 102K under IFRS 9 (Parenthetical) (Detail) 127: R109 Loans - Summary of Allowance for Credit Losses HTML 158K under IAS 39 (Detail) 128: R110 Loans - Additional Information (Detail) HTML 119K 129: R111 Loans - Summary of Base Case Forecasts for Select HTML 109K Forward Looking Information Variables Used to Estimate our Expected Credit Losses (Detail) 130: R112 Loans - Summary of Carrying Amount of Loans Based HTML 217K on Internal Risk Rating Grades (Detail) 131: R113 Loans - Summary of Carrying Amount of Loans Based HTML 109K on Internal Risk Rating Grades (Parenthetical) (Detail) 132: R114 Loans - Summary of Undrawn Credit Facilities and HTML 209K Other Off Balance Sheet Exposures (Detail) 133: R115 Loans - Summary of Credit Quality of Net Business HTML 170K and Government Loans and Acceptances (Detail) 134: R116 Loans - Summary of Credit Quality of Net Business HTML 88K and Government Loans and Acceptances (Parenthetical) (Detail) 135: R117 Loans - Summary of Credit Quality of Net Retail HTML 192K Loans (Detail) 136: R118 Loans - Summary of Impaired Loans (Detail) HTML 140K 137: R119 Loans - Summary of Impaired Loans (Parenthetical) HTML 96K (Detail) 138: R120 Loans - Summary of Purchased Credit Impaired Loans HTML 104K (Detail) 139: R121 Loans - Schedule of Loans Past Due But Not HTML 117K Impaired (Detail) 140: R122 Loans - Schedule of Net Interest Income After HTML 100K Provision for Credit Losses (Detail) 141: R123 Structured Entities and Derecognition of Financial HTML 141K Assets - Additional Information (Detail) 142: R124 Structured Entities and Derecognition of Financial HTML 144K Assets - Schedule of Unconsolidated Entity Balance Sheet Amounts and Maximum Exposure to Loss (Detail) 143: R125 Structured Entities and Derecognition of Financial HTML 92K Assets - Schedule of Unconsolidated Entity Balance Sheet Amounts and Maximum Exposure to Loss (Parenthetical) (Detail) 144: R126 Structured Entities and Derecognition of Financial HTML 108K Assets - Schedule of Carrying Amount and Fair Value of Transferred Financial Assets that did not Qualify for Derecognition and Associated Financial Liabilities (Detail) 145: R127 Structured Entities and Derecognition of Financial HTML 92K Assets - Schedule of Carrying Amount and Fair Value of Transferred Financial Assets that did not Qualify for Derecognition and Associated Financial Liabilities (Parenthetical) (Detail) 146: R128 Land, Buildings and Equipment - Summary of Land, HTML 133K Buildings and Equipment (Detail) 147: R129 Land, Buildings and Equipment - Summary of Land, HTML 91K Buildings and Equipment (Parenthetical) (Detail) 148: R130 Land, Buildings and Equipment - Additional HTML 109K Information (Detail) 149: R131 Land, Buildings and Equipment - Carrying Value of HTML 93K Finance Lease Property (Detail) 150: R132 Goodwill, Software and Other Intangible Assets - HTML 114K Summary of Changes in Carrying Amount of Goodwill by Cash Generating Units (Detail) 151: R133 Goodwill, Software and Other Intangible Assets - HTML 98K Summary of Changes in Carrying Amount of Goodwill by Cash Generating Units (Parenthetical) (Detail) 152: R134 Goodwill, Software and Other Intangible Assets - HTML 161K Additional Information (Detail) 153: R135 Goodwill, Software and Other Intangible Assets - HTML 102K Schedule of Carrying Amount of Indefinite-lived Intangible Assets (Detail) 154: R136 Goodwill, Software and Other Intangible Assets - HTML 136K Schedule of Components of Finite-lived Software and Other Intangible Assets (Detail) 155: R137 Goodwill, Software and Other Intangible Assets - HTML 97K Schedule of Components of Finite-lived Software and Other Intangible Assets (Parenthetical) (Detail) 156: R138 Other Assets - Summary of Other Assets (Detail) HTML 108K 157: R139 Deposits - Summary of Deposits and Components HTML 139K (Detail) 158: R140 Deposits - Summary of Deposits and Components HTML 102K (Parenthetical) (Detail) 159: R141 Other Liabilities - Summary of Other liabilities HTML 107K (Detail) 160: R142 Derivative Instruments- Summary of Derivative HTML 103K Instruments (Detail) 161: R143 Derivative Instruments - Summary of Notional HTML 380K Amounts (Detail) 162: R144 Derivative Instruments - Summary of Notional HTML 93K Amounts (Parenthetical) (Detail) 163: R145 Derivative Instruments - Summary of Credit HTML 219K Exposure Arising from Derivatives (Detail) 164: R146 Derivative Instruments - Summary of Credit HTML 96K Exposure Arising from Derivatives (Parenthetical) (Detail) 165: R147 Derivative Instruments - Additional Information HTML 89K (Detail) 166: R148 Designated accounting hedges - Summary of Items HTML 192K Designated as Hedging Instruments (Detail) 167: R149 Designated Accounting Hedges - Summary of Notional HTML 105K Amounts and Carrying Value of Our Hedging Related Derivative Instruments (Detail) 168: R150 Designated Accounting Hedges - Summary of Average HTML 135K Rate or Price of Hedging Instruments (Detail) 169: R151 Designated Accounting Hedges - Additional HTML 109K Information (Detail) 170: R152 Designated Accounting Hedges - Summary of Items HTML 142K Designated as Hedged Items (Detail) 171: R153 Designated Accounting Hedges - Summary of Items HTML 93K Designated as Hedged Items (Parenthetical) (Detail) 172: R154 Designated Accounting Hedges - Summary of Hedge HTML 137K Accounting Impact on the Consolidated Statement of Comprehensive Income (Detail) 173: R155 Designated Accounting Hedges - Summary of Hedge HTML 104K Ineffectiveness Gains (Losses) Recognized in Consolidated Statement of Income (Detail) 174: R156 Designated Accounting Hedges - Summary of Periods HTML 97K when Cash Flows Designated as Hedged (Detail) 175: R157 Subordinated Indebtedness - Schedule of Terms of HTML 176K Subordinated Indebtedness (Detail) 176: R158 Subordinated Indebtedness - Schedule of Terms of HTML 132K Subordinated Indebtedness (Parenthetical) (Detail) 177: R159 Common and Preferred Share Capital - Summary of HTML 136K Outstanding Shares and Dividends Paid (Detail) 178: R160 Common and Preferred Share Capital - Additional HTML 206K Information (Detail) 179: R161 Common and Preferred Share Capital - Schedule of HTML 138K Common Shares Issued (Detail) 180: R162 Common and Preferred Share Capital - Schedule of HTML 95K Common Shares Issued (Parenthetical) (Detail) 181: R163 Common and Preferred Share Capital - Schedule of HTML 97K Common Shares Purchased and Cancelled under Previously Expired NCIB (Detail) 182: R164 Common and Preferred Share Capital - Schedule of HTML 94K Common Shares Purchased and Cancelled under Previously Expired NCIB (Parenthetical) (Detail) 183: R165 Common and Preferred Share Capital - Schedule of HTML 105K Terms of Class A Preferred Shares (Detail) 184: R166 Common and Preferred Share Capital - Schedule of HTML 106K Regulatory Capital and Ratios (Detail) 185: R167 Capital Trust Securities - Additional Information HTML 109K (Detail) 186: R168 Capital Trust Securities - Summary of Significant HTML 105K Terms and Conditions of Notes (Detail) 187: R169 Capital Trust Securities - Summary of Significant HTML 99K Terms and Conditions of Notes (Parenthetical) (Detail) 188: R170 Share-based Payments - Additional Information HTML 199K (Detail) 189: R171 Share-based Payments - Summary of Assumptions Used HTML 99K to Determine Fair Value of Options Granted (Detail) 190: R172 Share-based Payments - Summary of Stock Option HTML 123K Activity and Related Information (Detail) 191: R173 Share-based Payments - Summary of Stock Option HTML 92K Activity and Related Information (Parenthetical) (Detail) 192: R174 Share-based payments -Summary of Stock options HTML 126K outstanding and vested (Detail) 193: R175 Post-Employment Benefits - Additional Information HTML 102K (Detail) 194: R176 Post-Employment Benefits - Summary of Financial HTML 154K Position Related to Defined Benefit Pensions and Other Post Employment Plans (Detail) 195: R177 Post-Employment Benefits - Summary of Financial HTML 90K Position Related to Defined Benefit Pensions and Other Post Employment Plans (Parenthetical) (Detail) 196: R178 Post-Employment Benefits - Summary of Defined HTML 105K Benefit Assets (Liability) Net of Valuation Allowance Included in Other Assets and Other Liabilities (Detail) 197: R179 Post-Employment Benefits - Summary of Defined HTML 94K Benefit Assets (Liability) Net of Valuation Allowance Included in Other Assets and Other Liabilities (Parenthetical) (Detail) 198: R180 Post-Employment Benefits - Summary of Defined HTML 107K Benefit obligation and Plan Assets by Region (Detail) 199: R181 Post-Employment Benefits - Summary of Defined HTML 116K Benefit Plan Expense (Detail) 200: R182 Post-Employment Benefits - Summary of Defined HTML 89K Benefit Plan Expense (Parenthetical) (Detail) 201: R183 Post-Employment Benefits - Summary of Net HTML 111K Remeasurement Gains (Losses) Recognized in OCI (Detail) 202: R184 Post-Employment Benefits - Summary of Net HTML 91K Remeasurement Gains (Losses) Recognized in OCI (Parenthetical) (Detail) 203: R185 Post-Employment Benefits - Summary of Defined HTML 106K Benefit Obligation (Detail) 204: R186 Post-Employment Benefits - Summary of Weighted HTML 94K Average Duration of Defined Benefit Obligation (Detail) 205: R187 Post-Employment Benefits - Summary of Major HTML 147K Categories of Defined Benefit Plan Assets (Detail) 206: R188 Post-Employment Benefits - Summary of Major HTML 100K Categories of Defined Benefit Plan Assets (Parenthetical) (Detail) 207: R189 Post-Employment Benefits - Summary of Weighted HTML 98K Average Principal Assumptions Used to Determine Defined Benefit Obligation (Detail) 208: R190 Post-Employment Benefits - Summary of Weighted HTML 91K Average Principal Assumptions Used to Determine Defined Benefit Obligation (Parenthetical) (Detail) 209: R191 Post-Employment Benefits - Summary of Longevities HTML 99K Underlying Values of Defined Benefit Obligation (Detail) 210: R192 Post-Employment Benefits - Summary of Assumed HTML 96K Health-care Cost Trend Rates (Detail) 211: R193 Post-Employment Benefits - Summary of Affected HTML 109K Defined Benefit Obligation Due to Reasonable Possible Changes to Principal Actuarial Assumptions (Detail) 212: R194 Post-Employment Benefits - Summary of Expected HTML 108K Future Benefit Payments (Detail) 213: R195 Post-Employment Benefits - Summary of defined HTML 95K contributions and other plans (Detail) 214: R196 Income Taxes - Total Income Taxes (Detail) HTML 115K 215: R197 Income Taxes - Components of Income Tax (Detail) HTML 104K 216: R198 Income Taxes - Reconciliation of Income Taxes HTML 126K (Detail) 217: R199 Income Taxes - Sources and Movement in Deferred HTML 226K Tax Assets and Liabilities (Detail) 218: R200 Income Taxes - Sources and Movement in Deferred HTML 94K Tax Assets and Liabilities (Parenthetical) (Detail) 219: R201 Income Taxes - Additional Information (Detail) HTML 136K 220: R202 Earnings per Share - Summary of Earnings Per Share HTML 111K (Detail) 221: R203 Earnings per Share - Summary of Earnings Per Share HTML 91K (Parenthetical) (Detail) 222: R204 Commitments, Guarantees and Pledged Assets - HTML 100K Summary of Contract Amounts of Credit-Related Arrangements (Detail) 223: R205 Commitments, Guarantees and Pledged Assets - HTML 94K Summary of Contract Amounts of Credit-Related Arrangements (Parenthetical) (Detail) 224: R206 Commitments, Guarantees and Pledged Assets - HTML 104K Additional Information (Detail) 225: R207 Commitments, Guarantees and Pledged Assets - HTML 112K Summary of Future Minimum Lease Payments and Receipt for Operating Lease Commitments (Detail) 226: R208 Commitments, Guarantees and Pledged Assets - HTML 91K Summary of Future Minimum Lease Payments and Receipt for Operating Lease Commitments (Parenthetical) (Detail) 227: R209 Commitments, Guarantees and Pledged Assets - HTML 108K Summary of Future Minimum Lease Payments for Finance Lease Commitments (Detail) 228: R210 Commitments, Guarantees and Pledged Assets - HTML 89K Summary of Future Minimum Lease Payments for Finance Lease Commitments (Parenthetical) (Detail) 229: R211 Commitments, Guarantees and Pledged Assets - HTML 112K Summary of Asset Pledging Amounts and Related Activities (Detail) 230: R212 Contingent Liabilities and Provision - Additional HTML 140K Information (Detail) 231: R213 Contingent Liabilities and Provision - Disclosure HTML 98K of Changes in Legal Provisions (Detail) 232: R214 Contingent Liabilities and Provision - Disclosure HTML 98K of Changes in the Restructuring Provision (Detail) 233: R215 Concentration of Credit Risk - Summary of Credit HTML 162K Exposure Associated with our On- and Off-Balance Sheet Financial Instruments (Detail) 234: R216 Concentration of Credit Risk - Summary of Credit HTML 106K Exposure Associated with our On- and Off-Balance Sheet Financial Instruments (Parenthetical) (Detail) 235: R217 Related-Party Transactions - Additional HTML 99K Information (Detail) 236: R218 Related-Party Transactions - Summary of HTML 104K Compensation of Key Management Personnel (Detail) 237: R219 Investments in Equity-Accounted Associates and HTML 148K Joint Ventures - Additional Information (Detail) 238: R220 Investments in Equity-Accounted Associates and HTML 100K Joint Ventures - Summary of Aggregate Financial Information Related to Proportionate Interest in the Equity-accounted Joint Ventures (Detail) 239: R221 Investments in Equity-Accounted Associates and HTML 100K Joint Ventures - Summary of Aggregate Financial Information Related to Proportionate Interest in Equity-Accounted Associates (Detail) 240: R222 Significant Subsidiaries - Additional Information HTML 90K (Detail) 241: R223 Significant Subsidiaries - Summary List of HTML 211K Significant Subsidiaries (Detail) 242: R224 Significant Subsidiaries - Summary List of HTML 124K Significant Subsidiaries (Parenthetical) (Detail) 243: R225 Financial Instruments -Schedule of Balance Sheet HTML 135K Exposure Credit Risk under Different Basel Approaches (Detail) 244: R226 Offsetting Financial Assets and Liabilities - HTML 171K Schedule of Financial Assets and Liabilities (Detail) 245: R227 Offsetting Financial Assets and Liabilities - HTML 89K Schedule of Financial Assets and Liabilities (Parenthetical) (Detail) 246: R228 Interest income and expense - Summary of HTML 113K Consolidated Interest Income and Expense for Both Product and Accounting Categories (Detail) 247: R229 Segmented and Geographic Information - Detailed HTML 198K Report of Segments and Geographic Areas (Detail) 248: R230 Segmented and Geographic Information - Detailed HTML 93K Report of Segments and Geographic Areas (Parenthetical) (Detail) 249: R231 Segmented and Geographic Information - Breakdown HTML 126K of revenue from reporting segments (Detail) 250: R232 Segmented and Geographic Information - Breakdown HTML 93K of revenue from reporting segments (Parenthetical) (Detail) 251: R233 IFRS 7 - Disclosure - Credit Risk - Summary of HTML 115K Risk Measurement (Detail) 252: R234 IFRS 7 - Disclosure - Credit Risk - Summary of PD HTML 107K Bands to Various Risk Levels (Detail) 253: R235 IFRS 7 - Disclosure - Credit Risk - Summary of HTML 251K Exposure to Credit Risk (Detail) 254: R236 IFRS 7 - Disclosure - Credit Risk - Additional HTML 116K Information (Detail) 255: R237 IFRS 7 - Disclosure - Credit Risk - Summary of HTML 158K Breakdown of Our Standardized Credit Risk Exposures by Risk-weight Category (Detail) 256: R238 IFRS 7 - Disclosure - Credit Risk - Summary of HTML 104K Rating Profile of OTC Derivative Mark to Market (MTM) Receivables (Detail) 257: R239 IFRS 7 - Disclosure - Credit Risk- Summary of HTML 140K Geographic Distribution of Business and Government Exposures Under the AIRB Approach (Detail) 258: R240 IFRS 7 - Disclosure - Credit Risk - Summary of HTML 257K Industry-wide Breakdown of Business and Government Exposure (Detail) 259: R241 IFRS 7 - Disclosure - Credit Risk - Summary of HTML 94K Industry-wide Breakdown of Business and Government Exposure (Parenthetical) (Detail) 260: R242 IFRS 7 - Disclosure - Credit Risk - Summary of HTML 182K Credit Quality of Risk-rated Portfolios Exposure (Detail) 261: R243 IFRS 7 - Disclosure - Credit Risk - Summary of HTML 139K Credit Quality of Retail Portfolios (Detail) 262: R244 IFRS 7 - Disclosure - Credit Risk - Summary of HTML 104K Securitization Exposures (Detail) 263: R245 IFRS 7 - Disclosure - Credit Risk - Summary of HTML 91K Securitization Exposures (Parenthetical) (Detail) 264: R246 IFRS 7 - Disclosure - Market Risk - Additional HTML 118K Information (Detail) 265: R247 IFRS 7 - Disclosure - Market Risk - Summary of HTML 129K Market Risks by Type of Risks (Detail) 266: R248 IFRS 7 - Disclosure - Market Risk - Summary of HTML 129K Stressed Value At Risk by Trading Activities (Detail) 267: R249 IFRS 7 - Disclosure - Market Risk - Summary of HTML 105K Incremental Risk Charge by Trading Activities (Detail) 268: R250 IFRS 7 - Disclosure - Market Risk - Summary of HTML 101K Structural Interest Rate Sensitivity - Measures (Detail) 269: R251 IFRS 7 - Disclosure - Market Risk - Summary of HTML 106K Amortized Cost and Fair Values of Non-trading Equities (Detail) 270: R252 IFRS 7 - Disclosure - Liquidity Risk - Summary of HTML 127K Encumbered and Unencumbered Assets from On- and Off-Balance Sheet Sources (Detail) 271: R253 IFRS 7 - Disclosure - Liquidity Risk - Additional HTML 88K Information (Detail) 272: R254 IFRS 7 - Disclosure - Liquidity Risk - Summary of HTML 255K Contractual Maturity Profile of On-Balance Sheet Assets, Liabilities and Equity at their Carrying Values (Detail) 273: R255 IFRS 7 - Disclosure - Liquidity Risk - Summary of HTML 104K Contractual Maturity Profile of On-Balance Sheet Assets, Liabilities and Equity at their Carrying Values (Parenthetical) (Detail) 274: R256 IFRS 7 - Disclosure - Liquidity Risk - Summary of HTML 172K Credit Related Commitments (Detail) 275: R257 IFRS 7 - Disclosure - Liquidity Risk - Summary of HTML 95K Credit Related Commitments (Parenthetical) (Detail) 276: R258 IFRS 7 - Disclosure - Liquidity Risk - Summary of HTML 161K Contractual Maturities of Other Contractual Obligations Affecting Our Funding Needs (Detail) 278: XML IDEA XML File -- Filing Summary XML 577K 277: EXCEL IDEA Workbook of Financial Reports XLSX 515K 13: EX-101.INS XBRL Instance -- cm-20181031 XML 23.36M 15: EX-101.CAL XBRL Calculations -- cm-20181031_cal XML 807K 16: EX-101.DEF XBRL Definitions -- cm-20181031_def XML 4.27M 17: EX-101.LAB XBRL Labels -- cm-20181031_lab XML 5.84M 18: EX-101.PRE XBRL Presentations -- cm-20181031_pre XML 5.30M 14: EX-101.SCH XBRL Schema -- cm-20181031 XSD 1.22M 279: ZIP XBRL Zipped Folder -- 0001193125-18-337149-xbrl Zip 1.19M
ANNUAL INFORMATION FORM |
Exhibit B.3(a): Annual Information Form
6 Certain Conditions of the Class A Preferred Shares as a Class |
10 INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS |
11 EXPERTS |
15 Appendix B: Audit Committee Mandate
|
CIBC 2018 Annual Information Form 1
A NOTE ABOUT FORWARD-LOOKING STATEMENTS
From time to time, we make written or oral forward-looking statements within the meaning of certain securities laws, including in this Annual Information Form, in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission and in other communications. All such statements are made pursuant to the “safe harbour” provisions of, and are intended to be forward-looking statements under applicable Canadian and U.S. securities legislation, including the U.S. Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements made about our operations, business lines, financial condition, risk management, priorities, targets, ongoing objectives, strategies, the regulatory environment in which we operate and outlook for calendar year 2019 and subsequent periods. Forward-looking statements are typically identified by the words “believe”, “expect”, “anticipate”, “intend”, “estimate”, “forecast”, “target”, “objective” and other similar expressions or future or conditional verbs such as “will”, “should”, “would” and “could”. By their nature, these statements require us to make assumptions and are subject to inherent risks and uncertainties that may be general or specific. A variety of factors, many of which are beyond our control, affect our operations, performance and results, and could cause actual results to differ materially from the expectations expressed in any of our forward-looking statements. These factors include: credit, market, liquidity, strategic, insurance, operational, reputation and legal, regulatory and environmental risk; the effectiveness and adequacy of our risk management and valuation models and processes; legislative or regulatory developments in the jurisdictions where we operate, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations issued and to be issued thereunder, the Organisation for Economic Co-operation and Development Common Reporting Standard, and regulatory reforms in the United Kingdom and Europe, the Basel Committee on Banking Supervision’s global standards for capital and liquidity reform, and those relating to bank recapitalization legislation and the payments system in Canada; amendments to, and interpretations of, risk-based capital guidelines and reporting instructions, and interest rate and liquidity regulatory guidance; the resolution of legal and regulatory proceedings and related matters; the effect of changes to accounting standards, rules and interpretations; changes in our estimates of reserves and allowances; changes in tax laws; changes to our credit ratings; political conditions and developments, including changes relating to economic or trade matters; the possible effect on our business of international conflicts and terrorism; natural disasters, public health emergencies, disruptions to public infrastructure and other catastrophic events; reliance on third parties to provide components of our business infrastructure; potential disruptions to our information technology systems and services; increasing cyber security risks which may include theft of assets, unauthorized access to sensitive information, or operational disruption; social media risk; losses incurred as a result of internal or external fraud; anti-money laundering; the accuracy and completeness of information provided to us concerning clients and counterparties; the failure of third parties to comply with their obligations to us and our affiliates or associates; intensifying competition from established competitors and new entrants in the financial services industry including through internet and mobile banking; technological change; global capital market activity; changes in monetary and economic policy; currency value and interest rate fluctuations, including as a result of market and oil price volatility; general business and economic conditions worldwide, as well as in Canada, the U.S. and other countries where we have operations, including increasing Canadian household debt levels and global credit risks; our success in developing and introducing new products and services, expanding existing distribution channels, developing new distribution channels and realizing increased revenue from these channels; changes in client spending and saving habits; our ability to attract and retain key employees and executives; our ability to successfully execute our strategies and complete and integrate acquisitions and joint ventures; the risk that expected synergies and benefits of the acquisition of PrivateBancorp, Inc. will not be realized within the expected time frame or at all; and our ability to anticipate and manage the risks associated with these factors. This list is not exhaustive of the factors that may affect any of our forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on our forward-looking statements. We do not undertake to update any forward-looking statement that is contained in this Annual Information Form or in other communications except as required by law.
CIBC 2018 Annual Information Form 2
INFORMATION INCORPORATED BY REFERENCE
Certain disclosures in this Annual Information Form (AIF) are incorporated by reference from CIBC’s 2018 Annual Report for the year ended October 31, 2018. The table below identifies pages from the 2018 Annual Report which are incorporated by reference into this AIF. The 2018 Annual Report is available on SEDAR at www.sedar.com.
AIF Item
|
2018 Annual Report – Page Reference
| |
CORPORATE STRUCTURE |
||
Intercorporate Relationships |
173 | |
DESCRIPTION OF THE BUSINESS |
||
The CIBC Organization |
1–93 | |
Social and Environmental Policies |
78 | |
Risk Factors |
41–78 | |
DIVIDENDS |
151–153 | |
CAPITAL STRUCTURE |
150–154 | |
DIRECTORS AND BOARD COMMITTEES |
194 | |
LEGAL PROCEEDINGS |
167–169 | |
TRANSFER AGENT AND REGISTRAR |
192 | |
AUDIT COMMITTEE |
||
Fees for Services provided by Shareholders’ Auditors |
93 | |
GLOSSARY
|
186–191
|
Unless otherwise specified, this AIF presents information as at October 31, 2018.
Name, Address and Incorporation
Canadian Imperial Bank of Commerce (CIBC) is a diversified financial institution governed by the Bank Act (Canada). CIBC was formed through the amalgamation of The Canadian Bank of Commerce and Imperial Bank of Canada in 1961. The Canadian Bank of Commerce was originally incorporated as Bank of Canada by special act of the legislature of the Province of Canada in 1858. Subsequently, the name was changed to The Canadian Bank of Commerce and it opened for business under that name in 1867. Imperial Bank of Canada was incorporated in 1875 by special act of the Parliament of Canada and commenced operations in that year. The address of the registered and head office of CIBC is Commerce Court, Toronto, Ontario, Canada, M5L 1A2.
Information about the intercorporate relationships among CIBC and its significant subsidiaries is provided on page 173 of the 2018 Annual Report.
CIBC is a leading North American financial institution. CIBC serves its clients through four main strategic business units: Canadian Personal and Small Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management and Capital Markets.
Canadian Personal and Small Business Banking provides personal and business clients across Canada with financial advice, products and services through a team in our banking centres, as well as through our direct, mobile and remote channels.
Canadian Commercial Banking and Wealth Management provides high-touch, relationship-oriented banking and wealth management services to middle-market companies, entrepreneurs, high-net-worth individuals and families across Canada. In addition, we provide asset management services to institutional investors.
CIBC 2018 Annual Information Form 3
U.S. Commercial Banking and Wealth Management provides high-touch, relationship-oriented commercial, personal and small business banking, as well as wealth management services to meet the needs of middle-market companies, executives, entrepreneurs, high-net-worth individuals and families in the markets we serve in the U.S.
Capital Markets provides integrated global markets products and services, investment banking advisory and execution, corporate banking and top-ranked research to corporate, government and institutional clients around the world.
CIBC’s four main strategic business units are supported by the following functional groups: Administration, Client Connectivity and Innovation, Finance, Human Resources and Communications, Internal Audit, Risk Management, and Technology and Operations, as well as other support groups, which are all included in Corporate and Other. Information about CIBC’s business lines and functional groups is provided in the 2018 Annual Report on pages 1 to 93.
A more complete description of services provided by Canadian Personal and Small Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management and Capital Markets can be found in the 2018 Annual Report on pages 18 to 27.
CIBC was the fifth largest Canadian chartered bank in terms of market capitalization as at October 31, 2018.
CIBC operated in an environment of moderate economic growth in Canada, and of accelerating growth in the U.S. in 2018. Canada enjoyed low unemployment rates that supported household credit quality, but both consumer and mortgage credit growth decelerated due to higher interest rates, softer housing inflation, and regulatory policy decisions. Corporate credit quality remained strong despite a slowing in profit growth, while business investment spending and loan demand accelerated. A slower increase in non-financial corporate bond issuance activity was more than offset by the accelerating issuance of financial sector bonds, while equity issuance activity was light. Government debt continued to grow but at a slightly slower pace than 2017. The U.S. economy showed strong growth and robust employment gains as fiscal stimulus more than offset rising interest rates, helping to drive a pick-up in business lending after a slow 2017. U.S. equity markets had a strong start to the year but gave up that ground in the fall on concerns over global growth and rising interest rates.
Social and Environmental Policies
Additional information about our environmental policies and environmental risks can be found under “Management of risk – Other risks – Environmental and social risk” on page 78 of our 2018 Annual Report. Furthermore, CIBC’s Corporate Responsibility Report and Public Accountability Statement summarizes our commitment to our stakeholders and highlights the activities we are undertaking to enhance our economic, environmental, social and governance contributions. This report is available at https://www.cibc.com/content/cibcpublic/en/about-cibc/corporate-responsibility.html.
A discussion of risk factors related to CIBC and its business, and the steps taken to manage those risks appears throughout the 2018 Annual Report and in particular under the heading “Management of risk” on pages 41 to 78.
GENERAL DEVELOPMENT OF THE BUSINESS
At CIBC, we are building a relationship-oriented bank for a modern world.
For many years, CIBC has reported a scorecard of financial objectives to evaluate and report on our progress to external stakeholders. These measures, for which CIBC has set targets over the medium term, defined as three to five years, can be categorized into five key areas of shareholder value:
1. | Earnings Growth |
• | Average annual earnings per share (EPS) growth of 5% to 10%. |
2. | Efficiency Ratio |
• | Run rate efficiency ratio (ratio of non-interest expenses to total revenue) of 55% by 2019 and 52% by 2022. |
3. | Return on Common Shareholders’ Equity |
• | Return on common shareholders’ equity (ROE) of at least 15%. |
4. | Total Shareholder Return |
• | Dividend payout ratio of 40% to 50% of earnings to common shareholders. |
• | Total shareholder return that exceeds the industry average, which we have defined as the Standard & Poor’s Ratings Services (S&P)/Toronto Stock Exchange (TSX) Composite Banks Index, over a rolling five-year period. |
5. | Balance Sheet Strength |
• | Maintain strong capital ratios that comfortably exceed the regulatory target set by the Office of the Superintendent of Financial Institutions (OSFI). |
CIBC 2018 Annual Information Form 4
1. | Earnings Growth |
Reported diluted EPS was $11.65 in 2018, compared with $11.24 in 2017, up 4%. Reported diluted EPS was $10.70 in 2016. Adjusted diluted EPS(1) was $12.21 in 2018, compared with $11.11 in 2017, up 10%. Adjusted diluted EPS(1) was $10.22 in 2016.
2. | Efficiency Ratio |
In 2018, CIBC made progress towards its efficiency ratio objectives. The reported efficiency ratio was 57.5% compared with 58.8% in 2017 and 59.7% in 2016. The adjusted efficiency ratio(1) was 55.6% compared with 57.2% in 2017 and 58.0% in 2016.
3. | Return on Common Shareholders’ Equity |
In 2018, reported ROE of 16.6% was above the 15% target but down from 18.3% in 2017. Reported ROE was 19.9% in 2016. Adjusted ROE(1) of 17.4% was above our target but down from 18.1% reported in 2017. Adjusted ROE(1) was 19.0% in 2016.
4. | Total Shareholder Return |
CIBC’s 2018 reported dividend payout ratio was 45.5%, compared with 45.6% in 2017. The reported dividend payout ratio was 44.3% in 2016. CIBC’s 2018 adjusted dividend payout ratio(1) was 43.4% compared with 46.2% in 2017. The adjusted dividend payout ratio(1) was 46.4% in 2016.
CIBC’s rolling five-year total shareholder return for the period ended October 31, 2018 was 60.6% compared with 62.0% for the S&P/TSX Composite Banks Index.
5. | Balance Sheet Strength |
At the end of 2018, CIBC’s Basel III Common Equity Tier 1 ratio on an all-in basis was 11.4%, well above the current OSFI target.
(1) | For additional information, see the “Non-GAAP measures” section on page 14 of the 2018 Annual Report. |
CIBC has a common share dividend sub-policy of maintaining a balance between the distribution of profits to shareholders and the need to retain capital for safety and soundness, and to support growth of the businesses. In the context of this overall policy, CIBC’s key criteria for considering dividend increases are the current payout ratio compared to the target, and its view on the sustainability of the level of current earnings through the cycle. Going forward, CIBC will continue to target a dividend payout ratio of 40% to 50%.
The cash dividends declared and paid per share for each class of CIBC shares and restrictions on the payment of dividends can be found on pages 151 to 153 of the 2018 Annual Report.
The following summary of CIBC’s capital structure is qualified in its entirety by CIBC’s by-laws and the actual terms and conditions of such shares. Additional detail on CIBC’s capital structure is provided on pages 150 to 154 of the 2018 Annual Report.
CIBC’s authorized common share capital consists of an unlimited number of common shares without nominal or par value. The holders of common shares are entitled to receive dividends as and when declared by the Board of Directors of CIBC (the Board), subject to the preference of holders of preferred shares. A holder of common shares is entitled to notice of and to attend all shareholders’ meetings, except meetings at which only holders of a specified class or series of shares are entitled to vote, and for all purposes will be entitled to one vote for each common share held. In the event of liquidation, dissolution or winding-up of CIBC, after payment of all outstanding deposits and debts and subject to the preference of any shares ranking senior to the common shares, the holders of common shares will be entitled to a pro rata distribution of the remaining assets of CIBC. The holders of common shares have no pre-emptive, subscription, redemption or conversion rights. The rights, preferences and privileges of the common shares are subject to the rights of the holders of preferred shares.
Description of Preferred Shares
CIBC is authorized to issue an unlimited number of Class A Preferred Shares and Class B Preferred Shares without nominal or par value, issuable in series, with such rights, privileges, restrictions and conditions as the Board may determine, provided that, for each class of preferred shares, the maximum aggregate consideration for all outstanding shares, at any time does not exceed $10 billion. There are five series of Class A Preferred Shares currently outstanding (Series 39, 41, 43, 45 and 47) and no Class B Preferred Shares currently outstanding.
The Bank Act (Canada) requires that banks maintain adequate capital in relation to their operations. The Superintendent of Financial Institutions (the Superintendent) establishes capital adequacy requirements for issuances of regulatory capital by banks. These requirements include that all regulatory capital must be able to absorb losses in a failed financial institution. Effective January 1, 2013, in accordance with
CIBC 2018 Annual Information Form 5
capital adequacy requirements adopted by the Superintendent, non-common capital instruments issued after January 1, 2013, including preferred shares, must include non-viability contingent capital (NVCC) provisions, providing for the full and permanent automatic conversion (an NVCC Automatic Conversion) of such non-common capital instruments into common shares upon the occurrence of certain trigger events relating to financial viability (the NVCC Provisions) in order to qualify as regulatory capital.
The following describes certain general terms and conditions of the preferred shares.
Certain Conditions of the Class A Preferred Shares as a Class
The following is a summary of certain provisions attached to the Class A Preferred Shares as a class.
Priority
The Class A Preferred Shares of each series of Class A Preferred Shares rank on a parity with every other series of Class A Preferred Shares and rank in priority to the Class B Preferred Shares and the common shares of CIBC with respect to the payment of dividends and on the distribution of assets in the event of the liquidation, dissolution or winding-up of CIBC, provided that an NVCC Automatic Conversion as contemplated under the NVCC Provisions applicable to a series of Class A Preferred Shares has not occurred.
Restrictions on Creation of Additional Class A Preferred Shares
In addition to any shareholder approvals required by applicable law, the approval of the holders of the Class A Preferred Shares given in the manner described under “Modification” below, is required for any increase in the maximum aggregate consideration for which the Class A Preferred Shares may be issued and for the creation of any shares ranking prior to or on a parity with the Class A Preferred Shares.
Modification
Approval of amendments to the provisions of the Class A Preferred Shares as a class and any other authorization required to be given by the holders of Class A Preferred Shares may be given by a resolution carried by an affirmative vote of not less than 662/3% of the votes cast at a meeting at which the holders of 10% of the outstanding Class A Preferred Shares are present or represented by proxy or, if no quorum is present at such meeting, at an adjourned meeting at which the shareholders then present would form the necessary quorum.
Rights on Liquidation
In the event of the liquidation, dissolution or winding-up of CIBC, provided that an NVCC Automatic Conversion as contemplated under the NVCC Provisions applicable to a series of Class A Preferred Shares has not occurred, the holders of the Class A Preferred Shares will be entitled to receive an amount equal to the price at which such shares are issued together with such premium, if any, as shall have been provided for with respect to the Class A Preferred Shares of any series, together with all declared and unpaid dividends, before any amount is paid or any assets of CIBC are distributed to the holders of any shares ranking junior to the Class A Preferred Shares. Upon payment to the holders of the Class A Preferred Shares of the amounts so payable to them, they will not be entitled to share in any further distribution of the assets of CIBC. If an NVCC Automatic Conversion as contemplated under the NVCC Provisions applicable to a series of Class A Preferred Shares has occurred, all of the Class A Preferred Shares of such series shall have been converted into common shares of CIBC in accordance with a pre-determined conversion formula specified at the time of issuance of the Class A Preferred Shares of such series and will rank on parity with all other common shares of CIBC.
Voting Rights
Subject to the provisions of the Bank Act (Canada), the directors of CIBC are empowered to set voting rights, if any, for each series of Class A Preferred Shares.
Contingent Conversion of Certain Series of Class A Preferred Shares
All of CIBC’s currently outstanding Class A Preferred Shares (Series 39, 41, 43, 45 and 47) were issued after January 1, 2013 and, accordingly, contain NVCC Provisions in their respective share terms and conditions. The number of common shares into which such Class A Preferred Shares would be converted upon an NVCC Automatic Conversion will be determined in accordance with a pre-determined conversion formula specified at the time of issuance of such Class A Preferred Shares.
Bank Act (Canada) Restrictions Related to Share Ownership
The Bank Act (Canada) contains restrictions on the issue, transfer, acquisition, beneficial ownership and voting of all shares of a chartered bank. By way of summary, no person, or persons acting jointly or in concert, shall be a major shareholder of a bank if the bank has equity of $12 billion or more (which would include CIBC). A person is a major shareholder of a bank where: (i) the aggregate of the shares of any class of voting shares beneficially owned by that person, by entities controlled by that person and by any person associated or acting jointly or in concert with that person (as contemplated by the Bank Act (Canada)) is more than 20% of that class of voting shares; or (ii) the aggregate of the shares of any class of non-voting shares beneficially owned by that person, by entities controlled by that person and by any person associated or acting jointly or in concert with that person (as contemplated by the Bank Act (Canada)) is more than 30% of that class of non-voting shares. No person, or persons acting jointly or in concert, shall have a significant interest in any class of shares of a bank,
CIBC 2018 Annual Information Form 6
including CIBC, unless the person first receives the approval of the Minister of Finance (Canada). For purposes of the Bank Act (Canada), a person has a significant interest in a class of shares of a bank where the aggregate of any shares of the class beneficially owned by that person, by entities controlled by that person and by any person associated or acting jointly or in concert with that person (as contemplated by the Bank Act (Canada)) exceeds 10% of all of the outstanding shares of that class of shares of such bank.
In addition, the Bank Act (Canada) prohibits a bank, including CIBC, from recording in its securities register the transfer or issuance of shares of any class to Her Majesty in right of Canada or of a province, an agent or agency of Her Majesty, a government of a foreign country or any political subdivision of a foreign country, or an agent or agency of a foreign government. The Bank Act (Canada) also suspends the exercise of any voting rights attached to any share of a bank, including CIBC, that is beneficially owned by Her Majesty in right of Canada or of a province, an agency of Her Majesty, a government of a foreign country or any political subdivision of a foreign country, or any agency thereof.
CIBC funds its operations with client-sourced deposits, supplemented with a wide range of wholesale funding.
CIBC’s principal approach aims to fund its balance sheet with deposits primarily raised from personal and commercial banking channels. CIBC maintains a foundation of relationship-based core deposits, whose stability is regularly evaluated through internally developed statistical assessments.
We routinely access a range of short-term and long-term secured and unsecured funding sources diversified by geography, depositor type, instrument, currency and maturity. We raise long-term funding from existing programs including covered bonds, asset securitizations and unsecured debt.
CIBC continuously evaluates opportunities to diversify into new funding products and investor segments in an effort to maximize funding flexibility and minimize concentration and financing costs. We regularly monitor wholesale funding levels and concentrations to internal limits consistent with our desired liquidity risk profile.
The Global Asset Liability Committee and the Risk Management Committee of the Board review and approve CIBC’s funding plan, which incorporates projected asset and liability growth, funding maturities, and output from our liquidity position forecasting.
Access to wholesale funding sources and the cost of funds are dependent on various factors including credit ratings. CIBC’s wholesale funding and credit ratings are also discussed on pages 73 to 74 of the 2018 Annual Report under the heading “Management of risk – Liquidity risk”.
The table below provides the ratings for CIBC’s Class A Preferred Shares and debt obligations as at November 28, 2018:
DBRS Limited (DBRS) |
Fitch Ratings, Inc. (Fitch) |
Moody’s Investors Service, Inc. (Moody’s) |
Standard & Poor’s Ratings Services (S&P) | |||||
Deposit/Counterparty(1) |
AA | AA- | Aa2 | A+ | ||||
Legacy senior debt(2) |
AA | AA- | Aa2 | A+ | ||||
Senior debt(3) |
AA (low) | AA- | A2 | BBB+ | ||||
Subordinated indebtedness |
A (high) | A+ | Baa1 | BBB+ | ||||
Subordinated indebtedness – NVCC |
A (low) | A+ | Baa1 | BBB | ||||
Preferred shares – NVCC |
Pfd-2 | n/a | Baa3 | P-3 (high) | ||||
Short-term debt |
R-1 (high) | F1+ | P-1 | A-1 | ||||
Outlook |
Stable | Stable | Stable | Stable |
(1) | DBRS Long-Term Issuer Rating; Moody’s Long-Term Deposit and Counterparty Risk Assessment Rating; S&P’s Issuer Credit Rating; Fitch Long-Term Issuer Default and Derivative Counterparty Rating. |
(2) | Includes senior debt issued prior to September 23, 2018 as well as senior debt issued on or after September 23, 2018 which is not subject to the bank recapitalization (bail-in) conversion regulations issued by the Department of Finance (Canada). |
(3) | Comprises liabilities which are subject to conversion under the bail-in regulations. |
n/a | Not available. |
The ratings should not be construed as a recommendation to buy, sell, or hold CIBC securities. Ratings may be revised or withdrawn at any time by the respective rating agencies.
Definitions of rating categories are available on the respective rating agencies’ websites and are outlined in Appendix A. More detailed explanations of the various rating categories may be obtained directly from the rating agencies.
As is common practice, CIBC has paid fees charged by all four of the above-noted rating agencies for their rating services and, to certain of the rating agencies, for other services during the last two years. CIBC reasonably expects that such payments will continue to be made for services in the future.
CIBC 2018 Annual Information Form 7
CIBC maintains a listing of its common shares on the Toronto Stock Exchange and the New York Stock Exchange. CIBC maintains a listing of its Class A Preferred Shares on the Toronto Stock Exchange(1).
The following subordinated indebtedness securities issued by CIBC are listed on the London Stock Exchange:
• | U.S. Dollar Floating Rate Debenture Notes Due 2084 with interest at 6-month US$ LIBOR plus 0.25%. To CIBC’s knowledge, the issue did not trade on the exchange during the year ended October 31, 2018. |
• | U.S. Dollar Floating Rate Subordinated Capital Debentures Due 2085 with interest at 6-month US$ LIBOR plus 0.125%. To CIBC’s knowledge, the issue did not trade on the exchange during the year ended October 31, 2018. |
(1) | From time to time, securities of CIBC may be listed on other stock exchanges or quotation systems by investors, brokers or others without the consent or involvement of CIBC. This section does not include debt instruments that are deposits. |
2017 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||
Nov. | Dec. | Jan. | Feb. | Mar. | Apr. | May | Jun. | Jul. | Aug. | Sep. | Oct. | |||||||||||||||||||||||||||||||||||||
Common Shares |
| |||||||||||||||||||||||||||||||||||||||||||||||
High |
$ | 118.72 | $ | 123.87 | $ | 124.37 | $ | 121.69 | $ | 118.86 | $ | 113.73 | $ | 117.24 | $ | 117.95 | $ | 118.88 | $ | 123.34 | $ | 125.21 | $ | 122.10 | ||||||||||||||||||||||||
Low |
$ | 112.05 | $ | 118.00 | $ | 121.06 | $ | 112.52 | $ | 112.19 | $ | 110.00 | $ | 111.30 | $ | 112.51 | $ | 114.00 | $ | 118.33 | $ | 120.99 | $ | 111.31 | ||||||||||||||||||||||||
Volume (thousands) |
21,971 | 29,847 | 27,992 | 30,219 | 31,630 | 21,613 | 27,089 | 22,948 | 18,144 | 24,298 | 21,534 | 26,159 | ||||||||||||||||||||||||||||||||||||
Preferred Shares Series 39 |
| |||||||||||||||||||||||||||||||||||||||||||||||
High |
$ | 23.99 | $ | 23.95 | $ | 24.44 | $ | 24.10 | $ | 24.00 | $ | 23.12 | $ | 24.04 | $ | 23.64 | $ | 23.50 | $ | 23.89 | $ | 23.87 | $ | 23.71 | ||||||||||||||||||||||||
Low |
$ | 23.65 | $ | 22.99 | $ | 23.50 | $ | 23.53 | $ | 23.07 | $ | 22.70 | $ | 22.85 | $ | 23.13 | $ | 23.10 | $ | 23.50 | $ | 23.45 | $ | 21.59 | ||||||||||||||||||||||||
Volume (thousands) |
152 | 157 | 460 | 230 | 255 | 140 | 187 | 219 | 185 | 214 | 49 | 316 | ||||||||||||||||||||||||||||||||||||
Preferred Shares Series 41 |
| |||||||||||||||||||||||||||||||||||||||||||||||
High |
$ | 23.75 | $ | 23.45 | $ | 23.90 | $ | 23.74 | $ | 23.49 | $ | 22.80 | $ | 23.58 | $ | 23.31 | $ | 23.24 | $ | 23.34 | $ | 23.34 | $ | 23.16 | ||||||||||||||||||||||||
Low |
$ | 23.32 | $ | 22.71 | $ | 23.22 | $ | 23.18 | $ | 22.77 | $ | 22.39 | $ | 22.49 | $ | 22.85 | $ | 22.81 | $ | 23.00 | $ | 22.95 | $ | 21.26 | ||||||||||||||||||||||||
Volume (thousands) |
456 | 279 | 412 | 158 | 245 | 177 | 240 | 104 | 185 | 216 | 190 | 360 | ||||||||||||||||||||||||||||||||||||
Preferred Shares Series 43 |
| |||||||||||||||||||||||||||||||||||||||||||||||
High |
$ | 24.75 | $ | 24.79 | $ | 24.80 | $ | 24.69 | $ | 24.44 | $ | 24.40 | $ | 25.00 | $ | 24.60 | $ | 24.66 | $ | 24.88 | $ | 24.82 | $ | 24.87 | ||||||||||||||||||||||||
Low |
$ | 24.36 | $ | 23.89 | $ | 24.16 | $ | 24.14 | $ | 24.05 | $ | 23.78 | $ | 24.21 | $ | 24.08 | $ | 24.06 | $ | 24.43 | $ | 24.40 | $ | 23.05 | ||||||||||||||||||||||||
Volume (thousands) |
141 | 126 | 243 | 213 | 295 | 191 | 245 | 138 | 98 | 146 | 213 | 284 | ||||||||||||||||||||||||||||||||||||
Preferred Shares Series 45 |
| |||||||||||||||||||||||||||||||||||||||||||||||
High |
$ | 25.99 | $ | 25.89 | $ | 25.70 | $ | 25.49 | $ | 25.38 | $ | 25.14 | $ | 25.41 | $ | 25.32 | $ | 25.35 | $ | 25.55 | $ | 25.53 | $ | 25.30 | ||||||||||||||||||||||||
Low |
$ | 25.38 | $ | 25.28 | $ | 25.20 | $ | 24.82 | $ | 25.00 | $ | 24.87 | $ | 25.10 | $ | 24.90 | $ | 24.91 | $ | 25.16 | $ | 25.15 | $ | 24.42 | ||||||||||||||||||||||||
Volume (thousands) |
714 | 536 | 1,374 | 676 | 875 | 960 | 642 | 260 | 389 | 555 | 1,086 | 707 | ||||||||||||||||||||||||||||||||||||
Preferred Shares Series 47 |
| |||||||||||||||||||||||||||||||||||||||||||||||
High |
|
Issued January 18, 2018 |
|
$ | 25.00 | $ | 24.94 | $ | 24.74 | $ | 24.75 | $ | 24.72 | $ | 24.23 | $ | 24.01 | $ | 24.54 | $ | 24.53 | $ | 24.21 | |||||||||||||||||||||||||
Low |
$ | 24.80 | $ | 24.39 | $ | 24.25 | $ | 24.05 | $ | 23.90 | $ | 23.79 | $ | 23.55 | $ | 23.79 | $ | 24.01 | $ | 22.70 | ||||||||||||||||||||||||||||
Volume (thousands) |
1,724 | 1,675 | 470 | 1,276 | 848 | 312 | 413 | 466 | 541 | 539 |
(1) | Data from the TSX Historical Data Access. |
CIBC sold one issue of subordinated indebtedness during the year ended October 31, 2018. The issue is not listed or quoted on an exchange:
• | $1.5 billion 3.45% Debentures due April 4, 2028 (subordinated indebtedness) were issued on April 4, 2018, at a price of 99.97%. |
The following securities were held in escrow as at October 31, 2018. AST Trust Company (Canada) is the custodian of these securities. These securities will remain in escrow and not be released until the date and conditions set out in the escrow agreement are met.
Designation of class | Number of securities held in escrow or that are subject to a contractual restriction on transfer |
Percentage of class | ||||||
Common shares |
350,535 | 0.079 | % |
CIBC 2018 Annual Information Form 8
Directors and Board Committees
Information concerning the directors and board committees of CIBC is found on page 194 of the 2018 Annual Report.
All of the directors have held their business affiliations indicated on page 194 of the 2018 Annual Report for the past five years with the exception of the following:
(i) | John P. Manley was previously President and Chief Executive Officer, Business Council of Canada from 2010 to 2018. |
Directors are elected annually. Under the Bank Act (Canada) and CIBC’s by-laws, a director’s term expires at the close of the next annual meeting of shareholders, which is scheduled for April 4, 2019.
The following are CIBC’s executive officers, their titles and their municipalities of residence, as at November 28, 2018:
Name | Title |
Municipality of Residence | ||
Victor G. Dodig |
President and Chief Executive Officer, CIBC | Toronto, Ontario, Canada | ||
Michael G. Capatides |
Senior Executive Vice-President, Chief Administrative Officer and General Counsel | Morristown, New Jersey, U.S. | ||
Harry Culham |
Senior Executive Vice-President and Group Head, Capital Markets | Toronto, Ontario, Canada | ||
Laura Dottori-Attanasio |
Senior Executive Vice-President and Chief Risk Officer | Toronto, Ontario, Canada | ||
Kevin Glass |
Senior Executive Vice-President and Chief Financial Officer | Toronto, Ontario, Canada | ||
Jon Hountalas |
Senior Executive Vice-President and Group Head, Commercial Banking and Wealth Management, Canada | Toronto, Ontario, Canada | ||
Deepak Khandelwal |
Senior Executive Vice-President and Group Head, Client Connectivity and Innovation | Oakville, Ontario, Canada | ||
Christina Kramer |
Senior Executive Vice-President and Group Head, Personal and Small Business Banking, Canada | Toronto, Ontario, Canada | ||
Kevin Patterson |
Senior Executive Vice-President and Group Head, Technology and Operations | Niagara-on-the-Lake, Ontario, Canada | ||
Larry D. Richman |
Senior Executive Vice-President and Group Head, US Region; President and CEO, CIBC Bank USA | Chicago, Illinois, U.S. | ||
Sandy Sharman |
Senior Executive Vice-President and Chief Human Resources and Communications Officer | Burlington, Ontario, Canada |
All of the executive officers have held their present position or another executive position in CIBC for more than five years except for Deepak Khandelwal who was at Rogers Communications Inc. from 2014 to 2017 where he was Chief Customer Officer and prior to that was at Google Inc. from 2010 to 2014 where he held a series of senior positions and was last VP, Global Customer Experience; and Larry D. Richman who was at The PrivateBank from 2007 to 2017, where he was President and CEO.
Shareholdings of Directors and Executive Officers
To CIBC’s knowledge, as at October 31, 2018, the directors and executive officers of CIBC as a group, beneficially owned, directly or indirectly, or exercised control or direction over less than 1% of the outstanding common shares of CIBC or FirstCaribbean International Bank Limited.
CIBC 2018 Annual Information Form 9
Corporate Cease Trade Orders or Bankruptcies
Except as set out below, to CIBC’s knowledge, in the last ten years, no director or executive officer of CIBC is or has been a director, chief executive officer or chief financial officer of a company that: (i) while that person was acting in that capacity, was the subject of a cease trade or similar order or an order that denied the company access to any exemption under securities legislation, for a period of more than 30 consecutive days; or (ii) was subject to such an order that was issued, after that person ceased to be a director or chief executive officer or chief financial officer, and which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer. Except as set out below, to CIBC’s knowledge, in the last ten years, no director or executive officer of CIBC is or has been a director or executive officer of a company that, while that person was acting in that capacity or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets.
• | Mr. John P. Manley, a director of CIBC, was a director of Nortel Networks Corporation and Nortel Networks Limited (collectively the Nortel Companies) when the Nortel Companies and certain other Canadian subsidiaries initiated creditor protection proceedings under the Companies’ Creditors Arrangement Act (CCAA) in Canada on January 14, 2009. Certain U.S. subsidiaries filed voluntary petitions in the United States under Chapter 11 of the U.S. Bankruptcy Code, and certain Europe, Middle East and Africa subsidiaries made consequential filings in Europe and the Middle East. These proceedings are ongoing. Mr. Manley resigned as a director of the Nortel Companies on August 10, 2009. |
• | Ms. Jane L. Peverett, a director of CIBC, was a director of Postmedia Network Canada Corp. (Postmedia) between April 2013 and January 2016. On October 5, 2016, Postmedia completed a recapitalization transaction pursuant to a court approved plan of arrangement under the Canada Business Corporations Act under which, approximately US$268.6 million of debt was exchanged for shares that represented approximately 98% of the outstanding shares at that time. Additionally, Postmedia repaid, extended and amended the terms of its outstanding debt obligations pursuant to the recapitalization transaction. |
To CIBC’s knowledge, no director or executive officer of CIBC: (i) has been subject to any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority, or (ii) has been subject to any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable investor in making an investment decision.
To CIBC’s knowledge, in the last ten years, no director or executive officer has become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or was subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the director or executive officer.
To CIBC’s knowledge, no director or executive officer of CIBC or its subsidiaries has an existing or potential material conflict of interest with CIBC or any of its subsidiaries.
LEGAL PROCEEDINGS AND REGULATORY ACTIONS
A description of significant legal proceedings to which CIBC is a party is provided under the heading “Contingent liabilities and provision” on pages 167 to 169 of the 2018 Annual Report.
INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS
To CIBC’s knowledge, no director or executive officer of CIBC, or any of their associates has any material interest, directly or indirectly, in any transaction within the three most recently completed financial years that has materially affected or is reasonably expected to materially affect CIBC.
The addresses for CIBC’s transfer agent and registrar are provided on page 192 of the 2018 Annual Report.
CIBC 2018 Annual Information Form 10
Ernst & Young LLP, Chartered Professional Accountants, Licensed Public Accountants, Toronto, Ontario, is the external auditor who prepared the Independent auditors’ reports of registered public accounting firm to shareholders in accordance with Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States) (PCAOB) – which includes the reports on CIBC’s consolidated financial statements and internal control over financial reporting. Ernst & Young LLP is independent with respect to CIBC within the meaning of the Rules of Professional Conduct of the Chartered Professional Accountants of Ontario, and is an independent registered public accounting firm with respect to CIBC within the meaning of the Securities Act of 1933, as amended, and the applicable rules and regulations thereunder adopted by the U.S. Securities and Exchange Commission (SEC) and the PCAOB.
The Audit Committee Mandate as approved by the Board is included in Appendix B. The members of the Audit Committee are listed below. Each member of the Audit Committee is independent and financially literate as defined by Canadian securities laws. At least one member of the Audit Committee has been designated by the Board as an “audit committee financial expert” as defined by the rules of the SEC.
This section describes the education and experience of CIBC’s Audit Committee members that is relevant to the performance of their responsibilities.
Each member of the Audit Committee currently is, or has previously been, in charge of, or an advisor or a consultant to, a significant business operation, often as president, chief executive officer, chief financial officer or chief operating officer of a large public company. Given the breadth and complexity of a financial institution’s accounting issues, the Audit Committee members participate from time to time in internal or external sessions related to accounting matters or developments. Travel and attendance costs are paid by CIBC. Further detail on the education and experience of each Audit Committee member is set out below.
Luc Desjardins
Mr. Desjardins has been President and Chief Executive Officer and a member of the Board of Directors of Superior Plus Corp. since 2011. From 2008 to 2011, he was a partner at The Sterling Group, LP, a private equity firm. From 2000 to 2008, Mr. Desjardins was with Transcontinental Inc. first as the President and Chief Operating Officer and subsequently as the President and Chief Executive Officer. For the preceding 10 years, Mr. Desjardins held chief executive officer roles at other companies: Mail-Well Inc. from 1998 to 2000; and Supremex Inc. from 1992 to 1998. Mr. Desjardins is a director of Gestion Jourdan SEC and a member of the World Presidents’ Organization. In 2005, Mr. Desjardins received a “Nouveaux Performants Award” granted to successful executives who excel in management practices. Mr. Desjardins holds a Master of Business Administration degree from Université du Québec à Montréal and is a graduate of the Harvard Business School Management Development Program.
Kevin J. Kelly
Mr. Kelly was Lead Director of the Ontario Securities Commission from 2010 to 2012 and Commissioner from 2006 to 2010. Prior to joining the Ontario Securities Commission, Mr. Kelly held progressive roles in wealth and asset management in Canada and the U.S. He was Co-Chief Executive Officer of Wellington West Capital, Inc. from 2004 to 2005. For the preceding 15 years, Mr. Kelly held president and chief executive officer roles at other companies: FMR LLC from 1996 to 2003; Bimcor Inc. from 1992 to 1996; and Investment Corporation of Saskatchewan from 1990 to 1992. He also held the role of President and Chief Operating Officer of Midland Capital Corporation from 1989 to 1990. Mr. Kelly holds a Bachelor of Commerce degree from Dalhousie University.
Christine E. Larsen
Ms. Larsen has been Executive Vice-President, Chief Operations Officer of First Data Corporation since 2013. Prior to joining First Data Corporation, she held progressive roles in the financial services industry. At JPMorgan Chase & Co. she was the Executive Vice-President, Head of Process Improvement from 2012 to 2013; Head of Mortgage Servicing from 2011 to 2012; Chief Operating Officer, Treasury and Securities Services from 2009 to 2011; and Head of Shared Operations and Technology from 2006 to 2009. At Citigroup, Inc. she was the Managing Director, Co-Head of Global Operations and Head of Global Transactions Services from 1994 to 2006. From 1984 to 1994 she led projects for Accenture with financial services companies. She is a member of the Board of Trustees of Syracuse University and was named one of the Most Influential Women in Payments for 2015 and 2017. Ms. Larsen holds a Master of Library Science degree from Syracuse University (University Fellow) and a Bachelor of Arts (Magna Cum Laude) degree from Cornell College.
Nicholas D. Le Pan
Mr. Le Pan has extensive experience in financial services matters. He was Superintendent of Financial Institutions for Canada from 2001 to 2006 and led the OSFI supervision sector including the supervision programs for banks and other deposit taking institutions from 1997 to 2000. He is Chair of the Canadian Public Accountability Board, which regulates auditors of public companies. Mr. Le Pan has held various roles with the Federal Government, Department of Finance including as a Special Advisor and as the Assistant Deputy Minister, Financial Sector Policy Branch. He has been a member of the Board of Directors of the Canada Deposit Insurance Corporation; Chairman of the Basel Accord Implementation Group; Vice Chairman of the Basel Committee on Banking Supervision; Chairman of the Independent Review Committee of Brandes Investment Funds; Chair of the Basel Committee Accounting Task Force; and Member of the Canadian Accounting Standards Oversight Council. Mr. Le Pan received a Bachelor of Arts degree (Honours) in Economics from Carleton University and a Master of Arts degree in Economics from the University of Toronto.
CIBC 2018 Annual Information Form 11
Jane L. Peverett, FCMA, ICD.D (Chair of the Audit Committee)
Ms. Peverett was President and Chief Executive Officer of British Columbia Transmission Corporation (BCTC) from 2005 to 2009 and Chief Financial Officer of BCTC from 2003 to 2005. Prior to joining BCTC, Ms. Peverett was with Westcoast Energy Inc., from 1988 to 2003, where she held progressively senior finance, regulatory and executive roles. From 2001 to 2003 Ms. Peverett was President & CEO of Union Gas Limited, a subsidiary of Westcoast Energy Inc. Ms. Peverett is a director and Chair of the Audit Committee of CP Rail and a director of Northwest Natural Gas Company. She is a Certified Management Accountant and a Fellow of the Society of Management Accountants and a member of the Institute of Corporate Directors with the designation ICD.D. Ms. Peverett holds a Bachelor of Commerce degree from McMaster University and a Master of Business Administration degree from Queen’s University.
PRE-APPROVAL POLICIES AND PROCEDURES
The Audit Committee has adopted the CIBC Policy on the Scope of Services of the Shareholders’ Auditors (the “Scope of Services Policy”) to provide a consistent approach for the engagement of the shareholders’ auditors. The Scope of Services Policy requires that work performed by the shareholders’ auditors for CIBC or its subsidiaries be pre-approved by the Audit Committee, along with the related fee for that work. The Audit Committee may establish pre-approval policies and procedures that are specific to a particular service. Under the Scope of Services Policy, the shareholders’ auditors will only perform audit, audit-related and tax work, and other work if pre-approved by the Audit Committee. The Audit Committee may approve exceptions to the Scope of Services Policy if it determines that such an exception is in the overriding best interests of CIBC, and the exception does not impair the independence of the shareholders’ auditors. However, certain non-audit activities set out in the Scope of Services Policy are generally prohibited and will not be considered for exception from the Policy. On a quarterly basis, the Audit Committee is presented with a summary report of all engagements of the shareholders’ auditors that are currently underway or have been completed since the prior quarter’s report, including engagements entered into pursuant to pre-approved quarterly limits. The summary report will describe the nature of each engagement, confirm that each engagement is in compliance with the Scope of Services Policy and state the fees received by the shareholders’ auditors for each engagement. The Scope of Services Policy also sets out ongoing relationship standards and requires that the shareholders’ auditors annually certify compliance with the Policy.
FEES FOR SERVICES PROVIDED BY SHAREHOLDERS’ AUDITORS
The information on professional service fees paid to the shareholders’ auditors is provided on page 93 of the 2018 Annual Report.
Additional information with respect to CIBC, including directors’ and officers’ remuneration and indebtedness, principal holders of CIBC’s securities and securities authorized for issuance under equity compensation plans, where applicable, is contained in CIBC’s management proxy circular for its most recent annual meeting of shareholders that included in its proceedings the election of directors. Additional financial information is provided in the 2018 Annual Report. These documents, as well as additional information relating to CIBC, are available on SEDAR at www.sedar.com.
For a description of Canadian bank resolution powers and the consequent risk factors attaching to certain liabilities of CIBC reference is made to “Bank recapitalization (Bail-in) conversion regulations” on page 35 of the 2018 Annual Report and https://www.cibc.com/content/dam/about_cibc/investor_relations/pdfs/debt_info/canadian-bail-in-website-disclosure-en.pdf. The information on our website does not form a part of this AIF.
CIBC 2018 Annual Information Form 12
Rating Definitions
DBRS
Short-term debt | Rating: R-1 (high) |
Short-term debt ratings deal with the risk that an issuer will not be able to meet its short-term financial obligations in a timely manner. Short-term debt rated R-1 (high) is of the highest credit quality, indicative of an entity with an exceptionally high capacity to repay its short-term financial obligations. R-1 is the highest of six short-term debt rating categories. The R-1 and R-2 categories are further denoted with “high”, “middle” and “low” subcategories.
Legacy senior debt(1) | Rating: AA | |
Senior debt(2) | Rating: AA (low) |
Senior debt ratings provide an assessment of the risk that an issuer will not be able to meet its financial obligations under its long-term debt obligations. Senior debt rated AA is ranked in the second highest of ten categories. It is considered to be of superior credit quality, with capacity for payment considered to be high. The credit quality of obligations rated AA differs from the highest AAA category only to a small degree, and is unlikely to be significantly susceptible to future events. The AA category is further denoted by the subcategories “high” and “low”. The absence of a “high” or “low” indicates a rating in the middle of the category.
Subordinated indebtedness | Rating: A (high) | |
Subordinated indebtedness – NVCC | Rating: A (low) |
Long-term debt ratings provide an assessment of the risk that an issuer will not be able to meet its financial obligations under its long-term debt obligations. Long-term debt rated A is ranked in the third highest of ten categories. It is considered to be of good credit quality, with substantial capacity for payment. The A category is further denoted by the subcategories “high” and “low”. The absence of a “high” or “low” indicates a rating in the middle of the category.
Preferred shares – NVCC | Rating: Pfd-2 |
Preferred share ratings provide an assessment of the risk that an issuer will not be able to meet its dividend and principal obligations in a timely manner. Preferred shares rated Pfd-2 are of satisfactory credit quality with substantial protection of dividends and principal. A Pfd-2 rating is the second highest of six categories for preferred shares. Each category is further denoted by the subcategories “high” and “low”. The absence of a “high” or “low” indicates a rating in the middle of the category.
Fitch
Short-term debt | Rating: F1+ |
The F1 category is for obligations of the highest short-term credit quality and indicates the strongest intrinsic capacity for timely payment of financial commitments. The F1 rating is the highest of seven categories used for short-term debt; a “+” may be added to indicate an exceptionally strong credit feature.
Legacy senior debt(1) | Rating: AA- | |
Senior debt(2) | Rating: AA- |
AA is the second highest of eleven rating categories for long-term obligations and indicates an assessment of very high credit quality and very low default risk. This rating indicates a very strong capacity for payment of financial commitments that is not significantly susceptible to foreseeable events.
Subordinated indebtedness | Rating: A+ | |
Subordinated indebtedness – NVCC | Rating: A+ |
The A category is the third highest of the rating categories for long-term obligations and indicates an assessment of high credit quality and low default risk. The capacity for payment is considered strong, but may be more susceptible to adverse business or economic conditions than that of higher rating categories.
(The designation “+” or “-” may be used to denote relative position within certain major long-term rating categories, while the absence of such a modifier indicates a rating in the middle of the category.)
(1) | Includes senior debt issued prior to September 23, 2018 as well as senior debt issued on or after September 23, 2018 which is not subject to the bail-in regulations. |
(2) | Comprises liabilities which are subject to conversion under the bail-in regulations. |
CIBC 2018 Annual Information Form 13
Moody’s
Short-term debt | Rating: P-1 |
Short-term debt ratings are assessments of an issuer’s ability to repay obligations with an original maturity of 13 months or less. Moody’s has four categories of short-term ratings with the P-1 category being the highest credit quality. Borrowers rated P-1 have a superior ability to repay short-term debt obligations.
Legacy senior debt(1) | Rating: Aa2 |
Long-term debt ratings assess both the likelihood of default on contractual payments and the expected loss in the event of default on obligations with an original maturity of one year or more. The Aa rating category is the second highest of nine categories and includes obligations judged to be high quality and subject to very low credit risk.
Senior debt(2) | Rating: A2 |
The A rating category is the third highest of nine categories and includes obligations judged to be upper medium grade and subject to low credit risk.
Subordinated indebtedness | Rating: Baa1 | |
Subordinated indebtedness – NVCC | Rating: Baa1 | |
Preferred shares – NVCC | Rating: Baa3 |
The Baa rating category is the fourth highest of nine categories on the long-term rating scale and includes obligations judged to be medium grade and subject to moderate credit risk and as such may possess certain speculative characteristics.
(The modifiers 1, 2 and 3 are used with certain long-term rating categories to indicate that an obligation ranks in the higher, middle or lower range of the rating category respectively.)
S&P
Short-term debt | Rating: A-1 |
The A-1 category is the highest of six categories used by S&P for short-term debt. An obligation rated A-1 indicates that the borrower’s capacity to meet its financial commitment with respect to the obligation is strong.
Legacy senior debt(1) | Rating: A+ |
The A rating category is the third highest of ten categories used by S&P for long-term debt obligations. Although the obligor’s ability to meet its financial commitment is strong, obligations rated A are somewhat more vulnerable to the negative effects of changes in circumstances and economic conditions when compared to obligations in higher rating categories. A “+” or “-” may be used to denote the relative standing of a rating within the category.
Senior debt(2) | Rating: BBB+ | |
Subordinated indebtedness | Rating: BBB+ | |
Subordinated indebtedness – NVCC | Rating: BBB |
The BBB rating category is the fourth highest of ten categories used by S&P for long-term debt obligations. The obligor’s ability to meet its financial commitment is adequate, however, negative economic conditions or changes in circumstances are more likely to lead to a weakening of this capacity. A “+” or “-” may be used to denote the relative standing of a rating within the category.
Preferred shares – NVCC | (Canadian Preferred Share Scale) Rating: P-3 (high) |
P-3 is the third highest of the eight categories used by S&P in its Canadian Preferred Share Scale, which is used to rate an issuer’s creditworthiness with respect to a specific preferred share obligation issued in Canada. A “High” or “Low” modifier may be used to indicate the relative standing of a credit within a particular rating category, while the absence of such a modifier indicates a rating in the middle of the category.
(1) | Includes senior debt issued prior to September 23, 2018 as well as senior debt issued on or after September 23, 2018 which is not subject to the bail-in regulations. |
(2) | Comprises liabilities which are subject to conversion under the bail-in regulations. |
CIBC 2018 Annual Information Form 14
Canadian Imperial Bank of Commerce
Audit Committee Mandate
1. | Purpose |
(1) | The primary functions of the Audit Committee (Committee) are to: (i) fulfill its responsibilities for reviewing the integrity of CIBC’s financial statements, related management’s discussion and analysis (MD&A) and internal control over financial reporting; (ii) monitor the system of internal control; (iii) monitor CIBC’s compliance with legal and regulatory requirements; (iv) select the external auditors for shareholder approval; (v) review the qualifications, independence and service quality of the external auditors and CIBC’s internal auditors; and (vi) act as the audit committee for certain federally regulated subsidiaries. |
2. | Responsibilities |
(1) | Financial Reporting |
The Committee will review and recommend Board approval of the following items: |
(a) | the integrity of CIBC’s financial statements and financial disclosures; |
(b) | the annual consolidated audited financial statements of CIBC, the related MD&A and the external auditors’ report on the consolidated financial statements; |
(c) | the interim consolidated financial statements of CIBC, the related MD&A and the external auditors’ review report on the interim consolidated financial statements; |
(d) | the Annual Information Form of CIBC, the Form 40-F of CIBC, financial disclosure in a news release disclosing financial results and any other material financial disclosure; and |
(e) | such other periodic disclosure documents as requested by regulators or that may be required by law. |
(2) | Review Considerations |
In conducting its review of the annual consolidated financial statements or the interim financial statements, and the related MD&A, the Committee will:
(a) | meet with management and the external auditors to discuss the financial statements and MD&A; |
(b) | review the disclosures in the financial statements and the MD&A and satisfy itself that the financial statements, present fairly, in all material respects in accordance with International Financial Reporting Standards (IFRS), the financial position, results of operations and cash flows of CIBC; |
(c) | review the reports prepared by the external auditors for the Committee summarizing their key findings and required communications in respect of the annual audit and the interim reviews; |
(d) | discuss with management, the external auditors and internal legal counsel, as requested, any litigation claim or other contingency that could have a material effect on the financial statements; |
(e) | review key areas of risk for material misstatement of the financial statements including critical accounting policies, models and estimates and other areas of measurement uncertainty or judgment underlying the financial statements and the MD&A as presented by management; |
(f) | review areas of significant auditor judgment as it relates to their evaluation of accounting policies, accounting estimates and financial statement disclosures; discuss and review estimates with management and the external auditor, whether the external auditor considers estimates/models to be within an acceptable range and in accordance with IFRS; |
(g) | review any material effects of regulatory and accounting changes, significant or unusual transactions, and the impact of material subsequent events between the reporting date and the approval date of the financial statements and the MD&A as presented by management; |
(h) | review management’s and the external auditors’ reports on the effectiveness of internal control over financial reporting; |
(i) | review correspondence between the external auditor and management related to any substantive matters in the external auditors’ findings and any difficult or contentious matters noted by the external auditor; |
(j) | review results of CIBC’s whistleblowing program; and |
(k) | review any other matters, related to the financial statements and the MD&A, that are brought forward by the internal auditors, external auditors, management or which are required to be communicated to the Committee under auditing standards or applicable law. |
(3) | External Auditors |
(a) | General — The Committee will be responsible for overseeing the work of the external auditors in auditing and reviewing CIBC’s financial statements and internal control over financial reporting. |
CIBC 2018 Annual Information Form 15
(b) | Appointment and Compensation — The Committee will recommend the appointment of the external auditors for shareholder approval and compensation of the external auditors for Board approval. |
The Committee will satisfy itself that the level of the audit fees is commensurate with the scope of work undertaken and conducive to a quality audit. The Committee will also assess whether any proposed change to the external auditor’s materiality level and/or scope continues to ensure a quality audit.
(c) | Audit Plan — At least annually, and as required, the Committee will review and approve the external auditors’ scope, terms of engagement and annual audit plan to ensure that it is risk based and addresses all relevant activities. The Committee will review any material changes to the scope of the plan and the coordination of work between the internal and external auditors. |
(d) | Independence of External Auditors — At least annually, and before the external auditors issue their report on the annual financial statements, the Committee will review a formal written statement from the external auditors confirming their objectivity and independence and delineating all relationships between the external auditors and CIBC consistent with the rules of professional conduct adopted by the provincial institute or order of chartered professional accountants to which they belong or other regulatory bodies, as applicable. The Committee will also ensure that any concern raised by regulators or other stakeholders about the external auditors’ independence are appropriately reviewed and addressed. |
(e) | Annual and Periodic Comprehensive Review of External Auditors — At least annually, the Committee will assess the qualifications, independence and service quality of the external auditors. The Committee will review a report by the external auditors describing: (i) their lead partner rotation and internal quality–control procedures; and (ii) any material issues raised by their most recent internal quality-control review or by any inquiry or investigation by governmental or professional authorities within the preceding five years respecting one or more independent audits carried out by the external auditors and any steps taken to deal with any findings. The Committee will also review additional reports or communications of the external auditors as required by the Canadian Public Accountability Board, Office of the Superintendent of Financial Institutions, and the Public Company Accounting Oversight Board (United States). At least every five years, the Committee will conduct a periodic comprehensive review of the external auditors. |
(f) | Pre-Approval of Audit and Non-Audit Services — The Committee will pre-approve any retainer of the external auditors for any audit and non-audit service to CIBC or its subsidiaries in accordance with law and Board approved policies and procedures. The Chair of the Committee may pre-approve on behalf of the Committee and may delegate pre-approval authority to a member of the Committee. The Committee may also establish pre-approval policies and procedures that are specific to a particular service and will review these policies or procedures annually to verify they continue to be appropriate. The decisions of any member of the Committee to whom this authority has been delegated, as well as any pre-approvals of a particular service must be presented to the full Committee for ratification at its next scheduled Committee meeting. |
(g) | Hiring Practices — The Committee will review and approve policies regarding the hiring of employees or former employees of the current or former external auditors. |
(4) | Internal Audit Function |
The Committee will be responsible for overseeing the performance of the Internal Audit function.
(a) | Organizational Framework — At least annually, the Committee will review and approve the Internal Audit organizational framework and charter having regard to its role as an independent control function. |
(b) | Chief Auditor — The Chief Auditor will have unfettered access to the Committee. Further, the Committee will review and recommend Board approval of the appointment, reappointment or removal of the Chief Auditor. At least annually, the Committee will review the goals and review and approve the mandate of the Chief Auditor and review an assessment of the effectiveness and performance of the Chief Auditor. |
(c) | Effectiveness Review — At least annually, the Committee will: |
(i) | review and recommend Board approval of the Internal Audit function’s financial plan and staff resources; |
(ii) | review management’s assessment of the independence and effectiveness of the Internal Audit function; |
(iii) | review any difficulties encountered by the Chief Auditor in the course of internal audits; and |
(iv) | review the compliance of Internal Audit with professional standards. |
On a periodic basis, the Committee will engage an independent third party to assess the Internal Audit function in accordance with professional standards and the Committee will review the results of that assessment.
(d) | Audit Plan — At least annually, the Committee will review and approve the audit plan including the audit scope and the overall risk assessment methodology presented by the Chief Auditor to ensure that it is risk based and addresses all relevant activities over a measurable cycle. On a quarterly basis, the Committee will review with the Chief Auditor the status of the audit plan and any changes needed, including a review of: |
(i) | the results of audit activities, including any significant issues reported to management and management’s response and/or corrective actions; |
(ii) | the status of identified control weaknesses; and |
CIBC 2018 Annual Information Form 16
(iii) | the overall design and operating effectiveness of the system of internal control. |
At least annually, the Committee will review a report from the Chief Auditor with Internal Audit’s assessment of CIBC’s risk governance framework and its assessment of the oversight by Finance, Risk Management and Compliance.
(e) | Succession Planning — At least annually, the Committee will review succession plans for the Chief Auditor. |
(5) | Finance Function |
(a) | Organizational Framework — At least annually, the Committee will review and approve the Finance organizational framework, having regard to its role as an independent control function. |
(b) | Chief Financial Officer — The Chief Financial Officer (CFO) will have unfettered access to the Committee. The Committee will review and approve the appointment or removal of the CFO. At least annually, the Committee will review the goals, approve the mandate of the CFO and review an assessment of the effectiveness of the CFO. |
(c) | Effectiveness Review — At least annually, the Committee will: |
(i) | review and recommend Board approval of the Finance function’s financial plan and staff resources; and |
(ii) | review management’s assessment of the effectiveness of the Finance function. |
On a periodic basis, the Committee will engage an independent third party to assess the Finance function.
(d) | Succession Planning — At least annually, the Committee will review succession plans for the CFO. |
(6) | Internal Control |
(a) | General — The Committee will monitor the system of internal control and ensure that senior management establishes and maintains adequate and effective internal control systems and processes. |
(b) | Establishment, Review and Approval — The Committee will require management to implement and maintain appropriate policies and systems of internal control in accordance with applicable laws, regulations and guidance, including internal control over financial reporting and disclosure and to review, evaluate and approve these policies and systems of internal control. The Committee will review management’s annual report on internal control over financial reporting and the external auditors’ report on internal control over financial reporting. As part of this review at least annually, the Committee will consider and review the following with management, the external auditors and the Chief Auditor: |
(i) | the effectiveness of, or weaknesses or deficiencies in: the design or operation of CIBC’s internal controls; the overall control environment for managing business risks, accounting, financial and disclosure controls, operational controls, and legal and regulatory controls and the impact of any identified weaknesses in internal controls on management’s conclusions; |
(ii) | any significant changes in internal control over financial reporting that are disclosed, or considered for disclosure; |
(iii) | any material issues raised by any inquiry or investigation by CIBC’s regulators as they pertain to responsibilities under this mandate; |
(iv) | CIBC’s fraud prevention and detection program, including deficiencies in internal controls that may impact the integrity of financial information, or may expose CIBC to other significant internal or external fraud losses and the extent of those losses and any disciplinary action in respect of fraud taken against management or other employees who have a significant role in financial reporting; |
(v) | any related significant issues and recommendations of the external auditors and internal auditors together with management’s responses thereto; and |
(vi) | consideration of matters that may be jointly addressed with other committees of the Board. |
(7) | Certain Federally Regulated Subsidiaries — The Committee will be the audit committee for certain federally regulated subsidiaries of CIBC that require an audit committee under applicable law. |
(8) | Regulatory Reports and Returns — The Committee will provide or review, as applicable, all reports and returns required of the Committee under applicable law. |
(9) | Compliance with Legal and Regulatory Requirements — The Committee will review reports from management, the external auditor and the Chief Auditor on the assessment of compliance with applicable laws as they pertain to responsibilities under this mandate, and management’s plans to remediate any deficiencies identified. The Committee will report any material findings to the Board and recommend changes it considers appropriate. |
(10) | Whistleblowing Procedures — The Committee will ensure that procedures are established for the receipt, retention and treatment of complaints received by CIBC from employees or others, confidentially and anonymously, regarding accounting, internal accounting controls, or auditing matters. The Committee will review management reports on the procedures. |
(11) | Adverse Investments and Transactions — The Committee will review any investments and transactions that could adversely affect the well-being of CIBC. |
CIBC 2018 Annual Information Form 17
(12) | Committee Disclosure — The Committee will review and approve any audit committee disclosures required by securities regulators in CIBC’s disclosure documents. |
3. | Membership |
(1) | Number — The Committee will consist of at least three Board members. |
(2) | Appointment or Removal of Members — The Board will appoint Committee members annually until the member’s resignation, disqualification or removal from the Committee or the Board. The Board may fill a vacancy in Committee membership. |
(3) | Chair — The Board will appoint a Committee Chair from among the Committee members to preside over meetings; coordinate fulfilment of the Committee’s mandate; and oversee development of meeting agendas and workplans. The Chair may vote on any matter requiring a vote but does not have a second vote in the case of a tie. If the Chair is not available for a Committee meeting, Committee members may appoint a Chair from among the members who are present. |
(4) | Qualifications — Each Committee member will meet the independence standards approved by the Board. Committee membership will reflect a balance of experience and expertise required to fulfill the Committee’s mandate, notably relevant financial industry and risk management expertise. |
Each Committee member will be financially literate or become financially literate within a reasonable period after appointment to the Committee. At least one member will be an “audit committee financial expert” in accordance with legal requirements. |
(5) | Service on Multiple Audit Committees — No member of the Audit Committee may serve on the audit committees of more than two other public companies, unless the Board determines that this simultaneous service would not impair the ability of the member to effectively serve on the Audit Committee. |
4. | Meetings |
(1) | Meetings — The Committee will hold at least four meetings annually and any other meetings as required to fulfill its mandate. Meetings may be called by the Committee Chair or a Committee member, the Chair of the Board, external auditors, Chief Auditor, Chief Financial Officer or the Chief Executive Officer. The external auditors are entitled to attend and be heard at each Committee meeting. CIBC management members and others may attend meetings as the Committee Chair considers appropriate. |
(2) | Notice of Meeting — Notice of a meeting may be given in writing or by telephone or electronic means, at least 24 hours before the time fixed for the meeting, at the member’s contact information recorded with the Corporate Secretary. A member may waive notice of a meeting in any manner and attendance at a meeting is waiver of notice of the meeting, except where a member attends for the express purpose of objecting to the transaction of any business on the grounds that the meeting is not lawfully called. |
(3) | Written Resolution — A resolution in writing signed by all members entitled to vote on that resolution at a Committee meeting will be as valid as if it had been passed at a Committee meeting. |
(4) | Secretary and Minutes — The Corporate Secretary or any other person the Committee requests, will act as secretary at Committee meetings. The Corporate Secretary will record meeting minutes for Committee approval. |
(5) | Quorum — A quorum for meetings is a majority of Committee members. If a quorum cannot be obtained, Board members who qualify as Committee members may, at the request of the Committee Chair, serve as Committee members for that meeting. |
(6) | Access to Management and Outside Advisors — The Committee will have unrestricted access to the external auditors, management and employees of CIBC and authority to retain and terminate external counsel and other advisors to assist it in fulfilling its responsibilities. CIBC will provide funding, as determined by the Committee, for the service of an advisor. The Committee will be responsible for the appointment, compensation and oversight of an advisor. The Committee will hold portions of regularly scheduled meetings to meet separately with the Chief Auditor, the Chief Financial Officer and the external auditors. |
(7) | Meetings Without Management — The Committee will hold portions of regularly scheduled meetings to meet without management members present. |
(8) | Access to Other Committees — The Committee Chair or a member may request input of another Board committee on any responsibility in the Committee’s mandate. |
(9) | Delegation — The Committee may designate a sub-committee to review any matter within the Committee’s mandate. |
5. | Reporting to the Board |
The Committee Chair will report to the Board on recommendations and material matters arising at Committee meetings.
6. | Committee Member Development and Performance Review |
The Committee Chair will co-ordinate orientation and continuing director development programs relating to the Committee’s mandate. At least annually, the Committee will evaluate and review its performance and the adequacy of the Committee’s mandate.
7. | Currency of the Committee Mandate |
This mandate was last revised and approved by the Board on August 23, 2018.
CIBC 2018 Annual Information Form 18
This ‘40-F’ Filing | Date | Other Filings | ||
---|---|---|---|---|
4/4/28 | ||||
4/4/19 | 424B2, 6-K, FWP | |||
Filed on: | 11/29/18 | 6-K | ||
11/28/18 | ||||
For Period end: | 10/31/18 | |||
9/23/18 | ||||
8/23/18 | 6-K | |||
4/4/18 | ||||
1/18/18 | 424B2, FWP | |||
10/5/16 | ||||
1/1/13 | ||||
8/10/09 | ||||
1/14/09 | ||||
List all Filings |