CIBC Asset Management Inc. has become a signatory of the United Nations-supported Principles for Responsible Investment (PRI), the firm announced on Wednesday.
The PRI is the world's leading proponent of responsible investment, bringing together a global network of asset owners, investment managers and service providers. They are committed to integrating environmental, social and governance (ESG) factors into their investment practices, analysis and decision-making processes.
"By becoming a part of this important global initiative, we reinforce and further our dedication to responsible investing and the application of ESG principles to our everyday investing decisions," says David Scandiffio, president and CEO, CIBCAM. "Canadian Imperial Bank of Commerce (CIBC) already stands by and supports these principles, so we are pleased to advance our commitment and implement the principles of the PRI across all of our investment classes."
As an example of CIBCAM's commitment to the principles of ESG, the firm's analysts will explicitly incorporate sector-specific ESG ratings alongside all fundamental ratings for holdings, further strengthening investment decisions on behalf of retail and institutional clients. A similar standardized ESG analysis will be applied to the process for selection of sub-advisors for CIBCAM's investment products.
CIBC is also a sustaining member of the Responsible Investment Association of Canada, and CIBC Wood Gundy is an associate member.
"It's a pleasure to welcome CIBC Asset Management to the PRI," said PRI managing director Fiona Reynolds. "Their commitment to using ESG factors to enhance returns is a model that we hope other managers will emulate."