CIBC has issued its first Public Accountability Statement online at www.cibc.com, one year earlier than required under new federal legislation.

The statement, which is expected to be mandatory starting in fiscal 2002, describes CIBC’s support of customers and employees, as well as the contribution it makes to communities where it does business.

“CIBC has always been proud of contributing to the social and economic fabric of Canada,” says CIBC chairman and CEO John Hunkin. “Because of this, we decided to produce a Public Accountability Statement for 2001 — instead of waiting until 2002. It turned out to be an extremely positive experience for everyone involved.”

The statement describes CIBC’s contribution to communities across Canada, with a focus on supporting youth; the bank’s efforts to provide all customers with affordable accessible banking solutions; and ongoing support for small business.

Under the federal government’s new financial services legislation, all financial institutions with equity greater than one billion dollars will be required to produce an accountability statement for customers, likely beginning with fiscal 2002.