Heads of CIBC, Scotiabank emphasized sound financial footing in the wake of several high-profile bank failures while also acknowledging they have work to do
The heads of CIBC and Scotiabank kicked off this year’s round of shareholder meetings Tuesday by emphasizing their sound financial footing in the wake of several high-profile bank failures while also acknowledging they have more work to do.
“We can all feel confident that the Canadian banking system is widely recognized for its lending and risk management practices, diligent government oversight and prudent regulation,” said Thomson. He cited rising interest rates, inflation and market volatility as contributing factors that were amplified by social media-driven fears of global contagion from the U.S. bank failures.
“We must ensure that Canada retains its reputation as a welcoming nation of opportunity, so that we can compete successfully for the newcomers that we need to help grow our economy.” CIBC had three shareholder proposals, including one pushing for the bank to publish the ratio of its median to executive pay that got about 10 per cent support, along with the same “say on environmental policy” vote that Scotiabank faced, which received some 17 per cent support.
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