Like any other large organization, we purchase sizable quantities of products and services every year. We believe that when we buy a particular product, we should consider the environmental impacts associated with how it was designed and manufactured, and how it will be used and eventually disposed of. When we purchase services which may have an adverse environmental impact, we encourage responsible conduct by suppliers to minimize their environmental footprint.

With this in mind, and in consultation with external stakeholders, CIBC has developed an Environmentally Responsible Procurement Standard which sets out requirements for including environmental considerations in our procurement activities. It applies to all products, as well as to services which may have adverse environmental impacts.

Requirements

CIBC is committed to working with suppliers who share our level of commitment to the environment. While environmental considerations comprise just one criterion in the supplier selection process (along with price, delivery time, performance, quality and other factors), preference will be given to those suppliers who can demonstrate that they meet a number of requirements.

We ask that all suppliers commit to the development and/or maintenance of an environmental management system. For suppliers providing a service to CIBC, we will give preference to those that can demonstrate efficient use of natural resources (such as water, energy, and raw materials), and minimize emissions to air or water (including solvents, carbon dioxide, air and water toxics).

Preference will be given to product suppliers that can demonstrate:

Energy efficiency - Including whether the product meets Energy Star® guidelines, or equivalent
Efficient use of natural resources - This may include using recycled or reclaimed parts; reducing waste (including packaging); decreasing water use, and optimizing fibre use; CIBC will also give preference to products that are sustainable and have a long service-life and/or can be economically and effectively repaired or upgraded
Improved recyclability - CIBC will seek products that are reusable or contain reusable parts; are recyclable (where local facilities exist); and/or contain recycled materials, particularly where the product contains post-consumer recycled content
Fewer hazardous substances that would require special disposal - This is particularly important for electronic products where certain hazardous substances need to be managed at the end of their life to ensure that they do not enter the environment or impact human health
Product take-back options - Preference is given to suppliers that take back products at the end of their useful life for re-use/recycling, or disposal, in an environmentally responsible manner
Responsible fibre sourcing - CIBC strives to work with our supply chain to promote ecologically sustainable forest practices

We will support efforts to reduce the use of paper, and increase the availability and use of commercially-viable and environmentally-friendly paper and alternatives
We will give preference to suppliers sourcing from forestry operations that seek to conserve the ecological function, structure and composition of natural forests and the biological diversity they contain; we encourage our suppliers to participate in proactive forest management planning and the conservation of biodiversity
We will give preference to suppliers using independent, performance based, third party certification systems
We will not knowingly purchase forest products that were illegally harvested
We will not knowingly purchase forest products from endangered forests

Indigenous and human rights - CIBC will not knowingly purchase products originating from indigenous peoples' territories or ancestral lands where free and prior informed consultation has not taken place

Implementation

The requirements of CIBC's Environmental Responsible Procurement Standard are executed during the pre-selection, post-selection and ongoing vendor management phases of the supplier relationship.

When selecting new vendors, CIBC evaluates environmental criteria as part of our standard request for proposal (RFP) process for all contracts with a value of greater than $250,000/year. The review is conducted using an "Environmental Evaluation Form", which covers the supplier's environmental management system and conformance to a number of environmental requirements for both products and/or services. These environmental measures are weighted along with other criteria, and factored into the final selection decision.

Following the selection of a supplier, CIBC incorporates contract language describing our environmental requirements. The environmental clause addresses requirements beyond compliance, such as implementation of our supplier's environmental policy and programs. Our chosen suppliers are then monitored on an ongoing basis to ensure that they maintain or improve their environmental performance over time. Where material deficiencies are noted, CIBC works with the vendor to set a mutually agreed timeframe to rectify all deficiencies to ensure mutually beneficial objectives are met.

®ENERGY STAR is a registered trademark of the United States Environmental Protection Agency