Corporate governance is understood as a system of check and balances between the Board, Management, and Investors to produce an efficiently functioning corporation, ideally geared to produce long term value. This paper reviews the corporate governance aspects of Canadian Imperial Bank of Commerce (CIBC), which is a well-known financial institute in Canada.
The paper will discuss the primary responsibilities of Corporate Governance Committee.   A standard definition of corporate governance and its scope is supplied in this paper. Acts that are applicable to the financial institutions of Canada are outlined and the fundamental concepts of corporate governance are also discussed. The paper outlines what CIBC’s effective elements of governance are and how they apply to different theories and principles of corporate governance. The Board structure and composition are analysed in the paper and two theories, agency and stewardship, are also talked about. The paper also shows whether the organization has an effective corporate governance framework in place. In its conclusion, some practical recommendations for overall improvement to its current practices are suggested for CIBC.    
Corporate governance has been defined by the Organization for Economic Cooperation and Development (OECD) as a set of relationships between a company’s management, its brand, its shareholders, and other stakeholders (OSFI 2015). It also provides the structure through which the objectives of the company are set, and then means of attaining those objectives and monitoring performance are determined (Government of Canada 2015). In this report the corporate governance of Canadian Imperial Bank of Commerce (CIBC) will be reviewed. CIBC is Canada’s fifth largest bank and one of the Big Five banks. It was in 1961 when the Canadian Bank of Commerce and the Imperial Bank of Canada merged to form CIBC with over 1200 branches across Canada (CIBC 2015). CIBC claims to be a “banking that fits your...