The importance of being responsive
Victor Dodig, Canadian Imperial Bank of Commerce’s (CIBC) chief executive, was nominated for best IR by a CEO at the IR Magazine Awards – Canada 2017 in recognition of his firm’s endeavors to maintain a culture of responsiveness to investors.
Speaking exclusively to IR Magazine on the red carpet before the Canada Awards, John Ferren, senior vice president, corporate CFO & investor relations at CIBC, outlined how and why the Canadian bank ensures it remains responsive.
‘We’ve developed metrics to measure how quickly we respond to inquiries or get back to our shareholders, analysts and the investment community at large,’ Ferren said. ‘Research would tell you that it does impact your valuation… you might not have all of the answers right away, but you need to acknowledge inbound requests and you need to have ongoing dialogue.’
Ferren explained that CIBC’s leadership prides itself on the bank’s consistent performance, but added that this could be challenged following the results of the US election.
‘It looks like we’re heading into another year of instability, or even uncertainty, in the markets,’ Ferren said. ‘Our mantra has always been about consistency, with our program and our outreach strategy. We will continue to seek out new targets, look to diversify our shareholder base – both by geography and type of institution – and just be out there with a transparent and current story about how we’re doing as a bank.’
Click the video below to view the complete interview.