CWB releases its inaugural Sustainability Report

EDMONTON, AB, March 14, 2022 /CNW/ - Canadian Western Bank (CWB) today released its inaugural Sustainability Report, demonstrating continued progress towards providing comprehensive reporting focused on the environmental, social and governance (ESG) factors that we identify as material to our business and of greatest importance to our clients, people, communities and investors. The Sustainability Report also includes our Public Accountability Statement.

"Our approach to sustainability is a journey we have embarked on with purpose, and I'm pleased to share our progress and priorities within our first-ever Sustainability Report." says Chris Fowler, President and Chief Executive Officer, CWB Financial Group. "Our momentum is building, and our approach will remain focused on long-term value creation for all our stakeholders and supporting a more sustainable future."

Our digital transformation has us well positioned to continue to meet the evolving needs of our business owner clients. As we look forward, we will explore greater integration of ESG factors into the design and management of the products and services offered across all our business lines. Aligned with this commitment, CWB Wealth Management recently became a signatory to the Principles for Responsible Investing (PRI), and is working to formalize our approach to integrate ESG factors into investment analysis and decision-making processes.

As we fully develop our approach to climate change, we remain focused on how we will best support our clients in achieving their sustainability goals to ensure they are positioned for long-term success as Canada transitions to net-zero emissions. As a foundational first step to manage our own carbon footprint, we have commenced the work to measure our greenhouse gas (GHG) emissions, including financed emissions, across our national footprint.

We support the need for clear and transparent ESG disclosures based on frameworks that allow for comparability across and within industries, and are committed to adopt the Task Force on Climate-related Financial Disclosures (TCFD) recommendations and the Sustainability Accounting Standards Board (SASB) standards through a phased approach. Our Sustainability Report includes select TCFD and SASB disclosures, which we will continue to enhance in subsequent reports.

About CWB Financial Group

CWB is the only full-service financial institution in Canada with a strategic focus to meet the unique financial needs of businesses and their owners. We provide nation-wide full-service business and personal banking, specialized financing, comprehensive wealth management offerings, and trust services. Our teams deliver a uniquely proactive and differentiated level of service to clients in targeted industries where we have deep expertise. Clients choose CWB for our highly personalized service, specialized expertise, customized solutions and faster response times. 

As a public company on the Toronto Stock Exchange (TSX), CWB trades under the symbols "CWB" (common shares), "CWB.PR.B" (Series 5 preferred shares) and "CWB.PR.D" (Series 9 preferred shares). We are firmly committed to the responsible creation of value for all our stakeholders and our approach to sustainability will support our continued success. Learn more at www.cwb.com.

SOURCE CWB Financial Group

Patrick Gallagher, VP, Strategy & Investor Relations, CWB Financial Group, Phone: [phone], Email: [email protected]