CIBC CEO Victor Dodig advocates against Canada retaliating against the U.S. in the current trade war. He believes a focus on renegotiating the USMCA (United States-Mexico-Canada Agreement) is a more effective approach.
While Canada and Mexico were spared from the worst of Donald Trump's recent global tariffs, they still face tariffs on steel, aluminum, and automobiles. Prime Minister Justin Trudeau responded with tariffs on non-compliant U.S.-made automobiles, but avoided broader retaliation.
Dodig emphasized the importance of the Canada-U.S. trade relationship, highlighting the significant daily trade volume. He emphasized the need to address trade risks and proactively seek opportunities for future prosperity. This shareholder meeting was Dodig's last as CEO, with Harry Culham set to take over in October.
Several shareholder proposals, including those concerning financial disclosures for energy projects, environmental and climate objectives, and compensation ratios, were rejected.