The large CIBC sign located outside the bank's Bay St. office building in downtown Toronto on Sept 13 2013.Fred Lum/The Globe and Mail
Canadian Imperial Bank of Commerce has appointed Martine Turcotte as its newest director, adding to the gender diversity of its board.
Ms. Turcotte, a long-time BCE Inc. executive, adds the position to her list of directorships. She is already on the the boards of Sobeys Inc. and Bell Alliant Inc., among others.
In recent years, Canadian banks have actively sought out women to balance out their boards. CIBC now has 17 board members, five of whom are women.
Royal Bank of Canada this year appointed Kathleen Taylor as its new chair, replacing the retiring David O'Brien. Other female appointments in the past few years include Nancy Anthony joining HSBC Bank Canada's board and Karen Maidment joining Toronto-Dominion Bank's board.
The latest move by CIBC comes as the Ontario Securities Commission debates whether it should implement hard and fast rules that dictate a minimum number of female directors on the boards of public companies.
In October, Ontario Teachers' Pension Plan said it wants the OSC to enforce a rule that requires companies to have at least three women on their boards, because a voluntary option probably won't have much impact.