thumb-2020-011
thumb-2020-011 This article is more than 1 year old
New

CIBC Has Stopped Donating to Political Parties After Making Contributions to Scott Moe’s Saskatchewan Party

Three corporate entities linked to the bank gave the Saskatchewan Party several thousand dollars in 2019

CIBC, one of the Canada’s big five banks, says it is no longer making corporate donations to political parties in Canada.

CIBC revealed the policy change in response to questions from PressProgress over the bank’s contributions to Scott Moe’s governing Saskatchewan Party in 2019.

In total, CIBC donated a combined of $7,180 to the Sask Party last year through three of its corporate entities: CIBC ($4,000), CIBC World Markets ($2,000) and CIBC Saskatoon ($1,180).

At the same time, the bank also made a smaller $1,000 donation to the opposition Saskatchewan NDP, roughly 13% of what it gave to the governing Sask Party.

In a statement to PressProgress, CIBC Public Affairs director Trish Tervit said the bank had changed its internal policy on donating to political parties.

“While corporate political donations are permitted in certain provinces (Saskatchewan and Newfoundland), CIBC has ended the practice of making political donations in Canada, even where it is permitted,” Tervit told PressProgress.

CIBC has donated tens of thousands to provincial and federal political parties of all stripes across Canada over the past few decades, often providing funds to parties on both sides of the aisle.

While most provinces have already moved to ban corporate political donations,  Saskatchewan is one of the last jurisdictions in Canada to allow corporations to donate to political parties  (The only other remaining provinces are Newfoundland and Labrador and Prince Edward Island).

In addition to allowing corporate donations, Saskatchewan’s “Wild West” campaign finance laws also allow corporations to make unlimited donations to parties regardless of whether or not they’re actually based in Saskatchewan.

In 2019, nearly one-fifth of the Saskatchewan Party’s corporate donations came from outside the province.

 


 

Clarification: In response to specific questions about the bank’s 2019 donations to the Sask Party, CIBC Public Affairs Director Trish Tervit told PressProgress: “CIBC has ended the practice of making political donations in Canada.”

Following publication of this story, Tervit provided additional information that was not included in her earlier statement clarifying that its donation policy was changed in November 2019. The bank had not previously issued any public statement on the policy change or provided an explanation for the policy change, but it was noted in CIBC’s 2019 Sustainability report.

The only difference between the policy included in CIBC’s 2018 Sustainability report and its 2019 report is a clause relating to provincial political donations. In 2019, CIBC’s largest donation to any provincial party in Canada was the Sask Party.

 

PressProgress is powered by readers. Not by advertisers.

We’re not a corporate media outlet. We’re a small non-profit news organization that produces award-winning journalism with support from our readers.

If you see value in ad-free, non-profit journalism that holds powerful interests accountable, please consider making an investment in our work today.

 

Invest in Our Journalism
PressProgress
PressProgress is an award-winning non-profit news organization focused on uncovering and unpacking the news through original investigative and explanatory journalism.

Most Shared

thumb-2022-05-013 News

Doug Ford’s Budget Includes a Hidden $1.3 Billion ‘Decrease’ in Education Funding

Related Stories

New

Ontario PC Candidate David Piccini Endorsed by Instagram Influencer With Ties to Hells Angels, Satan’s Choice

View the post
New

Doug Ford’s Government Gave Oil Company Run by Members of Secretive Religious Sect Millions of Dollars for Face Masks

View the post
New

Ontario PC Candidate Headed Committee That Published Magazine Encouraging Kids to Reject the ‘Homosexual Lifestyle’

View the post

Explainers

Human rights & inclusion

Amira Elghawaby

Here’s The Problem With Hoping Corporations Will Be Socially and Environmentally Responsible On Their Own

View the post
Politics & strategy

Jeremy Appel

The battle of the PACs in Calgary’s municipal election

View the post
Politics & strategy

Jeremy Appel

27 Different Candidates are Vying to be Calgary’s Mayor. Here Are the Biggest Issues at Stake.

View the post
Why do newspapers always have a business section but not a labour section? We’ve launched a free newsletter covering labour issues in Canada.
Get All Your Canadian Labour News in One Place
Why do newspapers always have a business section but not a labour section? Good news! We’ve launched a newsletter covering labour issues in Canada.