CWBFG Annual Report 2023

MESSAGE FROM CHAIR OF THE BOARD Sarah Morgan- Silvester

DEAR FELLOW SHAREHOLDERS

Your Board continues to provide strong governance of CWB’s business and our winning strategy to be the best full-service bank for business owners in Canada. Through the execution of our strategy, CWB demonstrated its ability to deliver strong, stable financial results in a challenging operating environment. We provide oversight of CWB’s risk appetite and risk management framework. Through a year of economic volatility, we placed our attention on funding, liquidity, capital and credit risk. We also focused on CWB’s emerging risks, including our evolving approach to address climate risk and were pleased with how these risks were managed. Earlier this year, we disclosed operational greenhouse gas (GHG) emissions across our national footprint, and we support management’s development of targets and a reduction plan. We are also providing oversight of management’s phased approach to estimate our financed emissions. We believe that monitoring and prudent management of emerged and emerging risks to mitigate potential impacts will ensure that we deliver strong, sustainable returns for years to come. We actively manage our Board to ensure we have the full benefit of our Board Member’s varied experiences, perspectives and skill

sets to effectively address the opportunities and challenges ahead. Mary Filipelli became the Chair of our Audit Committee earlier this year, and her financial expertise and extensive experience will be invaluable. Mary’s appointment reflects our thoughtful and strategic approach to Board renewal. On behalf of the Board, I would like to thank our leadership team and all CWB team members for their hard work and unwavering commitment to our success. The Board is confident in CWB’s resilience, differentiated strategy and ability to deliver strong financial performance through the potential uncertainty in the economy. Our conviction reflects the strength of our risk culture and focused performance of our teams across the organization. Through their efforts we are delivering unrivaled experiences for our business owner clients and are well positioned to deliver long-term value for all our stakeholders.

Sarah Morgan-Silvester Chair of the board

8 | CWB Financial Group 2023 Annual Report

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