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[Episode 1 of The Global Impact Podcast with Mitch Halickman and Stephanie Morais, titled "Beyond the Balance Sheet." It features the CIBC logo and the text "CIBC Private Wealth Wood Gundy." The background displays a city skyline, and a soundwave graphic is shown at the bottom.]

[Stephanie Morais, CIM
Associate Investment Advisor, CIBC Wood Gundy]

Welcome to our first podcast. As we kick off 2026, we hope you're feeling energized and ready for what's ahead. We know the headlines don't always make it easy to stay optimistic, but when we look at the bigger picture, there's actually a lot to be excited about, especially when it comes to building a more inclusive and sustainable future.

There's no denying it. The world is changing fast, and sometimes that can feel overwhelming, but today we want to cut through the noise and highlight a few of those shifts that we really think will matter for your investments. Progress is rarely linear. There are false starts and setbacks along the way, but new tools are emerging that help us better understand what truly matters and how to measure it.

For decades, markets have focused almost exclusively on a company's profitability. But what if that's only part of the story? What if that view is too narrow to capture the full picture of a company's value? Today we're joined by Mitch Halickman to explore a different way of thinking about how we measure the wealth corporations produce one that goes beyond the traditional metrics.

Put simply how do we recognize and quantify the invisible impact of our investments.

[Mitchell Halickman, CIM
Sr. Investment Advisor, Portfolio Manager, CIBC Wood Gundy]

Thanks, Steph. First off I gotta take a moment to say that it's been a real privilege working with you on the Halickman team. You've played such an important role in everything we do and I appreciate it. The key takeaway is this impact is no longer just a feel good metric. It's increasingly recognized as a driver of performance by applying guidance standards from leading international organizations, we have found new and advanced measuring tools.

The true economic return of a corporation can be substantially higher or lower than what the traditional accounting suggests. I felt for a long time that financial capital, human capital, and natural capital do not exist in silos. When we can have a deeper understanding of their connectivity, we could also envision how that leads to a more inclusive society where prosperity is more broadly shared. A sustainable, strong and healthy capital market is inseparable from a sustainable, strong, and healthy society.

[Stephanie Morais, CIM,
Associate Investment Advisor, CIBC Wood Gundy]

Let's talk about how we quantify this broader impact. We use a term called impact adjusted, ROE. Can you explain to our listeners what that means?

[Mitchell Halickman, CIM
Sr. Investment Advisor, Portfolio Manager, CIBC Wood Gundy]

For sure. Impact adjusted ROE is a way of expressing the additional value created by a corporation in a language the markets understand, by applying a dollar value to it. These figures aren't included in traditional financial statements, but that doesn't mean they don't materially affect a company's ability to create wealth.

As an example, companies that contribute to carbon reduction or resource efficiency create hidden benefits that are increasingly recognized by investors and required by regulators.

We found that firms with strong governance practices tend to be better aligned with regulators, which helps lower their long-term risks and also lowers their cost of capital. These elements combined to create that impact premium, enhancing the value produced by the securities included in our portfolio.

[Stephanie Morais, CIM
Associate Investment Advisor, CIBC Wood Gundy]

Let's talk about climate impact. Our portfolio is carbon negative. What does that mean in practical terms?

[Mitchell Halickman, CIM
Sr. Investment Advisor, Portfolio Manager, CIBC Wood Gundy]

Steph, why don't you walk our listeners through that one.

[Stephanie Morais, CIM
Associate Investment Advisor, CIBC Wood Gundy]

Sure. It means that through our investments in renewable energy and other sustainable assets, the avoided or removed carbon emissions exceed the emissions produced by the rest of the companies held in the portfolio. In an economy where carbon is increasingly priced higher, being carbon negative provides a significant competitive advantage.

[Mitchell Halickman, CIM
Sr. Investment Advisor, Portfolio Manager, CIBC Wood Gundy]

Exactly well said.

[Stephanie Morais, CIM
Associate Investment Advisor, CIBC Wood Gundy]

For investors, how should they interpret the additional stakeholder value created beyond traditional reported profits?

[Mitchell Halickman, CIM
Sr. Investment Advisor, Portfolio Manager, CIBC Wood Gundy]

Think of it as a shadow dividend. It's not money you withdraw today, but it is a leading indicator of future proofing business models. For every dollar of reported profits, there's additional value embedded total earnings. So this shadow dividend can act as a navigation tool for corporations to follow, and it allows for a more resilient execution of any initiative they'll want to pursue.

Companies aligned with this methodology. While they'll find that they can be better positioned to handle new regulations, be able to attract loyal customers, be better positioned to retain and produce more motivated employees, and ultimately thrive in the future where wealth is valued just a bit differently.

Our approach is to invest in the whole picture, not just focus on what traditional gap accounting captures. We think that this broader lens helps us identify opportunities that others might miss. We think it helps us understand the headwinds and tailwinds that lay ahead for companies to navigate.

Really important to know, our primary focus as a fiduciary is to provide a strong risk-adjusted return for our clients. This is not being used for some kind of ESG scorecard. We see that using these tools provides us with a stronger, more accurate assessment of a corporation's true worth, that is our duty, our responsibility, and our job.

[Stephanie Morais, CIM
Associate Investment Advisor, CIBC Wood Gundy]

Mitch, thanks for joining us.

[Mitchell Halickman, CIM
Sr. Investment Advisor, Portfolio Manager, CIBC Wood Gundy]

Thank you for helping guide our listeners through our thoughts on measuring impacts.

[Stephanie Morais, CIM
Associate Investment Advisor, CIBC Wood Gundy]

That's a wrap on our first episode, and we hope you enjoyed it as much as we did. We're excited to share that we already have some incredible guests lined up for the year ahead. We really think you're going to enjoy what's coming. Lastly, and most importantly, thank you for your confidence and your trust.

We recognize the importance of our role and are committed to helping navigate the path towards your goals in the years ahead.

​[Energetic outro music]

[CIBC logo]

[The CIBC logo and “CIBC Private Wealth” are trademarks of CIBC, used under license. “Wood Gundy” is a registered trademark of CIBC World Markets Inc.]

[CIBC Private Wealth Wood Gundy logo]

[Contact information Mitchell Halickman and Stephanie Morais]

[CIBC Private Wealth consists of services provided by CIBC and certain of its subsidiaries, including CIBC Wood Gundy, a division of CIBC World Markets Inc.

This information, including any opinion, is based on various sources believed to be reliable, but its accuracy cannot be guaranteed and is subject to change.

Mitch Halickman is an Investment Advisor with CIBC Wood Gundy in Montreal. The views of Mitch Halickman do not necessarily reflect those of CIBC World Markets Inc.

Stephanie Morais is an Associate Investment Advisor working with Mitch Halickman, Investment Advisor.

If you are currently a CIBC Wood Gundy client, please contact your Investment Advisor.]