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Canadian Imperial Bank shareholders vote against withdrawal from tax havens

Shareholders of Toronto-based Canadian Imperial Bank of Commerce voted against a shareholder proposal asking the company to withdraw from tax havens during the company's annual shareholders' meeting April 6.

According to a Form 6-K, a total of 201,212,245 votes, representing 99.16% of the votes, voted against the proposal made by the Mouvement d'éducation et de défense des actionnaires, or MÉDAC.

The company's board had earlier recommended a vote against the proposal. It said that the company does not participate in any efforts to avoid taxes or any other illegal activities.

Only 1,705,074 votes, or 0.84%, voted for the proposal, while 1,073,651 votes abstained.