you must give more details about your case (graph, for example). Anyway, if it concerns the reduction of metallic ions from the electrolyte on your electrode surface (as example: treatment of wastewater contaminated with heavy metals), it means that your material has an activity toward the studied metal. On the other hand, if this redox peak is related to the dissolution of your metallic electrode, this is an indication of the instability of the electrode , and in this case, you must first identify the stability interval of the electrode (using cyclic voltammetry).
The answer is not quite simple from the generalized question. You must be more clear as to how many runs you made, scan rate, whether you got the shoulder peak immediately or after continuous scanning, etc. Inorder to get more insight into the shoulder peaks, you can run at greater scan speeds so that the shoulder peak, if time dependent, will be well resolved. If the Delta E of the shoulder and the next redox peak is well separated, note down the potential and do bulk electrolysis of your sample inorder to completely convert to that intermediary species, separate the material and characterize it. Also ensure that they are not secondary products. The ipc/ipa values will give you an idea about how many step electron process it is, and hence an idea about the oxidation state.
These are attributed to the redox reaction of metal. Pre-oxidative features indicate formation of more active metal species that aid in adsorption/desorption process during catalysis.