HOME > GOVERNANCE > Board Letters

Board Letters

From bottom to top, right to left

Paul D. House  Executive Chairman
The Hon. Frank Iacobucci  Lead Director
Michael J. Endres  Director
M. Shan Atkins  Director
Ronald W. Osborne  Director
David H. Lees  Director
Moya M. Greene  Director
John A. Lederer  Director
Wayne C. Sales  Director

The Tim Hortons Board of Directors continues to be actively engaged in its governance role, providing guidance, direction and oversight.

Executive Chairman’s Message

The Board of Directors seeks to maximize long-term shareholder value through the oversight and support we provide. Our goal is for the Company to conduct its business in a highly ethical manner, and to create an environment that respects and values all employees and promotes corporate responsibility.

These are challenging times in some respects, but also times of significant opportunity for Tim Hortons. The Board is instrumental in providing oversight of our strategies and initiatives designed to drive growth of the business.

I am proud to serve on both an executive team with tremendous restaurant industry experience and a Board of Directors with expertise that spans a broad range of sectors. Our Lead Director, Frank Iacobucci, provides independent leadership to the Board and facilitates its goverance and effectiveness.

Paul D. House
Executive Chairman, President
and Chief Executive Officer

Lead Director’s Message

Tim Hortons executed well against many of its key strategic priorities in 2012 and delivered profitable growth in a challenging environment.

As part of our ongoing commitment to progressive governance practices, this year, we are providing shareholders with the opportunity to express their opinion on our approach to executive compensation through a "say on pay" advisory vote. The Board believes that shareholders should have the opportunity to fully understand the objectives, philosophy, and principles we used to make executive compensation decisions. Fundamentally, we believe strongly in pay for performance. In 2012, the Company's results did not meet all of the objectives we had set out, and that was reflected in the compensation paid to our executives for the year.

Management has established challenging goals once again for 2013. We are confident in the ability of the highly experienced Tim Hortons executive team and employees to continue to grow the Company, consistent with their long and successful track record. The Board will remain actively engaged in overseeing their efforts and providing strategic counsel.

The Company has been operating under the capable leadership of Paul House, who has been serving as President and CEO in addition to his role as Executive Chairman, as the Board completes its CEO succession process and search. The Board has made significant progress in its external CEO search. Although the process is not yet complete, the Board currently anticipates appointing a new CEO by early summer. We also intend to further strengthen our Board through a search for at least one additional qualified director with complementary expertise.

We remain committed to strong governance at Tim Hortons. We continuously monitor initiatives and trends in corporate governance with a view to evaluating and, where appropriate, implementing best practices.

The Hon. Frank Iacobucci
Lead Director