What Is Tim Hortons Economic Responsibility

CSR Audit Assignment – Tim Hortons

Economic Responsibility:

Tim Hortons demonstrates economic responsibility, by ensuring long-term value for their stakeholders and the economy. Tim Hortons maintains their economic responsibility by creating products that offer a balanced nutrition to represent the needs of a changing society. This guarantees that consumer’s demands are met and helps to attract more customers and generate greater revenue. In addition, this fast food chain engages with its stakeholders by meeting with them regularly to help them inform them of any risks and opportunities associated with Tim Hortons. Tim Hortons also performs a thorough assessment of business risks and opportunities in their annual report. Furthermore, this

They are responsible for maximizing value and ensuring that the corporation conducts its business in a highly ethical manner. Furthermore, the board of directors guarantee that practices are in compliance with the law. In 2012, Tim Hortons was taken to court by franchise owners, when fingers were pointed at their business practices. Franchise owners argued that Tim Hortons had stopped freshly baking their products and instead began to par bake and flash freeze their baked goods. In addition, franchise owners were upset that prices of Tim Horton’s products were increasing. However, Tim Hortons had stated that they made these changes to increase efficiency and generate greater profits, and as a result, Tim Hortons was able to win this

For instance, in 1974, this corporation had created the Tim Horton Children’s Foundation to help those who are less fortunate and provide an enjoyable camp experience for children who are economically disadvantaged. As a part of this foundation, an environmental program is incorporated which enables children to explore natural regions and discover more about the environment. Tim Horton’s has also worked to maintain strong relations with Aboriginal communities for many years by creating aboriginal outreach programs. In addition, this fast food chain is extremely passionate about helping communities grow and helps out by financially supporting many causes. For instance, every year the corporation donates $1.25 million towards the Tim Horton Children’s foundation to aid disadvantaged children. This proves that Tim Horton’s initiatives towards the community are one of the main reasons why Tim Hortons is regarded as a socially responsible corporation and helps them stand out among other fast-food