Michaels

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Governance

Making the right decisions

Our corporate values guide not only Michaels Team Members at work, but also the way that we make decisions at the highest levels of the company. Michaels has a detailed corporate governance apparatus to ensure that our stakeholders, internally and externally, act ethically, responsibly, and with the Company’s best interests in mind. Our Board of Directors is directly involved in ESG-related topics, including inclusion and diversity, cybersecurity/data privacy, health and safety, and ESG reporting. The directors regularly receive updates on these topics and provide counsel and guidance for senior management.

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Ethics & Compliance

We have adopted a written Code of Business Conduct and Ethics (Code of Ethics) that applies to our Board, Executives, and Team Members, and is designed to ensure that our business is conducted with the highest degree of integrity. The Code of Ethics covers professional conduct, conflicts of interest, the protection of confidential information, human rights, and the adherence to laws and regulations applicable to the conduct of our business. Michaels has active Open Door policy (which includes access to a confidential, third-party operated hotline) to help facilitate positive communication with our Team Members and our business partners. We urge all Team Members, Makers, and business partners to report any potential violations of the Code of Ethics to our confidential, third-party operated hotline.

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Data Protection

As an omnichannel retailer, we recognize that our Makers entrust their data to our company every day and with the expectation of privacy and protection. We treat our Makers’ information with the highest level of data privacy. All Makers are afforded all of the rights and requests under the California Consumer Privacy Act, regardless of their location. We also follow all privacy laws in every location where we do business and protect the privacy rights of our Team Members. All Team Members participate in a training program that involves security awareness, data privacy, data protection, cyber awareness, and data ethics. Data protection remains an ongoing priority for us because we understand that in a time when the world is more connected than ever before, it is imperative to treat the data of our Team Members and Makers as if it were our own.

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Business Resilience

Ensuring we have best in class crisis management and business continuity plans in place is essential to our operations. We take every precaution available to ensure the safety of our Team Members while also ensuring our ability to continue serving our Makers with minimal disruption during times of crisis. Our Support Center teams work to ensure we are prepared to respond to crisis events by providing our teams with the necessary time, procedures, and support to protect themselves, our Makers, and our properties. We also partner with top disaster mitigation companies to ensure the quickest possible response and recovery. We maintain a dedicated crisis management committee to ensure we are always prepared to respond quickly and efficiently to all crisis events as necessary.

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Board of Directors

Michaels is committed to maintaining a Board that has a diversified membership, in terms of both the individuals involved as well as their personal backgrounds, various experiences and areas of expertise. Our Board reflects a diverse range of talents, ages, skills, viewpoints, professional experience, educational background, and expertise to provide sound and prudent guidance that enables the success of our strategic initiatives and business operations.

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ESG Governance

At Michaels, we understand the value and importance of responsible decision making and are committed to the continued improvement of our Environmental, Social, and Governance (ESG) program. Our ESG program starts at the highest level with responsibility and oversight of ESG risks and strategy being shared among each board member and committee to leverage all of the expertise available to us. We also leverage the expertise of leaders company-wide through our ESG Steering Committee with the oversight of our Chief Compliance Officer.

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Supply Chain Governance

We are committed to operating a supply chain that upholds ethical sourcing practices to protect the lives and well-being of all individuals and communities involved in our supply chain. Each of our suppliers must adhere to the standards outlined within our Vendor Code of Conduct. Suppliers are evaluated through rigorous quality assessments, onsite visits, and third-party social accountability audits and are held accountable for compliance offenses. We also acknowledge and navigate the complexities of supply chain management and procurement, especially when ensuring that third parties meet ESG standards.