Company: BBY
Filing Date: 2025-05-01
Form Type: DEF 14A
Source: 0001140361-25-016935
Chunk: 94

Company: BEST BUY CO INC
Filing Date: 2025-05-01
Form: DEF 14A
Chunk 94
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 late 2024 it was only at $87. To guard against the Best Buy Board of Directors becoming complacent during the current Best Buy long-term stock price slump Best Buy shareholders need the ability to act by written consent to potentially help the Best Buy Board adopt new strategies to get out of the current Best Buy stock price slump. A shareholder ability to act by written consent would be a welcome incentive for Best Buy Directors to turn around the current long-term slump in the Best Buy stock price since the continued service of the least qualified Best Buy Directors could be terminated by Best Buy shareholders acting by written consent. This is a good incentive for Best Buy Directors to have for the benefit of all Best Buy shareholders. This proposal received significant support at the 2021 Best Buy annual meeting and could do better in 2025 because Best Buy was not in a long-term slump in 2021. Please vote yes: Support for Shareholder Right to Act by Written Consent – Proposal 5

| 94 |     | 2025 Proxy Statement |

TABLE OF CONTENTS _________________________ Item of Business No. 5 — Shareholder Proposal

Statement in Opposition The Board has carefully considered this proposal and does not believe that its adoption is in the best interests of Best Buy and its shareholders. The Board therefore unanimously recommends a vote AGAINSTthis proposal.

| • | Action by Written Consent is Duplicative of Best Buy Shareholders’ Robust Right to Call Special Meetings.Best Buy shareholders have the right to call a special meeting: |

| ○ | at a 25% threshold with respect to a special meeting for the purpose of considering any action to directly or indirectly facilitate or effect a merger; and |

| ○ | at a 10% threshold for all other matters. |

A right to act by written consent is duplicative of the existing shareholder right to call a special meeting. Our 10% stock ownership threshold for calling a special meeting (other than in connection with mergers) is lower than the most common threshold among S&P 500 companies that provide the right for shareholders to call a special meeting, which is 25% for all matters. 1

| • | Shareholder Action by Written Consent Circumvents the Deliberative Shareholder Meeting Process.The Board believes that a shareholder meeting framework (whether at an annual or specially called shareholder meeting) better serves shareholders’ interests than action by written consent as it is an inherently more structured, democratic and open process. The Board believes that every shareholder’s vote is important and deserves consideration.