Company: BBY
Filing Date: 2025-05-01
Form Type: DEF 14A
Source: 0001140361-25-016935
Chunk: 44

Company: BEST BUY CO INC
Filing Date: 2025-05-01
Form: DEF 14A
Chunk 44
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 relative to our fiscal 2024 performance, resulting in a payout of 83.34% of target for our short-term incentive awards. See the Executive Compensation Elements—Short-Term Incentivesection for our description of our fiscal 2025 STI plan. The results of the performance share awards that were awarded in fiscal 2023 and will be paid out in fiscal 2026, if earned (based on the performance of our stock’s total shareholder return relative to the S&P 500 Index over a three-year performance period, which included fiscal 2025), have not been approved by the Compensation Committee as of the date of this filing. These awards are explained in further detail within the Executive Compensation Elementssection of this proxy statement. As has been the case for the past several years, the Compensation Committee and management remain focused on attracting, motivating and retaining executive talent through performance-based compensation while avoiding compensation outcomes driven by temporary external factors. As we look ahead to fiscal 2026, we are focused on continuing to strengthen our industry positioning, building and scaling new profit streams, and continuing the momentum from fiscal 2025 in expanding our profitability. Prior “Say on Pay” Votes We are pleased that 91.8% of the votes cast on the advisory “Say on Pay” proposal at the 2024 Regular Meeting of Shareholders were voted in favor of our executive compensation program. For the last six consecutive years, our executive compensation programs have received a favorable advisory vote between 91% and 95%, indicating strong shareholder support for our overall compensation program and the manner in which we align our pay program with our evolving business strategy and the underlying financial goals. We believe the high level of support we received from shareholders for the last several years is driven by our long-standing history and commitment to aligning pay with performance. In the fall of fiscal 2025, following our 2024 Regular Meeting of Shareholders, we reached out to our top forty shareholders, representing approximately 64% of our outstanding shares, offering to discuss any questions or concerns regarding our executive compensation and governance practices. As a result of these outreach efforts, we engaged in direct conversations with several shareholders to answer questions, provide commentary on the compensation decisions made during the year and receive feedback to be considered when making future decisions. During these conversations, shareholders also indicated broad directional support for our compensation programs. Further, as discussed in the Corporate Governance at Best Buy — Shareholder Engagementsection, we regularly engage with our shareholders throughout the year regarding their various priorities, and we welcome