Company: BBY
Filing Date: 2025-05-01
Form Type: DEF 14A
Source: 0001140361-25-016935
Chunk: 16

Company: BEST BUY CO INC
Filing Date: 2025-05-01
Form: DEF 14A
Chunk 16
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 Partners with the Chair (and CEO) to set the Board meeting agenda; |

| • | Presides at all Board meetings at which the Chair is not present; |

| • | Calls additional meetings of the independent directors, as appropriate; |

| • | Serves as a liaison between the independent directors and our stakeholders by being available for direct consultation and communication; |

| • | Provides ongoing counsel to the Chair regarding key items of business and overall Board functions; and |

| • | Performs any other duties requested by the Board, the independent directors or the Chair. |

Board Composition The Board seeks a wide range of experience and expertise from a variety of industries and professional disciplines in its directors. It carefully assesses the director skill sets, qualifications and diverse perspectives required to support the Company’s long-term strategic goals, and for an orderly succession and transition of directors, as evidenced by the composition changes over the past several years. We believe our Board should be composed of individuals with highly relevant skills, independence, integrity, sound judgment and proven records of accomplishments and diverse genders, ethnicities, ages and geographic locations. In addition, the Board emphasizes independent voices and adding new perspectives to its membership. Ten of our eleven director nominees are independent, and the average tenure of our director nominees is approximately 6.4 years. More information regarding our Director Qualification Standards and Director Nomination Process can be found within Item 1 Election of Directorsof this proxy statement. Director Independence Pursuant to our Corporate Governance Principles, the Board has established independence standards consistent with the requirements of the SEC and NYSE. To be considered independent under the NYSE rules, the Board must affirmatively determine that a director or director nominee does not have a material relationship with us (directly, or as a partner, shareholder or officer of an organization that has a relationship with us). In addition, each member of the Compensation and Human Resources Committee (the “Compensation Committee”) must meet a standard of “enhanced independence” such that the Board must consider the source of compensation of the director and whether the director is affiliated with us or one of our subsidiaries to determine whether there are any factors that would materially affect a director’s ability to be independent, specifically in regard to their duties as a Compensation Committee member.

| 18 |     | 2025 Proxy Statement |

TABLE OF CONTENTS _____________________________ Corporate Governance at Best Buy

Our Director Independence Guidelines, consistent with the NYSE rules, generally provide that no director or director nominee may be deemed independent if the director or director nominee