Company: BBY
Filing Date: 2025-05-01
Form Type: DEF 14A
Source: 0001140361-25-016935
Chunk: 46

Company: BEST BUY CO INC
Filing Date: 2025-05-01
Form: DEF 14A
Chunk 46
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 with compensation-related matters. Frederic W. Cook & Co., Inc. (“FW Cook”) has served as the Compensation Committee’s independent compensation consultant since 2012.                                                                                                                        |
| CEO                                                                                                                                                                                                                                                                                                                                                                                                    |
| Role in Decision-Making Process                                                                                                                                                                                                                                                                                                                                                                        |
| •Creates and presents recommendations to the Compensation Committee for our other executive officers and provides her own perspective. Does not participate in, or otherwise influence, recommendations regarding her own compensation.                                                                                                                                                                |
| Human Resources (“HR”) and Finance                                                                                                                                                                                                                                                                                                                                                                     |
| Role in Decision-Making Process                                                                                                                                                                                                                                                                                                                                                                        |
| •HR provides the Compensation Committee with market analytics in support of the CEO’s recommendations for our executive officers. As necessary, HR engages outside consultants to assist with its analytics and recommendations. Finance provides the Compensation Committee with financial analytics in support of short-term and long-term program design, target setting and evaluation of results. |

Compensation Consultant Independence The Compensation Committee reviewed the independence of FW Cook under NYSE and SEC rules. Based on its review and information provided by FW Cook regarding the provision of its services, fees, policies and procedures, presence (if any) of any conflicts of interest, ownership of Best Buy stock and other relevant factors, the Compensation Committee concluded that the work of FW Cook has not raised any conflicts of interest and deemed them to be an independent advisor to the Compensation Committee.

| 2025 Proxy Statement |     | 55 |

TABLE OF CONTENTS Executive and Director Compensation ____________________________

Factors in Decision-Making Market Competitive Data For fiscal 2025, each element of compensation and the level of total direct compensation for our NEOs were considered against market benchmarks and views of individual performance. Our Compensation Committee reviewed publicly available compensation data and private surveys for our peer group of companies, Fortune 100 companies and general and retail industry survey data. We used available information and monitored actions taken by our peer group to evaluate market trends and to assess the long-term incentive program and overall competitiveness of our executive compensation levels. We did not, however, seek to establish any specific element of compensation or total direct compensation that falls within a prescribed range relative to our peer group of companies or the Fortune 100 companies. Compensation Peer Group for Fiscal 2025 We review our peer group annually. The Compensation Committee strives to ensure that our peer group is an accurate reflection of our business model from both a scale and operational perspective, and that it represents the labor market for executive talent. For fiscal 2025, the peer group was approved after consideration of the following criteria: