Company: BBY
Filing Date: 2025-05-01
Form Type: DEF 14A
Source: 0001140361-25-016935
Chunk: 96

Company: BEST BUY CO INC
Filing Date: 2025-05-01
Form: DEF 14A
Chunk 96
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 permit action by written consent.2Even when a company provides the right to act by written consent, this right is rarely exercised. Over the past 10 years, there has been only one attempt by shareholders to act by written consent at U.S. incorporated companies with market capitalizations of over |

| 2025 Proxy Statement |     | 95 |

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

$15 billion. 3This shareholder proposal demands that the Board adopt a feature that, if used, could cause substantial disruption and expense and disenfranchise shareholders, as noted above, but which is very unlikely actually to be exercised. Accordingly, the Board does not believe that shareholder action by written consent is necessary or in the best interests of shareholders.

| • | Best Buy Has a Longstanding Commitment to Sound Corporate Governance Practices and an Active Shareholder Engagement Program to Ensure Board Accountability.The ability to act by written consent is unnecessary because Best Buy continually evaluates shareholder feedback and developments in corporate governance, and it implements appropriate changes to its corporate governance policies and practices that it believes are in the best interests of Best Buy and its shareholders. A key component of our corporate governance program is our annual shareholder engagement process. In fiscal 2025, we invited holders of approximately 64% of our outstanding stock, including our 40 largest shareholders, to engage with us to discuss corporate governance and other topics, and we ultimately engaged with holders of approximately 23% of our common stock during the year.4Best Buy has taken several actions in prior years in consideration of shareholder feedback elicited during its shareholder engagement process, including, among other actions, eliminating supermajority shareholder vote requirements in its Amended and Restated Articles of Incorporation, adopting proxy access, declassifying the Board, determining to hold the advisory vote on executive compensation on an annual basis, adjusting director appointments on our Board committees, adoption of a policy regarding shareholder ratification of executive officer cash severance agreements and developing our corporate social responsibility program and reporting. In fiscal 2023, we expanded our pay equity disclosure within our annual CR&S report. Our continual engagement with shareholders complements Best Buy’s good governance practices and profile, which include the following: |

| ✔ |     | Proxy Access for Director Nominations- Eligible shareholders can include their own nominees for the Board in our proxy statement and ballot in accordance with our By-laws.                                                                                                                                                                                                                                                                                                                                 |
| ✔ |     | Independent Board Leadership- The roles of Chair of the Board and