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

Company: BEST BUY CO INC
Filing Date: 2025-05-01
Form: DEF 14A
Chunk 14
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 access our proxy materials via the internet because it reduces the expenses for, and the environmental impact of, our shareholder meetings. You may opt to receive paper copies of proxy materials, including our Annual Report, proxy statement and proxy card at no cost to you, by following the instructions on your Notice of Internet Availability. An electronic version of this proxy statement is posted on our website at www.investors.bestbuy.com.

| 2025 Proxy Statement |     | 15 |

TABLE OF CONTENTS General Information _________________________________ Additional Information Where can I find additional information about Best Buy? Our reports on Forms 10-K, 10-Q and 8-K and other publicly available information should be consulted for other important information about Best Buy. You can find these reports and additional information about us on our website at www.investors.bestbuy.com.

| 16 |     | 2025 Proxy Statement |

TABLE OF CONTENTS

Corporate Governance at Best Buy Our Board is committed to developing and implementing corporate governance principles that: (1) enable the success of our strategy and business objectives; (2) are rooted in a robust ongoing dialogue with our shareholders; and (3) are inspired by best practices. Consistent with this approach, we continue to build upon a strong framework of corporate governance practices. Shareholder perspectives play an important role in that process. Some key aspects of our current Board and governance structure and practices are as follows:

| Board Leadership & Composition  |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| •                               |     | Our Board is currently led by an independent Chair. Whenever our Chair is not independent, a Lead Independent Director ensures independent oversight of management.                                                                                                                                                                                                                                                                                                             |
| •                               |     | All of our director nominees, other than the CEO, are independent.                                                                                                                                                                                                                                                                                                                                                                                                              |
| •                               |     | Our Board places an emphasis on diverse representation among its members. Seven of our eleven director nominees are women, and four of our eleven nominees are ethnically diverse.                                                                                                                                                                                                                                                                                              |
| •                               |     | The average tenure of our director nominees is approximately 6.4 years, with a balance of skills, new perspectives and historical knowledge.                                                                                                                                                                                                                                                                                                                                    |
| •                               |     | All Committees are comprised exclusively of independent directors.                                                                                                                                                                                                                                                                                                                                                                                                              |
| •                               |     | Our directors are required to retire at the expiration of their term during which they reach the age of 72. Additionally, our directors must tender their resignation for consideration: (a) five years after ceasing the principal career