Company: BBY
Filing Date: 2025-05-01
Form Type: DEF 14A
Source: 0001140361-25-016935
Chunk: 101

Company: BEST BUY CO INC
Filing Date: 2025-05-01
Form: DEF 14A
Chunk 101
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 in this proxy statement, and, if properly presented, the proposal will be voted on at the Regular Meeting of Shareholders. This proposal and supporting statement are quoted verbatim below, and Best Buy is not responsible for any inaccuracies contained in them.

| 2025 Proxy Statement |     | 101 |

TABLE OF CONTENTS Item of Business No. 7 — Shareholder Proposal _________________________

Shareholder Proposal – Publish a Report on the Company’s LGBTQIA+ Inclusion Efforts in its Human Capital Management Strategy RESOLVED , Shareholders of Best Buy Co., Inc. (Best Buy) request the Board of Directors to report on the company’s LGBTQIA+ inclusion efforts in its human capital management strategy. This report, prepared at reasonable cost and omitting confidential or proprietary information, should be publicly disclosed to shareholders. SUPPORTING STATEMENT On March 29, 2024, NBC News reported that “Best Buy offered to screen donations from its employee resource groups to LGBTQ causes following [shareholder] pressure.” Since then, despite many more negative media reports and multiple engagement efforts by The New York State Common Retirement Fund, 1Best Buy has still not disclosed sufficient detail to explain how this decision is aligned with the Company’s commitment to LGBTQIA+ inclusivity for its employees. Numerous studies have pointed to the benefits of effective workforce management and found that inclusive policies enhance employee retention. In addition, the U.S. Chamber of Commerce Foundation observed in its 2023 report, Better Business: The Benefits of LGBTQ+ Workplace Inclusion: “Firms with LGBTQ+ inclusive practices show positive impact on profitability and market valuation… LGBTQ+ employees are more devoted to their jobs and are more productive in inclusive workplaces.” According to recent Gallup polls, the United States is experiencing a demographic shift. While 9.8% of Millennials identify as LGBT, over twice that number, 22.3% of Generation Z individuals identify as LGBT. About 22% of LGBTQ individuals report experiencing harassment or discrimination in the five years preceding 2023 and 47% experienced harassment or discrimination at some in their lives, according to LGBT People’s Experiences of Workplace Discrimination and Harassment, a national study conducted by the Williams Institute at UCLA School of Law. Given stakeholder perception that the Company’s long-time commitment to antidiscrimination and inclusivity for LGBTQIA+ employees has been called into question and the growing number of those individuals entering the workforce, we believe that it is in shareholders’ best interests for Best Buy to publicly report on the requested information.