Best Buy 2010 Annual Report Download - page 14

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role, the Audit Committee meets privately with • clawbacks.
members of our independent registered public The Compensation Committee also considered other
accounting firms, our internal audit staff and the controls outside of compensation plan design which
legal staff. contribute to risk mitigation, including the weight placed
• Our Compensation Committee is responsible for on values in our performance management process, the
oversight associated with our compensation independence of our performance measurement teams,
plans. and our internal control environment.
• Our Finance and Investment Policy Committee is Based upon the process we employed, we determined
responsible for oversight of risk associated with that our compensation programs do not encourage
our investment portfolio and liquidity risks. risk-taking that is reasonably likely to result in a material
adverse effect on us.
• Our Nominating Committee is responsible for
the oversight of board processes and corporate Communications with the Board
governance related risk, as well as, our activities
in the public policy and social responsibility Shareholders and interested parties who wish to contact
arenas. the Board, the Lead Independent Director, any other
individual director, or the non-management or
In connection with their oversight of compensation- independent directors as a group, are welcome to do so
related risks, Compensation Committee members in writing, addressed to such person(s) in care of:
periodically review the most important enterprise risks to
ensure that compensation programs do not encourage Mr. Joseph M. Joyce
risk-taking that is reasonably likely to have a material Senior Vice President, General Counsel and
adverse effect on us. With the help of the Compensation Assistant Secretary
Committee’s independent compensation consultant, in Best Buy Co., Inc.
fiscal 2010, the Compensation Committee reviewed our 7601 Penn Avenue South
compensation policies and practices for all employees, Richfield, Minnesota 55423
including executive officers. The review process identified Mr. Joyce will forward all written shareholder
our existing risk management framework and the key correspondence to the appropriate director(s), except for
business risks that may materially affect us; reviewed all spam, junk mail, mass mailings, customer complaints or
compensation plans and identified those plans that are inquiries, job inquiries, surveys, business solicitations or
most likely to impact these risks or introduce new risks; advertisements, or patently offensive or otherwise
and balanced these risks against our existing processes inappropriate material. Mr. Joyce may, at his discretion,
and compensation program safeguards. The review forward certain correspondence, such as customer-
process also took into account mitigating features related inquiries, elsewhere within our company for
contained within our compensation plan design which review and possible response. Comments or questions
includes elements such as: regarding our accounting, internal controls or auditing
• metric-based pay, matters will be referred to the Audit Committee.
Comments or questions regarding the nomination of
• time matching, directors and other corporate governance matters will
• payment for outputs, be referred to the Nominating Committee. Comments or
questions regarding executive compensation will be
• goal diversification,
referred to the Compensation Committee.
• payment caps, and
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