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ITEM OF BUSINESS NO. 2 — RATIFICATION OF
APPOINTMENT OF OUR INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
statements and the effectiveness of our internal control
THIS SECTION SHOULD BE READ IN CONJUNCTION
over financial reporting for the fiscal years ended
WITH THE ‘‘AUDIT COMMITTEE REPORT’’ ON February 27, 2010, and February 28, 2009; the reviews
PAGES 66-67. of the consolidated financial statements included in each
of our Quarterly Reports on Form 10-Q during those fiscal
The Audit Committee appointed Deloitte & Touche LLP years; consultations on accounting matters; and SEC
registration statements.
(‘‘D&T’’) as our independent registered public
(2) Consists primarily of fees for statutory audit filings, as well
accounting firm for the fiscal year ending February 26,
as the audits of our Retirement Savings Plan and The
2011. We will ask shareholders to ratify the Best Buy Children’s Foundation. Includes fees of
appointment of D&T as our independent registered $1,662,000 and $1,668,000 incurred for statutory audits
of Best Buy Europe for fiscal 2010 and fiscal 2009,
public accounting firm at the Meeting. Representatives respectively. We acquired a 50% controlling interest in
of D&T are expected to be present at the Meeting. They Best Buy Europe in fiscal 2009.
will have the opportunity to make a statement if they (3) Consists primarily of tax compliance services based on
desire to do so and are expected to be available to time and materials.
respond to appropriate questions. It is our policy that our independent registered public
accounting firm be engaged to provide primarily audit
Principal Accountant Services and Fees and audit-related services. However, pursuant to the
For the fiscal years ended February 27, 2010, and policy, in certain circumstances and using stringent
February 28, 2009, D&T served as our independent standards in its evaluation, the Audit Committee may
registered public accounting firm. The following table authorize our independent registered public accounting
presents the aggregate fees incurred for services firm to provide tax services when it determines that D&T
rendered by D&T during fiscal 2010 and fiscal 2009, is the most efficient and effective tax service provider.
respectively. The fees listed below were pre-approved by
our Audit Committee pursuant to the Audit Committee’s Board Voting Recommendation
pre-approval policy described on pages 66-67: The Board recommends that shareholders vote FOR the
proposal to ratify the appointment of Deloitte & Touche
Service Type Fiscal 2010 Fiscal 2009
Audit Fees(1) $3,702,000 $4,687,000 LLP as our independent registered public accounting
Audit-Related Fees(2) 3,272,000 2,969,000 firm for the fiscal year ending February 26, 2011.
Tax Fees(3) 298,000 157,000 If the appointment of Deloitte & Touche LLP were not to
All Other Fees — — be ratified by the shareholders, the Audit Committee
Total Fees $7,272,000 $7,813,000 would not be required to appoint another independent
registered public accounting firm, but would give
(1) Consists of fees for professional services rendered in consideration to an unfavorable vote.
connection with the audits of our consolidated financial
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