Best Buy 2010 Annual Report Download - page 3

Download and view the complete annual report

Please find page 3 of the 2010 Best Buy annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 72

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72

TABLE OF CONTENTS
GENERAL INFORMATION ...................................................... 4
Background ............................................................. 4
Voting Procedure .......................................................... 4
Proxy Solicitation .......................................................... 6
Additional Information ....................................................... 7
CORPORATE GOVERNANCE AT BEST BUY ........................................... 8
Board Structure ........................................................... 8
Board Composition ........................................................ 9
Director Independence ....................................................... 9
Board Leadership .......................................................... 10
Executive Sessions of Independent Directors .......................................... 11
Board Meetings and Attendance ................................................. 11
Committees of the Board ..................................................... 11
Board Risk Oversight ........................................................ 13
Communications With the Board ................................................ 14
ITEM OF BUSINESS NO. 1 — ELECTION OF DIRECTORS .................................. 15
General Information ........................................................ 15
Director Qualification Standards ................................................. 15
Director Nomination Process ................................................... 15
Board Diversity ........................................................... 16
Director Orientation and Continuing Education ....................................... 16
Voting Information ......................................................... 16
Board Voting Recommendation ................................................. 16
Nominees and Directors ..................................................... 17
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT ................... 22
SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE ........................... 25
EXECUTIVE AND DIRECTOR COMPENSATION ......................................... 26
Compensation Discussion and Analysis ............................................ 26
Compensation Philosophy, Objectives and Process .................................... 26
Compensation for Named Executive Officers ....................................... 32
Other Compensation Matters ................................................. 43
Compensation and Human Resources Committee Report on Executive Compensation ................ 48
Compensation Committee Interlocks and Insider Participation ............................... 48
Compensation of Executive Officers .............................................. 49
Summary Compensation Table ................................................ 49
Grants of Plan-Based Awards ................................................. 52
Outstanding Equity Awards at Fiscal Year-End ....................................... 53
Options Exercised and Stock Vested ............................................. 55
Non-Qualified Deferred Compensation ........................................... 56
Potential Payments Upon Termination or Change-in-Control .............................. 57
Director Compensation ...................................................... 60
CERTAIN RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS ............................. 63
AUDIT COMMITTEE REPORT .................................................... 66
ITEM OF BUSINESS NO. 2 — RATIFICATION OF APPOINTMENT OF OUR INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM ........................................................ 68
Principal Accountant Fees and Services ............................................ 68
Board Voting Recommendation ................................................. 68
OTHER BUSINESS ........................................................... 69
PROPOSALS FOR THE NEXT REGULAR MEETING ....................................... 69
3