Shareholders request that our board of directors take such steps as may be necessary to permit written consent by shareholders entitled to cast the minimum number of votes that would be necessary to authorize the action at a meeting at which all shareholders entitled to vote thereon were present and voting. This includes shareholder ability to initiate any appropriate topic for written consent.
Best Buy stock is in a long-term slump. Best Buy stock is significantly below its $114 price in 2021. In late 2024 it was only at $87.
To guard against the Best Buy Board of Directors becoming complacent during the current Best Buy long-term stock price slump Best Buy shareholders need the ability to act by written consent to potentially help the Best Buy Board adopt new strategies to get out of the current Best Buy stock price slump.
A shareholder ability to act by written consent would be a welcome incentive for Best Buy Directors to turn around the current long-term slump in the Best Buy stock price since the continued service of the least qualified Best Buy Directors could be terminated by Best Buy shareholders acting by written consent. This is a good incentive for Best Buy Directors to have for the benefit of all Best Buy shareholders.
This proposal received significant support at the 2021 Best Buy annual meeting and could do better in 2025 because Best Buy was not in a long-term slump in 2021.