Best Buy

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Best Buy is the largest consumer electronics chain in the U.S. It sells electronic gadgets, movies, music, computers, and appliances. Its big box stores are located in 49 states and five Canadian provinces and now Best Buy is in China. Besides the Best Buy store name, store names include Magnolia Audio Video in the U.S. and Future Shop in Canada. Other brand names for its stores and commercial web sites are Five Star, Geek Squad, and Pacific Sales Kitchen and Bath Centers. [1] [2]

Ties to the American Legislative Exchange Council

Until July 2012, Best Buy was a corporate member of the American Legislative Exchange Council (ALEC). In 2011, it was a member of ALEC Communications and Technology Task Force.[3]

Best Buy told ColorOfChange.org in July 2012 that it had not renewed its ALEC membership in 2012.[4]

For other ALEC corporations, please see the list here. For other corporations which have cut ties to ALEC, please see that list here.

About ALEC
ALEC is a corporate bill mill. It is not just a lobby or a front group; it is much more powerful than that. Through ALEC, corporations hand state legislators their wishlists to benefit their bottom line. Corporations fund almost all of ALEC's operations. They pay for a seat on ALEC task forces where corporate lobbyists and special interest reps vote with elected officials to approve “model” bills. Learn more at the Center for Media and Democracy's ALECexposed.org, and check out breaking news on our PRWatch.org site.


Political contributions

Best Buy gave $25,500 to federal candidates in the 2006 election through its political action committee - 31% to Democrats, 65% to Republicans, and 4% to other parties. [5]

Lobbying

The company spent $470,000 for lobbying in 2006. All lobbying was done using in-house lobbyists. [6]

Personnel

Key executives and 2007 pay: [7]          Options
exercised
Richard M. Schulze, Founder and Chairman    N/A    N/A
Bradbury H. Anderson, Vice Chairman and Chief Executive Officer    $3,820,000    $18,130,000
Brian J. Dunn, President and Chief Operating Officer    N/A    N/A
Darren R. Jackson, Executive Vice President of Customer Operating Groups    $1,450,000    $2,530,000

Selected board members: [8]

Contact details

7601 Penn Avenue South
Richfield, MN 55423
Phone: 612-291-1000
Fax: 612-292-4001
Web: http://www.bestbuy.com

References

  1. Best Buy Profile, Hoovers, accessed August 2007.
  2. Best Buy Profile, Yahoo Finance, accessed August 2007.
  3. American Legislative Exchange Council, Telecommunications & Information Technology Task Force Meeting 2011 States and Nation Policy Summit December 1, 2011 Meeting Draft Minutes, organizational document, April 6, 2012, p. 10, obtained and released by Common Cause April 2012
  4. ColorOfChange.org, Five more major companies will no longer fund ALEC: John Deere, CVS Caremark, MillerCoors, HP, and Best Buy will no longer fund American Legislative Exchange Council, organizational press release, July 10, 2012
  5. 2006 PAC Summary Data, Open Secrets, accessed August 2007.
  6. Best Buy lobbying expenses, Open Secrets.
  7. Best Buy Key Executives, Yahoo Finance, accessed October 2007.
  8. For Our Investors, Best Buy, accessed August 2007.