Best Buy Fiscal Year 2022 ESG Report | 54 Diversity, Equity & Inclusion . During FY22, Best Buy implemented a program to request and track Tier 2 spend with our Goods Not For Resale (GNFR) suppliers. Tier 2 companies are those seen as not diverse but who pay diverse suppliers to ensure goods and services are provided to Best Buy. This category is expected to continue to grow as our program continues to mature. Tier 1.5 companies are those considered not diverse that pay diverse suppliers as directed or chosen by Best Buy. Best Buy has strong partnerships in place to continue this category of spend. In FY22, our spending with indirect Tier 1.5 companies increased by $25.7 million compared to FY21. In FY22, Best Buy Canada launched a new Mentorship and Accelerator Program (MAP) that connects Black and Indigenous innovators with mentorship opportunities and a platform to help grow their business. Through this program, we selected two women- and BIPOC-led companies who are working with our teams for business support with the aim to launch products later this year. Marketing. How Best Buy markets our products, reaches potential customers and represents diversity in our social media and advertising is critical to achieving commitments and being a customer obsessed company. As it relates to supplier diversity and marketing representation, we’ve committed to the following: • Consult, discuss, and advise on a cross-section of marketing work with the intent to protect brand reputation and demonstrate our commitment to diversity, equity and inclusion. • Ensure 25% of production crew members will be women, BIPOC, LGBTQIA+, and/or diverse abilities by 2023. • Dedicate nearly 10% of our annual media spend to BIPOC media by 2025. • Have a minimum of 30% of our paid advertising feature BIPOC, LGBTQIA+, and/or diverse abilities cast members and family structures. In FY22, we made significant progress in how we invest our marketing dollars. We developed and grew partnerships with BIPOC media publishers across traditional and digital media channels and reflected diverse and disinvested communities in our images and stories. We also partnered with The BrandLab, a Minneapolis- based non-profit committed to increasing BIPOC representation in advertising and marketing to host 16 LabFellows for eight-month paid internships rotating across Best Buy, Optum, Wunderman Thompson Midwest and Essence.
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