null Responsible Sourcing Program Intro

Responsible Sourcing Program Intro

Published 04/01/2021, 03:00 PM
Last Update 09/03/2021, 08:17 PM

Responsible sourcing means that we have expectations for our vendors, expressed via our Supplier Code of Conduct (SCC), regarding working conditions associated with the product or services we source. Then we conduct due diligence to ensure those expectations are met and we address any issues we identify. The Best Buy SCC covers Labor, Environment, Health and Safety, Ethics and Management Systems.

Best Buy is committed to the United Nations Guiding Principles on Business and Human Rights (UNGP) and the responsible sourcing of all the products and services that we procure. Doing business the right way means we understand how our operations, our products and services, and even our business relationships could affect employees, our customers and people in the communities where we operate. Further, socially responsible supply chain practices are increasingly important to our employees, customers, investors and other stakeholders.

Best Buy faces a series of procurement / supply chain risks. Egregious labor conditions, irresponsible, ethical, or unsustainable environmental practices in our supply chain pose a reputational risk to Best Buy. Further, those conditions can result in an inefficient and unreliable supply chain, which creates operational risks. Finally, new laws have emerged which hold companies responsible for some labor practices in their supply chain. This creates regulatory risks for Best Buy. Ultimately, all of these pose a financial risk to Best Buy.

As a member of the Responsible Business Alliance (RBA), Best Buy has adopted the RBA Supplier Code of Conduct. The RBA is one of the world’s preeminent industry coalitions dedicated to responsible sourcing. For more information, please visit: http://www.responsiblebusiness.org/.

The Best Buy Supplier Code of Conduct comprises of a set of international social, environmental and ethical standards. The standards set out in the Code of Conduct reference international norms and standards including the Universal Declaration of Human Rights, ILO International Labor Standards, Organization for Economic Cooperation and Development (OECD) Guidelines for Multinational Enterprises, International Organization for Standardization (ISO) and Social Accountability International (SA) standards, and many more.

While the Code of Conduct originated with the electronics industry in mind, it is applicable to and used by many industries beyond electronics.

The Best Buy Corporate Responsibility team is dedicated to the management of ethical supply chain practices and operations. This team, some members of which are based at our corporate office in Minnesota while others work out of our Shenzhen, China office, partners directly with the procurement and business teams; as well as vendor partners and external stakeholders and associations. This team is responsible for implementing the assessment process, collaborating with vendors to remediate findings, managing corporate governance, and engaging external stakeholders.

 

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