Household HSBC Watch

Best Buy’s (BBY) recent proxy and K provided new disclosures on family members collecting money from the company. By far the biggest deal to be disclosed was the company’s agreement with Phoenix Fixtures, a Roberts, Wis. based company that is owned by the brother of Best Buy’s Chairman, Richard Schulze. In fiscal 2005, Phoenix, which makes displays used in Best Buy’s stores, collected $20 million from the company, or two-thirds more than the $12 million it made in fiscal 2003, according to the K. In the proxy, Best Buy notes that the decision to use Phoenix was based on “both qualitative and quantitative factors” and was approved by the Board.