Dolby Schedules ‘Advisory’ Shareholder Vote on Executive Pay, Says Proxy

Dolby Labs is asking shareholders to vote for a “say-on-pay” proposal giving them a voice on executive compensation, said a proxy statement for the Feb. 4 annual meeting at Dolby headquarters in San Francisco. The vote “is not intended to address any specific item of compensation” but rather the overall policies and practices, it said. The vote is “advisory” and “not binding,” it said. If there’s “any significant vote” against executive pay, the board “will evaluate whether any actions are necessary in response to those concerns,” it said. Shareholders approved holding the advisory vote annually at the last meeting, it said. CEO Kevin Yeaman made $7.36 million in total pay for FY 2019, including $818,000 in base salary, said the proxy. Chief Financial Officer Lewis Chew got $2.7 million in 2019 pay, including a $532,000 base salary, it said. David Dolby, the 42-year-old son of late founder Ray Dolby and a board member since 2011, controls 83 percent of the “total voting power” in the company, said the proxy.