DOXIMITY INC CLASS A (DOCS)
Sector: Health Care
2026 Annual Meeting Analysis
DOXIMITY INC CLASS A · Meeting: August 27, 2026
Directors FOR
2
Directors AGAINST
0
Say on Pay
FOR
Auditor
FOR
Director Elections
Election of Two Class II Directors
Mr. Spain has served since March 2011 and has relevant venture capital and technology industry experience; Doximity's 3-year stock return of -35.3% outperforms the peer group median of -42.4% by approximately 7 percentage points, well within the 20-percentage-point underperformance threshold required to trigger a negative vote, and he has no overboarding or attendance concerns.
Mr. Cabral has served since September 2020 and brings strong financial expertise as a former CFO of Veeva Systems; Doximity's 3-year stock return outperforms the peer group median, clearing the TSR threshold, he chairs the audit committee with demonstrated financial qualifications, and no overboarding or attendance concerns are present.
Both Class II director nominees pass all policy screens — no TSR underperformance trigger (Doximity's 3-year return of -35.3% beats the peer median of -42.4% by 7 percentage points, below the 20-percentage-point negative-TSR threshold), no overboarding, no attendance issues, and both directors bring relevant experience. Vote FOR both nominees.
Say on Pay
✓ FORCEO
Jeff Tangney
Total Comp
$17,234,989
Prior Support
96.5%%
The prior year Say-on-Pay vote received 96.5% shareholder support, well above the 70% threshold that would require a response. CEO total compensation of $17.2 million (fiscal year 2025, the most recent year in our database) is primarily composed of performance-based equity awards — specifically performance stock awards tied to measurable revenue and adjusted EBITDA targets that Doximity achieved and exceeded — meaning the pay mix is heavily variable and performance-linked rather than fixed. While the stock price has declined sharply over three years, Doximity's 3-year total shareholder return of -35.3% actually outperforms its peer group median of -42.4%, meaning above-benchmark incentive pay is not misaligned with relative shareholder experience; the pay-for-performance test does not trigger a negative vote when the company outperforms its peers even in a down market.
Auditor Ratification
✓ FORAuditor
Deloitte & Touche LLP
Tenure
N/A
Audit Fees
$3,039,860
Non-Audit Fees
$7,391
Non-audit fees of $7,391 are only 0.24% of audit fees of $3,039,860, far below the 50% threshold that would raise independence concerns; Deloitte is a Big 4 firm appropriate for a $4 billion market-cap company; auditor tenure is not disclosed so the tenure trigger does not fire; and no material financial restatements are noted in the filing.
Overall Assessment
Doximity's 2026 annual meeting presents three standard proposals — director elections, auditor ratification, and Say-on-Pay — all of which pass policy screens and warrant a FOR vote. Despite a steep absolute stock price decline, Doximity's relative performance versus its disclosed peer group is actually positive over three years, which clears the director TSR trigger and the pay-for-performance alignment check; the auditor fee structure is clean with negligible non-audit fees.
Compensation Peer Group
23 companies disclosed in 2026 proxy filing