DOUBLEVERIFY HOLDINGS INC (DV)
Sector: Communication
2026 Annual Meeting Analysis
DOUBLEVERIFY HOLDINGS INC · Meeting: May 21, 2026
Directors FOR
1
Directors AGAINST
2
Say on Pay
AGAINST
Auditor
FOR
Director Elections
Election of three Class II directors for a three-year term ending at the 2029 Annual Meeting of Stockholders
Against Analysis
Noell has served since 2017, giving him full overlap with DV's severe 3-year stock decline of -67.2% versus the Nasdaq Composite Index (^IXIC — Nasdaq Composite) which returned +87.2% over the same period — a gap of -154.4 percentage points, far exceeding the 30-percentage-point trigger threshold for negative absolute TSR; the 5-year return of -71.8% versus the benchmark confirms this is sustained underperformance, not a transient trough, so no mitigant applies.
Dobrin has served since 2017, giving her full overlap with DV's severe 3-year stock decline of -67.2% versus the Nasdaq Composite Index (^IXIC — Nasdaq Composite) which returned +87.2% — a gap of -154.4 percentage points, far exceeding the 30-percentage-point trigger threshold; the 5-year return of -71.8% confirms sustained underperformance with no mitigating 5-year track record to offset the 3-year trigger.
For Analysis
Swidler joined the board in 2024, which is within the 24-month new-director exemption window, so the TSR underperformance trigger does not apply to him; he brings relevant financial and operating experience as CEO of Ascent Sports Group and no other disqualifying factors are present.
Of the three Class II director nominees, Noell and Dobrin are voted AGAINST due to their long tenures since 2017 and full overlap with DV's catastrophic stock underperformance (-154.4pp gap versus the Nasdaq Composite Index benchmark ^IXIC — Nasdaq Composite over 3 years, with negative 5-year returns confirming the underperformance is sustained). Swidler is exempt as a director appointed in 2024, within the 24-month new-director grace period.
Say on Pay
✗ AGAINSTCEO
Mark Zagorski
Total Comp
$11,814,232
Prior Support
98.0%%
CEO Mark Zagorski received total compensation of $11,814,232 in 2025, driven by $10,323,721 in stock awards including a $9,000,000 annual equity grant plus an additional $2,500,000 one-time retention RSU award tied to his employment agreement extension — all while DV's stock has declined 67.2% over three years versus the Nasdaq Composite Index (^IXIC — Nasdaq Composite) which gained 87.2%, a gap of 154.4 percentage points. The incentive pay was above benchmark levels (especially given the supplemental retention grant on top of the regular equity cycle) while shareholders experienced severe value destruction, meaning the pay-for-performance alignment test fails: executives received above-benchmark variable compensation while the stock dramatically underperformed its benchmark. Although prior Say-on-Pay support was 98% and the annual cash bonus was tied to real operational results (119% payout on revenue and EBITDA targets that were genuinely achieved), the scale of equity-based compensation awarded during a period of extreme stock underperformance is not aligned with the shareholder experience.
Auditor Ratification
✓ FORAuditor
Deloitte & Touche LLP
Tenure
7 yrs
Audit Fees
$2,060,624
Non-Audit Fees
$110,126
Non-audit fees (tax fees of $106,000 plus other fees of $4,126 = $110,126) represent approximately 5.3% of audit fees of $2,060,624, well below the 50% threshold that would trigger a concern about auditor independence; Deloitte's tenure of approximately 7 years (since 2019) is far below the 25-year threshold; no material restatements are disclosed; and Deloitte is a Big 4 firm appropriate for a company of DV's size and complexity.
Overall Assessment
DV's 2026 annual meeting presents a ballot where two of three director nominees are voted AGAINST due to sustained and severe stock underperformance against the Nasdaq Composite Index (^IXIC — Nasdaq Composite) benchmark during their long tenures, and Say-on-Pay is voted AGAINST because the CEO's substantial equity compensation — including a supplemental retention grant — is misaligned with shareholders who have experienced a 67.2% stock decline over three years. Only the auditor ratification draws a FOR vote, as Deloitte's fees and tenure present no independence concerns.
Compensation Peer Group
1 companies disclosed in 2026 proxy filing