Sustainability
Report2023

Table ofContents

01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02

Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03

SocialFOSTERING TALENT, NOW AND
IN THE FUTURE

04

BOARD OF DIRECTORS OVERSIGHTINSPIRING A CULTURE OF ETHICS
AND COMPLIANCE

CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGPROMOTING ANTICORRUPTION
PRACTICESOUR APPROACH TO WELLBEINGRESPECTING HUMAN RIGHTSENABLING EMPLOYEE HEALTHAND SAFETY

SAFEGUARDING TRUSTTHROUGH CYBERSECURITY ANDDATA PRIVACYENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

Governance05

ESG Data
ESG DATA AND METRICSNFRD INDEXAt Dolby, our dedication to creating
an equitable and sustainable future
is unwavering.
With a mounting climate crisis, adynamic macro-environment, andglobal uncertainty, Dolby’s ESG(environmental, social, and governance)
strategy comprises actionable steps
that yield measurable business results
and is the responsible thing to do.

Our cross-functional teams are
driving innovation throughout theorganization, generating positive
impact. This includes supporting our
employees and communities,
investing in initiatives promoting
inclusion and belonging, decarbonizing
our supply chain, and more.
We believe embracing the power oftransparency propels change.
Within this report, we share ourongoing journey and articulate ouraspirations, goals, and performance.

Introduction

Introduction
3

Introduction

01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 Governance

CEO Letter
At Dolby, our audiovisual technologies enable
creatives, content distributors and consumer
electronic companies to deliver the mostcompelling experiences in movies and TV shows,music, sports, user-generated content and gaming.
We are committed to growing our businessand conducting our business in a responsible
way. We firmly believe in the importance of ourEnvironmental, Social, and Governance (ESG) efforts.
In 2023, the world continued to adapt to an
unprecedented rate of change. This requires us toraise the bar on our efforts to build a better future — forour customers, for our partners, and for each other.
Business can be a positive force for change and our2023 Sustainability Report shares our journey.

BOARD OFDIRECTORS OVERSIGHTENVIRONMENTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE

Becoming a certified CarbonNeutral company by2030 remains at the forefront of our environmental
initiatives.

PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data
ESG DATA AND METRICSNFRD INDEXSUSTAINABILITYREPORT 2023

This year, we achieved validation of our emissions
reduction targets by the Science Based Target
initiative (SBTi), completed our first climate risk
assessment in alignment with the Task Force on
Climate-related Financial Disclosures (TCFD),
initiated a supplier engagement campaign tosupport our suppliers on their sustainability
journeys, and procured 100% renewableelectricity for our global operations for the second
consecutive year.

SOCIAL

Creating an environment where people can do theirbest work and investing in partnerships to create amore equitable future remains a key focus.
This year, we increased our employees’
engagement in Dolby Cares, expanded the reachof the Dolby Institute, and launched Dolby’s
University Engagement Program.
GOVERNANCE

Continued strong corporate governance is driven
by our commitment to integrity and promoting
long-term value for our stakeholders.
This year, we continued to invest in safeguards tosupport data privacy and to evaluate and adapt
our policies to ensure compliance with developing
regulations and best practices.
I’m grateful for the continued partnership of our
stakeholders and I’m proud of the passionate groupof people we have at Dolby who are committed
to this work. Creating a more sustainable andequitable world for generations to come is workthat will never be done.

Kevin Yeaman
President and Chief Executive Officer

Introduction

4

Introduction

01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data
ESG DATA AND METRICSNFRD INDEXSUSTAINABILITYREPORT 2023

About Dolby

Since 1965, Dolby has delivered innovations thatcreate spectacular experiences, becoming a leading
developer of audio and imaging technologies.
Headquartered in San Francisco, California,
Dolby has over 2,200 employees around theglobe. Employees share their talents and energy
to enable the most immersive experiences thataudiovisual technology can deliver and create ameaningful impact within our communities.

From movies and TV shows, music, sports,
user-generated content, and gaming, Dolby
creates spectacular experiences for billions ofpeople. We partner with artists, storytellers, andbusinesses to revolutionize entertainment, sports,
and digital experiences with Dolby Atmos, Dolby
Vision, Dolby Cinema, and Dolby.io.

5Introduction

01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTS

About this Report
This report is an annual progress
update on Dolby’s ESG performance.
Sustainability initiatives at Dolby,
including this annual report, aremanaged by a dedicated Sustainability
team and a cross-functional teamwith representatives from People,
Facilities, Legal, Engineering,
Cinema Products, and Finance.
REPORTING PERIODAll data reported relates to Dolby’s fiscal year 2023 (October 1,
2022 – September 29, 2023) unless otherwise noted. In someinstances, data and information related to Dolby’s ESG material
topics may include programs and activities underway or introducedin fiscal year 2023, as noted. The terms “2023” and “2024”
throughout the report represent Dolby’s fiscal year 2023 and fiscal
year 2024, respectively.

SAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data
ESG DATA AND METRICSNFRD INDEXSUSTAINABILITYREPORT 2023

6

Introduction

01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENTENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) MATERIAL TOPICS1

ASSURANCEIn 2023, Dolby’s Sustainability team participated in the company’s
Enterprise Risk Assessment process to contemplate emerging issues
and discuss ESG material topics. The team monitored the priorities of
stakeholders, including customers, suppliers, peer companies, investors,
and ESG ratings firms and engaged in discussions with internal leaders.
Through this process, the team validated the relevance of Dolby’s
existing ESG material topics, which are addressed in this report. Our
2023 ESG material topics are: Cybersecurity and Data Privacy; Diversity,
Inclusion, and Belonging (DIB); Employee Wellbeing; Energy andEmissions; and Social Impact.

Dolby is responsible for the preparation and integrity of the informationin this report. Dolby engaged Apex Companies, an independent third
party, to provide a limited level of assurance verification of our fiscal
year 2023 greenhouse gas (GHG) inventory. The scope of theirreview included Scopes 1, 2, and 3 GHG emissions, as well as energy
consumption and our 100% renewable energy commitment. More details
are available in our 2023 GHG Verification Statement.

REPORTING STANDARDS AND FRAMEWORKS

This report has been prepared following the Global Reporting Initiative(GRI) Standards. Disclosures are aligned with the Sustainability
Accounting Standards Board (SASB) Software and IT Services standard
and the European Union’s Non-Financial Reporting Directive (NFRD). Our
GRI, SASB, and NFRD disclosures are referenced in the ESG Data section.

ONLINE CONTENT

Additional content related to Dolby’s Sustainability and ESG efforts canbe found on our website.
CONTACT

Dolby invites stakeholders to provide feedback on the topics covered inthis report and on our website. Please submit questions or comments tosustainability@dolby.com.

GENERATING SOCIAL IMPACT

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data
ESG DATA AND METRICSNFRD INDEXThis report contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are identified by words such as “anticipates,” “aims,” “aspires,” “believes,” “commits,” “estimates,” “expects,” “intends,” “may,” “projects,” “plans,” “strives,” “could,” “should,” “will,” “continue,” and other similar expressions. All statements other than statements of historical fact could be forward-looking
statements, which speak only as of the date they are made, are not guarantees of future performance, and are subject to certain risks, uncertainties, and other factors, many of which are beyond our control and are difficult to predict.
Numbers and percentages used in this report are estimates or approximations and may be based on assumptions. We describe risks and uncertainties that could cause actual results to differ materially from those expressed in, or impliedby, any of these forward-looking statements in our SEC filings, including our most recent Annual Report on Form 10-K and our subsequent reports on Forms 10-Q and 8-K. Except as required by law, we do not intend to update or revise
any forward-looking statements as a result of new information, future events, or otherwise.
1 The use of “material” or “materiality” in this report is not intended to convey matters or facts that could be deemed “material” to a reasonable investor as referred to under U.S. securities laws or similar requirements of other jurisdictions,and we are not using these terms as they are used in the context of financial statements or financial and regulatory reporting.

SUSTAINABILITYREPORT 2023

7

Mitigating climate change and theimpacts it has now and in the future
requires action across multiple groups.
Dolby’s environmental efforts compriseinternal actions and engagement withexternal stakeholders including ourcustomers and partners, investors,
suppliers, and communities.
In 2023, we continued to drive
meaningful emissions reductions across
our operations and supply chain, andinvested in better understanding climate
risks and opportunities for Dolby.

We are steadfast in our goal to becomea certified CarbonNeutral® company
by 2030. We have continued to work
diligently on our long-term strategy,
including achieving 100% renewableelectricity for our global operations forthe second consecutive year. Also, we
have achieved third-party validation of
our science-based targets (SBTs) by the
Science Based Target initiative (SBTi),
consistent with our goal of contributing
to the effort to keep global warming to
1.5˚C above pre-industrial levels.

Environment

Environment
8

Environment

01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social

Prioritizing
Decarbonization Across
Our Operations

Our validated science-based targets
lay the foundation for impactful
emissions reductions.
In 2023, we received validation of our science-based targets (SBTs)by the Science Based Target initiative (SBTi). Our SBTs are led bycross-functional teams that are driving energy efficiency across ourfacilities, influencing change in business travel, reducing the emissions
associated with our cinema products, and partnering with our suppliers
to support their own sustainability journeys.

FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data
ESG DATA AND METRICSNFRD INDEXSUSTAINABILITYREPORT 2023

9

Environment

01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data

Our Validated Science-Based Targets (SBTs)

65%
30%
55%
58%

reduction of absolute scope 1 and 2
GHG emissions by FY2030 from a
FY2019 base year.

reduction of absolute scope 3 GHG
emissions from fuel-and-energyrelated activities and business travel
by FY2030 from a FY2019 base year.

reduction of scope 3 GHG emissions
from use of sold products per unit soldby FY2030 from a FY2019 base year.

of our suppliers (by emissions)setting their own SBTs by the end
of CY2027.

ESG DATA AND METRICSNFRD INDEXSUSTAINABILITYREPORT 2023

10

Environment

01 Introduction
CEO LETTERABOUT DOLBYCREATING WORK ENVIRONMENTS WITH SUSTAINABILITY IN MINDABOUT THIS REPORT

We’re evolving our office spaces to enable collaboration, create
vibrancy, and improve energy efficiency.

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONS

Dolby’s offices continue to be our hubs of innovation. In 2023, weredesigned office spaces in San Francisco and Nuremberg to serve
as centers for community and collaboration. As part of this design,
we consolidated from 16 floors to 10 floors at our San Francisco
office, which resulted in energy and cost savings, supporting ourefforts to operate in a more sustainable way.

COMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

46% of our office square footage is LEED certified (Leadership in
Energy and Environmental Design) and it’s our goal for all future
office space to be green building certified.

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGING

We have ongoing initiatives in our offices to reduce energy
consumption and associated emissions. For example, at our officein Sydney, Australia, our team is constantly looking to drive
efficiencies and recently reduced power consumption significantly
by automating computer systems to hibernate when not in use.

OUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 Governance

In Germany, our employee-led Green Team embraces the notionthat every action matters, no matter how small. This team, whose
passion is environmental sustainability, has instituted energy saving
measures, provided employee education on how to recycle
obsolete phones, and promoted commuting by bicycle to reduce
employee commute emissions.

BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACYIn Poland, our team implemented a program for office electronics
to be re-purposed through refurbishment and donation. To
promote energy efficiency, employees increased the monitoringof lab equipment to ensure that when equipment is not in use it ispowered down and decreased the number of switches related to thecorporate network, further reducing power consumption.

05 ESG Data
ESG DATA AND METRICSNFRD INDEXSUSTAINABILITYREPORT 2023

Dolby’s German Green Team fosters environmental
awareness and action in the workplace.

11

Environment

01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social

PRIORITIZING CARBON-EFFICIENT BUSINESS TRAVELOPTIMIZING OUR CINEMA PRODUCTS FOR IMPROVED EFFICIENCY

Dolby’s Travel team is focused on reducing travel-related emissions andproviding carbon-efficient travel options. We prioritize the use of airlines
with emissions reduction targets, plans to modernize their fleets and add
sustainable aviation fuel into their fuel mixes. In 2023, we embedded
sustainable travel tips in our travel booking tool and made hybrid vehicles
and EVs available in our car rental options.

Our Cinema Products, Engineering, and Sustainability teams developed ourscience-based target (SBT) to reduce the emissions intensity of our cinema
product portfolio. Additionally, in 2023 we completed our first circularity
assessment to uncover opportunities to improve the sustainability of ourcinema products and will expand on this work in 2024.

In 2024, we plan to enhance policies to highlight sustainable businesstravel, digitally distribute an eco-friendly travel handbook, and invest in
software to improve the accuracy and aggregation of our travel data.

FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

Dolby’s Integrated Media Server
IMS3000 provides the processing
capabilities of two units by combining
a digital cinema imaging server andcinema audio processor into one
multifunctional solution. This better
meets our customers’ needs andreduces our manufacturing complexity.
During the design process of the
IMS3000, we were also able
to optimize for simplified installation,ease of use, and lower overall
power consumption.

ENABLING SUSTAINABILITY IN OUR SUPPLY CHAIN

In 2023, we launched a supplier engagement initiative to make progresson our Purchased Goods and Services and Capital Goods SBT, which is tohave 58% of our suppliers (by emissions) set their own SBTs by the end of
CY2027. We identified our top suppliers by emissions and are engaging
them wherever they are on their sustainability journey. We’re providingthem with tools and support to assist in a myriad of ways — from third-party
greenhouse gas inventory development to analytics and benchmarking
support. We believe this initiative will strengthen our relationships with
suppliers, improve the quality of our supplier emissions data, and ensurethat we’re on track to meet our target and accelerate positive change.

05 ESG Data
ESG DATA AND METRICSNFRD INDEXSUSTAINABILITYREPORT 2023

12

Environment

01 Introduction
CEO LETTER

FY2023 CARBON FOOTPRINTABOUT DOLBYABOUT THIS REPORT

975

02 Environment

SCOPE 1 — DIRECT
FUEL-BASED CONSUMPTIONPRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONS

846

COMMITTED TO
RENEWABLE ENERGY

0SCOPE 3 — OTHER2

OUR JOURNEY TO
CARBON NEUTRALITYSCOPE 2 — PURCHASEDELECTRICITY (MARKET-BASED)ASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGING

28,271SCOPE 3 — USE OF
SOLD PRODUCTS

OUR APPROACH TO WELLBEING

83,980MT CO2e

ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT

35,500SCOPE 3 — PURCHASEDGOODS & SERVICES

GENERATING SOCIAL IMPACT

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data
ESG DATA AND METRICSNFRD INDEX

1,202

SCOPE 3 — DOWNSTREAM
TRANSPORTATION &DISTRIBUTION

3,380

1,581

SCOPE 3 — EMPLOYEECOMMUTE & WORKFROM HOMESCOPE 3 — CAPITAL GOODS8,690

SCOPE 3 —BUSINESS TRAVELSUSTAINABILITYREPORT 2023

3,535

SCOPE 3 — UPSTREAM
TRANSPORTATION &DISTRIBUTION

2 Other includes: Fuel- and Energy-Related Activities (FERA), Waste, Upstream Leased Assets, End-of-Life Treatment of Sold Products, andDownstream Leased Assets.

13

Environment

01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESRESPONSIBLY DISPOSING OF OUR WASTE

At Dolby, we account for our traditional office waste, electronic waste,and hazardous waste.
In 2023, we made strides in reducing waste at our largest offices. We added
compost receptacles and transitioned from single-use items to reusablesin the kitchens and breakrooms at our second largest office in Sunnyvale,
California. Additionally, we initiated the transition to reusables in all kitchenareas at our largest office in San Francisco, California in 2024.

COMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT

This past year, we

EXPANDED

We’re also working to minimize the amount of e-waste reaching landfills
by maximizing the use of refurbishment, recycling, and resale programs
to extend equipment life. This past year, we expanded our e-waste
collection practices to all our offices around the world. This enables us
to maximize refurbishment and resale of our electronics, as well as tohave visibility into where our e-waste ends up. Our Environmental, Health,and Safety (EHS) team ensures the responsible disposal of all hazardous
materials across our operations and provides regular training on
how to properly dispose of hazardous and e-waste, as well as compliancewith environmental regulations, hazardous waste removal, and site
remediation work.
For information on how to dispose of Dolby products in a responsible
manner, please find resources on our website.

our e-waste collection practices
to all our offices around the world.

GENERATING SOCIAL IMPACT

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data
ESG DATA AND METRICSNFRD INDEXSUSTAINABILITYREPORT 2023

14

Environment

01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data

Dolby’s LEED Gold certified
headquarters buildingin San Francisco features
eco-friendly landscaping.

MINIMIZING OUR WATER CONSUMPTION

We believe that every drop of water counts and attention todetail matters.
With global offices in water-stressed regions, we understand theimportance of water conservation. For example, while we have arelatively low water-consumptive business, we continue to trackwater consumption at our largest sites, are working to improvewater data collection at our smaller locations and continue toexplore ways to improve our water-saving practices. In 2023, wereduced water consumption for outdoor plants and green areas
by 53% at our San Francisco headquarters by implementing moreconservative irrigation schedules and enhancing other operational
systems. This is a great example of how seemingly small changes
can have significant long-term impacts. Our water consumption
metrics can be found in the ESG Data section.

We reduced water
consumption for outdoor
plants and green areas by53%
at our San Francisco
headquarters.

ESG DATA AND METRICSNFRD INDEXSUSTAINABILITYREPORT 2023

15

Environment

01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data
ESG DATA AND METRICSNFRD INDEXSUSTAINABILITYREPORT 2023

Committed toRenewable Energy
The transition to clean electricity continues
to be a priority at Dolby.
We actively seek opportunities to power our operations with clean electricity
directly from the local utility wherever possible, and our largest electricity
consuming sites in San Francisco and Sunnyvale, California are both part ofcommunity choice aggregation programs and are fully powered by solar
and wind energy. Currently, our solar installation in Sunnyvale generates
approximately 46% of the site’s electrical load. Additionally, we are installing
battery storage to enhance business resiliency against power outages andother emergency situations.
We aim to procure renewable electricity at the site level wherever possible.
Where it is not available, we purchase unbundled, third-party verified energy
attribute certificates (EACs) to cover the electricity used in that region. In
2023, we purchased 6,388 MWh of EACs which enabled us to achieve 100%
renewable electricity globally for the second year in a row.
In 2023, Dolby became an official partner to the United States Environmental
Protection Agency (EPA) Green Power Partnership which encourages
organizations to use green power voluntarily to protect human health andthe environment.

We achieved our goal of100%
renewable electricity forthe second year in a row.

We’re increasing our power
generated from renewableelectricity. In April 2023, ourfirst solar installation went liveat our location in Sunnyvale,
California (shown above). Checkout this video to learn more.
16

Environment

01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

Our Journey to
Carbon Neutrality

Our goal to become a certified CarbonNeutral®
company is grounded in an emissions
reduction-first approach, as reducing emissions arecentral to any environmental goal.
As a global company, our carbon offset strategy includes investing in a
combination of avoidance and removal projects around the world. For the fourthconsecutive year, in 2023, we received CarbonNeutral Business Travel certification
for procuring carbon offsets in equal amount to our business travel emissions.

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data
ESG DATA AND METRICSNFRD INDEXSUSTAINABILITYREPORT 2023

17

Environment

01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGY

We select high-quality, third-party-verified carbon offset projects
that also provide numerous co-benefits to the local communities inwhich they operate. These project outcomes are in alignment with
the UN’s Sustainable Development Goals. Learn more about the
projects we support here.

Dolby also provides charitable grants to organizations that are working
to improve the environment, including GRID Alternatives, a nonprofit
organization that creates and installs solar projects thatserve low-income households globally and provides hands-on solar
training to connect people to clean energy jobs.

OUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data
ESG DATA AND METRICSNFRD INDEXSUSTAINABILITYREPORT 2023

18

Environment

01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data
ESG DATA AND METRICSNFRD INDEXSUSTAINABILITYREPORT 2023

Assessing
Climate Risks andOpportunities

Transparency regarding climate-related risks andopportunities is critical to maintaining our
stakeholders’ trust and allows our investors to better
understand the implications of climate change on
our business.
We’ve adopted the recommendations of the Task Force on Climate-related Financial
Disclosures (TCFD) and completed the company’s first enterprise-wide climate risk
assessment. The assessment involved internal stakeholders from relevant functions acrossthe company who completed surveys and participated in interviews to evaluate Dolby’s
risks and opportunities related to climate change and global decarbonization. In 2024,
we will complete a climate risk scenario analysis to build a further refined understandingof the potential quantitative business impacts.

19

Environment

01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

Committed to Data Integrity and Transparency
We’ve continued to prioritize
improvements to the company’s
ESG reporting processes.
We believe that transparency drives progress and areworking to increase disclosures across our operations. Our
Sustainability team, Internal Audit team, and subject matter
experts across the company work together to ensure thecompleteness and accuracy of the ESG information wereport. We continuously assess, analyze, and update our data
to ensure stakeholders have an accurate depiction of ourperformance and progress.
Disclosing ESG data is a crucial component in earning trustfrom our stakeholders, which is why we report in alignment
with the leading frameworks, including CDP (previously
known as Carbon Disclosure Project), Task Force on Climaterelated Financial Disclosures (TCFD), Global Reporting
Initiative (GRI), Sustainability Accounting Standards Board(SASB), and the European Union’s Non-Financial Reporting
Directive (NFRD). In addition, we are actively preparing tomeet ever-increasing reporting regulations in the UnitedStates and Europe.

05 ESG Data
ESG DATA AND METRICSNFRD INDEX20SUSTAINABILITYREPORT 2023

At Dolby, we believe that whenpeople are empowered, they can
become powerful agents for progress.
Creating social impact requiresthat we cultivate communities thatprioritize continuous learning,
advocate for fairness and wellbeing,
and invest in local and global efforts.
We’re making progress on ourjourney to create a different future
by proactively engaging with thenext generation of talent, designing
an inclusive and equitable future ofwork, and activating our employees togenerate exponential impact.

Social21

Social01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE

Dolby’s Youth and Young Adult Education partnerships help bridge the journey from classroom to career.

CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data
ESG DATA AND METRICSNFRD INDEXSUSTAINABILITYREPORT 2023

Fostering Talent, Now and in the Future
We’re creating opportunities for the next generation of content creators to explore how theart of storytelling can bring an audience together.
EDUCATING YOUTH AND YOUNG ADULTS

Our Youth and Young Adult Education partnerships offer skills development
and mentorship opportunities for students and early-career professionals inscience, technology, engineering, arts, and mathematics (STEAM).
Through employee time and corporate grants, we cultivate long-term
partnerships with educational institutions and non-profit organizations,
including: Arts, Media, and Entertainment Institute, Women’s Audio Mission,
IGNITE Worldwide, Inneract Project, and Girls Make Beats.
With these partners, we co-design and implement strategies that support
the journey from classroom to career. We provide access and training
on industry-grade technologies, exposure to career paths in the media,

entertainment, and technology industries, and connections to the industry foreducators and instructors.
As a result of our relationship with the Women’s Audio Mission, over 20 WAM
graduates participate on an ongoing basis in our Advanced Technology
Group’s Scientific Assessment Operations program. This unique partnershipallows Dolby to boast a balanced 50/50 gender demographic for subjective
assessment experiments, enabling us to consistently provide data andfeedback from a female perspective—a distinctive capability in the tech industry.
Additionally, we have hired WAM graduates into full-time positions throughout
the company.
22

Social01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data
ESG DATA AND METRICSNFRD INDEXEmerging filmmakers engage
with advanced technology
on set, bringing fresh
perspectives to the screen
through the “New Voices. New
Visions.” program.

EMPOWERING THE NEXT GENERATION OF CONTENT CREATORSThe Dolby Institute was founded ten years ago with the aspiration
to inspire and amplify creativity worldwide.
Since then, thousands of next-generation content creators,
underrepresented students, and early career professionals globally
have had the opportunity to be immersed in Dolby technologies
and apply them to their stories.
Dolby Institute education programs offer educational institutions
worldwide the necessary resources to upskill their faculty andteach students, providing access to Dolby technologies throughcurriculum, training, and software. There are currently 100+ Dolby
Institute academic partners teaching Dolby Atmos and Dolby
Vision in 30+ countries globally.
The annual Institute’s “New Voices. New Visions.” program, inpartnership with Ghetto Film School, invites emerging filmmakers
from all over to submit their unique stories.
In 2023, four filmmakers were selected for our Year 2 writers retreat
and awarded a $25,000 USD grant to make their film. They received
hands-on scripting to production guidance and post-production
training with Dolby Vision and Dolby Atmos. These storytellers
workshopped their scripts with award-winning director, writer, andproducer Carlos López Estrada and celebrated the premiere of
their films in Los Angeles.
Through the Dolby Institute’s Music Accelerator Program, emerging
music creatives receive hands-on education, mentorship, andonline resources from Dolby professionals and industry experts tocreate original music in Dolby Atmos, equipping them with skills tojumpstart their careers as Dolby Atmos Music creators.
Learn more about how the Dolby Institute is inspiring the next
generation of creatives.

SUSTAINABILITYREPORT 2023

23

Social01 Introduction
CEO LETTERABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT“

The program includes an internship program for students working towards
a PhD degree in computer science, electrical engineering, computerengineering, music technology, or related fields, and students are mentored
by renowned industrial research experts in audio, imaging, multimodal,and data and media delivery technologies.

Dolby is really giving UMass
Amherst College of Information andComputer Sciences (CICS) students
unprecedented leeway. Their willingness tomake many of their researchers available
for mentorship for students to pursue theirinterests and passions is an extraordinary
opportunity that should provide
extraordinary learning and professional
development opportunities to our students.

In 2023, nearly 200 Dolby interns worked side-by-side with industry leadersand our employees on projects across the business. Over the past three years,
we have hired approximately one third of eligible interns in full-time positions
throughout the company.

— DR. SHLOMO ZILBERSTEIN, CICS PROFESSOR AND FORMERASSOCIATE DEAN FOR RESEARCH AND ENGAGEMENT, UNIVERSITY
OF MASSACHUSETTS, AMHERSTENGAGING WITH UNIVERSITIES AND FUTURE TALENT

Through Dolby U, our companywide internship program, we’re building
relationships with universities and organizations to create opportunities forcandidates from all backgrounds.
In 2023, we launched Dolby’s University Engagement Program. Throughthis program we’re fostering long-term R&D collaboration with world-classuniversities including the University of Massachusetts, Amherst, Northwestern
University, and University of Maryland.

“

ABOUT DOLBY

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data
ESG DATA AND METRICS

Dolby U interns
unite for community
service, embodying
our commitment tonurturing future talentand fostering diverse
opportunities in tech.

NFRD INDEXSUSTAINABILITYREPORT 2023

24

Social01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social

Cultivating
a Culture of
Inclusion andBelonging

We’re investing in an environment that enables the best
ideas to come from anywhere.
Fostering a culture of inclusivity and belonging that encourages collaboration across every level isfoundational to who we are. When people feel supported in showing up authentically in the workplace, they
become catalysts for innovation. We strongly believe that diversity of experience and backgrounds is criticalto our business.
This sense of belonging enables our employees to explore new possibilities, challenge conventions, andbecome the driving force behind the creation of new ideas, solutions, and technologies that contribute topositive change.

FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data
ESG DATA AND METRICSNFRD INDEXSUSTAINABILITYREPORT 2023

Dolby employees celebrate the beginning of an exciting journey at New Employee Experience Day.

25

Social01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data
ESG DATA AND METRICSNFRD INDEXSUSTAINABILITYREPORT 2023

At the heart of our social initiatives are our dedicatedemployees. Dolby’s 14 Employee Networks (ENs)focus on multiple dimensions of gender, racial, andexperiential diversity and are open to all employees,
regardless of personal identities.
Annually, ENs create a strategy and an action plan.
Plans include internal community building and somealso support our employer brand and recruiting efforts
by increasing awareness of Dolby.
Through our ENs, employees build connections, raise
cultural awareness, and work with Dolby leadershipto advance diversity, inclusion, and belonging (DIB)
initiatives in our workplace. EN leaders and committees
host various events throughout the year, including
cultural celebrations, customized professional
development, book clubs, and mentorship initiatives,often partnering together highlighting intersectionality
between groups.
In 2023, Dolby’s ENs engaged employees around theworld. Our Women’s Empowerment group hosted
a celebration of International Women’s Day in which
global offices held panel discussions, leadershiptraining, and networking events. Obsidian, our Black
employee network, hosted a celebration of the50th Anniversary of Hip Hop with music and dance
performances and a panel discussion, and Mundo,
our Latinx employee network, co-hosted a BIPOC Filmfestival showcasing underrepresented content creatorswith a film premiere and red-carpet experience in our
Dolby Cinema at our San Francisco office.

26

Social01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 GovernanceIn 2023, we created a curriculum on understanding andmitigating bias for all hiring managers and interview
teams. This Hiring Manager Training course provides
managers and interview teams with skills
on how to identify, address, and prevent unconscious
bias in the hiring process and in the workplace andsets clear expectations around how we approach hiring
at Dolby.
This approach spans our business practices. We
continue to maintain our commitment to equitablecompensation practices, and we pay based on thework. Annually, we analyze pay differences between
groups (gender globally and ethnicity in the U.S.),
to ensure our pay is equitable.
The pursuit of authentic belonging is an ongoing
journey, and we believe it is work that is never done.
We’re committed to evolving our efforts by drawing on
our successes, leveraging our lessons for the better,and challenging ourselves to speed up progress.

BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data
ESG DATA AND METRICSNFRD INDEXSUSTAINABILITYREPORT 2023

27

Social01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORTEMPLOYEE DEMOGRAPHICS — GLOBAL GENDER

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

ALL EMPLOYEES
69.5%

DIRECTOR-LEVEL MANAGERS AND ABOVE
30.1%

0.4%

79%

20.8%

0.3%

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 Governance
BOARD OFDIRECTORS OVERSIGHT

NON-TECHNICAL ROLESTECHNICAL ROLES
81.7%

18%

0.3%

58.6%

40.9%

0.4%

INSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data
ESG DATA AND METRICSNFRD INDEXSUSTAINABILITYREPORT 2023

Men

Women

Non-Binary

Data as of September 2023. Please see the ESG Data section for historical data. Numbers may not sum due to rounding.

28

Social01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORTEMPLOYEE DEMOGRAPHICS — U.S. RACE AND ETHNICITY

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCYALL U.S. EMPLOYEESDIRECTOR-LEVEL MANAGERS
AND ABOVETECHNICAL ROLESNON-TECHNICAL ROLES

0.2%

0.0%

0.2%

0.1%

or Alaska Nativeor Alaska Nativeor Alaska Nativeor Alaska Native

Native American

Native American

Native American

Native American

0.6%

0.0%

0.0%

1.0%

2.9%

1.6%

2.4%

3.1%

3.1%

2.3%

1.8%

4.0%

8.2%

4.7%

5.5%

9.8%

32%

21.9%

35.8%

29.6%

NFRD INDEX

53.1%

69.5%

54.3%

52.4%

SUSTAINABILITYREPORT 2023

Data as of September 2023. Please see the ESG Data section for historical data. Numbers may not sum due to rounding.

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESNative Hawaiian orPacific Islander

Two or More Races

Black orAfrican American

Hispanic or Latino

Native Hawaiian orPacific Islander

Two or More Races

Black orAfrican American

Hispanic or Latino

Native Hawaiian orPacific Islander

Two or More Races

Black orAfrican American

Hispanic or Latino

Native Hawaiian orPacific Islander

Two or More Races

Black orAfrican American

Hispanic or Latino

RESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data
ESG DATA AND METRICS

Asian

White

Asian

White

Asian

White

Asian

White

29

Social01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT

Our Approach to Wellbeing
We’re providing our employees access to skills that enable holistic wellbeing.
Our Wellbeing program is rooted in enabling our employees to do their best
work, which includes employees’ physical, mental, social, and financial wellbeing.
Our fitness program includes global programming, an onsite Fitness Center at
our office in San Francisco, and a subsidy or other similar benefit for all other
employees. In 2023, through our Couch-to-5K Training Program, employees
from 10 different countries came together in-person and virtually to prepare toparticipate in an organized 5K run or individually in their local community.
Through financial literacy courses, we provide employees with access tofinancial skills development. This year, more than 300 employees participatedin financial wellbeing courses which ranged from financial planning, tax
planning strategies, understanding the transition to retirement, and more.

In 2023, we expanded access to Dolby’s enhanced mental wellbeing benefits
to employees based outside of the U.S. The platform-based program provides
fast, easy connection to mental health coaches and therapists as well as ahost of digital resources — a truly modern take on the traditional Employee
Assistance Program (EAP). Additionally, we implemented manager workplacemental health trainings and continued to offer space for wellbeing check-ins
during employees’ mid-year and year-end performance conversations.
Our wellbeing community is driven by partnerships with internal teams anda global network of Wellbeing Representatives who share knowledge andprograms with employees in their regions.

GENERATING SOCIAL IMPACT

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data
ESG DATA AND METRICSNFRD INDEXSUSTAINABILITYREPORT 2023

30

Social01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data

Enabling
Employee Healthand Safety
We’re addressing environmental,
ergonomic, and regulatory
considerations through workplacesafety best practices.
To ensure the continued health and safety of employees, ourinitiatives incorporate customized and group-oriented preventative
measures. These initiatives help promote compliance with awide variety of workplace safety requirements. We leverage risk
assessments, policy development and deployments, andemployee training to safeguard employees’ wellbeing andminimize harmful impacts.
In 2023, we strengthened our ergonomics program by increasing
global access to virtual, self-guided, and expert-guided
assessments. Our Ergonomics Help Desk provides employeeswith personalized, hands-on advice from a specialist, andnew employees are provided a stipend to help them properly
outfit their remote work set-ups.

ESG DATA AND METRICSNFRD INDEXSUSTAINABILITYREPORT 2023

31

Social01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data
ESG DATA AND METRICSNFRD INDEXSUSTAINABILITYREPORT 2023

Engaging Employees throughLearning and Development
We continue to invest in employee growth and development andorganizational resiliency.
Our Learning and Development approach encompasses
traditional employee-guided learning and investing in a
multimodal approach to learning that facilitates skill-building
and enables employees to achieve better results.
We’re working to equip employees and leaders across thecompany with opportunities to increase their capacity andstrengthen their skills with programs that include coachingpartnerships with BetterUp, internal development of courses
designed to help managers navigate the hiring process while
reducing bias, the creation of a performance management
hub and toolkit for managers to better support employee
performance, global harassment prevention training, and online
learning curricula powered by LinkedIn Learning.
We continue to have conversations at all levels of the company
about focusing on our highest priority work and driving
impact. One of the key drivers to our success is being clear on
our focus and being open about what is going well, what could
be better, and taking action on those conversations and ideas.

To facilitate an open dialogue, we complete a company-wide
Perspectives Survey each year. Through this survey, we seek
feedback, reflect on our impact, and dynamically adjust ourapproach. Encouraging open and honest conversations, sharing
ideas, and working together helps us to find new and innovative
solutions to create the future we want.

In our 2023 survey, the Motivation andCommitment scores showed an83%
favorability, indicating that employees
remain highly engaged and connected to
our work and each other.

32

Social01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

Generating
Social Impact
We’re engaging our
employees, resources, andtechnology to reduce social
inequities and address themost pressing needs in thecommunities where we workand live.
We have a responsibility to drive positive social
impact in the communities where we work andoperate. Our high-touch approach to partnerships
encompasses providing charitable grants, volunteer
support, and in-kind donations.
The focus of our partnerships and grants areorganizations that address social and educational
inequities and environmental restoration andpreservation.

05 ESG Data
ESG DATA AND METRICSNFRD INDEXSUSTAINABILITYREPORT 2023

33

Social01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY

In 2023,56%
of Dolby employees
participated in the
Dolby Cares Program.

In 2023, grantees included the Center for Disaster
Philanthropy to support intermediate and long-term recovery
in disaster impacted communities, to the Arts, Media, andEntertainment Institute to provide industry-standard learningand development for educators, and to One Tree Planted torestore forests and create habitat for biodiversity.
We engage our employees in strengthening Dolby’s internaland external communities through our Dolby Cares program.
We offer giving, volunteering, and learning opportunities
locally and globally, in partnership with Employee Networks,
business groups, and Dolby Cares Leaders.
In 2023, 56% of Dolby employees participated in the Dolby
Cares Program. This is a significant year over year increasein employee participation in giving and volunteer programs,
driven in part by our return to large in-person volunteer
events and associated giving opportunities.

Some of the impactful Dolby Cares projects included
assembling prosthetic hands for amputees at our global Tech
Summit, building mini homes for the unhoused in Germany,and beautifying canals, rivers, and nature preserves in Ireland,
Australia, and the United States.
We also provide a company match of up to $5,000 USD for
employee donations to eligible causes and up to $1,000
USD for volunteer time to amplify the impact our employees
are making both inside and outside of work. We believe that
supporting our employees in giving back to the causes theycare about is an important contributor to the wellbeing of ouremployees, our company, and our global communities.

ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data
ESG DATA AND METRICSNFRD INDEXSUSTAINABILITYREPORT 2023

Dolby employees in Irelandrolled up their sleeves tohelp beautify the banks of
the Royal Canal in Dublin.
34

Social01 Introduction
CEO LETTERABOUT DOLBYSOCIAL IMPACT DATAABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data
ESG DATA AND METRICSNFRD INDEX

Dolby Beijing employees champion
Adoption Day to secure loving
homes for stray animals.

$5.4M
Company Contributions ($USD)(Financial Grants and Matching Contributions throughthe Dolby Charitable Fund and the Company)

56%

Employee Participation in Dolby
Cares Programs(Volunteerism, Community Education, andFinancial Giving)

7,100+
Community Engagement Hours(Dolby Sponsored Events and Volunteer Hours Tracked
by Employees)
SUSTAINABILITYREPORT 2023

35

Dolby’s governance practices
are driven by our commitment tointegrity and promoting long-termvalue for the stakeholders we serve— from customers, to employees, toshareholders. Our values are integrated
into our innovation principles, businessdecisions, and procurement choices.
Dolby’s Board of Directors andExecutive Leadership Team play anactive role in promoting continued
compliance with regulations and robust
and resilient governance practices.

We hold ourselves, our suppliers,and partners to rigorous ethicalstandards. Accountability for ethicalbehavior, investing in safeguards tosupport data privacy, and Board of
Directors oversight are some of theways we ensure integrity and trust in
all our interactions. Dolby continually
evaluates and adapts our policies topromote compliance with developing
regulations and best practices,
including recently amending our
executive compensation “clawback”
policy, Rule 10b5-1 trading plan policy,
and bylaws.

Governance

Governance36

Governance

01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data
ESG DATA AND METRICS

Board of Directors Oversight
Our Board of Directors oversees and monitors governance issues, including Board
independence, Board composition and refreshment, executive and Board compensation,
succession planning, and ESG (environmental, social, and governance) matters.
Dolby’s Board of Directors also oversees
and monitors our corporate strategy,
risk management, performance,and executive management. Ourcurrent committees include Audit,
Compensation, and Nominating andGovernance, each of which is wholly
comprised of independent directors.
We also have a Stock Plan Committee
and an ad hoc Technology Strategy
Committee, both of which include
independent directors.

Through our Compensation Committee,
our Board of Directors provides
oversight of executive compensation,
our broad-based equity compensation
program, and human capitalmanagement. Our Nominating andGovernance Committee works with theBoard of Directors on management
succession and oversees Environmental,
Social, and Governance (ESG) matters.
Our Audit Committee oversees
compliance and cybersecurity matters.
The Board and Board committees
are supported in these efforts by the
Executive Leadership Team, as well as
the People and Places, Legal, and Ethics
and Compliance teams.

Board composition as of March 2024. For more information on Dolby’s Boardand governance, please see our 2024 Annual Meeting Proxy Statement.

8 6
2 4
Board
Members

Independent
Members

Directors
are women

Identify with
one or morediverse groups inethnicity or race

NFRD INDEXSUSTAINABILITYREPORT 2023

37

Governance

01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

Inspiring a
Culture of Ethics
and Compliance

At Dolby, we’re creating an environment where
ethics are woven into the fabric of our everyday
decision-making.
We have an established Ethics and Compliance Office that develops and maintains an ethics
and compliance program, which reinforces ethical and legally compliant behavior and isultimately responsible for preventing, detecting, and addressing unethical conduct. This Office
is comprised of attorneys and corporate compliance professionals dedicated to promoting aculture of corporate compliance, responsibility, and integrity.

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data
ESG DATA AND METRICSNFRD INDEXSUSTAINABILITYREPORT 2023

38

Governance

01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data

CODE OF CONDUCTOur Code of Business Conduct and Ethics(“Code of Conduct”) is the foundation of
our ethics and compliance program andguides how we conduct ourselves in our
relationships with our stakeholders andwith one another.
The Code of Conduct includes Dolby’s
perspective on social and environmental
initiatives and our approach to supplierand third-party compliance in the areasof anticorruption, responsible sourcing,sustainability, and human rights. We
expect everyone working on our behalf,
including employees, contractors, andBoard members, to comply with our Codeof Conduct and observe our legal andethical standards.
In 2023, we achieved a 99.8% completion
rate for the Code of Conduct training.
This training aims to reinforce the mostimportant topics in our Code of Conduct,such as: gifts and entertainment, conflictsof interest, anticorruption, insider trading,and protection of our intellectual property.
The Code of Conduct course fosters acommon understanding of what ethicaland legal behavior means at Dolby andemphasizes the importance of speaking
up when we encounter or suspect
unethical or illegal behaviors. The Codeof Conduct training (available in eightlanguages) is a bi-annual mandatory
course for all Dolby employees.
Additionally, employees periodicallycomplete training and education on key
ethics and compliance topics.
In 2023, our Ethics and Compliance
Office launched Dolby’s first Global Ethics
Awareness Day. The theme for theday, Immersed in Integrity, reinforced ourbelief that ethics should be a part of every
decision made and activity performedat Dolby. The day was filled with fun andcreative ways for employees to engage andlearn more about our compliance policies
and procedures, including a crossword
competition, case study, and podcast, while
getting to know the Ethics and Complianceteam better.

In 2023, we achieved a

99.8%
completion rate for the Code of
Conduct training.
ETHICS HOTLINE

We recognize the importance of providing
a safe and accessible forum for our
employees or third parties to share any
concerns they might have. If employeesor third parties have a concern, they canreport it via phone or online to our Ethics
Hotline, which is operated by a third party
and available 24 hours a day, seven days aweek. Reports may be filed anonymously,
where permitted by local law. Whenconcerns are raised via our hotline or
any other channel, they are managed by
our Ethics and Compliance Office. Moreinformation on our Ethics Hotline can befound in our Code of Conduct.

ESG DATA AND METRICSNFRD INDEXSUSTAINABILITYREPORT 2023

39

Governance

01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data
ESG DATA AND METRICSNFRD INDEXSUSTAINABILITYREPORT 2023

Promoting Anticorruption
Practices
We conduct business with integrity, anddo not tolerate corrupt behavior, including
bribery or kickbacks.
As part of our broader commitment toethical working practices and adherence toapplicable anticorruption laws, including
the U.S. Foreign Corrupt Practices Act andthe UK Bribery Act, Dolby has a global
anticorruption program which includes
governance mechanisms to ensure that our
Anticorruption Policy is followed by both
our employees and business partners. We
also mandate anticorruption training on abiannual basis for a subset of employeeswith related job activities. Learn more about
our Anticorruption Policy here.
Our Ethics and Compliance Officemanages our Partner Risk Assessment
and Due Diligence (PRADD) program.
This program enables Dolby to identify ordetect fraud, corruption, bribery, humanrights violations, and other risks before we

engage in business with third parties andthroughout their life cycle. The PRADD
program includes a predictive algorithm
that enables the identification of highrisk partners based on variables suchas geography, nature of business, andgovernment interaction. The algorithm
generates a risk score for each partner,
which is used to determine the appropriate
level of due diligence review. High-risk
partners receive the most robust andcomprehensive investigative reviews. We
continue to drive operational changes toensure that we conduct this due diligence
review of our partners at the first point ofengagement with Dolby’s operations.

40

Governance

01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

Respecting Human Rights
We recognize our responsibility for global humanrights standards across our company, operations, andsupply chain.
Dolby supports the principles establishedunder the United Nations Universal
Declaration of Human Rights andprohibits the employment of underagechildren, forced labor, and humantrafficking, as well as any form of physicalpunishment or abuse. We expect suppliers
throughout our global supply chain toshare our commitment to the same highstandards. Our Business Partner Codeof Conduct applies clear requirements
and expectations for all Dolby suppliers,
vendors, and other business partners
related to human rights, the environment,
responsible material sourcing, andresponsible business practices.

We comply with the conflict minerals
requirements associated with the DoddFrank Act and have a dedicated conflictminerals project team comprised ofrepresentatives from our Engineering,
Legal, and Procurement teams who provide
oversight of our conflict minerals program.
We are also committed to complying with
the UK Modern Slavery Act of 2015 andhave taken steps to ensure modern slavery
and human trafficking do not play a role inour business.
Our policy statements addressing these
initiatives are available on our website
using the links below.
Conflict Minerals Policy
Modern Slavery Act
Transparency Statement

05 ESG Data
ESG DATA AND METRICSNFRD INDEXSUSTAINABILITYREPORT 2023

41

Governance

01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 Governance

Safeguarding Trustthrough Cybersecurity
and Data Privacy
Securing our data and protecting privacy areimportant to safeguarding our business and thetrust of our stakeholders.
DRIVING CONTINUOUS IMPROVEMENT IN CYBERSECURITY

Dolby’s Cybersecurity team strives to deliver high-quality security services that enable
Dolby to bring more experiences to more people securely. Our vision is to be a trusted
advisor that enables secure, resilient, and compliant business through partnership,collaboration, innovation, and trust. The Audit Committee of Dolby’s Board of Directors
oversees our program in order to promote robust cybersecurity and data privacy practices.

BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data

Our goal is to embed security and privacy from the start andthroughout the company by:

EMPOWERING
our teams to strengthen theirown data hygiene

ENHANCING
our incident detection
and response capabilities

ESG DATA AND METRICSNFRD INDEXIMPLEMENTING REVAMPING
vulnerability detection capabilities across ourcloud and on-premises infrastructure

SUSTAINABILITYREPORT 2023

our third-party risk
management practices

42Governance

01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTS

STRENGTHENING SECURITY, PRIVACY, AND RESILIENCE

We invest in people, policies, processes,
training, and technology to support data
security, privacy, and resilience. Our efforts
are managed, in part, by Dolby’s Security,
Privacy, Audit, Risk, and Compliance(SPARC) Council, which is comprised ofrepresentatives from various businessgroups across the organization. The
Council, together with key functions within
the company, are implementing practices
to comply with evolving cybersecurity rules
and regulations. The Audit Committeeof the Board has the responsibility ofoverseeing cybersecurity matters, including
policy development and compliance withrelated rules and regulations. Additionally,
the full Board is regularly kept informed
and updated on cybersecurity matters.

Our internal security and privacy
practices strive to enable the mitigation,
detection, and response to security andprivacy events. We conduct periodic
training exercises, which involve multiple
internal teams as well as external
partners and agencies, to improve andensure the effectiveness of our response
capabilities. We leverage a security
learning management system, which
engages employees on relevantcybersecurity topics, as well as phishing
simulation campaigns.
Through our annual global Cybersecurity
Awareness Month campaign, we educatedand engaged employees in the preventionof cybersecurity attacks on devices bothin our offices and remote work locations.
We hosted interactive sessions andsent communications that covered topics
including multifactor authentication,
password protection, software and device
updates, and phishing.

SAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data
ESG DATA AND METRICSNFRD INDEXSUSTAINABILITYREPORT 2023

43

Governance

01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data
ESG DATA AND METRICSNFRD INDEXSUSTAINABILITYREPORT 2023

In 2023, we continued to enhance our cyber defense playbooks,
improve detection capabilities, and mitigate cybersecurity risk. Our
areas of focus included threat detection, network security, cloud security,
endpoint protections, insider threat, and email security. Additionally, we
utilize a Data Loss Protection platform for mitigation of insider threat
and Cloud Security Posture Management capability for the monitoring
and governance of cloud infrastructure security.

At Dolby, we incorporate privacy-by-design and data minimization
principles across our products and services, manage procedure andprotocol updates in light of new and changing privacy and data security
laws, and conduct ongoing reviews of our privacy practices withassistance from subject matter experts. As we continue to develop newtechnologies, we remain committed to the goal of maintaining a strong
cybersecurity and privacy foundation.

To extend our commitment to cybersecurity and data privacy to ourbusiness partners, we incorporate terms in our agreements on thesematters and conduct periodic security reviews of certain vendors toensure compliance. Furthermore, Dolby has implemented a system tomanage third-party compliance with Dolby security standards during
the third-party onboarding process.
44

Mitigating climate change and the impacts it
Datatransparency is a cornerstone
has now and in the future requires action acrosstokeeping
ourselvesaccountablein
multiplegroups.
Dolby’s environmental
efforts
comprise internal
engagement
withachieving
our actions
goals,andand
in keeping
external stakeholders including our customers andourstakeholders informed of ourpartners, investors, suppliers, and communities.
performance and progress. We have
In 2023, we continued to drive meaningfulincreasedalignment
emissions reductions
acrossto
ourleading
operations andsupply chain andandinvestedin better understanding
frameworks
standards
that guideclimate risks and opportunities for Dolby.
thestructure of this report and thedata and metrics disclosed.

We are steadfast in our goal to become a certified
CarbonNeutral® company by 2030. We havecontinued to work diligently on our long-term
strategy, including achieving 100% renewableelectricity for our global operations for the second
consecutive year. Also, we have achieved thirdparty validation of our science-based targets(SBTs) by the Science Based Target initiative (SBTi),
consistent with our goal of contributing to theeffort to keep global warming to 1.5C above preindustrial levels.

Environment

ESG
Data
Environment
45

ESG Data

01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETYESG Data and Metrics
DESCRIPTION/DISCLOSURE

FY2023

FY2022

FY2021

Standard/Framework

COMPANY OVERVIEW
Organization Name

Dolby Laboratories, Inc.

GRI 2-1

Total Revenue$1.29 Billion

Primary brands, products, and services

Dolby Form 10-K

Issued Patents

19,300Location of Headquarters

1275 Market St. San Francisco, CA 94103

GRI 2-1

Countries of Operations

2023 CDP Climate Change Questionnaire

GRI 2-1, GRI2-2

Ownership and Legal Form

Dolby Form 10-K

GRI 2-1, GRI 2-6

Markets Served

Dolby Form 10-K

GRI 2-1, GRI 2-6

Direct economic value generated and distributed

Dolby Form 10-K

GRI 201-1

Reporting Period (Fiscal Year)

October 1, 2022 - September 29, 2023

GRI 2-3$1.25 Billion$1.28 Billion

GRI 2-1, GRI 2-6
GRI 2-1, GRI 2-6

16,90015,500

GRI 2-1, GRI 2-6

Report Cycle

AnnualGRI 2-3

ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT

Report Contact

Sustainability@dolby.com

GRI 2-3

GENERATING SOCIAL IMPACT

Material Topics
Process to determine material topics

Sustainability Report, About this Report

GRI 3-1

List of material topics

Sustainability Report, About this Report

GRI 3-2

Management of material topics

Sustainability Report, About this Report

GRI 3-3

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESENVIRONMENTAL
Environmental Policy

Dolby’s Global Environmental Policy

Total Greenhouse Gas Emissions (Scopes 1, 2 & 3,
Market-Based, MT CO2e)383,98078,91372,161

GRI 305

Scope 1 (MT CO2e)

975

1,030

1,109

GRI 305-1

Scope 2 (Market-Based) (MT CO2e)

0

0

2,473

GRI 305-2

Scope 2 (Location-Based) (MT CO2e)

4,592

4,302

4,121

GRI 305-2

ESG DATA AND METRICS

Total Scope 3 (MT CO2e)

83,00577,883

68,579

GRI-305-3

NFRD INDEX

Scope 3-Purchased Goods and Services (MT CO2e)35,50028,151

29,725

GRI-305-3

Scope 3-Capital Goods (MT CO2e)

1,581

5,257

4,635

GRI-305-3

Scope 3-Fuel-and-Energy Related Activities (FERA)(MT CO2e)

453

364

838

GRI-305-3

RESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data

SUSTAINABILITYREPORT 2023

3 We identified opportunities for data improvement in Scope 1, Scope 2 (Market-Based), and FERA, which resulted in a change to historical data. In both cases, the result was a reduction in emissions.

46

ESG Data

01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETYDESCRIPTION/DISCLOSURE

FY2023

FY2022

FY2021

Standard/Framework

Scope 3-Upstream Transportation and Distribution(MT CO2e)

3,535

4,601

8,405

GRI-305-3

Scope 3-Waste Generated in Operations (MT CO2e)

99

144

120

GRI-305-3

Scope 3-Business Travel (MT CO2e)

8,690

3,754

481

GRI-305-3

Scope 3-Employee Commute and Work From Home
(MT CO2e)

3,380

2,537

1,672

GRI-305-3

Scope 3-Upstream Leased Assets4 (MT CO2e)

0

0

0

GRI-305-3

Scope 3-Downstream Transport and Distribution(MT CO2e)

1,202

1,236

473

GRI-305-3

Scope 3-Use of Sold Products

28,271

31,45821,548

GRI-305-3

Scope 3-End-of-Life Treatment of Sold Products

48

40

30

GRI-305-3

Scope 3-Downstream Leased Assets

246

341

652

GRI-305-3

Carbon Intensity (Scope 1 and Scope 2)
Market-Based (MT CO2e/FTE)

.43

.44

1.51

GRI 305-4

ENVIRONMENTAL

Dolby’s Science-Based Targets were validated by the Science-based Targets initiative (SBTi) in August 2023.

GRI 305-5

1. Reduce absolute Scope 1 and 2 GHG emissions 65% by 2030 from a FY2019 base year. Continue active annual sourcing of
100% renewable electricity through 2030.

GRI 305-5

2. Reduce absolute Scope 3 GHG emissions from Fuel-and-Energy-Related activities and Business Travel 30% by 2030 from a
FY2019 base year.

GRI 305-5

3. Reduce Scope 3 GHG emissions from Use of Sold Products 55% per sold product by 2030 from a FY2019 base year.

GRI 305-5

4. Engage 58% of our suppliers by emissions to set SBTs by end of CY2027.

GRI 305-5

Discussion of the integration ofenvironmental considerations into strategicplanning for data center needs

Dolby does not own any data centers. We have a minimal footprint of storage and compute workloads running at data
colocation facilities, all of which use 100% renewable electricity. We also utilize cloud service providers and engage
with them regarding their environmental goals to promote alignment with our own. We will continue to prioritize providers
that have a shared commitment to minimizing their impact on the environment in future data center and cloud service
provider selection processes.

SASB TC-SI-130a.3

External Assurance

2023 GHG Verification Statement

GRI 2-5

ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 Governance

Science-Based Targets

BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data
ESG DATA AND METRICSNFRD INDEXSUSTAINABILITYREPORT 2023

EnergyTotal Energy Consumption (MWh)18,702

17,88917,692

GRI 302-1,
SASB TC-SI-130a.1

Total Electricity Consumption (MWh)14,01813,496

13,551

GRI 302-1, GRI 302-4

4 Upstream Leased Assets are included in Dolby’s inventory, but emissions are zero due to our colocations procuring 100% renewable energy.

47

ESG Data

01 Introduction
CEO LETTERABOUT DOLBY

FY2023

FY2022

FY2021

Standard/Framework

Total Natural Gas Consumption (therms)

157,375

149,087

141,339

GRI 302-1

Total Bundled Renewable Electricity (MWh)

7,626

7,692

7,449

GRI 302-1

OUR JOURNEY TO
CARBON NEUTRALITY

Total Energy Attribute Certificates (MWh)

6,388

5,808

0

GRI 302-1

ASSESSING CLIMATE RISKSAND OPPORTUNITIES

Total Renewable Electricity (%)

100%

100%

55%

GRI 302-1,
SASB TC-SI-130a.1

COMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

Total % LEED Buildings/Office Space

46%

49%

Not Reported

GRI 302-1

Reductions in energy requirements of products
and services

Sustainability Report, Prioritizing Decarbonization Across Our Operations

ABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGY

03 Social

DESCRIPTION/DISCLOSURE
ENVIRONMENTAL
EnergyGRI 302-5

FOSTERING TALENT, NOW
AND IN THE FUTURE

Water

CULTIVATING A CULTURE OF
INCLUSION AND BELONGING

Fresh Water Purchased (Incoming/Withdrawn)

4,824,360 Gallons (18,262 m3).
This reflects 62% coverage of our realestate portfolio.

2,430,597 Gallons (9,201 m3).
This reflects 33% coverage of our realestate portfolio.

Not Reported

GRI 303-3,
SASB TC-SI-130a.2

Wastewater Generated (Outgoing/Discharged)

4,343,846 Gallons (16,443 m3).
This reflects 62% coverage of our realestate portfolio.

1,667,719 Gallons (6,313 m3).
This reflects 33% coverage of our realestate portfolio.

Not Reported

GRI 303-4

Water Consumed

480,514 gallons (1,819 m3).
This reflects 62% coverage of our realestate portfolio.

762,878 Gallons (2,888 m3).
This reflects 33% coverage of our realestate portfolio.

Not Reported

GRI 303-5,
SASB TC-SI-130a.3

BOARD OFDIRECTORS OVERSIGHT

Percentage of Fresh Water Purchased in Regions withHigh or Extremely High Baseline Water Stress

7%

Not Reported

Not Reported

GRI 303-3,
SASB TC-SI-130a.2

INSPIRING A CULTURE OF
ETHICS AND COMPLIANCE

Percentage of Waste Water Generated in
Regions with High or Extremely High Baseline
Water Stress as a percentage of the total waste
water generated in gallons

7%

Not Reported

Not Reported

GRI 303-5,
SASB TC-SI-130a.2

OUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 Governance

PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

Hazardous Waste (U.S. Only)
Hazardous Waste (lbs)

1,031

2,385

1,604

GRI 306-1, GRI 306-3

Number of Spills

0

0

0

GRI 306-1

Hydrocarbon Spills

0

0

0

GRI 306-1

ESG DATA AND METRICS

Amount of Spills (Tonnes)

0

0

0

GRI 306-1

NFRD INDEX

Product Information

05 ESG Data

SUSTAINABILITYREPORT 2023

Waste Electrical and Electronic Equipment, Packaging,and Battery Registrations

WEEE Packaging Battery Information

GRI 306-1, GRI-306-5

EU Reach Regulation

REACH SVHC Compliance

GRI 301-1
48

ESG Data

01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYDESCRIPTION/DISCLOSURE

FY2023

FY2022

FY2021

Standard/Framework

ENVIRONMENTAL
Environmental, Health, and Safety (EHS)
Occupational health and safety management system

Sustainability Report, Enabling Employee Health and Safety

GRI 403-1

Promotion of worker health

Sustainability Report, Our Approach to Wellbeing

GRI 403-6

Workforce Accidents (Number of Employees) (U.S. Only)

1

2

1

GRI 403-9

ASSESSING CLIMATE RISKSAND OPPORTUNITIESLost Time from Accidents (Number of Days) (U.S. Only)

0

0

0

GRI 403-9

Lost Time Incident Rate (U.S. Only)

0

0

0

GRI 403-9

COMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

Total Recordable Incident Rate (U.S. Only)

0.1

0.2

0.1

GRI 403-9

Fatalities (Number of Employees) (U.S. Only)

0

0

0

GRI 403-9

Fatalities (Number of Third Parties) (U.S. Only)

0

0

0

GRI 403-9

Total Full-Time Employees

2,246

2,336

2,368

GRI 2-7

Americas

1,192

1,234

1,253

GRI 2-7

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE

SOCIALCULTIVATING A CULTURE OF
INCLUSION AND BELONGING

Workforce Statistics

OUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY

EMEA

553

592

529

GRI 2-7

ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT

APAC

501

510

586

GRI 2-7

GENERATING SOCIAL IMPACT

Percent of Employee Turnover

6.2%

10.4%

7.0%

GRI 401-1, GRI 2-7

Promotion of Worker Health

Sustainability Report, Engaging Employees through Learning and Development

GRI 403-6, GRI 2-7

Occupational health and safety management system

Sustainability Report, Engaging Employees through Learning and Development

GRI 403-1

Parental leave

Dolby provides maternity and paternity leave and new child bonding time.

GRI 401-3, GRI 2-7

Employee engagement as a percentage

83%

82%

86%

GRI 2-7,
SASB TC-SI-330a.2

Gender:Global Employees

Female: 30.1%
Male: 69.5%
Non-Binary: 0.4%

Female: 28.9%
Male: 70.8%
Non-Binary: 0.3%

Female: 28.4%
Male: 71.4%
Non-Binary: 0.2%

GRI 2-7,
SASB TC-SI-330a.3,
GRI 405-1

Gender:U.S. Director-Level Managers and Above

Female: 20.8%
Male: 79.0%
Non-Binary: 0.3%

Female: 18.8%
Male: 80.9%
Non-Binary: 0.3%

Female: 17.9%
Male: 81.8%
Non-Binary: 0.3%

GRI 2-7,
SASB TC-SI-330a.3,
GRI 405-1

Gender:Global Technical Roles

Female: 18.0%
Male: 81.7%
Non-Binary: 0.3%

Female: 16.6%
Male: 83.1%
Non-Binary: 0.3%

Female: 17.1%
Male: 82.6%
Non-Binary: 0.3%

GRI 2-7,
SASB TC-SI-330a.3,
GRI 405-1

Gender:Global Non-Technical Roles

Female: 40.9%
Male: 58.6%
Non-Binary: 0.4%

Female: 39.9%
Male: 59.9%
Non-Binary: 0.2%

Female: 38.3%
Male: 61.6%
Non-Binary: 0.1%

GRI 2-7,
SASB TC-SI-330a.3,
GRI 405-1

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data
ESG DATA AND METRICSNFRD INDEXSUSTAINABILITYREPORT 2023

49

ESG Data

01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYDESCRIPTION/DISCLOSURE

FY2023

FY2022

FY2021

Standard/Framework

Race and Ethnicity:
U.S. Employees

White: 53.1%
Asian: 32.0%
Hispanic or Latino: 8.2%
Black or African American: 3.1%
Two or More Races: 2.9%
Native Hawaiian or Pacific Islander: 0.6%
Native American or Alaska Native: 0.2%

White: 53.8%
Asian: 31.4%
Hispanic or Latino: 7.9%
Black or African American: 2.9%
Two or More Races: 2.8%
Native Hawaiian or Pacific Islander: 0.6%
Native American or Alaska Native: 0.3%

White: 55.5%
Asian: 31.5%
Hispanic or Latino: 6.7%
Black or African American: 2.2%
Two or More Races: 3.0%
Native Hawaiian or Pacific Islander: 0.6%
Native American or Alaska Native: 0.4%

GRI 2-7,
SASB TC-SI-330a.3,
GRI 405-1

Race and Ethnicity:
U.S. Director-Level Managers and AboveWhite: 69.5%
Asian: 21.9%
Hispanic or Latino: 4.7%
Black or African American: 2.3%
Two or More Races: 1.6%
Native Hawaiian or Pacific Islander: 0.0%
Native American or Alaska Native: 0.0%

White: 72.0%
Asian: 21.0%
Hispanic or Latino: 4.1%
Black or African American: 1.6%
Two or More Races: 0.8%
Native Hawaiian or Pacific Islander: 0.0%
Native American or Alaska Native: 0.0%

White: 71.8%
Asian: 21.8%
Hispanic or Latino: 3.6%
Black or African American: 2.0%
Two or More Races: 0.8%
Native Hawaiian or Pacific Islander: 0.0%
Native American or Alaska Native: 0.0%

GRI 2-7,
SASB TC-SI-330a.3,
GRI 405-1

Race and Ethnicity:
U.S. Technical RolesWhite: 54.3%
Asian: 35.8%
Hispanic or Latino: 5.5%
Black or African American: 1.8%
Two or More Races: 2.4%
Native Hawaiian or Pacific Islander: 0.0%
Native American or Alaska Native: 0.2%

White: 55.1%
Asian: 34.8%
Hispanic or Latino: 5.5%
Black or African American: 1.5%
Two or More Races: 2.4%
Native Hawaiian or Pacific Islander: 0.0%
Native American or Alaska Native: 0.2%

White: 56.8%
Asian: 33.9%
Hispanic or Latino: 4.8%
Black or African American: 1.3%
Two or More Races: 2.6%
Native Hawaiian or Pacific Islander: 0.2%
Native American or Alaska Native: 0.4%

GRI 2-7,
SASB TC-SI-330a.3,
GRI 405-1

Race and Ethnicity:
U.S. Non-Technical RolesWhite: 52.4%
Asian: 29.6%
Hispanic or Latino: 9.8%
Black or African American: 4.0%
Two or More Races: 3.1%
Native Hawaiian or Pacific Islander: 1.0%
Native American or Alaska Native: 0.1%

White: 53.1%
Asian: 29.3%
Hispanic or Latino: 9.3%
Black or African American: 3.6%
Two or More Races: 3.0%
Native Hawaiian or Pacific Islander: 0.9%
Native American or Alaska Native: 0.4%

White: 54.8%
Asian: 30.1%
Hispanic or Latino: 7.8%
Black or African American: 2.7%
Two or More Races: 3.3%
Native Hawaiian or Pacific Islander: 0.9%
Native American or Alaska Native: 0.4%

GRI 2-7,
SASB TC-SI-330a.3,
GRI 405-1

Percentage of employees that are (1) foreign nationals
and (2) located offshore(1) 6.2% (2) 47.2%(1) 5.3% (2) 47.1%(1) 7.0% (2) 47.3%

GRI 2-7,
SASB TC-SI-330a.1

Employee Participation in Dolby Cares
Programs (Volunteerism, Community Education,
and Financial Giving)

56.2%

48.1%

47.2%

GRI 413-1

Community Engagement Hours (Dolby Sponsored
Events and Volunteer Hours Tracked by Employees)

7,174

6,183

5,364

GRI 413-1

Company Contributions $USD (Financial Grants
and Matching Contributions through the Dolby
Charitable Fund and the Company)$5.4 Million$3.5 Million$2.8 Million

GRI 413-1

SOCIAL
Workforce Statistics

ASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data
ESG DATA AND METRICSNFRD INDEXSUSTAINABILITYREPORT 2023

Social Impact

50

ESG Data

01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYDESCRIPTION/DISCLOSURE

FY2023

FY2022

FY2021

Standard/Framework

Number of Employee Networks (ENs)

14

14

13

GRI 2-7

Diversity, Inclusion, & Belonging

Diversity, Inclusion, and Belonging (website)

SOCIAL
Diversity, Inclusion, & Belonging

Training and Education

Average hours of training per year per employee

Dolby provides numerous learningand development opportunities for
employees; however, participation data
is limited given the number of platforms.
In 2023, 722 Dolby employees accessed
1,498 hours of educational content on
the LinkedIn Learning platform.

Programs for upgrading employee skills and transition
assistance programs

Sustainability Report, Engaging Employees through Learning and Development

ASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY

Total Executive and non-Executive board members

PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

GRI 404-1

GRI 404-2

GRI 2-9

Governance Structure and Composition

GENERATING SOCIAL IMPACTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE

Not Reported

Corporate Governance
Executive-level responsibility for ESG topics

BOARD OFDIRECTORS OVERSIGHT

Not Reported

GOVERNANCE

ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT

04 Governance

GRI 2-7

Governance (website)

GRI 2-12
GRI 2-9

Board Gender Diversity

33% Female

30% Female

30% Female

GRI 405-1

Chair of the highest governance body

Governance (website)

GRI 2-11

Role of the highest governance body inoverseeing ESG

2023 CDP Climate Change Questionnaire

GRI 2-12, 2-14

Business Code of Conduct

Code of Business Conduct and Ethics

GRI 205-1, GRI 205-2

Supplier Code of Conduct

Business Partner Code of Conduct

GRI 205-1, GRI 205-2

Membership Associations

2023 CDP Climate Change Questionnaire

GRI 2-28

List of Stakeholder Groups

Customers, Stockholders and Investors, Employees, Suppliers, Local Communities and NGOs, Governments, and MediaGRI 2-29

05 ESG Data
ESG DATA AND METRICSNFRD INDEXSUSTAINABILITYREPORT 2023

51

ESG Data

01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSDESCRIPTION/DISCLOSURE

FY2022

FY2021

Corporate Governance
Customers: Customer meetings/calls, tradeshows, customer satisfaction surveys, and interaction through our customer-facing
systems, such as the Dolby Licensee Community and Dolby Customer portal. Frequency of these interactions varies
by customer.

OUR JOURNEY TO
CARBON NEUTRALITY

Stockholders and Investors: Quarterly Earnings Calls, quarterly Investor Relations meetings, annual Stockholders
Meeting, individual outreach to top 25 stockholders, CFO presentations at investor conferences, SEC filings, and annual
Sustainability Report.

ASSESSING CLIMATE RISKSAND OPPORTUNITIESEmployees: Quarterly executive presentations (company progress and earnings updates), quarterly leaders’ guides,
regularly scheduled Q&A meetings with top leaders, Dolby News weekly newsletter, Dolby Connect intranet site, Dolby
Cares Platform, MS Teams groups, Works Council (certain subsidiaries), and employee-led bi-annual performance discussions.

COMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

Approach to stakeholder engagement

FOSTERING TALENT, NOW
AND IN THE FUTURE

Suppliers: Contracts in place with major suppliers, supplier meetings, site audits, and yearly certification for Conflict Minerals
for hardware programs.

GRI 2-29

Local Communities and NGOs: Participation on community organization advisory committees and boards, annual grantevaluations and planning meetings with community partners, and ongoing engagement through employee volunteerism andeducational sessions.

CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING

ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT

Governments: Ongoing engagement with governments, regulators, and policymakers including meetings, forums, written
submissions, and other contacts and interaction with governments in the regular course of business for compliance purposes
as well as cooperative initiatives such as lending technical expertise in the development of audio visual standards andengaging in community economic development.

GENERATING SOCIAL IMPACTMedia: Press releases, media alerts, social media, Dolby Newsroom, and media briefings.

ENABLING EMPLOYEEHEALTH AND SAFETY

04 GovernanceStandard/Framework

GOVERNANCE

COMMITTED TO
RENEWABLE ENERGY

03 Social

FY2023

Percentage of employees who completed BusinessConduct Guidelines bi-annual training

99.8%

N/A

100%

GRI 205-2

Percentage of designated employees who completed
required Anticorruption bi-annual training

N/A

98%

N/A

GRI 205-2

PROMOTINGANTICORRUPTION PRACTICES

Collective Bargaining Agreements

Dolby Form 10-K

GRI 2-30

RESPECTING HUMAN RIGHTS

Mechanisms for seeking advice and raising concerns

Ethics Hotline

GRI 2-26

Communication and training about anti-corruption
policies and procedures

Sustainability Report, Safeguarding Trust through Cybersecurity and Data Privacy

GRI 205-2

Description of policies and practices relating tobehavior advertising and user privacy

Global Privacy Policy

SASB TC-SI-220a.1

Number of users whose information is used forsecondary purposes

Dolby implements data privacy and security policies and procedures to protect our customers, partners, and employees. Dolby’s
Global Privacy Policy describes the information we collect from our customers, how we process it, and for what purposes.

SASB TC-SI-220a.2

BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE

SAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data
ESG DATA AND METRICSNFRD INDEXSUSTAINABILITYREPORT 2023

Data Privacy and Security

52

ESG Data

01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYDESCRIPTION/DISCLOSURE

FY2023

FY2022

FY2021

Standard/Framework

Total amount of monetary losses as a result of legal
proceedings associated with user privacy

None

Not Reported

Not Reported

SASB TC-SI-220a.3(1) Number of law enforcement requests for user
information, (2) number of users whose information
was requested, (3) percentage resulting in disclosure

None

Not Reported

Not Reported

SASB TC-SI-220a.4

List of countries where core products or services are
subject to government-required monitoring, blocking,content filtering, or censoring

There are no countries where our core products or services are subject to government-required monitoring, blocking, content
filtering, or censoring.

SASB TC-SI-220a.5(1) Number of data breaches, (2) percentage involving
personally identifiable information (PII), (3) number ofusers affected

None

SASB TC-SI-230a.1

Description of approach to identifying and addressing
data security risks including use of third-party
cybersecurity standards

Sustainability Report, Safeguarding Trust through Cybersecurity and Data Privacy

SASB TC-SI-230a.2(1) Number of licensees or subscriptions,(2) percentage cloud-based

92%, 93% and 95% of our revenue came from technology licensing arrangements in FY2023, FY2022, and FY2021
respectively, with approximately 500 electronics product OEM and software developer licensees.

TC-SI-000.A(1) Data processing capacity, (2) percentage outsourced

92%, 93% and 95% of our revenue came from technology licensing arrangements in FY2023, FY2022, and FY2021
respectively, which do not require significant volumes of data processing. As such, we do not currently report this data.

TC-SI-000.B(1) Amount of data storage, (2) percentage outsourced

92%, 93% and 95% of our revenue came from technology licensing arrangements in FY2023, FY2022, and FY2021
respectively, which do not require significant volumes of data storage. As such, we do not currently report this data.

TC-SI-000.C

GOVERNANCE
Data Privacy and Security

OUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 Governance
BOARD OFDIRECTORS OVERSIGHT

Not Reported

SASB Activity Metrics

INSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICES

Not Reported

RESPECTING HUMAN RIGHTSIntellectual Property Protection, Competitive Behavior, & Managing Systemic Risks from Technology Disruptions

SAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

Total amount of monetary losses as a result oflegal proceedings associated with anti-competitive
behaviour regulations.

None

TC-SI-520a.1

Number of (1) performance issues and (2) service
disruptions; (3) total customer downtime

Our business is primarily based on technology licensing arrangements. As such, downtime related to disruptions andperformance are not particularly significant issues for our customer base, and we do not currently report this data.

TC-SI-550a.1

Description of business continuity risks related todisruptions of operations

Dolby’s Enterprise Resiliency Team (ERT) comprises representatives from every company group, enabling our business tooperate without interruption. The ERT identifies and addresses potential risks and evaluates the strength of our business
continuity systems, infrastructure, policies, and procedures. Additional information about risks related to disruptions ofoperations can be found in our Form 10-K.

TC-SI-550a.2

05 ESG Data
ESG DATA AND METRICSNFRD INDEXSUSTAINABILITYREPORT 2023

53

ESG Data

01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESCOMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE
CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGOUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY
ENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT
GENERATING SOCIAL IMPACT

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data
ESG DATA AND METRICSNFRD INDEXSUSTAINABILITYREPORT 2023

Non-Financial Reporting Directive (NFRD):Managing Sustainability Risks
RISK DESCRIPTIONMANAGEMENT

Environmental Issues and Climate:
According to the IPCC (Intergovernmental Panelon Climate Change), human-induced climatechange is already affecting many weather andclimate extremes in every region across theglobe. Evidence of observed changes in extremes
can be found in events such as heatwaves, heavy
precipitation, droughts, and tropical cyclones.
These types of extreme weather events can affectbusiness operations and disrupt supply chains.

In 2023, Dolby made significant strides in environmental sustainability, laying a vital groundwork for substantial emissions reduction within our operations
and supply chain. Our efforts aim to deepen our comprehension of the climate-related risks and opportunities facing our company. Committed to achieving
CarbonNeutral® certification by 2030, we have been rigorously advancing our long-term strategy. This includes sustaining 100% renewable electricity acrossour global operations for the second year and securing third-party validation for our science-based targets (SBTs) from the Science Based Target initiative (SBTi),aligning with the goal to limit global warming to 1.5°C above pre-industrial levels.

Environmental Issues and Sustainability:
Environmental, Social and Goverance (ESG)
topics have garnered increased interest frominvestors, customers, government regulators, andsociety at large. This has yielded in an increased
demand for ESG information and transparency
from companies.

Dolby publishes an annual Sustainability Report to communicate our ESG goals, progress and performance. This report has been prepared following the Global
Reporting Initiative (GRI) Standards. Disclosures are aligned with the Sustainability Accounting Standards Board (SASB) Software and IT Services standard andthe European Union’s Non-Financial Reporting Directive (NFRD). In 2023, we submitted our first CDP Report and participate in numerous ESG surveys requested
by our customers, ESG ratings firms and other external stakeholders. Our CDP Report can be found on our website.

Cybersecurity and Data Privacy:
Protecting privacy and securing our data
are important to safeguarding the trust andconfidence of our stakeholders. We rely on
information technology systems in the conductof our business, including systems designed
and managed by third parties and the securemaintenance of this information is critical to ouroperations and business strategy.

Our approach to cybersecurity is based on five strategic focus areas: minimizing the attack surface and strengthening our defenses; designing for security,
privacy, and compliance; rapidly detecting, responding to, and containing incidents; delivering security capabilities that are aligned with business priorities;
and maximizing operational efficiency. We work to embed security and privacy from the start and throughout the various functions: empowering our teams tostrengthen their own data hygiene; implementing vulnerability detection capabilities across our cloud and on-premises infrastructure; enhancing our incident
detection and response capabilities; and revamping our third-party risk management practices. Our efforts are managed, in part, by Dolby’s Security, Privacy,
Audit, Risk and Compliance (SPARC) Council, which is comprised of representatives from various business groups across the organization. The Council, together
with key functions within the company, are implementing practices to comply with evolving cybersecurity rules and regulations. The Audit Committee of theBoard is responsible for overseeing cybersecurity matters, including policy development and compliance with related rules and regulations, and the full Board
is regularly updated on cybersecurity matters.

We’ve embraced the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) and conducted our inaugural comprehensive climate
risk assessment. This assessment was a collaborative effort, engaging internal stakeholders from various departments who contributed through surveys andinterviews, aiming to pinpoint Dolby’s climate change-related risks and opportunities, particularly in the context of global decarbonization.
Looking ahead to 2024, we plan to undertake a detailed climate risk scenario analysis, aiming to precisely quantify the potential impacts on our business. These
initiatives reflect our dedication to combating climate change and mitigating its effects, both presently and in the future. Further details on our environmental
endeavors are available in the Environment section of this report.

In 2023, we continued to enhance our cyber defense playbooks, improve detection capabilities, and mitigate cybersecurity risk. Our areas of focus included
threat intelligence, threat detection, network security, cloud security, endpoint protections, insider threat, and email security. Additionally, we utilize a Data Loss
Protection platform for mitigation of insider threat and Cloud Security Posture Management capability for the monitoring and governance of cloud infrastructure
security. More information on our cybersecurity and data privacy initiatives can be found in the Governance section of this report.

54

ESG Data

01 Introduction
CEO LETTERABOUT DOLBYABOUT THIS REPORT

02 Environment
PRIORITIZING DECARBONIZATIONACROSS OUR OPERATIONSCOMMITTED TO
RENEWABLE ENERGYOUR JOURNEY TO
CARBON NEUTRALITYASSESSING CLIMATE RISKSAND OPPORTUNITIESRISK DESCRIPTIONMANAGEMENT

Talent, Diversity, Inclusion andBelonging (DIB), and Employee Wellbeing:
Dolby employees are our greatest asset and are
the key to our continued innovation. Attracting
and retaining the best talent is crucial for thedevelopment and growth of our business. Risks
associated with low retention rates can include
delays in meeting business objectives, higher
business costs as well as negative reputation.

Through our Diversity, Inclusion, and Belonging (DIB) strategy we invest in the talent of the future through education and workforce initiatives at the primary,secondary, university, and early-career levels. We provide access and training on industry-grade technologies, exposure to career paths in the media,
entertainment, and technology industries, and connections to the industry for educators and instructors.

COMMITTED TO DATA INTEGRITY
AND TRANSPARENCY

03 Social
FOSTERING TALENT, NOW
AND IN THE FUTURE

To facilitate an open dialogue, we complete a company-wide Perspectives Survey each year. Through this survey, we seek feedback, reflect on our impact, anddynamically make adjustments to our approach. In our 2023 survey, the Motivation and Commitment scores showed an 83% favorability, indicating that employees
remain highly engaged and connected to our work and each other. More information can be found in the Social section of this report.

OUR APPROACH TO WELLBEING
ENABLING EMPLOYEEHEALTH AND SAFETY

GENERATING SOCIAL IMPACT

04 Governance
BOARD OFDIRECTORS OVERSIGHTINSPIRING A CULTURE OF
ETHICS AND COMPLIANCE
PROMOTINGANTICORRUPTION PRACTICESRESPECTING HUMAN RIGHTSSAFEGUARDING TRUSTTHROUGH CYBERSECURITY
AND DATA PRIVACY

05 ESG Data
ESG DATA AND METRICSNFRD INDEXOur Wellbeing Program is is rooted in enabling our employees to do their best work. This includes creating a healthy, inclusive, and supportive environment
where employees are empowered and equipped to achieve their goals. This encompasses programs that support total wellbeing and address employees’
physical, mental, social, and financial wellbeing. Our fitness program includes global programming, an onsite Fitness Center at our office in San Francisco,and a subsidy for all other employees. Through financial literacy courses, we provide employees with access to financial skills development. In 2023, we
continued to expand programming for our mental health benefits platform and now, all our global offices have access to the company’s integrated Employee
Assistance Program. Additionally, we implemented manager trainings and space for mental health check-ins during employees’ mid-year and year-end
performance conversations.
We’re working to equip employees and leaders across the company with opportunities to strengthen their skills. Programs include coaching partnerships
with BetterUp, courses designed to help managers navigate the hiring process while reducing bias, a performance management hub for managers, global
harassment prevention training, and LinkedIn Learning.

CULTIVATING A CULTURE OF
INCLUSION AND BELONGINGENGAGING EMPLOYEES THROUGHLEARNING AND DEVELOPMENT

At Dolby, fostering a culture that embraces diversity, promotes inclusivity and belonging, and encourages collaboration across every level is foundational to
who we are. At the heart of our Diversity, Inclusion, and Belonging (DIB) efforts are Dolby’s 14 Employee Networks (ENs), which focus on multiple dimensions ofgender, racial, and experiential diversity and are open to all employees, regardless of personal identities. Through our ENs, employees build connections, raise
cultural awareness, and work with Dolby leadership to advance diversity, inclusion, and belonging (DIB) initiatives in our workplace.

Business Ethics, Anti-corruption, andHuman Rights:
Our reputation as an innovator and a trusted
business partner is one of our most important
assets and critical to our success. Our employees,
customers, partners, investors, and communities
expect that we conduct business in the way wehave always done it: fairly, honestly, and ethically.
Dolby’s reputation and how we do businessare core to our success. An absence of strong
business ethic policies and procedures can
expose businesses to a higher risk of reputationaland brand damage, as well as supply chain
concerns and issues.

Our Code of Business Conduct and Ethics (“Code of Conduct”) (Code of Business Conduct and Ethics) is the foundation of our ethics and compliance programand guides how we conduct ourselves in our relationships with our stakeholders and with one another.
The Code of Conduct includes Dolby’s perspective on social and environmental initiatives and our approach to supplier and third-party compliance in the areasof anticorruption, responsible sourcing, sustainability, and human rights. We expect everyone working on our behalf, including employees, contractors, andBoard members, to comply with our Code of Conduct and observe our legal and ethical standards. Our employees are required to follow our Code of Conduct,
and they periodically complete training and education on key ethics and compliance topics. In 2023, we achieved a 99.8% completion rate for the Code of
Conduct training.
Dolby supports the principles established under the United Nations Universal Declaration of Human Rights and prohibits the employment of underage children,
forced labor, and human trafficking, as well as any form of physical punishment or abuse. We expect suppliers throughout our global supply chain to share ourcommitment to the same high standards. Our Business Partner Code of Conduct applies clear requirements and expectations for all Dolby suppliers, vendors,
and other business partners related to human rights, the environment, responsible material sourcing, and responsible business practices. In 2023, the Business
Partner Code was distributed to and accepted by 100% of our new suppliers.
We comply with the conflict minerals requirements associated with the Dodd-Frank Act and have a dedicated conflict minerals project team comprised ofrepresentatives from our Engineering, Legal, and Procurement teams who provide oversight of our conflict minerals program. We are also committed tocomplying with the UK Modern Slavery Act of 2015 and have taken steps to ensure modern slavery and human trafficking do not play a role in our business.
To mitigate corruption and other risks associated with our business partners, our Ethics and Compliance Office manages our Partner Risk Assessment and Due
Diligence (PRADD) program. This program enables Dolby to identify or detect fraud, corruption, bribery, human rights violations, and other risks before we
engage in business with third parties and throughout their life cycle.
Our Business Partner Code of Conduct can be found on our website. Additional information on our Business Ethics efforts can be found in the Governancesection of this report.

SUSTAINABILITYREPORT 2023

55

Dolby, Dolby Atmos, Dolby Vision, Dolby Cinema, Dolby.io, and the double-D symbol are among the registered and unregisteredtrademarks of Dolby Laboratories, Inc. in the United States and/or other countries. Other trademarks remain the property of their respective owners.
© 2024 Dolby and/or its affiliates. All rights reserved.
VERSION 1.0, APRIL 2024