There is and if I remember correctly (sorry don't have time to read the manual - but it's in there) you have to be in movie mode and you use the rear dial to adjust it I think you press up first, then rotate - something like that. That may be exposure compensation for video (which may also suit your needs) for the record my S100 films are all a 1/3 - 2/3 or so over exposed as well.
EDIT - the above process is correct. it appears so be exposure comp + exposure lock. you press up to bring up the "meter", then rotate (you must rotate, you cannot click left or right) to increase or decrease exposure. then, when you actually press the movie record button, the exposure appears to be locked as that setting.
Edit again - You may have out this together already but that means you can only adjust this if you have a housing that allows rear dial control. In a Canon or Ikelite housing you can still use the exposure lock, but it can only be locked in the "0 exposure compensation" setting (which i guess is better than nothing)