Aligns legal charter with company’s long-term view and commitment to all stakeholders, including customers, employees, and shareholders
Proposal passes by landslide as Veeva garners widespread support for leading in stakeholder capitalism
Veeva Systems (NYSE: VEEV) announced that in an overwhelming majority vote, 99% of voting shareholders support the company’s proposal to become a public benefit corporation (PBC), including the vast majority of Veeva’s largest shareholders. With shareholder approval, Veeva will become a public benefit corporation on Feb. 1, 2021, making it the first publicly traded company and largest-ever to convert to a PBC.
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Veeva will become first publicly traded company & largest-ever to convert to a public benefit corporation (PBC). In a landslide vote, 99% of voting shareholders support Veeva’s move to become PBC, including vast majority of Veeva’s largest shareholders.
As a PBC, Veeva will remain a for-profit corporation but will be legally responsible to balance the interests of multiple stakeholders, including customers, employees, partners, and shareholders. It will also broaden its certificate of incorporation to include a public benefit purpose, ‘to help make the industries it serves more productive and create high-quality employment opportunities.’
A key technology partner to the life sciences industry, Veeva is dedicated to customers’ mission to advance human health and wellbeing. This move aligns Veeva’s legal charter with this broader mission and the company’s core values, including do the right thing, customer success, and employee success.
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“We’ve always operated in the best interests of our customers, employees, communities, and shareholders,” said Peter Gassner, founder and CEO of Veeva Systems. “We’re excited to take the important step to put this in our legal charter so we can ensure Veeva’s accountability to all stakeholders continues for decades to come.”
Veeva’s proposal to declassify its board of directors also received near unanimous approval by shareholders.
What Veeva Stakeholders are Saying:
“Veeva has been a partner for many years and is deeply committed to Dicerna’s success and our mission to develop innovative treatments for patients in need,” said Rob Ciappenelli, chief commercial officer at Dicerna Pharmaceuticals, Inc. “We look forward to delivering innovative solutions to patient communities with Veeva’s continued support.”
“I’m proud to be part of a company that has a broader purpose and isn’t only about the money,” said Sayaka So, engineering manager at Veeva Systems. “As part of a public benefit corporation, I know my contributions will help make a positive impact in the world.”
“Veeva’s PBC conversion combined with their annual purpose reporting is leading the way for U.S. public companies to put corporate purpose into action,” said Timothy Youmans, lead-North America, EOS at Federated Hermes. “This is a great example of a public company board aligning stakeholder-inclusive purpose and corporate governance in the interest of long-term value and societal benefit.”
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