Business Wire

Veeva Becomes First Public Company to Convert to a Public Benefit Corporation

Share

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.

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.

“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.”

Additional Information

Connect with Veeva on LinkedIn: linkedin.com/company/veeva-systems
Follow @veeva_eu on Twitter: twitter.com/veeva_eu

About Veeva Systems

Veeva Systems Inc. is the leader in cloud-based software for the global life sciences industry. Committed to innovation, product excellence, and customer success, Veeva serves more than 950 customers, ranging from the world’s largest pharmaceutical companies to emerging biotechs. Veeva is headquartered in the San Francisco Bay Area, with offices throughout North America, Europe, Asia, and Latin America. For more information, visit veeva.com/eu.

Forward-looking Statements

This release contains forward-looking statements, including the statements regarding the expected impact and benefits of Veeva’s conversion to a Delaware public benefit corporation. Any forward-looking statements contained in this press release are based upon Veeva’s current expectations, historical performance and its current plans and estimates, and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent Veeva’s expectations as of the date of this press announcement. Subsequent events may cause these expectations to change, and Veeva disclaims any obligation to update the forward-looking statements in the future. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially, including potentially negative reactions to our conversion to a Delaware public benefit corporation. Additional risks and uncertainties that could affect Veeva’s financial results are included under the captions, “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in the company’s filing on Form 10-Q for the period ended October 31, 2020. This is available on the company’s website at veeva.com under the Investors section and on the SEC’s website at sec.gov. Further information on potential risks that could affect actual results will be included in other filings Veeva makes with the SEC from time to time.

® 2021 Veeva Systems Inc. All rights reserved. Veeva and the Veeva logo are trademarks of Veeva Systems Inc.

Veeva Systems Inc. owns other registered and unregistered trademarks.

Contact information

Roger Villareal
Veeva Systems
925-264-8885
roger.villareal@veeva.com

Deivis Mercado
Veeva Systems
925-226-8821
deivis.mercado@veeva.com

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Verimatrix Releases Advanced Code Protection Service for Android Application Bundles20.1.2021 17:45:00 CETPress release

Regulatory News: Verimatrix, (Paris:VMX), the leader in powering the modern connected world with people-centered security, today announced general availability of version 2.2 of the Verimatrix Application Protection service for Android. The company’s latest Code Protection service for Android applications now supports the forthcoming Android ecosystem change that will mandate the use of Android Application Bundles (AABs) in the second half of 2021. A significant shift for developers, the upcoming AAB mandate creates a need for simple, reliable software security that prevents app attacks. In addition to traditional APKs, the Verimatrix Application Protection service now also supports AABs defined by Google Play’s publishing guidelines. Other new features and in enhancements in Verimatrix Application Protection service for Android include: AAB support through the Verimatrix App Shield service or on-premise tool Upgraded whole app integrity verification based on certificate binding for pu

LG CHEM TO SEEK INNOVATIVE IDEAS FOR SUSTAINABLE TECHNOLOGIES WORLDWIDE THROUGH 3 rd GLOBAL INNOVATION CONTEST20.1.2021 15:00:00 CETPress release

LG Chem (KRX: 051910) announced on 20th January that it will host the 3rd Global Innovation Contest (GIC) for leading universities and research institutions worldwide. Being the first of its kind in the Korean chemical industry, Global Innovation Contest invites organizations around the world to discover innovative ideas for sustainable technologies. The contest is open for entry from 25th January to 31st March in 4 categories: Energy, Sustainability, Advanced Materials, and Digital Transformation (DX). Under the new vision of the company “We connect science to life for a better future,” Sustainability and DX are 2 categories newly added this year. All scholars and researchers interested in developing the next generation’s innovative technology and industry-academia collaboration research are welcome to participate and submit their research proposals through the official GIC website. (www.rnd.lgchem.com/global/gic) LG Chem will form a judging panel of internal experts to evaluate the r

H.I.G. Capital Sells RGIB's Bathroom Furniture Division to Roca20.1.2021 14:20:00 CETPress release

H.I.G. Capital, ("H.I.G."), a leading global private equity investment firm with over €35 billion of equity capital under management, and the Royo family have entered into an agreement to sell the bathroom furniture division of RG International Bathroom (“RGIB or the “Company”) to Roca Sanitario, S.A. The Royo family will retain a minority stake in the division. Both H.I.G. and the Royo family will continue as shareholders of the shower tray business of RGIB, operating under the Fiora brand. H.I.G. partnered with the Royo family in December 2016 and has achieved a number of important milestones, including: Developing a new factory and brand in Poland (Maximus) that contributed to strengthening the leading position that RGIB already had in the Polish market under the Elita brand Entering new segments, channels and countries; one of the most relevant achievements was the entry into the DIY channel in Germany where RGIB is now a leading player Consolidating RGIB’s leading position in Spai

Thales NS50 Radar to Equip the Belgium Navy and the Royal Netherlands Navy Next Generation Mine Counter Measures Vessels (MCMV)20.1.2021 10:00:00 CETPress release

The navies of Belgium and the Netherlands rely on Thales, Naval Group and KERSHIP shipyard to equip the 12 next generation Mine Counter Measures Vessels with NS50 radars for Air & Surface Surveillance with Fire Control capabilities. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210120005024/en/ NS50 radar © Thales The NS50 provides for the first time a complete and superior level of self-protection capability against air and surface threats for this category of high value MCM vessels. A strategic choice for small to medium vessels, the NS50 offers dual functions between air and surface surveillance and fire control. The nature of threats faced by Navies has never been more varied nor more challenging, ranging from next generation anti-ship missiles, robotic warfare and swarm attacks, to electronic warfare (jamming) as well as, overall, having to operate in a simultaneously conventional, asymmetric and hybrid threat environm

SmartStream Reveal Their Latest API Suite With a Complete Range of Reference Data Services20.1.2021 10:00:00 CETPress release

SmartStream Technologies, the financial Reference Data Utility (RDU) solutions provider, today announces the launch of its Application Programming Interface (API) suite – for quicker access to services providing accurate data, with improved customer service, operational efficiency, greater agility and competitiveness. The new fully comprehensive API service will benefit financial institutions by saving huge amounts on infrastructure costs, as well as an affordable service which is straightforward to deploy. Financial institutions are now realising the need for change, with many currently engaging in digital transformation projects including the implementation of APIs. RDU services currently fall into two categories: security reference data and regulatory reference data. Security reference data solutions available on an API basis will include a listed derivatives service, with data sourced from over 100 exchanges and comprehensive coverage for options, futures, options on futures and ca

Wiztopic and Euronext Corporate Services Sign a Commercial Partnership20.1.2021 08:00:00 CETPress release

Wiztopic, the cloud-based provider of software solutions for corporate communications, public relations and investor relations professionals, today announced a commercial partnership with Euronext Corporate Services, a subsidiary of Euronext, providing companies with innovative solutions and tailor-made advisory services in the areas of governance, compliance, communication, and investor relations. This strategic alliance will simplify the access to highly complementary solutions for their respective customers. The combination of Euronext Corporate Services and Wiztopic’s solutions constitutes a suite of best-in-class digital communication solutions to satisfy the increasingly sophisticated needs of time-poor corporate communication, PR and IR professionals. Euronext Corporate Services’ clients will benefit from Wiztrust’s blockchain certification platform to secure their financial communications and avoid fake news. "This partnership solidifies Wiztrust as the European platform for ce

ENHERTU ® Approved in the EU for the Treatment of HER2 Positive Metastatic Breast Cancer20.1.2021 08:00:00 CETPress release

Daiichi Sankyo Company, Limited(hereafter, Daiichi Sankyo) and AstraZeneca’s ENHERTU® (trastuzumab deruxtecan) has been granted conditional approval in the European Union (EU) as a monotherapy for the treatment of adult patients with unresectable or metastatic HER2 positive breast cancer who have received two or more prior anti-HER2 based regimens. In Europe, approximately 531,000 cases of breast cancer in women are diagnosed annually, with an estimated one in five cases being HER2 positive.1,2,3 The impact of the disease is significant, with breast cancer responsible for more than 141,000 deaths per year in Europe.1 “One in five women with breast cancer have HER2 positive disease and those with previously-treated metastatic disease often progress quickly,” said Professor Fabrice André, Head of Research, Department of Medical Oncology, Gustave Roussy Cancer Campus, Villejuif, France. “One of the biggest challenges in this setting has been identifying treatment strategies that produce a