Background

In February 2021, Veeva became the first public company to convert to Public Benefit Corporation (PBC).

As a PBC, Veeva remains a for-profit corporation but is legally responsible to balance the interests of multiple stakeholders, including customers, employees, partners, and shareholders. It also broadened 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.”

This charter aligns with our work to deliver technology, data, and services to support life sciences companies in their mission to improve and extend life. With a focus on supporting the industry’s most critical functions from clinical trials through commercialization, we help customers more efficiently and effectively get the right treatments to the right patients.

Long-term View

Converting to a PBC does not change how Veeva operates day-to-day. We have always taken customers, employees, and our communities into account when making decisions. This was a decision for the long-term. It gives customers even greater confidence that our interests are not only well aligned today but will remain that way for decades to come. It also reinforces our values to talented people wanting to join Veeva, reaffirming that it is a place where they can feel good about giving their best.

Leading

Since our founding 14 years ago, we have been charting our own path with a vision that industry-specific cloud software, data, and services could be transformative.

In pursuing that vision, we have been guided by our core values: do the right thing, customer success, employee success, and speed. Yet, our articles of incorporation only legally bound us to maximizing shareholder returns.

The move to align our legal charter with the values that guide how we operate follows our history of leading in areas that will advance the company, the industries we serve, and our stakeholders over the long-term. Our PBC proposal received widespread support from customers, employees, and shareholders. It passed by an overwhelming majority vote with 99% of voting shareholders in favor, including the vast majority of the company’s largest shareholders.

“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.”

“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.”

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