{"id":414606,"date":"2021-01-14T02:06:51","date_gmt":"2021-01-14T07:06:51","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=414606"},"modified":"2021-01-14T02:06:51","modified_gmt":"2021-01-14T07:06:51","slug":"veeva-becomes-first-public-company-to-convert-to-a-public-benefit-corporation-2","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/veeva-becomes-first-public-company-to-convert-to-a-public-benefit-corporation-2\/","title":{"rendered":"Veeva Becomes First Public Company to Convert to a Public Benefit Corporation"},"content":{"rendered":"

<\/p>\n

Veeva Becomes First Public Company <\/b>to Convert to a Public Benefit Corporation<\/b><\/p>\n

Aligns legal charter with company\u2019s long-term view and commitment to all stakeholders, <\/i>including customers, employees, and shareholders<\/i><\/p>\n

Proposal passes by landslide as Veeva garners widespread support <\/i>for leading in stakeholder capitalism<\/i><\/p>\n

BARCELONA, Spain–(BUSINESS WIRE<\/a>)–Veeva Systems<\/a> (NYSE: VEEV) announced that in an overwhelming majority vote, 99% of voting shareholders support the company\u2019s proposal to become a public benefit corporation (PBC), including the vast majority of Veeva\u2019s 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.\n<\/p>\n

\nAs 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, \u2018to help make the industries it serves more productive and create high-quality employment opportunities.\u2019\n<\/p>\n

\nA key technology partner to the life sciences industry, Veeva is dedicated to customers\u2019 mission to advance human health and wellbeing. This move aligns Veeva\u2019s legal charter with this broader mission and the company\u2019s core values, including do the right thing, customer success, and employee success.\n<\/p>\n

\n\u201cWe\u2019ve always operated in the best interests of our customers, employees, communities, and shareholders,\u201d said Peter Gassner, founder and CEO of Veeva Systems. \u201cWe\u2019re excited to take the important step to put this in our legal charter so we can ensure Veeva\u2019s accountability to all stakeholders continues for decades to come.\u201d\n<\/p>\n

\nVeeva\u2019s proposal to declassify its board of directors also received near unanimous approval by shareholders.\n<\/p>\n

What Veeva Stakeholders are Saying:<\/b><\/p>\n

\n\u201cVeeva 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,\u201d said Rob Ciappenelli, chief commercial officer at Dicerna Pharmaceuticals, Inc. \u201cWe look forward to delivering innovative solutions to patient communities with Veeva\u2019s continued support.\u201d\n<\/p>\n

\n\u201cI\u2019m proud to be part of a company that has a broader purpose and isn\u2019t only about the money,\u201d said Sayaka So, engineering manager at Veeva Systems. \u201cAs part of a public benefit corporation, I know my contributions will help make a positive impact in the world.\u201d\n<\/p>\n

\n\u201cVeeva\u2019s PBC conversion combined with their annual purpose reporting is leading the way for U.S. public companies to put corporate purpose into action,\u201d said Timothy Youmans, lead-North America, EOS at Federated Hermes. \u201cThis 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.\u201d\n<\/p>\n

Additional Information<\/b><\/p>\n

\nConnect with Veeva on LinkedIn: linkedin.com\/company\/veeva-systems
\n<\/a>
Follow @veeva_eu on Twitter: twitter.com\/veeva_eu<\/a><\/p>\n

About Veeva Systems<\/b><\/p>\n

\nVeeva 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\u2019s 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<\/a>.\n<\/p>\n

Forward-looking Statements<\/b><\/p>\n

\nThis release contains forward-looking statements, including the statements regarding the expected impact and benefits of Veeva\u2019s conversion to a Delaware public benefit corporation. Any forward-looking statements contained in this press release are based upon Veeva\u2019s 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\u2019s 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\u2019s financial results are included under the captions, \u201cRisk Factors\u201d and \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d in the company\u2019s filing on Form 10-Q for the period ended October 31, 2020. This is available on the company\u2019s website at veeva.com<\/a> under the Investors section and on the SEC\u2019s website at sec.gov<\/a>. 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.\n<\/p>\n

\n\u00ae 2021 Veeva Systems Inc. All rights reserved. Veeva and the Veeva logo are trademarks of Veeva Systems Inc.\n<\/p>\n

\nVeeva Systems Inc. owns other registered and unregistered trademarks.\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210113005967\/en\/<\/a><\/span><\/p>\n

\nRoger Villareal
\n
Veeva Systems
\n
925-264-8885
\n
roger.villareal@veeva.com<\/a><\/p>\n

\nDeivis Mercado
\n
Veeva Systems
\n
925-226-8821
\n
deivis.mercado@veeva.com<\/a><\/p>\n

KEYWORDS:<\/b> Spain Europe<\/p>\n

INDUSTRY KEYWORDS:<\/b> Technology Research Software Biotechnology Health Pharmaceutical General Health Data Management Science<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Veeva Becomes First Public Company to Convert to a Public Benefit Corporation Aligns legal charter with company\u2019s 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 BARCELONA, Spain–(BUSINESS WIRE)–Veeva Systems (NYSE: VEEV) announced that in an overwhelming majority vote, 99% of voting shareholders support the company\u2019s proposal to become a public benefit corporation (PBC), including the vast majority of Veeva\u2019s 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 … <\/p>\n

Continue reading “Veeva Becomes First Public Company to Convert to a Public Benefit Corporation”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-414606","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nVeeva Becomes First Public Company to Convert to a Public Benefit Corporation - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/veeva-becomes-first-public-company-to-convert-to-a-public-benefit-corporation-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Veeva Becomes First Public Company to Convert to a Public Benefit Corporation - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Veeva Becomes First Public Company to Convert to a Public Benefit Corporation Aligns legal charter with company\u2019s 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 BARCELONA, Spain–(BUSINESS WIRE)–Veeva Systems (NYSE: VEEV) announced that in an overwhelming majority vote, 99% of voting shareholders support the company\u2019s proposal to become a public benefit corporation (PBC), including the vast majority of Veeva\u2019s largest shareholders. 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