On December 3, 2020, Veeva Systems, a provider of cloud-based business solutions for the global life sciences industry, filed its definitive proxy statement for a special meeting for a proposal to become a public benefit corporation (PBC). Wilson Sonsini Goodrich & Rosati is advising Veeva in the matter.

A PBC is a for-profit corporation that has also adopted a public benefit purpose. Unlike a traditional corporation whose only legal duty is to maximize shareholder value, PBCs consider their public benefit purpose and the interests of those materially affected by the corporation’s conduct—including customers, employees, and the community—in addition to shareholders’ interests. In September 2020, Veeva formed a board committee to explore becoming a PBC, and sought input from shareholders, customers, and other stakeholders before taking further action.

If Veeva carries through with the conversion, it would be the first large, U.S. public company to become a PBC, which follows its history of leading in areas that will advance the company, the industries it serves, and its stakeholders over the long-term.

In becoming a PBC, Veeva’s certificate of incorporation would be updated to include a public benefit purpose of helping make the industries it serves more productive and creating high-quality employment opportunities. This public benefit purpose aligns with Veeva’s focus on supporting life sciences companies in their mission to improve and extend life by helping them more effectively and efficiently develop and get the right treatments to the right patients.

The Wilson Sonsini team advising Veeva includes partners Richard Blake, Amy Simmerman, Ryan Greecher, and Katherine Henderson, and associates and Brian Currie.

Please visit Veeva’s website for more information.