Company: VEEV
Filing Date: 2025-05-05
Form Type: DEF 14A
Source: 0001140361-25-017353
Chunk: 2

Company: VEEVA SYSTEMS INC
Filing Date: 2025-05-05
Form: DEF 14A
Chunk 2
---
PROPOSAL ONE: ELECTION OF DIRECTORS BOARD RESPONSIVENESS We, the members of the Veeva Systems Inc. Board of Directors (the “Board”), open this Proxy Statement by asking for your voting support. At the 2024 annual meeting, with respect to the reelection of Mr. Paul Sekhri, a valued Board member, approximately 49% of the votes duly cast were in favor of his reelection. We believe Mr. Sekhri did not receive a majority of votes cast because he was considered overboarded by certain of our shareholders. In accordance with our governing documents, Mr. Sekhri promptly offered to resign from the Board. After careful consideration, the Board made the unanimous decision (with the exception of Mr. Sekhri, who recused himself from the discussion and vote) that it would not be in the best interests of Veeva, our shareholders, our other stakeholders, or the pursuit of our PBC purpose to accept Mr. Sekhri’s resignation. In the last year, the Board and Mr. Sekhri have taken the following actions to address certain shareholders’ concerns about overboarding:

| • | Mr. Sekhri reduced the number of public company boards on which he sits to a total of three, including our Board, which is consistent with our overboarding policy and the overboarding policies of Institutional Shareholder Services (“ISS”) and many of our shareholders; |

| • | We initiated a shareholder outreach program through which we engaged with shareholders to discuss our business strategy and corporate governance, including our Board composition, concerns about overboarding, and our response to last year’s vote. This program is described further at “How We Govern and Are Governed—Shareholder Engagement Program”; and |

| • | Mr. Sekhri provided important perspective and immense value to our Board, in part as a result of his expertise and continued involvement with emerging biotech companies, a key customer segment for Veeva. His contributions are discussed further at “How We Are Organized—Overboarding.” |

Our shareholder outreach program this year covered approximately 40% of our outstanding shares of common stock as of December 31, 2024. At each meeting, we discussed shareholder concerns about Mr. Sekhri’s board commitments in 2024, measures taken to address those concerns in 2025, and Mr. Sekhri’s unique fit for the Veeva Board. We care deeply about being an engaged and responsive Board and we plan to continue similar engagement efforts in