Company: VEEV
Filing Date: 2025-05-05
Form Type: DEF 14A
Source: 0001140361-25-017353
Chunk: 17

Company: VEEVA SYSTEMS INC
Filing Date: 2025-05-05
Form: DEF 14A
Chunk 17
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 along with our CEO, CFO, and EVP Strategy, frequently engaging with our shareholders throughout the year through quarterly earnings calls, our annual investor day event, and other investor conferences. We also use multiple communication channels to interact with our shareholders, such as our annual report and periodic updates to our website. Board Responsiveness to 2024 Annual Meeting Matters At the 2024 annual meeting, with respect to the reelection of Mr. Paul Sekhri, 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) to reject Mr. Sekhri’s decision to resign. 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 ISS and many of our shareholders; |

| • | We initiated the aforementioned shareholder outreach program where 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; and |

| 22Veeva Systems Inc. | 2025 Proxy Statement |

TABLE OF CONTENTS

How We Govern and Are Governed

| • | 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.” |

At the 2024 annual meeting, with respect to the reelection of Mr. Wallach, approximately 66% of the votes duly cast were in favor of his reelection. We believe the decrease in the support for his reelection from 99% at the 2023 annual meeting was due to certain shareholders not considering Mr. Wallach to be independent, coupled with Mr. Wallach’s appointment in 2023 to the Nominating and Governance Committee. In response to these concerns, we engaged with