Inside Track with Liz: Meaghan Nelson on Veeva Systems' Conversion to a Public Benefit Corporation (2/10/21)

 

Meaghan Nelson

Meaghan Nelson is Associate General Counsel, Corporate and Assistant Corporate Secretary of Veeva Systems.

Meaghan Nelson is Associate General Counsel, Corporate and Assistant Corporate Secretary of Veeva Systems. Veeva announced in January that it would be the first public company to convert to public benefit corporation under Delaware law, with 99% of voting stockholders supporting the move. We discuss:

  1. How the possibility of a PBC conversion came to be on the board's agenda - and what advantages were identified
     
  2. What type of shareholder outreach Veeva conducted before the special meeting - and what type of reaction it received from outside shareholders when it told them it was considering this as a possibility
     
  3. What Veeva did under state corporate law to effect the conversion - and whether it's planning many changes to its board committees and SEC disclosures to reflect the broader "stakeholder" focus
     
  4. Whether PBC conversions will become a trend
     
  5. Meaghan's advice for in-house lawyers or outside counsel who might be advising clients on whether to convert to a PBC

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The views set forth in the podcast are the speaker's personal views and do not necessarily reflect those of the firm with which she is associated.