Veeva Systems is governed by the 6 members’ board of directors. Peter Gassner is a president of the board. Although the shareholders of a corporation own the firm, they do not manage it. Instead they elect a board of directors, which in turn, selects senior management. Therefore, unless altered by a special agreement, the board of directors has the authority to make all decisions in the regular course of business. Theoretically, the board is the representative of shareholders, and is supposed to ensure that management is acting in the best interests of the stockholders. Directors' duties must be discharged in good faith, with the care a prudent person in a similar position would exercise under similar circumstances, and in a manner the director believes to be in the best interests of the corporation.
The functions of the board of directors include: (I) selecting, evaluating, and—where appropriate—dismissing the chief executive officer (CEO); (2) reviewing and approving the corporation's financial objectives and strategy; (3) providing advice and counsel to senior management; (4) selecting and recommending a slate of candidates for the board of directors to shareholders for election; (5) approving dividends and stock splits; and (6) reviewing the adequacy of systems to conform with applicable laws and regulations. Approximately one-quarter of Standard & Poor's 500 firms had a former CEO as a board member. More than 80 percent of board vacancies are filled via the recommendation of the chairman. Many directors serve on more than one board, in addition to holding a full-time job. Veeva board of directors are compensated with company stock. Directors who have a significant equity investment in a firm are more likely to take an active interest in the company's well-being. Board of Directors has approved the charters of the Audit Committee, Compensation