Veeva issues statement in support of proposed FTC ban on non-competes

Veeva Systems announced its support for the proposed Federal Trade Commission – FTC – rule to ban employee non-competes. Veeva stated, "For more than a decade, Veeva has worked against the use of non-compete agreements and fought to have them banned nationally. The company has never asked Veeva employees to sign non-compete agreements as a condition of employment and doesn’t let an existing non-compete agreement stop it from hiring a qualified candidate. Veeva provides legal defense to employees sued by former employers trying to enforce this abusive and outdated practice. The company strongly supports intellectual property rights, which are protected through confidentiality agreements and trade secret laws. Non-competes are not necessary for IP protection and only serve to limit employee mobility". CEO Peter Gassner stated on the proposed FTC rule to ban non-competes: "The swift action to ban non-competes is an important step in advancing employee freedom, innovation, and the economy. People have a fundamental right to make their own career choices. These decisions impact their livelihoods and professional growth and should not be dictated by lawyers and corporations. This is about trusting employees. No one is motivated to do their best work under a cloud of threats or when locked into a job. The mobility of talent has created the most innovative companies in the world. Banning non-competes is good for business, innovation, and economic growth."