UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.DC 20549

SCHEDULE 14A

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IQVIA HOLDINGS INC.

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Accelerating innovation for a healthier world

OUR MISSION

 

IQVIA’s mission is to accelerate innovation for a healthier world. This focuses us on enabling life sciences clients and broader healthcare stakeholders to accelerate the clinical development and commercialization of innovative medical treatments.

OUR STRATEGY

Our strategy is to utilize IQVIA Connected Intelligence™, the integration of unparalleled data, AI-powered analytics, transformative technology, extensive domain expertise, and an unmatched network of partners, to advance healthcare and improve patient outcomes by delivering actionable insights and powerful solutions to our clients and stakeholders.

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NOTICE

OF 2024 ANNUAL MEETING OF STOCKHOLDERS

 

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IQVIA HOLDINGS INC.
83 Wooster Heights Road
Danbury, Connecticut 06810

Message from our
Chairman and CEO

Ari Bousbib

Chairman and
Chief Executive Officer

February 28 , 2022

Dear Stockholder:

You are cordially invited to attend the 20222024 Annual Meeting of Stockholders of IQVIA Holdings Inc. (2024 Annual Meeting) on Tuesday, April 12, 2022,16, 2024, at 9:00 ama.m. E.D.T. at the Hilton Garden Inn Danbury, 119 Mill PlainHotel Zero Degrees, 15 Milestone Road, Danbury, Connecticut. TheThis Notice of 2022 Annual Meeting, of Stockholders and the Proxy Statement accompanying this letter, describedescribes the business to be conducted at the meeting2024 Annual Meeting and provideprovides further information about IQVIA.

At IQVIA, we remain keenly focused on our purpose of accelerating the advancement of innovative medical treatments that improve patient lives. This past year marked five years since the formation of IQVIA, the result of the merger between IMS Health and Quintiles in 2016. During this time, we built a truly unique organization with over 79,000 employees, a global client base of over 10,000 life sciences companies, regulators, payers and providers, in 100 countries, and an unmatched set of technology & analytics capabilities.

Since forming IQVIA, our goals have been ambitious. For the first three years following the merger, we focused on integrating our capabilities and applying them to improve the clinical trial process. In 2019, we launched our Vision22 strategy to accelerate growth and profitability by the end of 2022, and we are on track to achieve these goals as we begin the final year of this strategic plan.

We are now at another inflection point in IQVIA’s journey. This past year our management team began to work on the strategy for the next phase of our growth. We call this new strategic plan 20by25, which alludes to our goal of accelerating innovation-led growth to double digits annually, resulting in IQVIA becoming at least a $20 billion revenue company by the year 2025. This is an ambitious target given our existing large global scale, but through our unique capabilities and expansive customer base, we believe these goals are achievable.

AGENDA
IQVIA HOLDINGS INC.    2022 Proxy StatementProposal 1:1Election of six director nominees to one-year terms
Proposal 2:Approve an advisory (non-binding) resolution to approve our executive compensation (say-on-pay)
Proposal 3:Consider a stockholder proposal, if properly presented
Proposal 4:Ratify our Audit Committee’s appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for 2024

2021Financial&OperationalHighlights

This year, COVID-19 continued to surge across many parts of the world, however, it did not have a material impact on our operations, as we have learned to work through these challenges. In fact, in 2021, we accelerated the pace of investment across theOther business, and significantly exceeded all key financial and strategic goals. Reported revenue grew to$13.9 billion, representing22.1% year-over-year growth. Our Research and Development Solutions (R&DS) and Technology and Analytics Solutions (T&AS) segments contributed significantly to our results, delivering31.2% and13.9% growth, respectively. Adjusted EBITDA grew26.8% to$3 billion and Adjusted Diluted Earnings per Share (EPS) of$9.03 increased40.7%. Our Free Cash Flow continued its substantial improvement trend and increased to$2.3 billion. Our investor base continued to expand and to respond accordingly: our share price performance provided a total stockholder return of 57.5%.

Our strong balance sheet, flexible capital structure and strong Free Cash Flow performance enabled key investments to further drive innovation, as well as to return cash to shareholders. We invested $640million in new product development and technology infrastructure. During 2021, we also completed a number of strategic acquisitions across our portfolio of businesses. In R&DS, we purchased the remaining non-controlling interest in our lab joint venture from Quest Diagnostics, and we acquired MyriadRulesBasedMedicine to bolster our bio-marker lab testing capabilities in key therapeutic areas. In T&AS, we strengthen our position in the digital omnichannel marketing space with the acquisition of DMDMarketingSolutions. We also returned $395million to shareholders through the repurchase of 1.7million shares.

These strong results were driven by numerous operational achievements across our organization, as we:

Delivered a record $10.1billion in contracted net new bookings and our clinical development contracted backlog at December 31, 2021 reached a record $24.8billion.

Expanded the uptake of our industry-leading Decentralized Clinical Trial (DCT) capabilities. We now have over 300 studies worldwide, enrolling more than 300,000 patients in 80 countries across more than 30 indications, using at least one of our DCT solutions.

Expanded the adoption of IQVIA technology platforms to over3,000customers, with over 350 clients adopting one or more applications on our OrchestratedCustomerEngagement(OCE) platform since launch.

Launched new products in-line with our product strategy. This included IQVIANextBestAction, an artificial intelligence (AI)-driven technology and analytics tool that provides alerts, triggers, and recommendations to sales teams to support customer engagement. In its first year, it has already been deployed by twotop-20pharmaceuticalclients across over 40brands and in 30countries.

Built on our leading position in Real World Evidence with the expansion of our rich clinical data assets to over1.2billion non-identified patients globally.

$13.9B

Revenueif properly raised.

 

$3.0B

Adjusted EBITDA

$9.03

Adjusted Diluted
Earnings per
Share

$2.3B

Free Cash
Flow


IQVIA HOLDINGS INC.    2022 Proxy Statement2

2021ESGHighlights

We are proudThe Board of the many business accomplishments we had this past year, but it is especially meaningful to see how our approximately 79,000 employees have embraced our ambitious Environmental, Social,Directors recommends that you vote “FOR” each director nominee included in Proposal 1 and Governance (ESG) goalsFOR” Proposals 2 and supported an expansion4. The Board of Directors recommends that you vote “AGAINST” Proposal 3. The full text of these programs during 2021. As an organization, our commitment to these efforts is unwavering, and we will continue reporting progress with complete transparency. Below are selected examples of the significant progress we made towards advancing our ESG goals:

Increased ESG transparency through adoption of globally recognizedTaskforce for Climate-related Disclosures(TCFD), Global Reporting Initiative(GRI) and Sustainability Accounting Standards Board (SASB) reporting standards

Increaseddisclosuresonthegenderandracial/ethnicdiversity of our workforce through publication of our Employee Information Report (EEO-1) report

Increasedthegenderandracial/ethnicdiversityofourBoard with recent director appointments — currently 4 of our 11 directors are women

Increasedthegenderandracial/ethnicdiversityprofileofourworkforce:

60% of our global workforce and 51% of our manager-level employees globally are women

46% of new hires in the U.S. identify as non-white, including 13% who identify as Black or African American, which is significant because as a group new hires were more diverse than our overall U.S. workforce in 2021, confirming that we are recruiting racially and ethnically diverse candidates at a rate that outpaces the diversity of our current U.S. workforce

ExpandedtheEmployeeResourceGroup(ERG)program with two new groups and increased total employee participation in these programs

Reducedourtotalandper-employeeGreenhousegas(GHG)emissionsyear-over-year beyond our expectations

Transitionedto100%renewableenergysupply at our Scotland Laboratory and initiated efforts for other facilities to achieve the same over time

Committedtosettingascience-basedtarget by end of 2023 to reduce our carbon emissions

The events of the past few years highlighted the critical role we play in healthcare. Throughout 2021, we continued to make progress advancing global healthcare and improving outcomes for populations around the world. Our industry-leading DCT platform brings the clinical trial to the patient rather than the patient to the trial. This significantly reduces the burden for patients enrolled in clinical trials and allows IQVIA to increase patient recruitment among historicallyunderservedandmorediversepopulations.These solutions were critical to the development of COVID-19 vaccines and treatments. Additionally, COVID-19 trials required broader testing, including, critically, in diverse populations. Our innovations allowed COVID-19 vaccine trials supported by IQVIA to achieve diversity enrollment rates 1.7xbetterthan other comparable COVID-19 vaccine trials. We also expanded the reach of our patient registry technology to 80+clinicalprograms.These programs have enrolled morethan21millionpatients.These solutions capture critical information about diagnosis, treatment, and outcomes for a range of disease areas. This data is used by government and academic research organizations and patient advocacy groups to inform new research and treatment protocols that have a tangible impact on patient lives.

We were particularly inspired and honored to collaborate with a wide range of stakeholders to strengthen public health system foundations and address key barriers to access across more than 200+ healthcare facilities across Sub-SaharanAfricaand to support a variety of nonprofits and programs in Indiathat focus on health, women, and education.

With the support of our employees, customers, partners, and stockholders, we will continue to build on our leading position within life sciences and global healthcare. For the fifth consecutive year, IQVIA was named to FORTUNE’slistofWorld’sMostAdmiredCompanies.In addition, we earned a first-placeranking in FORTUNE’s Healthcare:PharmacyandOtherServicescategory of its World’s Most Admired Companies list. Our commercial technology solutions were recognized as a LeaderinBPOSolutionsforPharmaceuticalSalesandMarketing by International Data Corporation (IDC)’s 2021MarketScapeTM, and we received six HumanCapitalManagementExcellenceAwards from the Brandon Hall Group recognizing our global talent development programs.

Our differentiated capabilities uniquely position IQVIA to address some of healthcare’s most complex challenges. We will continue to invest and innovate to advance patient outcomes and deliver value to our shareholders.

AriBousbib

ChairmanandChiefExecutiveOfficer

IQVIA HOLDINGS INC.    2022 Proxy Statement3

NOTICE

of 2022 Annual
Meeting of
Stockholders

AGENDA

Proposal1:

Elect the four Class III director nominees namedproposals appears in the accompanying Proxy Statement for a three-year term

Proposal2:

Approve our Amended and Restated CertificateStatement. Registered stockholders of Incorporationthe Company at the close of business on the record date are eligible to declassifyvote at the Board of Directors over time and provide for the annual election of all directors

Proposalmeeting.3:

Approve an advisory (non-binding) resolution to approve executive compensation (say-on-pay)

Proposal4:

Consider a stockholder proposal, if properly presented

Proposal5:

Ratify our Audit Committee’s appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for 2022

Other business, if properly raised

 

By Order of the Board of Directors,

 

Eric M. Sherbet

Executive Vice President,
General Counsel and Secretary

February 28 , 2022
Danbury, Connecticut23, 2024
Durham, North Carolina

 

Time, Date & Location

9:00a.m.E.D.T.

Tuesday, April 12, 2022

Hilton Garden Inn Danbury

119 Mill Plain Road

Danbury, Connecticut 0681116, 2024

 

TheBoardofDirectorsrecommendsthatyouvoteFOReachdirectornomineeincludedinProposal1andFORProposals2,3and5.TheBoardrecommendsthatyouvoteAGAINSTProposal4.ThefulltextoftheseproposalsappearsintheaccompanyingProxyStatement.RegisteredstockholdersoftheCompanyatthecloseofbusinessontherecorddateareeligibletovoteatthemeeting.

We recommend that you review the information on the process for, and deadlines applicable to, voting, attending the meeting and appointing a proxy under “About the 2022 Annual Meeting” on page 107 of the Proxy Statement.Hotel Zero Degrees
15 Milestone Road
Danbury, Connecticut 06810

 

YOUR VOTE IS IMPORTANT

To make sure your shares are represented, please cast your vote as soon as possible in one of the following ways:

 

INTERNET


Go to the website shown on your proxy card and follow the instructions

TELEPHONE


Use the toll-free number shown on your proxy card or voting instruction form

MAIL


Mark, sign and date your proxy card and return it in the postage-paid envelope

 

ImportantNoticeRegardingtheAvailabilityofProxyMaterialsforthe2022 2024 AnnualMeetingofStockholderstoBeHeld on April12,2022: 16, 2024:

Our Notice of Meeting, Proxy Statement, Form of Proxy Card & 20212023 Annual Report on Form 10-K are available at: https://materials.proxyvote.com/46266C

We recommend that you review the information on the process for, and deadlines applicable to, voting, attending the 2024 Annual Meeting and appointing a proxy under “About the 2024 Annual Meeting” on page 125 of the Proxy Statement.


 

IQVIA HOLDINGS INC.    2024 Proxy Statement1
 

Message from our
Lead Independent
Director

IQVIA HOLDINGS INC.
2400 Ellis Road

Durham, North Carolina 27703

John M. Leonard, M.D.

Lead Independent Director
February 23, 2024

Dear Stockholders:

On behalf of the Board of Directors, I would like to thank you for your continued support of IQVIA. As your Lead Independent Director, it is my distinct pleasure to outline the efforts of the Board to provide robust, independent oversight in furtherance of your interests. Throughout 2023, consistent with prior years, the Board worked closely with our Chief Executive Officer and management team to further IQVIA’s overall mission, enhance our corporate governance program, advance our sustainability initiatives, and to proactively engage with our stockholders.

We provide robust corporate governance and independent oversight of the Company’s long-term strategy.

An essential role of the Board is to provide robust corporate governance and effective independent oversight of IQVIA’s corporate strategy and execution. The Board regularly reviews our corporate governance policies and practices and has continued to make enhancements that we believe are in the best interests of the Company and our stockholders. Key 2023 accomplishments include, among others:

Adopted stockholders’ right to request a special meeting of stockholders
Continued declassification of the Board: 60% of our directors are up for election to one-year terms in 2024 and 100% of our directors will be up for election to one-year terms in 2025
Adopted two clawback policies, one applicable to our Section 16 officers in the event of a material financial restatement and a second, supplemental clawback policy that applies to a wider set of employees and covers a broader set of misconduct
Increased transparency of our limited corporate political contributions through the publication of an annual Political Spend Report and public disclosure of our Political Activity Policy

The Board works closely with our Chief Executive Officer and senior management to formulate and oversee the Company’s long-term strategy to ensure that we are well positioned to succeed in a complex and rapidly changing healthcare environment. 

We oversee the Company’s sustainability initiatives.

The Nominating and Governance Committee (N&G Committee) of the Board has oversight responsibility of sustainability matters. Colleen Goggins, the Chair of the N&G Committee, and I actively advance our continuing sustainability efforts and initiatives through regular meetings with our Chief Executive Officer and management team and with our stockholders. We are very proud of our recent sustainability accomplishments, which include, among others:

IQVIA HOLDINGS INC.    2024 Proxy Statement2
The Science Based Targets initiative (SBTi) verified our greenhouse gas emissions reduction targets, setting a roadmap with clearly defined actions as we aim to achieve a 55% reduction in our scope 1 and scope 2 emissions by 2030 and achieve net zero emissions by 2050
As disclosed in our 2023 Environmental, Social and Governance Report, our scope 3 emissions decreased by 31% in 2022 compared to 2021
We disclosed specific targets on employee engagement survey results relative to benchmark scores for our named executive officers, which impact short-term compensation payouts, tying executive compensation to our human capital management efforts, which are critical to the Company achieving its financial results
Building upon past learnings and successes, launched new global Diversity, Inclusion & Belonging Plan, furthering our initiatives in this area through actions designed to support growth and innovation in our programs and processes

We invite you to review our 2023 Environmental, Social and Governance Report, which is available on our website at https://www.iqvia.com/esg, and to learn more about our sustainability priorities and practices beginning on page 38 of this Proxy Statement.

We have a robust stockholder engagement program and engage regularly with our stockholders.

Engagement with stockholders remains a key focus for IQVIA and an important part of the Board’s longstanding commitment to sound governance practices and responsiveness to stockholder input. Our annual stockholder engagement program involves meetings with a broad base of stockholders to discuss performance, corporate governance, environmental and social impacts, human capital management, executive compensation and other matters of importance. During the past year, both Colleen and I regularly participated in these meetings. Our ongoing dialogue with stockholders provides us with valuable insight and feedback throughout the year, allowing the Board to better understand our stockholders’ priorities and perspectives and to incorporate them into the Board’s deliberations and decision-making processes. During 2023, we engaged with stockholders representing approximately 35% of our outstanding common stock.

As we move forward in 2024 and beyond, we will continue to work hard on your behalf as stewards of the Company to help ensure the continued success of IQVIA. On behalf of the full Board, I sincerely thank you for your continued trust and investment in IQVIA. Your vote is important, and we kindly request that you support our voting recommendations contained in this Proxy Statement and invite you to share your perspectives with us throughout the year.

Sincerely,

John M. Leonard, M.D.

Lead Independent Director

IQVIA HOLDINGS INC.    2024 Proxy Statement3

Message from our
CEO

IQVIA HOLDINGS INC.
2400 Ellis Road
Durham, North Carolina 27703

Ari Bousbib

Chairman and Chief Executive Officer
February 23, 2024

Dear Stockholders:

At IQVIA, our mission is to accelerate innovation for a healthier world. Our 87,000 global employees across more than 100 countries are passionate about solving healthcare’s most complex challenges. We integrate our cutting-edge technology with our world class services to deliver innovative solutions for over 10,000 life science, regulator and provider customers.  

Our industry faced another year of unprecedented turmoil, with geopolitical instability and macroeconomic forces continuing to wreak havoc across the globe. Despite this tumultuous environment, I am proud that we delivered improvements across our key financial and operational metrics and, importantly, ensured patients maintained access to the critical therapies they need. 

The outlook for our industry is extremely robust. The demand for innovation has never been greater, the funding for this innovation has never been higher, and the number of molecules in development has never been larger. More than 100 new oncology drugs are expected to be developed and commercialized in the next five years, as many as 50 cell, gene and mRNA therapies will come to market in that timeframe and the growth of the pharmaceutical market is expected to reach 8% CAGR by 2028. This is a time of unprecedented medical progress and IQVIA is uniquely positioned to support our industry deliver on its promise to improve patient lives.  

Financial, Strategic and Operational Achievements

In 2023, revenue grew to $15.0 billion, representing 4% growth on a reported basis and 4.1% growth on a constant currency basis. Adjusted EBITDA, our primary measure of profitability, grew 6.7% to $3.6 billion and adjusted diluted earnings per share increased by 0.4% to $10.20. Adjusting for the impact of the step-up in interest rates and the UK corporate tax rate, adjusted diluted earnings per share grew by 12%. 

Across each of our core business segments, we delivered on our expectations. Research & Development Solutions (R&DS) grew 6% on a reported basis, 6% on a constant currency basis and 13% at constant currency when we eliminate Covid-related business from both years. Our Contract Sales & Medical Solutions (CSMS) business declined by 2.2% on a reported basis and 0.3% at constant currency. Our Technology & Analytics Solutions (TAS) business grew 2.0% on a reported basis and 2.1% at constant currency.

This year we took the opportunity to refinance tranches of our debt with nearer term maturities. In November, we successfully refinanced approximately $2.75 billion dollars, effectively extending maturities to 2029 and 2031. The strong demand for IQVIA debt allowed us to tighten pricing and lock-in an average fixed rate below 4.9 percent after swaps.  This refinancing reduced our interest rate risk with over 80 percent of our debt now at fixed rates. 

IQVIA HOLDINGS INC.    2024 Proxy Statement4

Proxy Statement Summary

6

Commitment

The strength of our balance sheet and strong cash flow allowed us to invest $649 million on internal development projects, deploy almost $1 billion to make strategic acquisitions and investments, and return approximately $1 billion of cash to stockholders through the repurchase of more than 5 million shares of our common stock at an average price of $197 per share. 

Underpinning our financial performance were strong strategic and operational achievements, which included:

A record year for the R&DS business: R&DS continued to Public Health

post strong booking numbers with $10.7 billion of contracted net new business, industry leading book-to-bill ratio of 1.28x among peers that publicly-disclose such data, added almost 400 new customers, and closed 2023 with our largest backlog ever at $29.7 billion, an increase of more than 9% compared to the prior year. 

10Expanded data access and offerings: We expanded access to new data sets through partnerships that allow us to access academic medical centers, health systems and specialty care settings, adding 350 million patient lives; we increased our direct-to-patient access by 35% to enable greater collection of patient-reported outcomes, and we doubled our oncology health system network. In addition, we launched the Medical Device industry’s first ever Medical Device consumption data offering. 

Industry leading analytics and AI: In 2023 we accelerated revenue growth in our emerging commercial analytics business by 50%. We launched IQVIA’s Healthcare-grade AI, our approach to AI that provides the level of speed, trust, and privacy that the industry needs. We received industry recognition for our use of AI across our pharmacovigilance and sales & marketing operations offerings. In June we were awarded the prestigious “Best AI-based Solution for Healthcare” Award from the Artificial Intelligence Breakthrough Awards.
Innovative patient offerings: We drove significant expansion of our commercial patient offerings through the launch of our AI-driven patient relationship management platform, the development of an obesity management program in collaboration with Apple, and expansion of our patient education, screening, and diagnostic services across Asia, Latin America, and Europe. 

Investments in Talent

IQVIA attracts talent that is passionate about improving patient outcomes. We invest heavily so our talent can accomplish this goal. This year we made significant progress against our learning and development agenda, for example we:

Introduced our new onboarding app that personalizes new joiners’ experiences to facilitate a smoother onboarding experience, allowing new joiners to feel part of IQVIA sooner and be productive more quickly.
Launched our new Talent and Learning Hub, received over one million visits to our talent and learning hub and hosted more than 30,000 IQVIANs on Career Connections, our AI driven talent marketplace, exploring new careers and opportunities for growth within IQVIA.
Increased the numbers of IQVIANs who completed one of our structured leadership and management programs to build the next generation of management and leadership talent.

We want our talent to be reflective of the communities we serve as well as feel that they belong at IQVIA so they can make a meaningful contribution to the Company’s mission. This year we have seen a 110% increase in our Employee Resource Group membership with almost 12,000 members across eight global ERGs representing 73 countries. We have 90 different ethnicities represented across our employee population, 61% of our global workforce are women, 52% of our global managers are women and 40% of IQVIA’s Board of Directors are women. In the U.S. alone, almost 40% of our employees identify as minority and 44% of new hires identify as minority. 

Through our semi-annual Employee Pulse Survey, we continue to measure the progress we are making in employee engagement and satisfaction. 87% of employees see a clear link between their work and our shared vision, 5 points above the Fortune 500 benchmark. 79% of employees feel like they belong at the Company, 3 points above the Fortune 500 benchmark, and 88% feel they are acquiring the skills they need to be successful, 7 points above the Fortune 500 benchmark.   

Environmental, Social and Governance Enhancements

In line with our commitment to net zero we verified our greenhouse gas emissions reduction targets - including our net zero by 2050 target - with the Science Based Targets initiative (SBTi). We reduced our absolute scope 3 emissions by 31% and removed over 3,000 kg of single use plastics from our business. In addition, we increased the reuse of electronic devices by more than five times. We continue to reduce our global real estate footprint and therefore our energy

IQVIA HOLDINGS INC.    2024 Proxy Statement5

Sustainability and ESG Highlights

consumption and emissions. We now have thirteen labs across Europe, Asia and the Americas that have achieved the My Green Lab certification. In furtherance of our sustainability agenda, we continue to work with our suppliers to commit to and set SBTi targets, including mandatory training as part of their supplier agreements.

In support of our commitment to public health we established our dedicated global public health business in 2023.  IQVIA Public Health now works with more than 75 clients across the globe. We partner with some of the largest NGOs in the world, including the Global Fund and (RED) to improve the detection of threats before they become pandemics in low to middle income countries. IQVIA also works with the Coalition for Epidemic Preparedness (CEPI) in support of its 100 Days Mission, an ambitious plan to compress vaccine development timelines to 100 days. In October we held our second annual Africa Health Summit in Kigali, Rwanda, bringing together nearly 300 healthcare stakeholders from 28 different countries to discuss how to address the diverse unmet needs across the continent. 

IQVIANs continue to make a positive impact in their communities. In 2023, IQVIANs donated their time to a variety of community service activities. These included supporting adults with learning difficulties, helping students from disadvantaged backgrounds improve their career prospects, campaigning for stem cell donor registrations, staffing food banks, refurbishing schools and more. This generosity of spirit is truly humbling.

We are continually strengthening our corporate governance program, which is critical in supporting our sustainability goals, promoting accountability, and driving long term shareholder value. Since 2020, we have made more than 25 distinct enhancements to our corporate governance program, as well as added significant additional disclosures to provide greater transparency on our policies and practices. Our key accomplishments in 2023 were outlined by our lead independent director in his message above.

We were pleased to be recognized in FORTUNE’s annual list of World’s Most Admired Companies for the seventh year in a row. For the third year in a row, IQVIA was named the number one most admired company in our category, Healthcare: Pharmacy and Other Services. In addition, IQVIA earned first place ranking in six of nine categories, including quality of management, people management, innovation, quality of products and services, global competitiveness, and use of corporate assets.

Looking to 2024 and beyond, I am confident that our industry will weather the geopolitical and macroeconomic challenges we face. Demand for innovation remains strong as patients continue to look to our industry to provide the best possible outcomes for them and their families. As always, IQVIA stands resourced and ready to support our customers deliver for the patients we collectively serve. 

I, and everyone at IQVIA, deeply value the trust that our customers, stockholders, and partners around the world continue to place in us. I look forward to keeping you updated throughout 2024. 

Ari Bousbib

Chairman and Chief Executive Officer

IQVIA HOLDINGS INC.    2024 Proxy Statement

12

6

 

Table of Contents



 

IQVIA HOLDINGS INC.    2024 Proxy Statement7

Appendix B Amended Certificate of IncorporationBack to Contents

117

IQVIA Holdings Inc. Amended and Restated Certificate of Incorporation

117

IQVIA HOLDINGS INC.    2022 Proxy Statement5

Back to Contents

Proxy Statement Summary

This

Proxy Statement Summary

This summary highlights information contained elsewhere in this Proxy Statement which is first being sent or made available to stockholders on or about February 28 , 2022. This summaryand does not contain all of the information you should consider, so pleaseconsider. You should read the entire Proxy Statement carefully before voting.

Matters to Be Voted Upon

The following table summarizes the proposals to be voted upon at the 20222024 Annual Meeting of Stockholders of IQVIA Holdings Inc. (IQVIA or the Company) to be held on Tuesday, April 12, 2022 (the “2022 Annual Meeting”)16, 2024, and the voting recommendations of the Company’s Board of Directors (the “Board”)Board) with respect to each proposal.

Proposals

Required


Approval

Board


Recommendation

Page


Reference

Election of Directors

six director nominees to one-year terms

PluralityMajority of votes cast

FOR

each nominee

17

19

Amendment to Certificate of Incorporation to declassify the Board over time and provide for the annual election of all directors

Majority of shares present in person or represented by proxy at the meeting and entitled to vote on the matter

FOR

24

Advisory (non-binding) vote to approve our executive compensation (say-on-pay)

Not applicable(1)

FOR

48

53

Stockholder proposal, if properly presented

Not applicable(1)

AGAINST

98

116

Ratification of PricewaterhouseCoopers LLP as our independent auditor

registered public accounting firm for 2024

Majority of votes cast

FOR

100

119
(1)

Because

Given this is an advisory vote, there is no required approval threshold.

 

Our proxy materials, which include this proxy statement and our 2023 annual report, are first being mailed or made available to stockholders on or about February 23, 2024.

YOUR VOTE IS IMPORTANT

Please register for e-delivery of proxy materialsmaterials: Scan the QR Code or visit www.proxyvote.com

 

IQVIA HOLDINGS INC.    20222024 Proxy Statement68

Back to Contents

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Who We Are

 

We haveIQVIA has one of the largest and most comprehensive collections of healthcare information in the world, including more than 1.2 billion comprehensive, longitudinal, non-identified unique patient records spanning sales, prescriptions, promotions,prescription and promotional data, medical claims, electronic medical records, genomics and social media secured bymedia. We continue to grow our information set to offer even greater intelligence—we currently hold more than 61 petabytes of proprietary data sourced from approximately 150,000 data suppliers and over 1 million data feeds globally. As a wide varietyglobal leader in protecting individual patient privacy, we employ a range of privacy-enhancing technologies and safeguards.safeguards to protect individual identities all while generating insights at scale. With our sophisticated analytics and global technology infrastructure, we help our clients use this data to run their organizations more efficiently and make better decisions.

 

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Financial Highlights

 

2023 Key Performance Metrics

(1)  See reconciliations of non-GAAP items in Appendix A of this Proxy Statement.

2023 Segment Underlying Revenue Growth(2)

 
13% 6% (1%)
Research and Development
Solutions
 Technology and Analytics
Solutions
 Contract Sales and Medical
Solutions
     
     
     

2023 Capital Deployment

  
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IQVIA’s 20by25 Strategy

When we formed IQVIA in 2016, we were focused on bringing analytics and technology to the clinical trial process. We worked for three years to fully integrate these capabilities and begin to realize the full value of the merger between IMS Health and Quintiles (the “Merger”). In 2019, we launchedVision 2022, a strategy to fully leverage our newly-combined assets to accelerate our growth beyond our post-Merger achievements. Since that launch, we have invested heavily in the use of technology, information, and analytics to expand our portfolio of offerings and further improve performance for ourselves and our customers. As Vision 2022 comes to a very successful conclusion, the next inflection point in our growth trajectory is what we call20by25, which represents our goal to realize at least $20 billion in revenue by 2025. This target reflects an acceleration of our innovation-led annual growth rate to at least double digits, which—given the scale of our revenues—represents a formidable challenge. Nevertheless, we believe that this goal is supported by a large, growing business opportunity that we are uniquely positioned to capture a greater share of through our differentiated capabilities and our expansive customer base.

We are excited about where IQVIA is today and look forward to what it will become in the future.

  

Invested for Growth

$1,525M

•  $996M Spend on M&A and Investments

•  $649M Capital Expenditures

Returned to Stockholders

$992M

•  ~5.0M Shares Repurchased

•  $197 Average Repurchase Price Per Share

(2) Underlying Revenue Growth is defined as constant currency growth excluding revenues from COVID-19 related projects from both 2022 and 2023.

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Commitment to Public Health

We intend to achievepursue our corporate purpose of advancing healthcare outcomes for patients by overcoming some of the biggest challenges facing global health, through collaborations with numerous stakeholders in the healthcare ecosystem. We are passionate about helping clientscustomers pursue this goal, and we continuously push ourselves to do more to advance public health efforts and improve health for all.

We are committed to doing our part by harnessing our resources and expertise to identify, understand and address unmet public health needs. We believe that by unleashing the power of Human Data Science—the integration of the study of human science with breakthroughs in data science and technology—we can reimagine ways to address the most complex global health challenges.

We do not undertake these challenges alone. Working in partnership with life science companies, medical researchers, government agencies, payers, nonprofit organizations and other healthcare stakeholders, we deliver insights and solutions that make meaningful differences in global public health.

At the Forefront of Creating a Healthier World

We are on the frontlines of the global public health conversation through ongoing

Our work with nonprofit organizations, government agencies, non-governmental organizations (NGOs), patient advocacy groups and other healthcare stakeholders.stakeholders puts us on the front lines of the global public health conversation. We are settingset the agenda for public discussion of healthcare topics—ranging from biosimilar sustainability to orphan drug development and biopharmaceutical innovation—by regularly publishing original, independent reports.

Accesstoinfrastructureandstandards. IQVIA is a preferred provider to a consortium of 14infrastructure and standards. We actively build collaborations in the global health Product Development Partnerships, fundedspace, with the aim to promote health equity in part bydeveloping nations and improve health outcomes globally. These projects often span several years and include a mix of sponsorship and sharing of our knowledge and experience. At an international level, we have ongoing relationships with the World Economic Forum, the Bill and Melinda Gates Foundation. By partnering withFoundation and the consortium members, IQVIA provides accessGlobal Fund to Fight AIDS, Tuberculosis and Malaria. Through these collaborations, we utilize our capabilities and networks to enable progress on global clinical development infrastructure and standards, particularly in the areas of infectious diseases such as HIV, malaria and tuberculosis.health challenges. 

Patient empowerment. empowerment.We have a long-standing commitment to pursue patient engagement strategies to better educate and include patients in the evolving clinical research environment. This important work is enabling people to receive health services, clinical trial education and active connections to clinical research programs across the globe.

Improving outcomes for patients and populations. outcomesforpatientsandpopulations.We dedicate a significant amount of time and resources to working alongside governments, NGOs, and academia to enable faster and more robust approaches to tackling some of the world’s most pressing health challenges. We create intelligent connections that enable these organizations to discover previously unseen insights, drive smarter decisions, and unleash new opportunities. We have joined numerous organizations to help develop, enhance and optimize patient registries, which play an important role in healthcare. Patient registries are collections of data related to patients with a specific diagnosis or condition that play an important role in healthcare. For example, in one consortium, after initiating a registry focused on colectomy patients, we saw a 30% reduction in urinary tract infections and a 22% reduction in surgical site infections following colectomy surgeries. In another partnership, we developed an algorithm using AI to identify misdiagnosed adult type 1 diabetes (T1D) patients. A third partnership created a network of clinical sites and patient advocacy partnerships that will share non-identified electronic health record (EHR) data.condition. 

Diversityinclinicaltrials. Through industry partnerships and internal initiatives, IQVIA is a leader in driving increased diversity in clinical trials, which is essential to improve understanding of potential sources of outcome variability in trials and to creating equality in the broader healthcare system. Across our COVID-19 vaccine trials, for example, we achieved 1.7 times higher enrollment of diverse populations versus our peers.

Regulatory evolution. evolution.IQVIA works alongside regulators and policymakers to foster a regulatory environment that advances human health and the conduct of clinical trials. We wereModernizing clinical trials and evidence generation is at the only companycore of IQVIA’s mission and a key priority for regulators, especially following the pandemic. From validating decentralized trial approaches through regulatory engagement to early leadership in dose optimization trial designs, IQVIA is at the forefrontof trial optimization and shaping regulatory thinking.

Transforming public health in Africa. Alongside our industrypartnership with (RED) and The Global Fund (see page 46) and our contribution to actively participateresearch on antimicrobial resistance, we are partnering with stakeholders to support pandemic preparedness, develop a coordinated clinical trials ecosystem, evaluate healthcare supply chains and assess the deployment of digital health platforms in the developmentregion. In 2023, we held the second IQVIA Africa Health Summit in Kigali, Rwanda—a two-day event that brought together public health experts to share knowledge and passageexchange ideas about how to advance Africa’s health through data, technology and innovative research. More than 280 attendees participated, representing 28 countries, in interactive sessions covering topics such as driving health innovation through clinical research and the role of innovation in improving access to healthcare.  

Pioneering New Heights for Diversity in Clinical Trials

IQVIA has developed significant capabilities to assist sponsors in enrolling diverse populations, including traditionally underserved communities, into clinical research studies. This is accomplished by embedding diversity across planning and execution of clinical trials that reflect the 21st Century Cures Act, including testifying beforecommunities impacted by the U.S. House Energydisease or conditions under study to advance scientific understanding, improve health equity and Commerce Health Subcommittee onaccelerate new therapies. IQVIA believes achieving diverse representation in clinical trials requires a proactive, concerted approach that begins at the topicearliest stages of “Modernizing of Clinical Trials.”trial

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Combating COVID-19

In 2021, we continued to devote substantial resources to COVID-19-related efforts, including our work with clients, governments and public health agencies. We responded quickly to the call to leverage our capabilities and expertise to help contribute to the global understanding of the virus and its ongoing implications.

Advising Healthcare Actors

Throughout the pandemic, we have maintained regular dialogue with governments, regulators, payers and life sciences companies, providing them with up-to-date insights on the spread and impact of COVID-19, including from our AI-based disease trackers and prediction models.

IQVIA COVID-19 Active Cases Curve Simulator

We developed a first-in-kind data model that presents real-time simulations of active cases in countries and regions around the world to support public health decisions. The simulator focused on total active cases, rather than hospitalizations or deaths, as a metric that spoke to the overall impact COVID-19 was having. The simulation showed the number of active cases (per population), shape of increase of the curve, timing of the apex of the curve, and the shape and timing of the decline from the apex.

The Preparedness and Treatment Equity Coalition

IQVIA was one of the founding members of the Preparedness and Treatment Equity Coalition (PTEC), an organization whose vision is to take a metrics-driven approach to close the gaps in pandemic care and services in underserved communities.

Human Data Science Research Collaborative

We created the Human Data Science Research Collaborative, a program to support COVID-19 research activities related to health system issues through collaboration with the world’s leading academic researchers. In 2021, we supported eight publications from high-profile academics that covered drug shortages, pediatric medicine access, changes in patient-provider engagement, mental health, and opioids.

Developing Vaccines and Therapies

We worked on over 300 clinical trials and studies for COVID-19 vaccines and therapies, including four of the five trials that reached phase III and were funded by the U.S. government, providing full clinical trial services for two of them.

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planning and is deliberately factored into site selection, site training and recruitment strategy. IQVIA’s multi-faceted, trial-lifecycle approach to Contentsachieving clinical trial diversity is designed to address known and suspected causes of underrepresentation, while also considering challenges specific to the therapeutic area and trials overall. 

IQVIA has established its leadership position in this important initiative, working closely with health regulators, sponsors, and industry associations, along with making significant internal investments, to drive increased diversity in clinical trials, which we believe to be essential to understanding potential variability in treatment effect, inform better health care decisions and contribute to improving health equity.

Recently, we supported a large pharmaceutical company in a respiratory syncytial virus (RSV) vaccine trial and through use of our data and novel site and direct-to-patient strategies to increase ethnic diversity participation, we were able to achieve over 1.7 and 1.6 times higher enrollment rates of Black and Hispanic participants, respectively, than originally expected. This built on the success we achieved across our COVID-19 vaccine trials, where we achieved 1.7 times higher enrollment of diverse populations than our peers. 

Leveraging a distinctive combination of diversity regulatory insights, epidemiology and therapeutic expertise and data assets, IQVIA supports sponsors both large and small in developing meaningful and achievable diversity plans for regulators.

Sustainability and ESG Highlights

We are committed to continuingdelivering on our leadership position in sustainable ESG practices that further our corporate purpose of helping our clients improve healthcare outcomes for patients. Sustainability is a core consideration in achieving this—identifying and acting on the environmental, social and governance (ESG) issues most relevant to our business and stakeholders. Our sustainable business practices are organized in this Proxy Statement under the three pillars of our ESG program — People, Public and Planet.

 

 

As an industry leader, we continually look for ways to advance and strengthen our sustainability and citizenship efforts and report on our progress. You can find more details about all the topics below as well as other important information related to our sustainability effortsprogress each year in our 2021annual ESG Report, which is available on our website at https://www.iqvia.com/esg.

 

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   2021 select

Select highlights of our ESG-related2023 sustainability-related accomplishments:

Environment

•   AlignedThe Science Based Targets initiative (SBTi) verified our 2021 ESG Reportgreenhouse gas (GHG) emissions reduction targets, setting a roadmap with TCFD, GRIclearly defined actions as we aim to achieve a 55% reduction in our scope 1 and SASB ESG reporting frameworksscope 2 emissions by 2030 and achieve net zero emissions by 2050

•   PublishedOur scope 3 emissions decreased by 31% from 2021 to 2022, largely due to reductions in emissions from purchased goods and services, capital goods, and transport and distribution

•   IQVIA worked closely with its supply chain to develop strategies to further reduce GHG emissions, resulting in 33% of IQVIA’s in-scope suppliers by emissions having or having committed to science-based targets

Governance

•   Adopted stockholders’ right to request a special meeting of stockholders

•   Adopted two clawback policies, one applicable to our EEO-1 report and also expanded disclosure of other workforce diversity demographics

•  Strengthened Board oversight of our ESG program by amending our Nominating and Governance (N&G) Committee charter to explicitly include responsibility for oversight of ESG-related matters

•  Enhanced Board oversight of cybersecurity matters by amending our Audit Committee charter to explicitly state thatSection 16 officers in the Audit Committee has oversight over such matters

•  Further enhanced stockholder rights by proposing to declassify our Board

•  Enhanced the diversity of our Board through the appointment of two racially/ethnically diverse women as directors, and enhanced diversity disclosure for our Board

•  Strengthened our Diversity & Inclusion (D&I) efforts with the appointmentevent of a senior leadermaterial financial restatement and a second, supplemental clawback policy that applies to a wider set of employees and covers a broader set of misconduct, allowing the Company to recover from executive officers and certain other employees who are determined to have engaged in, or in some cases to have been aware of or willfully blind to, certain detrimental conduct

•   For the seventh year in a row, IQVIA was named one of the World’s Most Admired Companies in FORTUNE’s annual survey. For the third year in a row, IQVIA was named the number one most admired company in our D&I program, among other achievementscategory, Healthcare: Pharmacy and Other Services. In addition, IQVIA earned first place ranking in six of nine categories, including quality of management, people management, innovation, quality of products and services, global competitiveness, and use of corporate assets

Human Capital

•   Racial, ethnic and gender diversity for 20212023 IQVIA U.S. new hires in the US exceeded the levels for the overall USIQVIA U.S. workforce, continuing a trend from 2022 and 2021

•   Increased the frequency ofBuilding upon past learnings and successes, launched new global Diversity, Inclusion & Belonging Plan, furthering our initiatives in this area through actions designed to support growth and innovation in our programs and processes

•   Disclosed specific targets on employee engagement surveyssurvey results relative to twice annuallybenchmark scores for our named executive officers, which impact short-term compensation payouts, tying executive compensation to our human capital management efforts, which are critical to achieving our financial results

 

•  Reduced our total and per-employee GHG emissions compared to the prior year beyond our expectations

•  Transitioned to 100% renewable energy supply in our Scottish laboratory and initiated efforts for other facilities to achieve the same over time

•  Removed all single-use plastics from our office facilities worldwide

 

See pages 34-4338-48 for more information regarding our sustainability and ESG program.

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Corporate Governance Highlights

We are committed to governance practices and policies that serve IQVIA’s long-term interests and contribute to the creation of stockholder value. Below are highlights of the advancements we made in our corporate governance practices and policies.

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The following table summarizes certain highlights of our corporate governance practices and policies.

Corporate Governance Highlights

 

BOARD OF DIRECTORS

Our current director nominees, representing 60% of our Board, are each up for election to a one-year term this year
Annual election of 100% of our directors beginning in 2025
Lead Independent Director, elected by the independent directors,

Stockholder proxy access

with power to call special meetings of the Board, among other key responsibilities

All directors except our Chief Executive Officerchairman are independent

100% independent Board committees

Director resignation policy that requires directors to tender their resignation if they receive a number of withhold votes that exceeds

50% of all votes cast

Board members are women and/or racially or ethnically diverse

Regular Board and committee executive sessions of non-management directors

Our common stock is the only class of stock outstanding

Annual Board and committee self-assessments

Multi-year vesting requirements for performance share awards

Director retirement policy at age 74 to encourage board refreshment

Comprehensive whistleblower policy in place

Risk oversight by the

Annual Board and committees

committee self-assessments

Majority voting standard for directors in uncontested elections

STOCKHOLDER RIGHTS AND ENGAGEMENT
Stockholder proxy access
Stockholder right to call a special meeting
Active stockholder outreach and engagement program
Single class of voting stock
No supermajority voting requirement for stockholders
No “poison pill” (stockholder rights plan)
GOVERNANCE BEST PRACTICES
Two clawback policies, one applicable to our Section 16 officers in the event of a material financial restatement and a second, supplemental clawback policy that applies to a wider set of employees and covers a broader set of misconduct
Robust share ownership guidelines for both directors and key executives
Securities Trading Policy in place, including anti-hedging and anti-pledging terms,

without exception

Audit Committee approval required for related party transactions

No supermajority voting requirement for stockholders

Risk oversight by the Board, Board committees and Enterprise Risk Council

Formal

Comprehensive Whistleblower Policy in place
Rooney Rule policy requiring formal director and CEO searches mustto include an initial list of female and racially or ethnically diverse candidates

No “poison pill” (stockholder rights plan)

Share ownership guidelines for both directors and key executives

No excise tax gross-ups on severance or change in control payments or benefits

Annual say-on-pay vote
Multi-year vesting requirements for performance share awards
Long-term incentive compensation delivered in performance-based equity

See pages 25-4526-50 for more information regarding our corporate governance.

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Director Snapshot

The following table provides information about our Nominees,director nominees, assuming they are reelected at the 2022 Annual Meeting,2024 annual meeting and continuing directors.

Director

Age

Term Ends

Independent

Audit

N&G

LDC

Director Since

John P. Connaughton

56

2025

Y

 

 

X

2008

John G. Danhakl

65

2025

Y

 

X

X

2016

James A. Fasano

52

2025

Y

Chair

 

 

2016

Leslie Wims Morris

51

2025

Y

 

X

 

2022

Ari Bousbib, Chairman and CEO

60

2024

N

 

 

 

2016

Carol J. Burt

64

2023

Y

X

 

X

2019

Colleen A. Goggins

67

2023

Y

X

X

 

2017

John M. Leonard, M.D.,

Lead Director

64

2024

Y

X

X

 

2015

Ronald A. Rittenmeyer

74

2023

Y

X

 

Chair

2016

Todd B. Sisitsky

50

2024

Y

 

Chair

X

2016

Sheila A. Stamps

64

2023

Y

X

 

 

2022

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DirectorAgeTerm EndsIndependentAuditN&GLDC*Director Since
Ari Bousbib, Chairman and CEO**622025N   2016
Carol J. Burt**662025YX Chair2019
John P. Connaughton582025Y  X2008
John G. Danhakl672025Y XX2016
James A. Fasano542025YChair  2016
Colleen A. Goggins**692025YXChair 2017
John M. Leonard, M.D.,
Lead Independent Director**
662025YXX 2015
Leslie Wims Morris532025Y X 2022
Todd B. Sisitsky**522025Y XX2016
Sheila A. Stamps**662025YX  2022

* The Leadership Development and Compensation Committee (LDC Committee).

** Director nominees up for election to Contentsone-year terms.

Declassification of Board of Directors

At our 2022 annual meeting, stockholders provided overwhelming support for the Company’s proposal to declassify our Board. As a result, we amended our Certificate of Incorporation to eliminate the classification of our Board over a three-year period beginning with the 2023 Annual Meeting. Beginning with the 2025 annual meeting, 100% of our director nominees will be elected for one-year terms. All of our 2024 director nominees, representing 60% of our Board, are up for election to one-year terms this year and 100% of our directors will be up for election to one-year terms in 2025.

Board Diversity

The following graphics provide information about the diversity of our Board.

 

 

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Qualifications and Experience of Directors

We believe our directors bring a well-rounded variety of experience, qualifications, attributes and skills, provide fresh perspectives and represent a mix of deep knowledge of the Company and fresh perspectives.our industry. As we review our long-term strategy, we also evaluate what current and future skills and experience our Board requires, and we weigh those skills when assessing our current directors and potential director candidates. The table below summarizes certain of our directors’ key experiences, qualifications and core competencies.(1)(1)

(1)

This summary is not intended to be an exhaustive list of each of our directors’ skills or contributions to the Board.

 Ari
Bousbib
Carol J.
Burt
John P.
Connaughton
John G.
Danhakl
James A.
Fasano
Colleen A.
Goggins
John M.
Leonard M.D.
Leslie
Wims
Morris
Todd B.  
Sisitsky
Sheila A.
Stamps
Public Company CEO/
President
Experience serving as CEO or President of a publicly-traded company
 
Public Company Board
Experience serving on and/or leading boards/ committees of other large publicly-traded companies
Healthcare
Experience in executive positions within the healthcare industry
Technology
Knowledge or experience that contributes to the Board’s understanding of technology and/or data protection and/or cybersecurity
Financial
Experience analyzing financial statements, capital structures and complex financial transactions, and overseeing accounting and/or financial reporting processes
Global
Experience operating in a global context internationally or at a global company
Government &Public Policy
Experience in government role, public service, government affairs or community relations
Diversity
Racial/ethnic or gender diversity

(1)This summary is not intended to be an exhaustive list of each of our directors’ skills or contributions to the Board.

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Executive Compensation Practices Highlights

In 2020, following extensive stockholder engagement, the Leadership Development and Compensation (LDC) Committee of the Board revamped our short-term incentive program and accelerated the implementation of the changes planned for 2021 to apply to our 2020 compensation decisions.

The key features of the new program, which are consistent with the feedback received from stockholders, are summarizedhighlighted below.

 

 

Say-on-Pay

The Board and the LDC Committee strive to ensureBelow we highlight key practices that we consider good governance features of our executive compensation program alignsprogram.

WHAT WE DO
Align significant percentage of executive pay with performanceUse an objective, formulaic approach to determining short-term incentive awards
Annual say-on-pay voteAppropriately balance short- and long-term incentives
Set challenging yet achievable performance objectives for our named executive officersConduct annual performance evaluations of the named executive officers at the LDC Committee level
Conduct an annual compensation risk review and assessmentLimit LDC Committee discretion to adjust short-term incentive awards to no more than 1/6th of the final award
Offer transparent disclosure of achievements for all performance measures and metrics used to determine short-term incentive awardsAlign executive compensation with stockholder returns by providing the majority of total compensation in the form of performance-based long-term incentive awards
Align executive compensation with progress on ESG matters by including specific ESG-related objectives in our short-term incentive award programRegularly engage with our stockholders on our compensation program and implement enhancements based on feedback received
Use multi-year vesting requirements for long-term awardsUtilize expertise of an external independent compensation consultant
Include non-solicitation and non-competition provisions in award agreementsDisclose targets for long-term incentive awards upon vesting
Cap the payout at target for the portion of performance share awards based on Relative Total Shareholder (TSR) if our absolute TSR for the three-year performance period is negativeHave two clawback policies, one applicable to our Section 16 officers in the event of a material financial restatement and a second, supplemental clawback policy that applies to a wider set of employees and covers a broader set of misconduct
Maintain meaningful share ownership guidelinesUtilize a competitive peer group

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WHAT WE DON’T DO
Sign contracts with multi-year guaranteed salary increases or non-performance bonus arrangementsReprice underwater stock options or Stock Appreciation Rights (SARs) without stockholder approval
Gross up for excise taxesPay unearned dividends prior to vesting
Have single-trigger equity vestingAllow hedging or pledging of Company shares

Enhancements to 2023 Long-Term Performance Awards Based on Investor Feedback

To further align the interests of our executive officers with those of our stockholders, a substantial portion of the total compensation paid to our executive officers is delivered in the form of performance-based and reflectstime-based equity awards. Performance share awards (also referred to as PSUs herein), which are earned over a three-year period, are based on Adjusted (Earnings Per Share) EPS performance, which accounts for 75% of the award, and Relative Total Stockholder Return (Relative TSR) performance, which accounts for 25% of the award. The number of performance shares a named executive officer may earn ranges from 0% of the executive’s target award to 200% of the target award. Prior to 2023, even if our pay-for-performance philosophy. In 2021,Relative TSR performance was negative, executives could still earn up to 200% of that portion of the Board committedaward depending upon our performance relative to implementing the say-on-pay frequency approved by a majority of stockholders atS&P 500 over the 2021 annual meeting of stockholders. Following that meeting, at which approximately 96% of stockholder votes favored annual say-on-pay advisory votes, the Board adopted annual say-on-pay until the next required say-on-frequency vote.

three-year performance period. See pages 49-8069-71 for more information regardingon our Long-Term Incentive Awards.

New for 2023. In response to investor feedback, and after a review of market practice, the LDC Committee changed the criteria used to select the Company’s compensation peer group to better align with the Company’s near-term strategic objectives and, based on the new criteria, selected a new compensation peer group used for all named executive officers, including our Chief Executive Officer, eliminating the supplemental compensation program.peer group previously used for our Chief Executive Officer. We also significantly increased disclosure about the criteria used to select the compensation peer group.

New for 2023. In response to investor feedback, and after a review of market practice, the LDC Committee adopted a policy, beginning with the 2023 performance share awards granted to our named executive officers, to cap the payout at target for the portion of performance share awards based on Relative TSR if our absolute Total Stockholder Return (TSR) for the three-year performance period is negative.

New for 2023. In response to investor feedback and to further align the interests of our named executive officers with stockholders, the LDC Committee changed the mix of equity awards granted to our named executive officers to increase the percentage of performance share awards as a percentage of the total long-term incentive awards granted from 50% in 2022 to 75% in 2023. Time-based restricted stock unit awards are no longer included in our annual long-term incentive awards granted to our named executive officers.

New for 2023. In response to investor feedback, the LDC Committee approved an increase in the Relative TSR target performance from the median to the 55th percentile for the three-year TSR vs. Relative TSR performance metric of our performance share awards to receive a target payout of 100% for that portion of the performance share awards.

CEO and Named Executive Officer Pay Mix

The following charts reflect the mix of pay for our Chief Executive Officer (89.0% performance-linked) and the average for our other named executive officers (82.9% performance-linked).

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Upon the recommendation of the N&G Committee, the Board has nominated each of Ari Bousbib, Carol J. Burt, Colleen A. Goggins, John P. Connaughton, John G. Danhakl, JamesM. Leonard, M.D., Todd B. Sisitsky and Sheila A. Fasano, and Leslie Wims MorrisStamps for election forto a new term as a Class III directorof one year at the 20222024 Annual Meeting. Ms. Wims Morris was appointed as a director by the Board, following the recommendation of the N&G Committee, in January 2022 after an extensive search.

 

Ari BousbibCarol J. BurtColleen A. Goggins
John P. Connaughton

M. Leonard, M.D.

John G. Danhakl

Todd B. Sisitsky

JamesSheila A. Fasano

Leslie Wims Morris

Stamps

 

If elected, each Class IIIof the six director nomineenominees will serve for a term of three yearsone year and until his or hertheir successor is duly elected and qualified or until his or hertheir earlier death, resignation, retirement, disqualification or removal.

The Board believes that each of the nominees has a record of integrity, a strong professional reputation, and a history of entrepreneurial or managerial achievement. The specific experience, qualifications, attributes and skills of each nominee that led the Board to conclude that the individual should serve as a director are described in their respective biographies below.

Shares represented by executed proxies will be voted if authority to do so is not withheld, for or against or abstained from voting on the election of the foursix nominees named above. If a nominee becomes unavailable for election or unable to serve as a director, and the Board does not choose to reduce the size of the Board, such shares will be voted for the election of such substitute nominee as the Board may propose. Each nominee has agreed to serve if elected, and management has no reason to believe that any nominee will be unable to serve.serve if so elected. Directors are elected by a pluralitymajority of the votes cast. Pursuant to our Director Resignation Policy, any director who fails to receive a majority of votes cast in an uncontested election must tender his or her resignation to the Board.

 

THE BOARD RECOMMENDS A VOTE “FOR” THE ELECTION OF EACH NAMED NOMINEE

 

For
THE BOARD RECOMMENDS A VOTE “FOR” THE ELECTION OF EACH NAMED NOMINEE.
  

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Board of Directors

Our

The Board is currently made up of eleventen directors. Set forth below is biographical information for each of the Class III director nominees and all of the continuing directors. The biographies also note the specific skills and experience that make these individuals well-qualified to serve on the Board.

ClassIIIDirectors

Director Nominees forElectiontoaThree-Year One-Year TermExpiringatthe2025AnnualMeetingofStockholders

JOHN P. CONNAUGHTONARI BOUSBIBAge: 5662

Director since:2008 2016

INDEPENDENTChairman and Chief
Executive Officer

LDC Committee


 

Recent Experience:

Bain Capital (1989-present)

  Co-Managing Partner and Global Head of Private Equity

Prior Experience:

  Consultant at Bain & Company, Inc.

FormerU.S. public company directorships:

  iHeartMedia, Inc.

Other positions:

  Member, Board of Directors: The Boston Celtics; University of Virginia Investment Management Company

  Member, Board of Trustees: Brigham and Women’s Hospital; The Berklee College of Music; University of Virginia McIntire Foundation; The Roxbury Latin School; GreenLight Fund

  Member, Dean’s Advisory Board: Harvard Business School

Education:

  Master of Business Administration, Harvard Business School

  Bachelor of Science in Commerce, University of Virginia

Specific Experience: Extensive leadership and business experience as a managing partner of a global investment firm, with a practice focused on the healthcare industry, service on the boards of several public and private companies, and over 30 years’ experience in the private equity industry.

Recent Experience:

IQVIA Holdings Inc. (2016-present) 

JOHN G. DANHAKLAge: 65

Director since: 2016

INDEPENDENT

LDC Committee
Nominating and Governance Committee


Recent Experience:

Leonard Green & Partners, L.P. (1995-present)

  Managing Partner

Prior Experience:

  Managing Director of Donaldson, Lufkin & Jenrette Securities Corporation

  Vice President at Drexel Burnham Lambert, Inc.

FormerU.S. public company directorships:

  IMS Health (predecessor to IQVIA)

Other positions:

  Member, Board of Directors: Life Time Fitness, Inc.; Charter NEX Generation; Genani Corporation; Eyemart Express; Mister Car Wash Holdings, Inc.; SRS Distribution; Convergint Technologies LLC; Parts Town; Lakeshore Learning; Pye-Barker Fire Safety, LLC; WellSky

Education:

  Master of Business Administration, Harvard Business School

  Bachelor of Arts in Economics, University of California at Berkeley

Specific Experience: Extensive leadership and business experience as a managing partner of a global investment firm, service on the boards of several public and private companies, and over 30 years’ experience in the private equity industry and investment banking industries.
IQVIA HOLDINGS INC.    2022 Proxy Statement18

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JAMES A. FASANOAge: 52

Director since: 2016

INDEPENDENT

Audit Committee (Chair)
Audit Committee Financial Expert


Recent Experience:

Canada Pension Plan Investment Board (2004-present)

  Managing Director

Prior Experience:

  Member of Investment Banking group at Merrill Lynch & Co.

  Member of Mergers and Acquisitions group at RBC Capital Markets

  Commissioned Officer in the Canadian Armed Forces

Former U.S. public company directorships:

  IMS Health (predecessor to IQVIA)

Other positions:

  Member, Board of Directors, Asurion

Education:

  Master of Business Administration, University of Chicago Graduate School of Business

  Bachelor of Engineering, Royal Military College of Canada

Specific Experience: Extensive leadership and finance experience as a managing director of a global investment firm and over 22 years’ experience in the private equity and investment banking industries.

LESLIE WIMS MORRISAge: 51

Director since: 2022

INDEPENDENT

Nominating and Governance Committee


Recent Experience:

JPMorganChase (2019-present)

  Managing Director and Head of Corporate Development, Consumer & Community Banking

Prior Experience:

  VP, Executive Partnerships at American Express

  SVP, Strategy and Business Development at Broadridge Financial Solutions

  SVP at Jefferies & Company

Other positions:

  Vice Chair, Board of Trustees: Dance Theatre of Harlem

Education:

  Master of Business Administration, Harvard Business School

  Bachelor of Arts in English, Yale University

Specific Experience: Extensive leadership and business experience as a senior executive of a commercial banking institution and over 25 years’ experience in the financial services industry.
IQVIA HOLDINGS INC.    2022 Proxy Statement19

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ClassIDirectors

CAROL J. BURTAge: 64

Director since: 2019

INDEPENDENT

LDC Committee
Audit Committee
Audit Committee Financial Expert


Recent Experience:

Burt-Hilliard Investments (2008-present)

  Principal

Consonance Capital Partners (2013-present)

  Senior Advisor

  Member, Operating Council

Prior Experience:

  SVP Corporate Finance and Development, among other roles, at WellPoint, Inc. (now Anthem, Inc.)

  Founder, Managing Director and Head of the Healthcare Investment Banking Group, among other roles, at Chase Securities (now J.P. Morgan)

U.S. public company directorships:

  ResMed Inc. (Audit Committee Chair, Compliance Oversight Committee Chair, and Nominating and Governance Committee)

Former U.S. public company directorships:

  Envision Healthcare Corporation

  WellCare Health Plans, Inc.

Other positions:

  Member, Board of Directors: WellDyneRx, LLC; Global Medical Response Inc.

  Member: Women Corporate Directors; International Women’s Forum

Education:

  Bachelor of Arts in Business Administration, the University of Houston

Specific Experience: Extensive leadership and business experience of over 35 years’ experience in the health insurance, healthcare services and financial services industries, and service on the boards of several public and private companies.

COLLEEN A. GOGGINSAge: 67

Director since: 2017

INDEPENDENT

Audit Committee
Nominating and Governance Committee
Leads Sustainability Oversight for the Board


Recent Experience:

Board of Directors, SIG Combibloc Group

Supervisory Board, Bayer AG

Prior Experience:

  Member of Executive Committee and Worldwide Chairman of Consumer Group, among other roles at Johnson & Johnson

U.S. public company directorships:

  The Toronto-Dominion Bank (Risk Committee)

Former U.S. public company directorships:

  Bausch Health Companies Inc. (f/k/a Valeant Pharmaceuticals International)

Other positions:

  Member: Citymeals-on-Wheels New York City; University of Wisconsin Center for Brand and Product Management;

  University of Wisconsin Foundation

  Member, Board of Trustees: Institute of International Education

Education:

  Master of Arts in Management, Kellogg School of Management

  Bachelor of Science in Food Chemistry, University of Wisconsin-Madison

Specific Experience: Extensive leadership experience in the healthcare industry, service on the boards of several public and private companies, and over 20 years’ experience in the healthcare industry.
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RONALD A. RITTENMEYERAge: 74

Director since: 2016

INDEPENDENT

Audit Committee

LDC Committee (Chair)

Audit Committee Financial Expert


Recent Experience:

Tenet Healthcare Corporation

  Executive Chairman (2021-present)

  Executive Chairman and Chief Executive Officer (2017-2021)

IMS Health Holdings, Inc. (2010-2016)

Prior Experience:

Chairman and Chief Executive Officer Millennium Health (2016-2017)

  Chairman and Chief Executive Officer, among other roles, at Electronic Data Systems Corporation

U.S. public company directorships:

  Tenet Healthcare Corporation

Former U.S. public company directorships:

  American International Group, Inc.

  IMS Health (predecessor to IQVIA)

  Millennium Health

Education:

  Master of Business Administration, Rockhurst University

  Bachelor of Arts in Commerce and Economics (Finance), Wilkes University

Specific Experience: Extensive leadership and healthcare experience as the chief executive officer of multiple healthcare companies, service on the boards of several public and private companies, and over 30 years’ experience in the healthcare industry.

SHEILA A. STAMPSAge: 64

Director since: 2022

INDEPENDENT

Audit Committee
Audit Committee Financial Expert


Prior Experience:

  EVP, Corporate Strategy and Investor Relations at DBI, LLC

  Commissioner, New York State Insurance Fund

  Director, Pensions and Cash Management at New York State Common Retirement Fund

  Managing Director at Bank of America

  Managing Director at Bank One Corporation (now JPMorganChase)

Other positions:

  Member, Board of Trustees: Bankinter Innovation Foundation

  Member, Board of Directors: National Association of Corporate Directors, New York Chapter

U.S. public company directorships:

  Atlas Air Worldwide Holdings Inc. (Chair, Audit and Finance Committee)

  Pitney Bowes Inc. (Audit Committee and Executive Compensation Committee)

  MFA Financial, Inc. (Compensation Committee and Nominating and Governance Committee)

Former U.S. public company directorships:

  CIT Group Inc.

Education:

  Master of Business Administration, University of Chicago

  Bachelor of Science in Management, Duke University

Specific Experience: Extensive leadership and financial experience in the asset management and commercial banking industries as well as her work in government and public policy, service on the boards of several public companies, and 40 years’ experience in the asset management and commercial banking industries.
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ClassIIDirectors

ARI BOUSBIBAge: 60

Director since: 2016

Chairman and Chief
Executive Officer


Recent Experience:

IQVIA Holdings Inc. (2010-present)

  Chairman and Chief Executive Officer (2016-present)

  Chairman and Chief Executive Officer of IMS Health (2010-2016)

 

Prior Experience:

President of UTC’s commercial companies (Otis Elevator Company, Carrier Corporation, UTC Fire & Security and UTC Power Inc.), among other roles, at United Technologies Corporation

Partner at Booz Allen Hamilton

 

U.S. public company directorships:

The Home Depot, Inc. (Finance Committee and Audit Committee)

Former U.S. public company directorships:

IMS Health (predecessor to IQVIA)

Best Buy, Inc. (2006-2007)

 

Other positions:

Member, Harvard Medical School Health Care Policy Advisory Council

Former member, President’s Commission on White House Fellowships

 

Education:

Master of Business Administration, Columbia University

Master of Science in Mathematics and Mechanical Engineering, Ecole Superieure des Travaux Publics, Paris


 

Specific Experience: Extensive executive leadership and experience leading large global companies and healthcare experience as our Chief Executive Officer and service on the boards of several public companies.

 

IQVIA HOLDINGS INC.    2024 Proxy StatementJOHN M. LEONARD, M.D.20
CAROL J. BURTAge: 6466

Director since:2015 2019

INDEPENDENT

Lead Director

LDC Committee (Chair)
Audit Committee
Nominating and Governance Committee

Audit Committee Financial Expert



Recent Experience:

Burt-Hilliard Investments (2008-present)

Principal

Consonance Capital Partners (2013-present)

Senior Advisor
Member, Operating Council

Prior Experience:

SVP Corporate Finance and Development, among other roles, at Wellpoint, Inc. (f/k/a Anthem, Inc. and now Elevance Health, Inc.)
Founder, Managing Director and Head of the Health Care Banking Group, among other roles, at Chase Securities (now J.P. Morgan)

U.S. public company directorships:

ResMed Inc. (Audit Committee Chair, Compliance Oversight Committee Chair, and Nominating and Governance Committee)

Former U.S. public company directorships:

Envision Healthcare Corporation
WellCare Health Plans, Inc.
Vanguard Health Systems
Transitional Hospitals Corporation

Other positions:

Member, Board of Directors: WellDyneRx, LLC; Global Medical Response Inc.
Member: Women Corporate Directors; International Women’s Forum
Co-Chair Emeritus Trustees Council for The Nature Conservancy

Education:

Bachelor of Arts in Business Administration, the University of Houston
 


 

Specific Experience: Extensive executive and board leadership experience in finance, strategy, risk management, operations and governance in the health insurance, healthcare services, medical technology and financial services industries.

 

COLLEEN A. GOGGINSAge: 69

Director since: 2017

INDEPENDENT

N&G Committee (Chair)
Audit Committee


Recent Experience:

SIG Combibloc Group (2015-2023)

Member, Board of Directors

Bayer AG (2017-present)

Member, Supervisory Board

Prior Experience:

Member of Executive Committee and Worldwide Chair of Consumer Group, among other roles at Johnson & Johnson

U.S. public company directorships:

The Toronto-Dominion Bank (Risk Committee)

Former U.S. public company directorships:

Bausch Health Companies Inc. (f/k/a Valeant Pharmaceuticals International)

Other positions:

Member: Citymeals-on-Wheels New York City
University of Wisconsin Foundation
Member, Board of Trustees: Institute of International Education

Education:

Masters in Management, Kellogg School of Management
Bachelor of Science in Food Chemistry, University of Wisconsin-Madison


 

Specific Experience: Over 20 years’ experience in the healthcare industry, including extensive leadership and service on the boards of several public and private companies.
IQVIA HOLDINGS INC.    2024 Proxy Statement21
JOHN M. LEONARD, M.D.Age: 66

Director since: 2015

INDEPENDENT

Lead Independent Director

Audit Committee
Audit Committee Financial Expert N&G Committee


Recent Experience:

Intellia Therapeutics, Inc. (2014-present)

President and Chief Executive Officer (2018-Present)

Executive Vice President, Research and Development (2017-2018)

Chief Medical Officer (2014-2017)

 

Prior Experience:

Chief Scientific Officer and Senior Vice President of Research and Development at AbbVie Inc.

Senior Vice President of Global Pharmaceutical Research and Development, among other roles, at Abbott Laboratories

U.S. public company directorships:

Intellia Therapeutics, Inc.

 

Education:

Doctorate in Medicine, Johns Hopkins University

Bachelor of Arts in Biochemistry, University of Wisconsin-Madison


 

Specific Experience: ExtensiveOver 30 years’ experience in the healthcare industry, including extensive executive leadership and healthcare experience at a top ten pharmaceutical company and as the chief executive officer of a healthcare company and service on the boards of public companies, and over 30 years’ experience in the healthcare industry.
IQVIA HOLDINGS INC.    2022 Proxy Statement22

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TODD B. SISITSKYAge: 50

Director since: 2016

INDEPENDENT

LDC Committee
Nominating and Governance Committee (Chair)


companies.

 

TODD B. SISITSKYAge: 52

Recent Experience:Director since: 2016

INDEPENDENT

LDC Committee
N&G Committee


Recent Experience:

TPG, Inc. (2003-present)

President & Co-Managing Partner of TPG Capital

(2015-present)

President of TPG, Inc.

(2021-present)

 

Prior Experience:

Executive at Forstmann Little & Company

Executive at Oak Hill Capital Partners

Member, Board of Directors: Surgical Care Affiliates, Inc. (Nominating and Corporate Governance Committee)

 

U.S. public company directorships:

Allogene Therapeutics, Inc. (Audit Committee, Nominating(Nominating and Corporate Governance Committee)

TPG, Inc. (Audit Committee, Compensation Committee, and Conflicts(Executive Committee)

  Convey Health Solutions Holdings, Inc. (Nominating and Governance Committee)

Former U.S. public company directorships:

Convey Health Solutions, Inc. 
Endo International plc

IASIS HEALTHCAREHealthcare LLC

IMS Health (predecessor to IQVIA)

 

Other positions:

Chair, Board of Advisors, Dartmouth Medical School

Member, Board of Directors: Ellodi Pharmaceuticals; Immucor Inc.

(Compensation Committee); Monogram Health, Inc.; Exatech, Inc.; Convey Holding Parent, Inc.

 

Education:

Master of Business Administration, Stanford Graduate School of Business

Bachelor of Arts, Dartmouth College


Specific Experience: ExtensiveOver 25 years’ experience in the investment industry, including extensive leadership and business experience as a managing partner of a global investment firm with a practice focused on the healthcare industry, and service on the boards of several public and private companies,companies.

IQVIA HOLDINGS INC.    2024 Proxy Statement22
SHEILA A. STAMPSAge: 66

Director since: 2022

INDEPENDENT

Audit Committee
Audit Committee Financial Expert


Prior Experience:

EVP, Corporate Strategy and overInvestor Relations at DBI, LLC
Commissioner, New York State Insurance Fund
Director, Pensions and Cash Management at New York State Common Retirement Fund
Managing Director at Bank of America
Managing Director at Bank One Corporation (now JPMorgan Chase)

U.S. public company directorships:

Pitney Bowes Inc. (Audit Committee and Executive Compensation Committee)
MFA Financial, Inc. (Compensation Committee and Nominating and Corporate Governance Committee)

Former U.S. public company directorships:

Atlas Air Worldwide Holdings, Inc. (2023)
CIT Group Inc.
Forest Road Acquisition Corp.

Other Positions:

Member, Board of Trustees: Bankinter Innovation Foundation
Member, Board of Directors: National Association of Corporate Directors, New York Chapter

Education:

Master of Business Administration, University of Chicago
Bachelor of Science in Management, Duke University
ESG Certificate and Designation from Competent Boards Professional Development and Advisory Services


 

Specific Experience: 40 years of extensive leadership and financial experience in the asset management and commercial banking industries as well as her work in government and public policy and service on the boards of several public companies.

Continuing Directors Not Up For Election

JOHN P. CONNAUGHTONAge: 58

Director since: 2008

INDEPENDENT

LDC Committee


Recent Experience:

Bain Capital (1989-present)

Co-Managing Partner of Bain Capital
Global Head of Bain Capital Private Equity

Prior Experience:

Strategy Consultant at Bain & Company, Inc.

Former U.S. public company directorships:

iHeartMedia, Inc.

Other positions:

Member, Board of Directors: The Boston Celtics; University of Virginia Investment Management Company
Member, Board of Trustees: Brigham and Women’s Hospital; The Berklee College of Music; University of Virginia McIntire School of Commerce Foundation; GreenLight Fund
Member, Dean’s Advisory Board: Harvard Business School

Education:

Master of Business Administration, Harvard Business School
Bachelor of Science in Commerce, University of Virginia


Specific Experience: Over 30 years’ experience in the investment industry, including extensive leadership and business experience as a managing partner of a global investment firm, with a practice focused on the healthcare industry, and service on the boards of several public and private companies.

IQVIA HOLDINGS INC.    2024 Proxy Statement23
JOHN G. DANHAKLAge: 67

Director since: 2016

INDEPENDENT

LDC Committee
N&G Committee


Recent Experience:

Leonard Green & Partners, L.P. (1995-present)

Managing Partner

Prior Experience:

Managing Director of Donaldson, Lufkin & Jenrette Securities Corporation
Vice President at Drexel Burnham Lambert, Inc.

U.S. public company directorships:

Life Time Group Holdings, Inc. (Compensation Committee, Nominating and Corporate Governance Committee)
Mister Car Wash, Inc.

Former U.S. public company directorships:

IMS Health (predecessor to IQVIA)

Other positions:

Member, Board of Directors: Charter NEX Generation; Eyemart Express; SRS Distribution; Convergint Technologies LLC; Parts Town; Lakeshore Learning; Pye-Barker Fire Safety, LLC; WellSky Corporation; Ownership Works

Education:

Master of Business Administration, Harvard Business School
Bachelor of Arts in Economics, University of California at Berkeley


 

Specific Experience: Over 30 years’ experience in the investment industry, including extensive leadership and business experience as a managing partner of a global investment firm, and service on the boards of several public and private companies.

JAMES A. FASANOAge: 54

Director since: 2016

INDEPENDENT

Audit Committee (Chair)
Audit Committee Financial Expert


Recent Experience:

University of Chicago Booth School of Business (2023-present)

Adjunct Professor

Prior Experience:

CPP Investment Board (2004-2023)

Managing Director
Member of Investment Banking group at Merrill Lynch & Co.
Member of Mergers and Acquisitions group at RBC Capital Markets
Commissioned Officer in the Canadian Armed Forces

Former U.S. public company directorships:

IMS Health (predecessor to IQVIA)

Other positions:

Member, Board of Directors, Asurion (Compensation Committee Chair, Nominating and Governance Committee); LHP Hospital Group; AWAS Aviation Capital

Education:

Master of Business Administration, University of Chicago Graduate School of Business
Bachelor of Engineering, Royal Military College of Canada


 

Specific Experience: Over 22 years’ experience in the investment industry, including extensive leadership and finance experience as a managing director of the global investment arm of the Canadian government pension fund.

IQVIA HOLDINGS INC.    2024 Proxy Statement24
LESLIE WIMS MORRISAge: 53

Director since: 2022

INDEPENDENT

N&G Committee


Recent Experience:

JPMorgan Chase (2022-present)

President, Private Label Captive Finance, Chase Auto

Prior Experience:

Managing Director and Head of Corporate Development, Consumer & Community Banking at JPMorgan Chase
VP, Executive Partnerships at American Express
SVP, Strategy and Business Development at Broadridge Financial Solutions
SVP at Jefferies & Company

Other positions:

Vice Chair, Board of Trustees: Dance Theatre of Harlem

Education:

Master of Business Administration, Harvard Business School
Bachelor of Arts in English, Yale University


 

Specific Experience: Over 25 years’ experience in the private equity industry.financial services industry, including extensive leadership and business experience as a senior executive of a commercial banking institution.

IQVIA HOLDINGS INC.    20222024 Proxy Statement2325

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After careful consideration, IQVIA’s Board voted to approve, and to recommend that stockholders approve, an amendment to IQVIA’s Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”) to eliminate the classified Board structure over time and provide for the annual election of all directors.

IQVIA’s Certificate of Incorporation currently provides for a Board that is divided into three classes, with members of each class serving for three-year terms. If this proposal is approved, beginning in 2023 and thereafter, directors whose current terms are expiring will be elected for one-year terms. Because the election of directors at the 2022 Annual Meeting will occur before the effectiveness of the proposal, if approved, each Class III director elected will serve a full three-year term. Beginning with the 2025 annual meeting, all directors will be elected annually.

The proposed declassification process will not shorten the terms of our continuing directors or the upcoming terms of any directors elected at the 2022 Annual Meeting, ensuring a smooth transition to annual elections of all of our directors. All directors elected to fill vacancies prior to the 2025 annual meeting will hold office for a term expiring at the annual meeting at which the term of the class to which they have been elected expires.

If amended as proposed, our Certificate of Incorporation (as required under Delaware law) will also provide that any director elected to serve a one-year term may be removed from office, with or without cause, by the affirmative vote of the holders of a majority of the Company’s shares then entitled to vote at an election of directors.

This summary does not contain all the information that may be important to you. The complete text of the Amended and Restated Certificate of Incorporation, as it is proposed to be amended (the “Amended Certificate”), is included in Appendix B to this Proxy Statement. This summary is qualified in its entirety by reference to the text of the Amended Certificate, which we urge you to read in its entirety.

Rationale for the Proposed Amendment

The Board regularly reviews our corporate governance structure and practices. In particular, since the termination of the various governance requirements in our Shareholders Agreement signed at the time of the Merger, the Board has made several changes it believes are in the best interest of the Company and its stockholders. These changes include removing all stockholder supermajority voting requirements, providing for stockholder proxy access, and moving to annual say-on-pay votes.

As part of this continuing effort, the Board has weighed the advantages and disadvantages of maintaining a classified board of directors structure. The Board considered that many U.S. public companies have eliminated their classified board structures in recent years, and that many investors have expressed to us that the election of directors is the primary means for them to influence corporate governance policies and to increase a board’s accountability.

After carefully weighing governance considerations and stockholder feedback on this topic, the Board concluded that the annual election of all directors will bolster our corporate governance structure and enhance the accountability of the Board. Accordingly, the Board, upon the recommendation of the N&G Committee, has unanimously determined that it is in the best interests of the Company and its stockholders to eliminate the classified board of directors structure in accordance with this proposal.

Vote Required

The affirmative vote of the holders of a majority of the shares present in person or presented by proxy at the 2022 Annual Meeting and entitled to vote thereon will be required to approve this proposal. Abstentions will have the effect of a vote against this proposal and broker non-votes will have no effect on the outcome. If approved, the Amended Certificate will become effective when it is filed with the Secretary of the State of Delaware, which we intend to do following the 2022 Annual Meeting. If this proposal is approved, we will make conforming updates to our Bylaws. If this proposal is not approved, the Board will remain classified.

THE BOARD RECOMMENDS A VOTE “FOR” THE PROPOSED AMENDMENT TO OUR CERTIFICATE OF
INCORPORATION TO DECLASSIFY OUR BOARD

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Corporate Governance

The Board is responsible for supervising the overall affairs of the Company. The Board oversees our senior management, to whom it has delegated authority to manage the Company’s day-to-day operations. Directors are kept informed of our business through discussions with our Chief Executive Officer and other officers,members of senior management of the Company, by reviewing materials provided to them and by participating in meetings of the Board and its committees.

The Board has adopted Corporate Governance Guidelines which, together with our Certificate of Incorporation, Bylaws and the other documents listed below, form the governance framework for the Board and its committees. The following sections provide an overview of our corporate governance structure and practices.

Documents Establishing Our Corporate Governance

The following documents are the foundation of corporate governance at IQVIA:

Corporate Governance Guidelines

Code of Conduct 

Certificate of Incorporation

Bylaws

Audit Committee Charter

LDC Committee Charter

N&G Committee Charter

These documents and other important information on our corporate governance are posted under “Corporate Governance”“Governance” on the “Investor Relations” section of our website and may be viewed at http://ir.iqvia.com. (None of the information on, or accessible through, IQVIA’s website is part of this proxy statement or incorporated by reference herein.) We will also provide printed copies of these documents free of charge to any stockholder who sends Investor Relations a request at: IQVIA Holdings Inc., 83 Wooster Heights2400 Ellis Road, Danbury, Connecticut 06810.Durham, North Carolina 27703. None of the information on, or accessible through, IQVIA’s website is part of this Proxy Statement or incorporated by reference herein.

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Corporate Governance PracticesEnhancements

We are committed to adopting and followingmaintaining strong corporate governance practices because we believe such practicesand policies that serve IQVIA’s long-term interests, promote an environment of accountability forand contribute to the creation of stockholder value. The Board regularly reviews our corporate governance structure and practices and in recent years has made several enhancements, including the highlights below, it believes are in the best interest of the Company and its stockholders. In fact, over the last several years, the Board has made significant enhancements to our corporate governance program and enacted significant additional disclosures to provide greater transparency on our senior managementpolicies and otherwise promote the long-term interests of our stockholders.practices.

IQVIA HOLDINGS INC.    2024 Proxy Statement27
 
Our other governance practices and policies include the following:
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Our other governance practices and policies include the following:

IndependentBoard

All our directors are independent, except forother than our Chairman and Chief Executive Officer.

Independent Board committeesBoardcommittees

Each of our three Board committees is made up solely of independent directors.

IndependentAudit Committee Financial ExpertsLeadDirector;regularexecutivesessions

We have four financial experts on our Audit Committee.

Annual Election of DirectorsWe amended the Company’s Certificate of Incorporation to declassify the Board over time and provide for the annual election of all directors by the 2025 annual meeting. Our 2024 director nominees, representing 60% of our Board, are each up for election to a one-year term this year and 100% of our directors will be up for election to one-year terms in 2025.
Lead Independent Director; regular executive sessionsOur Lead Independent Director helps ensure there is an appropriate balance between management and the independent directors and that the independent directors are fully informed and able to discuss and debate the issues they deem important. The position of Lead Independent Director has comprehensive duties set forthcomes with a clear mandate, significant authority and well-defined responsibilities as outlined in our Corporate Governance Guidelines and below, including leading regular executive sessions of the Board, where independent directors meet without management present.

AnnualRobust Code of ConductBoardandcommitteeself-assessmentprocess

The Board and each Board committee conducts a self-assessment annually to determine whether it is functioning efficiently and meeting its governance responsibilities.

RobustCodeofConduct

Our Code of Conduct, DoingtheRightThing,, applies to our directors, officers and employees, including our principal executive officer, principal financial officer, principal accounting officer, controller and individuals performing similar functions. The Code of Conduct is a guide to the responsibilities we share for ethical business conduct and paints a clear picture of what we stand for as an organization, what we expect from ourselves and what we must do to maintain our reputation.

ProhibitionSustainability and ESG OversightonhedgingorpledgingofIQVIAstock

The N&G Committee charter expressly delegates oversight and review of the Company’s strategic plans, objectives and risks related to sustainability, ESG and corporate citizenship matters to the N&G Committee.

Majority voting standard in uncontested electionsDirectors are elected by receiving a majority of the votes cast in uncontested elections. Any incumbent director who fails to receive a majority of votes cast in an uncontested election must tender his or her resignation to the Board.
Annual Board and committee self-assessment processThe Board and each Board committee conducts a self-assessment annually in executive session to determine whether it is functioning efficiently and meeting its governance responsibilities.
Prohibition on hedging or pledging of IQVIA stockOur securities trading policySecurities Trading Policy prohibits hedging and pledging transactions with respect to and the pledging of, our securities, including prepaid variable forward contracts, equity swaps, collars and exchange funds, and otherwise prohibits our directors, officers, employees or their immediate family members from engaging in transactions that hedge or offset, or are designed to hedge or offset, any decrease in the market value of our securities except where the individual receives prior written approval from the General Counsel. In 2021, the General Counsel did not approve any stock hedging or pledging transactions and none of our current executive officers or directors have entered into any such hedging or pledging transactions.

without exception.

Share ownership requirementsownershiprequirements

We have robust share ownership guidelines, which require our named executive officers to hold IQVIA stock valued at between three timesthree- and six timessix-times their base salary and our directors to hold stock valued at five timesfive-times their annual cash retainer.

Requirement to include gender and racially or ethnically diverse candidates in director and CEO searchestoincludegenderandraciallyorethnicallydiversecandidatesindirectorandCEOsearches

The Company’sOur Corporate Governance Guidelines require the initial list of external candidates in any search for new directors or the Chief Executive Officer position to include qualified female and racially or ethnically diverse candidates.

candidates, also known as the Rooney Rule.

No supermajority stockholder vote requiredsupermajoritystockholdervoterequired

Our stockholders may act by majority vote on actions that may be taken by stockholders, including approving amendments to the Bylaws and removing for cause a director or the entire Board from officedirectors for cause and filling the related vacancy or vacancies.

Clawback policiespolicy

Our clawback policy, which appliesIn addition to current and formerthe mandatory recovery of certain incentive-based compensation paid to executive officers among others, provides for the recoupment of short- and long-term incentive compensation in the event of a material financial restatement, under specified circumstances.

as required by the Dodd-Frank Act and the New York Stock Exchange, the Board adopted a supplemental clawback policy that applies to a wider set of employees and covers a broader set of misconduct. Our supplemental clawback policy allows the Company to recover from executive officers and certain other employees who are determined to have engaged in, or in some cases to have been aware of or willfully blind to, certain detrimental conduct.

DirectorSpecial meeting rightresignationpolicy

Directors are requiredStockholders representing at least 25% or more of our outstanding common stock have the right to tender their resignation if they receiverequest a numberspecial meeting of withhold votes that exceeds 50% of all votes cast in an uncontested election.

stockholders.

Proxy access rightaccessright

Eligible stockholders may, subject to certain requirements, include their own director nominees in our proxy materials.

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Leadership Structure

Independent BoardFully independent board, other than the CEO
IQVIA HOLDINGS INC.    2022 Proxy StatementCommittee Independence27All members of each of the Board’s committees, the Audit Committee, LDC Committee and N&G Committee, are independent

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Leadership Structure

The Board, has determined thatwith its diverse skills and experience across a wide range of leadership and management structures, considers our current structure to be the most appropriate leadership structure described belowfor our Company in the context of the specific circumstances and challenges facing us today. As structured, the Board functions collaboratively and emphasizes active participation and leadership by all of its members. Our directors regularly engage directly with senior management at each regularly scheduled meeting, where a broad cross-section of senior management present updates on our business and strategy. 

Features of our current structure include:

We have a strong Lead Independent Director who is elected annually by a majority vote of the independent directors.
We have a diverse and experienced Board that is comprised entirely of independent directors, other than the CEO.
Each of our three standing Board committees—Audit, LDC and N&G—is comprised solely of, and chaired by, independent directors. This means that the independent directors oversee key matters of the Company, such as the integrity of our financial statements, compensation of our Chief Executive Officer and executive officers, selection and evaluation of directors, development and implementation of corporate governance policies, and sustainability, diversity, equity and inclusion and public policy matters, among others.
The Board and its committees each meet in executive session on a regular basis without the presence of our CEO or other members of management.
All Board members have complete access to management, and the Board and its committees have the authority to retain legal, accounting and other outside consultants to advise them as they deem appropriate.
The independent directors regularly evaluate our leadership structure and seek feedback on the subject from stockholders.
The N&G Committee is tasked with monitoring the Board’s leadership structure to determine whether it remains in the best interests of our stockholders and to revisit the structure regularly as part of its ongoing Board assessment process.

The Board recognizes there may be circumstances in the future that would lead it to separate the offices of Chairman and Chief Executive Officer. In fact, in the past and as recently as 2016 the Company had separate Chairman and Chief Executive Officer roles. The Board believes that it is appropriate andcurrently in the best interests of the Company and its stockholders for Mr. Bousbib to serve as our stockholders atChairman and CEO, and not to separate the present time. The independent directors evaluateroles, because it positions Mr. Bousbib to effectively drive future strategy and decision-making for our organization. Our Chairman and CEO has deep knowledge of the business and day-to-day operations of the Company, an acute understanding of the Company’s competitive landscape, an in-depth appreciation of stockholder interests and concerns, and strong relationships with customers, business partners and employees, all of which allow him to provide effective leadership. This leadership structure regularlyis supplemented by our Lead Independent Director, who has a clearly defined role with significant responsibilities, all to ensure effective oversight and seek feedback ongovernance by the subject from stockholders.Board. 

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Lead Independent Director

The Lead Independent Director is chosen by a majority voteprovides strong independent leadership of the Board and oversight of management and strikes the appropriate balance among the Chairman and CEO, management and the independent directors. The position of Lead Independent Director helps ensure there is an appropriate balance between managementcomes with a clear mandate, significant authority and the independent directors and that the independent directorswell-defined responsibilities, many of which are fully informed and able to discuss and debate the issues they deem important. Dr. Leonard has served as Lead Director since 2018.

The responsibilities of the Lead Director, as outlined in our Corporate Governance Guidelines and include among others:the following:

 

Board Matter

Responsibility

Communicating with directorswithdirectors

Liaising between non-managementindependent directors and management

Executive sessionssessions

Presiding at executive sessions of non-managementindependent directors

at every regularly scheduled Board meeting

Board meetingsmeetings

Presiding at Board meetings when the Chairman is not present,

including when the performance and compensation of the Chairman and CEO is discussed and approved

Agendas

Consulting with the Chairman and CEO on matters pertinent to the Company and the Board, including approving meeting agendas, schedules and information sent to the Board

CommunicatiCommunicating with stockholdersngwithstockholders

Engaging with major stockholders, as appropriate

In addition, the Lead Independent Director:

enables open, transparent and candid dialogue during Board and committee meetings, and at other times, by ensuring that the independent directors are fully informed and able to discuss and debate the issues they deem important
provides the Chairman and CEO and other members of senior management with feedback discussed in executive sessions
makes himself available to discuss with independent directors any concerns they may have and, as appropriate, relaying those concerns to the full Board and/or the Chairman and CEO or other members of senior management
acts as a sounding board and advisor to the Chairman and CEO on a variety of topics important to the Company and the functioning of the Board
actively participates with the Chair of the N&G Committee to advance our sustainability agenda through regular meetings with our Chairman and CEO and management team and with our stockholders
as a member of the N&G Committee and in his capacity as Lead Independent Director, actively participates in discussions and reviews of the Board’s leadership structure

Dr. Leonard has served as Lead Independent Director since 2018 and has been elected annually by a unanimous vote of the independent directors. Dr. Leonard’s extensive experience in the healthcare industry, including his leadership experience as the chief executive officer of a public healthcare company and service on the boards of public companies, makes him well qualified to serve as our Lead Independent Director.

Chairman and Chief Executive Officer and Chairman

Mr. Bousbib has been our Chairman and Chief Executive Officer since 2016. We believe that combining the roles of Chairman and Chief Executive Officer provides for effective and efficient leadership because, among other things, it recognizes the value of one person both speaking for and leading the Company and the Board. This structure also recognizes the fact that our Chairman and Chief Executive Officer has a unique depth of knowledge about the Company and the varied and complex opportunities and challenges we face. 

We also have a strong Lead Independent Director, who provides a clear independent voice on the Board and we believe appropriately balances the fact that the Chairman and Chief Executive Officer roles are held by one person.

The role of the Chairman is to set the agenda for Board meetings in close coordination with our Lead Independent Director and to preside over general Board sessions, except when the Board meets in executive session without management present to evaluate management’s performance, in which case the Lead Independent Director presides over the Board sessions.

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Director Independence

The Board recognizes there may be circumstances in the future that would lead it to separate the offices of Chairman and Chief Executive Officer, but it does not believe there is any reason to do so at this time.

Director Independence

The Board assessedassesses the independence of each director andon an annual basis or more frequently as circumstances may require. During its most recent assessment, the Board determined that, other than our Chief Executive Officer, each of our directors is currently independent.

In accordance with our Corporate Governance Guidelines and the corporate governance standards of the New York Stock Exchange (NYSE), this determination of independence means that the Board finds that our independent directors (other than our Chief Executive Officer) have no material relationships with the Company, directly or indirectly, that would interfere with their exercise of independent judgment as directors of the Company.

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Back

The Board believes that one of the key elements of effective, independent oversight is that the independent directors meet in executive session on a regular basis, including at each regularly scheduled Board and committee meeting, without the presence of management. These sessions promote open discussion and enable the independent directors to Contentsevaluate management’s performance. 

Committees of the Board

To assist in carrying out its duties, the Board has delegatedassigns responsibilities and delegates authority to its committees, and the committees regularly report on their activities and actions to the full Board. Each committee is empowered to engage outside experts, advisors and counsel to assist the committee in its work, as needed. 

For 2023, the Board had three standing committees:

Audit Committee

Audit Committee
Leadership Development and Compensation Committee
Nominating and Governance Committee

Leadership Development and Compensation Committee

Nominating and Governance Committee

All three committees are made up entirely of independent directors. In addition, the Board has determined that each director who is a member of the Audit Committee or the LDC Committee meets the higher independence standard as required by Securities and Exchange Commission (SEC) and NYSE rules for service on such committees.

The charters for all three committees are available under “Corporate Governance”“Governance” on the “Investor Relations” section of our website and may be viewed at http://ir.iqvia.com.

Regarding sustainability and ESG matters, in particular, the Board has delegated oversight responsibility to the N&G Committee and, because of the importance of our sustainability program to our strategic objectives, the N&G Committee designated Committee Member Colleen Goggins to provide oversight on behalf of the Board and the Committee.

From time to time, the Board may also create ad hoc or special committees for certain purposes.

AUDIT COMMITTEE

2021 Meetings: seven

Members in 2021:

James A. Fasano (Chair)

Carol J. Burt

Colleen A. Goggins

John M. Leonard, M.D.

Ronald A. Rittenmeyer

Sheila A. Stamps (appointed

in 2022)

New Amended committee charter explicitly references oversight of cybersecurity risk

The Board has determined that Mses. Burt and Stamps, Messrs. Fasano and Rittenmeyer, and Dr. Leonard are “Audit Committee Financial Experts” as such term is defined in SEC rules, and that each member of the Audit Committee is financially literate.

Responsibilities:

Assisting the Board in fulfilling its oversight responsibilities relating to:
the integrity of the Company’s financial statements
the Company’s compliance with legal and regulatory requirements, including its quality assurance function overseeing clinical trial services
the independent auditor’s qualifications and independence
the performance of the Company’s internal audit function and the independent auditor
the performance of the Company’s compliance and ethics program
Reviewing and discussing with management and the independent auditor the annual and quarterly financial statements before the filing of the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q
Discussing earnings press releases and the financial information and financial guidance included therein
Overseeing the relationship between the Company and our independent registered public accounting firm, including:
Having direct responsibility for that firm’s appointment, compensation and retention
Reviewing the scope of that firm’s audit services
Approving non-audit services
Reviewing and evaluating that firm’s independence
Reviewing with internal auditors and the independent auditor the overall scope and plans for audits, including authority and organizational reporting lines and adequacy of staffing and compensation, and monitoring the progress and results of such plans during the year
Reviewing with internal auditors and the independent auditor any audit problems or difficulties, including any restrictions on the scope of the independent auditor’s activities or on access to requested information and any significant disagreements with management, and management’s response to such problems or difficulties
Overseeing management’s implementation and maintenance of effective systems of internal controls over financial reporting and disclosure controls, and reviewing and discussing with management, internal auditors and the independent auditor the Company’s system of internal control, its financial and critical accounting policies and practices, policies relating to risk assessment and risk management, including cybersecurity risk, and our major financial risk exposures
Reviewing and approving all related party transactions and corporate opportunity transactions


 

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AUDIT COMMITTEE

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Members in 2023:

James A. Fasano (Chair)
Carol J. Burt
Colleen A. Goggins
John M. Leonard, M.D.
Sheila A. Stamps

The Board has determined that Mses. Burt and Stamps, Mr. Fasano and Dr. Leonard are “Audit Committee Financial Experts” as such term is defined in SEC rules, and that each member of the Audit Committee is financially literate.

Committee Meetings in 2023: 6

Responsibilities:

•  Assisting the Board in fulfilling its oversight responsibilities relating to:

  the integrity of the Company’s financial statements

  the Company’s compliance with legal and regulatory requirements, including its quality assurance function overseeing clinical trial services

  the independent auditor’s qualifications and independence

  the performance of the Company’s internal audit function and the independent auditor

  the performance of the Company’s compliance and ethics program, which is managed by our Chief Compliance Officer, who reports directly to our Executive Vice President, General Counsel and Secretary, and meets with the Audit Committee at least annually

•  Reviewing and discussing with management and the independent auditor the annual and quarterly financial statements before the filing of the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q

•  Discussing earnings press releases and the financial information and financial guidance included therein

•  Overseeing the relationship between the Company and our independent registered public accounting firm, including:

  having direct responsibility for that firm’s appointment, compensation and retention

  reviewing the scope of that firm’s audit services

  approving non-audit services

  reviewing and evaluating that firm’s independence

•  Reviewing with internal auditors and the independent auditor the overall scope and plans for audits, including authority and organizational reporting lines and adequacy of resourcing, and monitoring the progress and results of such plans during the year

•  Reviewing with internal auditors and the independent auditor any audit problems or difficulties, including any restrictions on the scope of the independent auditor’s activities or on access to requested information and any significant disagreements with management, and management’s response to such problems or difficulties

•  Overseeing management’s implementation and maintenance of effective systems of internal controls over financial reporting and disclosure controls, and reviewing and discussing with management, internal auditors and the independent auditor the Company’s system of internal control, its financial and critical accounting policies and practices, policies relating to risk assessment and risk management, including cybersecurity risk, and our major financial risk exposures

•  Reviewing and approving all related party transactions and corporate opportunity transactions

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LEADERSHIP DEVELOPMENT AND COMPENSATION COMMITTEE

 

2021 Meetings:five
Members in 2021:
Ronald A. Rittenmeyer (Chair)
Carol J. Burt
John P. Connaughton
John G. Danhakl
Todd B. Sisitsky
John M. Leonard,
M.D.

Members in 2023:
Carol J. Burt (Chair)
John P. Connaughton
John G. Danhakl
Todd B. Sisitsky
John M. Leonard, M.D.
(Ex Officio)

Responsibilities:

Reviewing and approving corporate goals and objectives relevant to the compensation of our Chief Executive Officer, the officers of the Company who report directly to our Chief Executive Officer, and all officers who are “insiders” (“Senior Officers”) subject to Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
Evaluating the performance of our Chief Executive Officer and other Senior Officers in light of those goals and objectives and determining and approving, or recommending to the Board for approval, their respective compensation levels
Making recommendations to the Board about the compensation of our directors
Administering our equity-based plans and management incentive compensation plans and making recommendations to the Board about amendments to such plans and the adoption of any new employee incentive compensation plans
Recommending to the Board ownership guidelines for the Senior Officers, other executives and non-employee directors, and periodically assessing these guidelines and recommending revisions as appropriate
Establishing the terms of compensatory arrangements and policies to protect our business, including restrictions that apply to current and former Senior Officers
Reviewing and approving all Senior Officer employment contracts and other compensatory, severance and change in control arrangements for current and former Senior Officers; reviewing and establishing our overall management compensation and benefits philosophy and policies; and reviewing and approving our policies and procedures for the grant of equity-based awards
Establishing and reviewing periodically policies and procedures with respect to perquisites
Reviewing our incentive compensation arrangements to determine whether they encourage excessive risk-taking; reviewing and discussing at least annually the relationship between risk management policies and practices and compensation; and evaluating compensation policies and practices that could mitigate any such risk
Reviewing the processes for managing executive succession and the results of those processes


 

Committee Meetings in 2023: 6

Responsibilities:

•  Reviewing and approving corporate goals and objectives relevant to the compensation of our Chairman and Chief Executive Officer, the officers of the Company who report directly to our Chief Executive Officer, and all officers who are “insiders” subject to Section 16 of the Securities Exchange Act of 1934, as amended (the Exchange Act)

•  Evaluating the performance of our Chairman and Chief Executive Officer and other executive officers in light of those goals and objectives and determining and approving, or recommending to the independent members of the Board for approval in the case of the Chief Executive Officer, their respective compensation levels

•  Making recommendations to the Board about the compensation of our directors

•  Administering our equity-based plans and management incentive compensation plans and making recommendations to the Board about amendments to such plans and the adoption of any new employee incentive compensation plans

•  Recommending to the Board ownership guidelines for the executive officers, other executives and non-employee directors, and periodically assessing these guidelines and recommending revisions as appropriate

•  Establishing the terms of compensatory arrangements and policies to protect our business, including restrictions that apply to current and former executive officers

•  Reviewing and approving all executive officer employment contracts and other compensatory, severance and change in control arrangements for current and former executive officers; reviewing and establishing our overall management compensation and benefits philosophy and policies; and reviewing and approving our policies and procedures for the grant of equity-based awards

•  Establishing and reviewing periodically policies and procedures with respect to perquisites

•  Reviewing our incentive compensation arrangements to determine whether they encourage excessive risk-taking; reviewing and discussing at least annually the relationship between risk management policies and practices and compensation; and evaluating compensation policies and practices to mitigate any such risk

•  Reviewing the processes for managing executive succession and the results of those processes

•  Oversee the Company’s policies and strategies as delegated by the Board relating to human capital management including recruitment, development, promotion, performance management, pay equity and inclusion and diversity

 

NOMINATING AND GOVERNANCE COMMITTEE

2021 Meetings:four
Members in 2021:
Todd B. Sisitsky (Chair)
John G. Danhakl
Colleen A. Goggins
John M. Leonard, M.D.

Leslie Wims Morris (appointed in 2022)

New Amended committee charter explicitly references oversight of strategic plans, objectives and risks related to sustainability and ESG matters

Responsibilities:

Overseeing sustainability and corporate governance matters, with a Committee member designated to coordinate oversight and responsible for reporting developments to the Committee
Overseeing the Company’s stockholder engagement program
Identifying individuals qualified to become members of the Board, consistent with criteria approved by the Board
Establishing processes for identifying and evaluating Board candidates, including nominees recommended by stockholders
Recommending to the Board the individuals to be nominated for election as directors and to each of the Board’s committees
Developing and recommending to the Board a set of corporate governance principles, as well as practices and policies with respect to directors
Coordinating an orientation program and appropriate educational materials for new directors
Evaluating and making recommendations to the Board regarding stockholder proposals that relate to corporate governance and other matters related to stockholders
Overseeing the evaluation of the Board


 

Members in 2023:
Colleen A. Goggins (Chair)
John G. Danhakl
John M. Leonard, M.D.
Leslie Wims Morris
Todd B. Sisitsky

Committee Meetings in 2023: 4

 

Responsibilities:

•  Overseeing the Company’s strategic plans, objectives and risks related to sustainability, ESG and corporate citizenship matters, with Ms. Goggins, as committee chair, designated to coordinate such oversight and responsible for reporting developments to the committee and the Board

•  Overseeing the Company’s stockholder engagement program

•  Identifying individuals qualified to become members of the Board, consistent with criteria approved by the Board

•  Establishing processes for identifying and evaluating Board candidates, including nominees recommended by stockholders

•  Recommending to the Board the individuals to be nominated for election as directors and to each of the Board’s committees

•  Developing and recommending to the Board a set of corporate governance principles, as well as practices and policies with respect to directors

•  Coordinating an orientation program and appropriate educational materials for new directors

•  Evaluating and making recommendations to the Board regarding stockholder proposals that relate to corporate governance and other matters related to stockholders

•  Overseeing the evaluation of the Board

•  Monitoring the Board’s leadership structure to determine whether it remains in the best interests of our stockholders

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Board’s Role in Risk Oversight

Our Board actively oversees our enterprise risk management program to ensure it remains effective.program. Our Board’s role in risk oversight is consistent with our overall leadership structure: management is responsible for assessing and managing our short- and long-term risk exposures, and our Board providesand its committees provide effective oversight executed through open communication with management and independent monitoring of strategic risks and regularly scheduled meetings with management to discuss in-depth the strategic objectives of the company and associated risks.

In order to maintain effective Board oversight across the entire enterprise risk management program, the Board delegates to the individual committees certain elements of its oversight function, as shown below. The Board receives regular updates from its committees on individual categories of risk, including strategy, reputation, operations, climate change, human capital management, technology, investment, political, legislative, regulatory, and market, and receives regular feedback from its committees on oversight efforts and coordination and input from external advisors, as appropriate.

IQVIA HOLDINGS INC.    2024 Proxy Statement34

Succession Planning for Directors and Executive Officers

Directors

The N&G Committee is responsible for establishing the process for identifying, evaluating and nominating Board candidates, and recommending to the Board the individuals to be nominated for election as directors. directors, including nominees recommended by stockholders. 

It is the Board’s policy that independent directors must make up a majority of the Board at all times, as required by the NYSE, and that,NYSE. Additionally, in recruiting and evaluating new director candidates, the N&G Committee shall seekseeks to achieve a mix of Board members that enhances the diversity of background, skills and experience on the Board, including with respect to professional skills, relevant industry experience, specialized expertise, international experience, gender, race and ethnicity.

The N&G Committee will consider stockholders’ recommendations of nominees for membership on the Board on a substantially similar basis as it considers other nominees. Stockholders may recommend candidates for membership on the Board by submitting candidatescandidate names to: Secretary, IQVIA Holdings Inc., 83 Wooster Heights2400 Ellis Road, Danbury, Connecticut 06810.Durham, North Carolina 27703. 

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Board refreshment

The Board regularly focuses on refreshing the composition of the Board to ensure an appropriate mix of backgrounds, skills and experience necessary to support the Company’s strategy and to enhance the Board’s diversity. Since the closing of the Merger in 2016,merger between IMS Health and Quintiles (the Merger), the Board has actively pursued a strategy of refreshing the composition of the Board to provide greater diversity. Since that time, fivethe Merger, six directors have retired from the Board and four directors—all women—directors have joined. The Board expects that as we continue our transition to continue to seekthe annual election of all of our directors, this will facilitate further refreshment. When identifying new directors, whothe Board will seek to further enhance the mix of experience, backgrounds and diversity currently represented.represented, which may include prioritizing those with greater life sciences, cybersecurity, public policy/government, academic and/or international experience.

Succession planning

The process of determining to add a new Board member and identifying qualified candidates begins well in advance of anticipated vacancies. UnderAs part of this ongoing process, the Chairmanchair of the N&G Committee and our Chief Executive Officer monitor and maintain an open dialogue, and also consult with the other members of the Board, including the Lead Independent Director, regarding the size of the Board, future retirements and attributes desired for any new directors. Once a decision has been made to recruit a new director, the N&G Committee may retain an executive recruitment organization to assist in the search by providing names of qualified candidates.

Director search policy

In 2020, to deepen our commitment to identifying diverse candidatesOur Corporate Governance Guidelines provide that, when conducting a formal search for our Board, the Board adopted a new diversity requirement for director nominee slots. Under this rule,candidates, the N&G Committee willshall ensure that any initial list of candidates from which new management-supported director nominees are chosen will include qualified female and racially or ethnically diverse candidates, and that any third-party firm engaged to assist in the search will be instructed accordingly.

Proxy access

A stockholder, or a group of up to twenty stockholders, holding at least 3% of the Company’s common stock for at least three years may submit director nominees for inclusion in our Proxy Statement.proxy statement. Stockholders may rely on proxy access to nominate candidates for up to 20% of the Board or two director seats, whichever is greater. TheOur Bylaws specify certain time limits, notice requirements, and other procedures for stockholders who wish to include their director nominees in the Company’s proxy materials. For more information, see “Other Relevant Information—Stockholder Proposals and Nominees for 20232025 Annual Meeting of Stockholders.”

Retirement age

The Board believes that setting a retirement age for IQVIA directors is advisable to ensure periodic turnover of the Board. Accordingly, in 2021 the Board revised ourOur Corporate Governance Guidelines to require that directors to offer to retire from the Board when they attain the age of 74. The Board believes it is important to monitor its composition, experience, skills and needs in the context of the Company’s long-term strategic goals, and, therefore, may elect to decline a director’s offer to retire in appropriate cases. As part of the transition to the retirement policy, the Board waived application of the retirement policy with respect to Mr. Rittenmeyer, who was 74 at the time the policy was adopted, for 2022.

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Vacancies

Vacancies on the Board may occasionally occur between annual meetings. TheOur Bylaws provide that any vacancy caused by the death or resignation of a director may be filled by the affirmative vote of a majority of the directors then in office. The Board and the N&G Committee treat the filling of vacancies in the same manner as general succession planning.

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Executive Officers

The Board also planstakes a leading role in planning for the succession toof key executive roles, including the positions of Chief Executive Officer and certain other senior management roles. To assist themanagement. The Board has instituted a formal leadership development and succession review process, whereby on an annual basis, or more frequently as requested, our Chief Executive Officer periodically provides the LDC Committee with detailed assessments of senior managers and their potential to succeed him, and assessments of individuals considered potential successors to certain other senior management positions. TheseThe LDC Committee may further discuss succession planning in executive session, as may the Board during its executive session meetings. 

The assessments are derived from our leadership development and succession planning process, which involves the following principal steps:

 

CEO search policy

Regional and global business unit and corporate staff function assessments to identify key employees and employees with high potential for increased responsibilitiesChief Executive Officer assessments of the leaders of the regional and global business units and corporate staff functions, focusing on senior executives’ development and successionBoard review of the pool of high-potential executives and initiatives to improve retention and promote the development of company leaders, focusing on Chief Executive Officer succession and succession planning for other key senior executive roles

Chief Executive Officer Search Policy

Pursuant to the diversity requirement adopted by the Boardincluded in 2020,our Corporate Governance Guidelines, if the Board or the LDC Committee conducts an external search for Chief Executive Officer candidates, the Board or the LDC Committee will ensure that any initial list of candidates includes qualified female and racially or ethnically diverse candidates, and that any executive search firm engaged to assist in the search is instructed accordingly.

Meetings and Executive Sessions

The Board held seven5 meetings during fiscal 2021. All2023. In 2023, each of our directors attended at least 75% of the total number of meetings of the Board and the Board committees on which they served in 2021 during the time they served. We strongly encourage our directors to attend the annual meeting of stockholders.stockholders, and in 2023, 100% of our directors attended the annual meeting of stockholders in 2021.stockholders.

The Board believes that one of the key elements of effective, independent oversight is that the independent directors meet in executive session on a regular basis, including at each regularly scheduled Board meeting, led by the Lead Independent Director, and at each committee meeting, without the presence of management. These sessions promote open discussion and enable the independent directors to evaluate management’s performance. 

Board Evaluation Process

Our Board and its committees evaluate their own effectiveness by participating in a robust annual self-assessment process overseen by the N&G Committee. During executive sessions for the Board and each committee, the independent directors meet separately inrespond to a comprehensive list of survey questions used to facilitate discussion for the purpose of improving the effectiveness of the relevant body and our individual directors. Our Lead Independent Director oversees the evaluation process for the Board during executive session, at each regularly scheduled Board and the committee meeting.chairs oversee the evaluations for their respective committees during executive sessions. The N&G Committee periodically engages independent outside consultants to facilitate and refresh the evaluation process. 

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How to Contact the Board and its Committees

Stockholders and other interested parties can contact the Board or a committee of the Board by sending an email to BoD@iqvia.com, or writing to the following address:

Board of Directors

c/o Secretary

IQVIA Holdings Inc.
83 Wooster Heights
2400 Ellis Road
Danbury, Connecticut 06810
Durham, North Carolina 27703

Communications will be distributed to the Chairman of the BoardLead Independent Director or the other independent members of the Board, as appropriate, depending on the facts and circumstances outlined in the communication.

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Environmental, Social, and GovernanceSustainability

Our Commitment to Sustainability

We are committed to sustainable ESG practices that furtherdelivering on our corporate purpose of helping our clients improve healthcare outcomes for patients. Sustainability is a core consideration in achieving this—identifying and acting on the ESG issues most relevant to our business and stakeholders. Our sustainable business practices are organized under the three pillars of our ESG program — People,,Public andPlanet.Planet.

As an industry leader, we continually look for ways to advance and strengthen our ESGsustainability efforts and report on our progress each year in our annual ESG Report. You can find more details about all the topics below as well as other important information related our sustainability efforts in our 2021 ESG Report, which is available on our website at https://www.iqvia.com/esg.

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   2021 select

Select highlights of our ESG-related2023 sustainability-related accomplishments:

Environment

•   AlignedSBTi verified our 2021 ESG ReportGHG emissions reduction targets, setting a roadmap with TCFD, GRIclearly defined actions as we aim to achieve a 55% reduction in our scope 1 and SASB ESG reporting frameworksscope 2 emissions by 2030 and achieve net zero emissions by 2050

•   PublishedOur scope 3 emissions decreased by 31% from 2021 to 2022, largely due to reductions in emissions from purchased goods and services, capital goods, and transport and distribution

•   IQVIA worked closely with its supply chain to develop strategies to further reduce GHG emissions, resulting in 33% of IQVIA’s in-scope suppliers by emissions having or having committed to science-based targets

Governance

•   Adopted stockholders’ right to request a special meeting of stockholders

•   Adopted two clawback policies, one applicable to our 2021 EEO-1 report and also expanded disclosure of other workforce diversity demographics

•  Strengthened Board oversight of our ESG program by amending our N&G Committee charter to explicitly include responsibility for oversight of ESG-related matters

•  Enhanced Board oversight of cybersecurity matters by amending our Audit Committee charter to explicitly state thatSection 16 officers in the Audit Committee has oversight over such matters

•  Further enhanced stockholder rights by proposing to declassify our Board

•  Enhanced the diversity of our Board through the appointment of two racially/ethnically diverse women as directors, and enhanced diversity disclosure for our Board

•  Strengthened our D&I efforts with the appointmentevent of a senior leadermaterial financial restatement and a second, supplemental clawback policy that applies to a wider set of employees and covers a broader set of misconduct, allowing the Company to recover from executive officers and certain other employees who are determined to have engaged in, or in some cases to have been aware of or willfully blind to, certain detrimental conduct

•   For the seventh year in a row, IQVIA was named one of the World’s Most Admired Companies in FORTUNE’s annual survey. For the third year in a row, IQVIA was named the number one most admired company in our D&I program, among other achievementscategory, Healthcare: Pharmacy and Other Services. In addition, IQVIA earned first place ranking in six of nine categories, including quality of management, people management, innovation, quality of products and services, global competitiveness, and use of corporate assets

Human Capital

•   Racial, ethnic and gender diversity for 20212023 IQVIA U.S. new hires in the US exceeded the levels for the overall USIQVIA U.S. workforce, continuing a trend from 2022 and 2021

•   Increased the frequency ofBuilding upon past learnings and successes, launched new global Diversity, Inclusion & Belonging Plan, furthering our initiatives in this area through actions designed to support growth and innovation in our programs and processes

•   Disclosed specific targets on employee engagement surveyssurvey results relative to twice annuallybenchmark scores for our named executive officers, which impact short-term compensation payouts, tying executive compensation to our human capital management efforts, which are critical to achieving our financial results

 

•  Reduced our total and per-employee GHG emissions compared to the prior year beyond our expectations

•  Transitioned to 100% renewable energy supply in our Scottish laboratory and initiated efforts for other facilities to achieve the same over time

•  Removed all single-use plastics from our office facilities worldwide

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Reporting frameworks and standards

To maximize transparency and increase understanding of our progress toward completing our sustainability and ESG initiatives, we are now utilizing external standards and frameworks to guide our reporting. To that end, we organized our climate risk disclosure in our 2021 ESG Report in accordance with the

TCFDrecommendations. In addition, we aligned our sustainability report with the GRIand SASBdisclosure frameworks by including and reporting against their respective reporting standards indexes. The GRI and SASB indexes are tools to help readers identify and evaluate our disclosures against standardized ESG topics. In the coming years, we will consider expanding our ESG disclosure corresponding to GRI and SASB recommendations.

Sustainability Governance

Board level

Sustainability governance is incorporated into our corporate governance framework, which defines how we operate and allocate responsibilities within our organization. Our Board has delegated responsibility for oversight of our ESG-related efforts and initiatives to the N&G Committee. In 2021, the Board approved an amendment to the N&G Committee’s charter to explicitly state that the N&G Committee has “direct responsibility and power… to oversee and review IQVIA’sof our strategic plans, objectives and risks related to” our sustainability program. Because of the importance ofto our sustainability program to our strategic objectives,the N&G Committee. The chair of the N&G Committee, designated committee member Colleen Goggins, to providecoordinates oversight on behalf of the Board and the N&G Committee.Committee and regularly reports back to the full Board on the progress of our sustainability and ESG-related efforts and initiatives. Ms. Goggins also meets regularly with members of management to provide guidance on our ESGsustainability initiatives, including reporting, and to receive updates on the status ofdiscuss progress againstmade towards our sustainability commitments.objectives. She also engages regularly with stockholders to discuss ESG matters. Ms. Goggins regularly updates theThe N&G Committee works closely with senior management in performing these responsibilities and the Board onengages a variety of external advisors with expertise in these matters to support our efforts. sustainability efforts and initiatives. 

In addition, Dr. John Leonard, our Lead Independent Director and a member of the N&G Committee, actively participatescoordinates with Ms. Goggins to advance our ESG agendasustainability efforts through his regular meetings with our chief executive officerChief Executive Officer and management team and with our stockholders.

Consistent with our commitment to efforts, the LDC Committee considers ESG-related metrics in the individual performance components of each named executive officer’s short-term incentive payout. In 2023, we disclosed specific targets on employee engagement survey results relative to benchmark scores for our named executive officers, which impact short-term compensation payouts, tying executive compensation to our human capital management efforts, which are critical to achieving our financial results.

Management level

At the management level, our ESGsustainability program is governed by our ESG Executive Steering Committee, which is made up of senior executives, including our Chief Financial Officer, General Counsel and Chief Human Resources Officer, and is responsible for setting our sustainability strategy.

In addition, a working group of key functional leadersour ESG Working Group focuses on implementing sustainability policies and processes acrossthroughout our operations.operations, and assesses climate-related risks and issues at least every quarter. The working group includesESG Working Group is made up of key functional leaders, including representatives from Human Resources,Thought Leadership, Health & Safety, Public Health, Procurement, Legal Ethics and Compliance, HealthCorporate Communications. The group reports its progress to our CEO and Safety, Corporate Communications and Business Development. It regularly reports on progress towards the three pillars of IQVIA’s ESG program – People, Public, Planet – to the ESG Executive Steering Committee and our Chief Executive Officer.Committee. 

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Embedding ESGsustainability in risk management

Our Board regularly considers key risk topics,risks, including risks associated with our business activities and strategic plan, ESG and climate matters, our capital structure, and our business activities.sustainability and climate matters. Risks are identified by management and reviewed with the appropriate Board committee or the full Board. 

Our Enterprise Risk Council, made up of leaders from our principalprimary functional areas and business units, meets on a quarterly basis to update the enterprise risk framework used to identify and manage our key risks, including ESG-related risks.issues, and is responsible for implementing and updating our enterprise risk framework. The framework considers external and internal factors that could impede the achievement ofprevent us from achieving our business objectives or damage our brand, reputation or financial condition, including social and environmental factors. factors such as climate-related risks. 

The Audit Committee reviews these key risks and the related framework annually,every six months, and the Board or appropriate Board committees discuss selected risks in more detail throughout the year. The N&G Committee discusses key sustainability and ESG risks and issues regularly throughout the year.

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United Nations Global CompactReporting frameworks and standards

We are members of the UN Global Compact, affirming our commitment to embed sustainability across our business. As part of the development

To maximize transparency and increase understanding of our progress toward completing our sustainability and citizenship strategy,initiatives, we have identified four UN Sustainable Development Goals (SDGs) that we believe IQVIA can haveorganized our climate risk disclosure in accordance with the most impact in advancing.

GOAL3GoodHealthTask Force on Climate-related Financial Disclosures (TCFD) recommendations andWell-being. We use aligned our data insightsESG Report with the Global Reporting Initiative (GRI) and clinical expertiseSustainability Accounting Standards Board (SASB) disclosure frameworks by including and reporting against their respective reporting standards indexes. The GRI and SASB indexes are tools to help readers identify and evaluate our partners accelerate access to more advanceddisclosures against standardized sustainability topics. In addition, our near- and affordable healthcare treatments aroundlong-term greenhouse gas emissions reduction targets are verified by the world.

GOAL5GenderEquality. We are committed to maintaining a culture of inclusion in which women and people from diverse backgrounds can fully contribute to the growth and success of our business. Currently, 60% of our workforce and 51% of our managers are women.

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GOAL12ResponsibleConsumptionandProduction. We are committed to reducing waste. In 2021, we removed 100% of single-use plastic from all our office facilities.SBTi. We continue to expand, and evaluate opportunities to further expand, our waste footprintsustainability disclosure corresponding to GRI and will determine appropriate next steps to reduce our impact in 2022.SASB recommendations. 

GOALPeople

13ClimateAction. In recognitionBoard oversight of the need to reduce our environmental footprint and to progress towards becoming carbon neutral, IQVIA will set a science-based target, certified by the Science-Based Targets initiative (SBTi), by the end of 2023.

People

Ourhumancapitalmanagement

Our approximately 79,000 employees help us drive our business success and achieve our ambition to advance human health. Attracting, developing, and retaining a talented workforce is essential to the success of our business and the realization of our purpose. Investments in our people are motivated by our desire to have an engaged and connected workforce. This results in high productivity and better results for IQVIA. In an industry as competitive as ours, we also recognize that employees who feel supported contribute to higher retention and recruitment rates.

Boardoversightofhumancapitalmanagement

The Board receives regularperiodic updates on key human capital metrics, including recruitment and attrition rates, talent development data, and metrics related to hiring, promotion and our overall workforce.

The Board also devotes significant time to leadership development and succession planning at the executive level and provides guidance on important decisions in each of these areas. The LDC Committee has primary responsibility for succession planning for our Chief Executive Officer and oversight of succession planning for senior leadership. For additional details on our succession planning process, see “Succession“—Board’s Role in Risk Oversight—Succession Planning for Directors and Executive Officers” above.Officers.”

Our human capital management

Our approximately 87,000 employees help us drive our business success and achieve our ambition to advance human health. Attracting, developing and retaining a talented workforce is essential to the success of our business and the realization of our purpose. Investments in our people are motivated by our desire to have an engaged and connected workforce. This results in higher productivity and better results for IQVIA. In an industry as complex and competitive as ours, we also recognize that employees who feel supported contribute to higher retention and recruitment rates. 

Strategy

Our employees are the driving force of our business, are critical to our continued success and are a core element of our long-term strategy. Senior Managementmanagement is responsible for ensuring that our initiatives, policies and processes reflect and reinforce our desired corporate culture, which we believe supports successful human capital management. The Company’s human capital management strategy is built on three fundamental focus areas:

Recruitment. We consider a range of qualified candidates for all positions. We hire qualified individuals with a variety of backgrounds and experiences from both within and outside the organization for positions at all levels.

Development&Progression. IQVIA is
Recruitment. We consider a range of qualified candidates for all positions. We hire qualified individuals with a variety of backgrounds and experiences from both within and outside the organization for positions at all levels. To attract and hire professionals from diverse backgrounds, we collaborate with a range of external organizations. In 2023, we hosted Early Career Education-themed webinars and a Career Fair Readiness webinar, with several historically black colleges and universities (HBCUs) invited. We also sponsored an internship program with North Carolina Central University, a HBCU. 
Development & Progression. We are committed to having a diverse pipeline of talent moving up in our organization and providing opportunities for all employees to develop within their current role as well as towards their next role. We do this by encouraging mentoring and establishing support networks, as well as by providing programs and tools to help employees map out and achieve their career goals. Examples of this are our Emerging Leader Program, which is aimed at key mid-level talent, and our Future Leader Program, which is aimed at more senior level talent, where we expose participants to a variety of trainings, tools, assessments and mentoring to support a broader understanding of the breadth of the IQVIA portfolio, further develop leadership traits, expand network and develop skills for greater success in the future. 
Retention. We seek to develop a working environment where employees feel supported and want to stay. To increase employee engagement and retention, we consistently seek feedback from employees through surveys and focus groups and develop meaningful analytics, initiatives and programs to respond to their needs. For example, in 2023, we launched One IQVIA Multiple Careers, an initiative to facilitate upskilling and internal movement in line with IQVIA’s growth strategy and our employees career aspirations. Employees are empowered to shape their careers through extensive resources and tools, aligning with their aspirations, interests and opportunities. We believe this will result in our employees developing skills for the future, increasing internal mobility and improving engagement and retention.

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Following the implementation and enhancement of a number of our human capital management initiatives and strategies, we have seen a significant decline in our organization and providing opportunitiesvoluntary attrition levels. To demonstrate how these management actions addressed the unusual spike in attrition levels we experienced during the COVID-19 period, we are disclosing our enterprise voluntary attrition levels for all employees to develop within their current role as well as towards their next role. We dothe last five years in this by encouraging mentoring and establishing support networks, as well as by providing tools to help employees map out and achieve their career goals.Proxy Statement.

   2019   2020   2021   2022   2023 
Turnover of Voluntary Leavers  14.2%  13.1%  20.6%  16.8%  11.4%

Retention. We seek to develop a working environment where employees feel supported and want to stay. To increase employee engagement and retention, we consistently seek feedback from employees through surveys and focus groups and develop meaningful initiatives and programs to respond to their needs.

Building on diversity, inclusion and inclusionbelonging successes

We are committed to creating and maintaining our stronga diverse and inclusive work culture of D&I in which people fromthat encourages all backgrounds can fullyemployees to share their unique perspectives and contribute to the growth and success of our business.Company’s mission. This is a foundation of our approach to human capital. We create this culture for employees regardless of gender, race, color, creed, religion, marital status, age, national origin or ancestry, physical or mental disability, medical condition, veteran status, citizenship, sexual orientation, gender identity or any other protected group status. Our concept of diversity broadly includes employees who reflect a diverse range of backgrounds, thoughts, experience and skills. Our policy against discrimination and equal opportunity practices comply with International Labor Organization conventions. For more information on our approach to diversity, inclusion and belonging, please see our 2023 ESG Report, which is available on our website at https://www.iqvia.com/esg.

As outlined

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By the numbers

U.S. Employees

Global Employees

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Listening to our employees

Our twice a year employee surveys enable us to connect with employees around the world — to check how we are doing and identify areas of opportunity. Reviewing and responding to this input is crucial to our employee engagement strategy.

We received an average of 71,000 responses across our surveys in 2023, with an average participant rate of approximately 84%. Across our surveys, on average 80% of respondents say they feel engaged. The employee engagement index was stable across our surveys in 2023. Three items saw strong improvement in 2023 as compared to 2022: The number of employees indicating they can see a clear link between their work and IQVIA’s visions to drive healthcare forward increased 5 points in 2023 to 87% compared with the prior year, the number of employees indicating their manager supports their efforts to balance their work and personal life increased 2 points in 2023 to 86% compared with the prior year, and the number of employees indicating they are energized by their work increased 2 points in 2023 to 71% compared with the prior year.

To further drive accountability of our senior leaders in delivering on our people strategy, we disclose specific targets on employee engagement survey results relative to benchmark scores for our named executive officers, which impact short-term compensation payouts, tying executive compensation to our human capital management strategy, attracting, developingefforts.

2023 Survey Results

 87% 79%
 

can see a clear link between their work and IQVIA’s vision to drive healthcare forward

5 points better than prior year and 5 points above the Fortune 500 Benchmark

 

feel like they really belong at IQVIA

2 points better than prior year and 3 points above the Fortune 500 Benchmark

86% 88% 71%

agree their manager supports their efforts to balance their work and personal life

2 points better than prior year and 1 point above the Fortune 500 Benchmark

 

agree they are acquiring the knowledge and skills necessary to be effective in their job

Consistent with prior year and 7 points above the Fortune 500 Benchmark

 

feel they are energized by their work

2 points better than prior year and 4 points above the Fortune 500 Benchmark

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Public

Patient and advancing diverse talent atpopulation health outcomes

Enabling better healthcare outcomes for all levels ofpatients throughout the organizationworld is critical to our business and is an essential elementthe core focus of our inclusive, innovative workplace. We have programs that help us in our efforts, including our ERGswork. From prevention, earlier diagnosis, and D&I training.

In 2021, we continuedtimely intervention, to build on our existing programs. In recognition of the growth of our D&I programs globally, we hired a new senior leader of our D&I program. Although D&I is everyone’s responsibility, the objective of this new role isaccess to have a dedicated resource accountable for evolving and strengthening our D&I strategy over the coming years.

To further enhance our D&I transparency, we have also published ourEEO-1report, which we file with the US Equal Employment Opportunity Commission and which details demographic workforce data, including data by race/ethnicity, gender and job category, for our US employees.

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By the numbers

US Employees

Global Gender Diversity

Listening to our employees

In 2021, we conducted two company-wide employee surveys, which provided a valuable opportunity to hear the perspectives of our employees around the world and was especially important during the largely remote working environment caused by the continuing pandemic. Receiving and responding to employee feedback is an important facet of our human capital management strategy, and to focus attention on it, we added responsiveness to employee feedback to the metrics that determine the 2021 short-term incentive awards for our named executive officers.

We received more than 54,000 responses in each of our second quarter and fourth quarter employee surveys in 2021, with an average participation rate of76% across both surveys. We continue to see an increase in all areas with 85% of respondents feeling engaged with IQVIA, which is 4 points better than prior year and 4 points above the FORTUNE 500 company benchmark.

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2021 Survey Results

85%

  

85%

  

84%

  

85%

 

feel engaged with IQVIA

   

feel they are acquiring the
knowledge and skills needed
to be effective in their jobs

 

   

would recommend IQVIA as a great place to work

   

feel they are part of a team

4 points better than prior
year and 4 points above the
Fortune 500 company
benchmark

 
 

1 point better than prior year

 

3 points better than prior year

 

1 point better than prior year

         
         
         
           

Public

Improving outcomes for patients and populations

We believe we can meaningfully contribute to improving healthcare outcomes around the world and advancing human health. One of the most important ways we do this is through collaboration. We dedicate a significant amount of time and resources to working alongside governments, NGOs, and academia to enable faster and more robust approaches to tackling some of the world’s most pressing health challenges. It is our privilege and honor to collaborate with these institutions, and we feel a deep sense of responsibility towards pursuing this work.

With the breadth and depth of our expertise, we are well positioned to help accelerate understanding and overcome some of the most intractable healthcare challenges. We focus on:

Shifting focus to a health and wellness approach prior to the onset of disease

Using AI for early disease detection, treatment response prediction, and adverse event management

Accelerating discoverymedicines, care optimization, and development of new treatment modalities for high disease burden conditions

Increasing deliverytreatments and modalities—we support the full spectrum of scientific advances to those who will benefit most

Reducing care delivery burden on patients, caregiverspatient health and communities

our customers’ needs. We were particularly inspired and honored toalso collaborate with leading academic institutions, governments, medical specialist societies, NGOs, peers, patient, industry and policy organizations to tackle global public health challenges through real-world evidence and insights.

Harnessing data for patient-centered outcomes

The combination of the patient voice with real world and randomized controlled trial data offers a widepowerful tool to improve research productivity and quality. By including the patient voice, we develop solutions that address patients’ needs, priorities and preferences, and measure outcomes that patients care about. We capture patients’ treatment experience in various ways, including Clinical Outcomes Assessments (COAs) derived from:

Patient-reported outcomes
Observer-reported outcomes
Clinician-reported outcomes
Performance outcomes
Traditional medical data on the risks and benefits of treatments.

Improving public health outcomes

We actively build collaborations in the global health space, with the aim to promote health equity in developing nations and improve health outcomes globally. These projects often span several years and include a mix of sponsorship and sharing of our knowledge and experience. Our current public health portfolio services more than 75 clients in 50 countries, and includes projects in clinical research, pandemic prevention, preparedness and response, universal health coverage, digital health, diagnostics, surveillance, health system strengthening, supply chain resilience and market access.

Internationally, we continue to strengthen our relationships with the World Economic Forum, the Bill and Melinda Gates Foundation, the Bill and Melinda Gates Medical Research Institute and The Global Fund to fight AIDS, tuberculosis and malaria.

We also work with a range of stakeholdersfoundations, life science companies, national healthcare associations and nongovernmental organizations to strengthen public health system foundations and address key barriers to accesstarget specific healthcare challenges. New 2023 collaborations included:

The Coalition for Epidemic Preparedness Innovations (CEPI). We entered into a new strategic collaboration with CEPI to advance the 100 Days Mission. In conjunction with national and regional collaborators, CEPI and IQVIA will aim to enhance the world’s preparedness to rapidly conduct life-saving clinical research for vaccines and other biological countermeasures against emerging infectious diseases. CEPI will harness IQVIA’s extensive clinical research expertise and innovative solutions, as well as its global reach, to support its goal of strengthening pandemic preparedness clinical research capability in Low- and Middle-Income Countries (LMICs) to accelerate vaccine development when faced with future viral threats.
(RED) and The Global Fund. We announced a $5 million partnership that will support strengthening of The Global Fund’s laboratory system in low- and middle-income countries across Africa, Asia and Latin America with the aim to detect and respond to potential local health threats before they become global pandemics. 

Empowering patient organizations

We work with more than 200+ healthcare facilities across Sub-Saharan Africa300 patient organizations from large global associations to small, volunteer-run groups, on more typical to ultrarare diseases. The role of patient organizations is evolving as regulators continue to push for earlier and more structured patient feedback on study and clinical trial design. While we have seen therapeutic progress over the last five years in previously untreated diseases, we continue to support a variety of nonprofits and programswork with our partners to bring advancements in India that focus on health, women, and education.innovative therapeutics to more conditions.

Patient Advocacy Groups

We work alongside numerousbuild technology and research data relationships with patient organizations to help them advance their respective missions. Novel technology solutions allow expanded longitudinal patient and caregiver centric engagement models to complement healthcare provider centric approaches to care. For example, we are working with The Arthritis Foundation to integrate its data systems and research initiatives, and with Foundation Fighting Blindness to expand, maintain and evolve its patient registry capabilities. In 2023, we began quarterly meetings with patient organizations through the LeadersLink program, which aims to help promising nonprofit research leaders to build high-performing organizations and facilitate the growth of their peer support network. Through the program, IQVIA is offering Executive Directors advice and expertise as they develop enhance and optimizegrow their patient registries, including the AmericanHeartAssociation, the AmericanCollegeofSurgeons(ACS), the MultipleMyelomaResearchFoundation, and theAutismBiomarkersConsortiumforClinicalTrials. Patient registries are collections of data related to patients with a specific diagnosis or condition, and they play an important role in healthcare. For example, within ACS’s National Surgical Quality Improvement Program, following colectomy surgeries there was a 30%reduction in urinary tract infections and a 22%reduction in surgical site infections after initiating the registry.resources.

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Through our partnership with the JuvenileDiabetesResearchFoundation(JDRF), we developed an algorithm using AI to identify misdiagnosed adult T1D patients. T1D was once thought to be a childhood onset disease with a strong familial pattern, but it is now estimated that 90% of T1D patients do not have a family history of the disease, and almost half of newly diagnosed cases occur in adults, leading to frequent misdiagnosis. Our analysis showed that approximately 40% of T1D patients are initially misdiagnosed with Type 2 diabetes, and up to 10 million Type 2 diabetics in the US exhibit risk factors that point to potential misdiagnosis of T1D. JDRF and IQVIA are currently recruiting health systems for prospective interventional validation and deployment of this algorithm as a decision support tool for clinical care team.

In partnership with the Children’sHospitalAssociation, we support the data collection of indicators, occurrences and management processes for sepsis-related events, which is a difficult condition to diagnose and treat and leads to more than 5,000 pediatric deaths in the US annually. As a result of our work, data showed a 19%decrease in sepsis-related mortalities, and 56%of participating hospitals reported screening improvements for sepsis, among other positive indicators.

We are collaborating with the AmericanSocietyofHematology (ASH) to develop a network of clinical sites and patient advocacy partnerships that will share EHR data. The information will be shared from 17,000 ASH members and will enrich EHR data with patient-reported outcomes, claims and other important data points. At the end of 2021, 110sites were in queue for integration into the network, with more than 30sponsors interested in using it for studies.

 
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Patient Advocacy Summit

Through our 2021 Patient Advocacy Summit, IQVIA convened leaders of more than 80 patient advocacy organizations to participate in thought-provoking conversations to share ideas and best practices around relevant and timely patient-driven research and health data topics. The invitation-only event explored solutions to the most pressing challenges faced by organizations seeking to improve patient outcomes and to empower patient advocacy organizations to be the trusted source of all the best knowledge in their community, domain, or disease area. Topics discussed included:

Why patient advocacy leadership is poised to lead health research initiatives on behalf of their community and how to get action

Diversity and inclusion in real world research and the role of patient advocacy organizations

Understanding and addressing the operational challenges around health data initiatives

Using data to address delayed diagnosis and misdiagnosis in patients

Perspectives on the changing role of registries in healthcare

Strategies for building and mobilizing their communities

Diversity in clinical trials

As a business, we have a responsibility to work to ensure equality in the broader healthcare system in which we operate. It is incumbent on all of us entrusted to deliver clinical trials — sponsors, Contract Research Organization (CROs) and investigator sites — to enhance access to trials for historically underserved populations and contribute to improved understanding of potential sources of outcome variability.

We were founding members of the PTEC, which is dedicated to reducing inequities in pandemic preparedness by studying and identifying health system reforms to reduce health disparities, including issues with access to testing and treatment, lower rates of adult vaccinations and higher rates of conditions such as metabolic and cardiovascular diseases.

IQVIA has established an R&DS Diversity and Inclusion in Clinical Trials initiative and invested in allocating expertise and resources that span across our organization — enhancing our ability to deploy innovative approaches that deliver on growing customer demand and regulatory expectations. As an example of our success, IQVIA’s enrollment in COVID-19 EUA (Emergency Use Authorization) vaccine trials was meaningfully more inclusive than enrollment by our peers: 16% Black or African American participants (compared to 10% average), 35% Spanish origin/Hispanic/Latino participants (compared to 23% average), and overall 1.7x more diverse.

IQVIA Innovation Hub

In 2021, we launched the IQVIA Innovation Hub, an organization that connects pioneering early-stage companies with IQVIA’s unique ecosystem of capabilities to create novel solutions for our clients and drive accelerated patient impact. The Innovation Hub manages a growing portfolio of investments and partnerships, where we offer our industry leading expertise, access to our established client network, access to our partners, capabilities and financial capital to forward-thinking start-ups. By fusing emerging technologies and ideas with our existing capabilities, the Innovation Hub seeks to create commercial value for IQVIA and our clients through new capabilities that bolster our differentiation, create new sources of business, and help advance our mission of improving patient outcomes.

The IQVIA Innovation Hub is tapping into the significant and growing ecosystem of innovative healthcare start-up companies. Our partners include:

Belong.Life, a global thriving patient community of more than 1 million patients and novel iBelong technology to stand up new patient communities across therapeutic areas

Helparound, end-to-end mobile gateway for pharma patient support programs, connecting the silos from prescription, throughout patient enrollment, benefit verification, copay and all parts of patient journey

Octopus.Health, an AI-based patient assistance platform, providing analytics to increase adherence, engagement and patient outcomes

IQVIA Institute for Human Data Science

We recognize the vast potential of our business in contributing to the advancement of human health globally. One of the ways we can be effective is through thought leadership that is based on applying our information, analytics and expertise to important healthcare issues. For the past decade, the

The IQVIA Institute for Human Data Science (the “Institute”) has delivered timelyInstitute) provides evidence-based research insightfuland analysis, openly accessible and scientific expertise appliedfree to granular, non-identified patient-level data. Asthe public. The Institute is uniquely positioned to bring key stakeholders together without a multi-stakeholder initiative, the Institute regularly engages with academic researchers, healthcare providers, payers,commercial agenda allowing NGOs, policymakers, patient advocacy groups, academics, and pharmaceutical and life sciences companies health technology companies, patient advocacy groupsto have their voices heard through research, webinars, roundtables, in-person events and policymakers.

We communicate our perspectives to broad audiences, including government officials, policy leaders and the public through free publishedexternal forums. All Institute reports, articles and webinars.webinars are free to the public at www.iqviainstitute.org, enabling easy access by broad audiences.

Diversity and Inclusion in Clinical Trials

Ensuring clinical trials reflect the diversity of the patient population is a priority for the biopharma industry and regulators. In 2022, the US Food and Drug Administration (FDA) released guidance outlining expectations for trial sponsors to create diversity plans, including goals and operational measures to increase the enrollment of underrepresented racial and ethnic populations.

IQVIA translates the guidance from regulators to actionable insights to assist clinical trial sponsors. We develop diversity plans for sponsors, combining our expertise and data assets to support the development of meaningful, achievable diversity goals. We encourage our employees to develop creative solutions to support inclusive clinical trials. In 2023, we created the Clinical Trials Diversity and Inclusion Inspiration Awards to recognize colleagues leading in this field and further bring our employee value proposition to life.

Our data and analytics enable identification of sites that are well-positioned to perform high-quality research with the ability to engage traditionally underserved populations. This increases the likelihood that customers will be able to enroll a population that most represents the communities impacted by a specific illness. We engage with these sites to provide trainings, alongside working with trial sponsors and communities to increase enrollment from representative populations. In addition, we are driving diverse recruitment through diversity-informed site selection and our Diversity Site Alliance is now in place—with 72 site organizations across more than 100 locations across the US. 

Recently, we supported a large pharmaceutical company in an RSV vaccine trial and through use of our data and novel site and direct-to-patient strategies to increase ethnic diversity participation, we were able to achieve over 1.7 and 1.6 times higher enrollment rates of Black and Hispanic participants, respectively, than originally expected. This built on the success we achieved across our COVID-19 vaccine trials, where we achieved 1.7 times higher enrollment of diverse populations than our peers. 

Data privacy

We oversee more than 61 petabytes of proprietary data from approximately 150,000 data suppliers, including more than 1.2 billion non-identified patient records. Analysis of our datasets can enable medical breakthroughs—offering insights to the healthcare community on disease and treatment patterns, and identifying promising areas for research or innovation. Protecting our data and safeguarding patient privacy is therefore fundamental to our ability to operate and essential to maintaining trust with our stakeholders.

As stewards of one of the largest collections of healthcare information in the world, we are at the forefront of data protection and anonymization. We deploy the latest privacy enhancing technologies and safeguards to protect sensitive data and comply with laws and regulations around the world. Our core privacy principles—including accountability, openness, transparency and security—apply to all our operations globally.

To protect patients’ privacy without compromising our ability to deliver critical healthcare insights, we de-identify much of our data by employing a range of transformations that results in the removal or alteration of direct and indirect identifiers, but leaves key data points intact. As a recognized leader in the de-identification of healthcare data, IQVIA has set standards that have been shared with and adopted by policymakers, regulators, clients and peers.

As our business continues to grow, we are strengthening our information governance and privacy policies and framework to more fully embed data privacy throughout our operations, alongside other legal, information security, and intellectual property requirements. We are placing experts throughout the business units and at all levels of operations to advise on all incoming questions and escalate to subject matter experts and to the Information Governance and Privacy Board where appropriate.

Cybersecurity

Protecting our operations from cyber-attacks is a priority for our business and our customers. Cybersecurity is a fast-paced landscape, and we invest significantly in tools, trainings, and resources to keep abreast of the latest developments and assure a high level of security and protection. We collaborate with experts, vendors and peers to maintain industry-leading standards and proactively protect our data. Network intrusion, ransomware and phishing remain among the most prominent threats for our

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2021 Publication Highlights

Drug Expenditure Dynamics 1995–2020: Understanding Medicine Spending in Context

industry. We continue to monitor these threats and improve our defenses.

All cybersecurity processes and frameworks are created by our Global Information Security team, led by our Chief Information Security Officer (CISO). The Audit Committee of the Board of Directors has full oversight of any developments linked to cybersecurity and receives regular updates on strategies and action plans, with periodic reports provided to our full Board of Directors. Cybersecurity is a standing item on our Enterprise Risk Council agenda and our cybersecurity team regularly presents its work to the Council to enable evolving risks to be discussed as a management team and integrated into our management processes.

Planet

Our clients, employees, investors, and industry peers are increasingly engaged on the topic of climate impact. We have a responsibility to all our stakeholders to reduce our greenhouse gas (GHG) emissions and continue to manage our climate risks and opportunities.

Our net zero strategy and roadmap

In October 2023, the SBTi verified our GHG emissions reduction targets. This was a pivotal step in validating IQVIA’s Net Zero Roadmap—our long-term emissions reduction plan to guide us towards net zero emissions by 2050.

Our approach is aligned with SBTi guidance—currently recognized as the global gold standard for corporate emission reduction targets.

SBTi’s Net Zero Standard requires companies to prioritize reducing their emissions. Once a 90% emissions reduction is achieved, carbon removal credits can be used to neutralize the remaining emissions. IQVIA is pleased to join the global group of nearly 3,000 organizations with SBTi-approved net zero targets.

Priority actions and milestones:

Scope 1 & 2

Digital Health Trends: Innovation, Evidence, Regulation and Adoption

Transition to 100% certified renewable electricity—prioritizing our labs, followed by office buildings

Estimates total drug spending, including by hospitals

Reduce energy consumption—transition to more energy efficient heating and net of discountscooling systems in labs and rebates, for eleven countries to shed light on the composition and dynamics of drug expenditures.

Reviews digital health tools, including mobile health apps and wearable sensors, and covers trends in four areas — innovation, evidence, regulation and adoption — to assess how these new tools are becoming an entirely new therapeutic modality.

office buildings
 Transition company vehicles to electric vehicles

Global TrendsScope 3

Engage with and support our suppliers to set Science Based Targets
Transition to low carbon transportation in Research and Development (R&D): Overview through 2020

our supply chain
 

Evolving Oncology Endpoints: A New Horizon for Oncology Outcomes

Incentivize low / zero carbon employee travel

Examines the trends in pharmaceutical research and development through the end of 2020 and provides an analysis of initiated clinical trials, including the impact of the pandemic and COVID-19-specific research.

Examines trends in new and evolving oncology endpoints being studied in clinical trials, and looks closely at how these evolving endpoints could potentially be used to evaluate clinical benefit, support regulatory approval and inform payer reimbursement decisions effectively and efficiently.Introduce travel policy updates

Waste

We are working to reduce the amount of waste produced by our facilities, prioritizing our laboratory activities. Our seven largest labs are certified to ISO 14001:2015 and ISO 45001:2018 to ensure stringent waste management systems are in place, and we require employees to follow established policies and procedures when segregating and disposing of waste. This includes the disposal of biological and hazardous waste, as well as on-site recycling initiatives. We continue to work towards certification of our other labs. 

IQVIA HOLDINGS INC.    2024 Proxy Statement48

Planet

Climate change has the potential to cause significant disruption to companies and to society at large. As an organization committed to public health, we are focused on being part of the solution to climate change, including mitigating our environmental impact—primarily by reducing our real estate footprint and impact and our business travel.

While we have determined that, at this time, climate change does not present a material risk to our business given the nature of our activities, the potential of climate change to impact human health and well-being is most pressing for IQVIA, as our business serves and depends on people around the world. IQVIA recognizes our responsibility to our stockholders and all stakeholders to manage the risks to our operations associated with climate change and to contribute to mitigating climate change by adopting sustainable business practices. We take these risks into account during our climate-related risk assessment and when making associated business decisions.

We support having clear and consistent disclosures regarding our approach to climate change. To that end, we have aligned to the TCFD recommendations for disclosing information about the risks and opportunities presented by climate change in our 2021 ESG Report.

Sustainability goal achieved

We are committed to reducing waste. In 2021, we successfully met our goal of removing 100% of single-use plastic from all our office facilities. Conscious of the impact to the environment of plastic waste, we worked across our global office facilities to remove vending machine snacks, replace bottled drinking water supplies with reusable glass containers using filtered water, and stock compostable or reusable cups. We continue to evaluate our waste footprint and will determine appropriate next steps to reduce our impact in 2022.

 
IQVIA HOLDINGS INC.    2022 Proxy Statement41

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Greenhouse gas emissions

Greenhouse gas (GHG) emissions are categorized and tracked on three different scopes, depending on the source of the emissions, as described below.

GHG Scope

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Description

Primary Driver

Scope 1

All direct emissions

Emissions associated with activities under our direct control, including fuel combustion from company vehicles and gas emissions from boilers and air-conditioning refrigerant leaks

Scope 2

Indirect emissions(1)

Emissions associated with electricity purchased and used by IQVIA to power facilities heating, cooling and computer / IT equipment

Scope 3

All other indirect emissions

Emissions associated with IQVIA business travel

(1)

We use the market-based method, which takes into account emissions from energy contracts and instruments (such as renewable energy credits), to report our Scope 2 emissions.

Our primary GHG emissions (i.e., Scope 1 emissions) come from our business travel and use of office and laboratory space. Both these areas were significantly affected in 2020 as we responded to the COVID-19 pandemic. As a result, our total GHG emissions saw a steep decline over 2020, resulting in a 57% decrease from 2019, particularly our Scope 3 emissions, which decreased by 72%. While these decreases are welcome, if business travel and office usage return to pre-pandemic levels, our GHG emissions are likely to rise, although we anticipate that the implementation of our Future of Work initiative, which will facilitate approximately 80% of our employees working in flexible arrangements, will help us continue our multi-year downward-trending trajectory for GHG emissions.

Given IQVIA’s historically significant employee growth year over year, we consider metric tons of GHG emissions per employee to be a more meaningful measure of our progress than absolute emissions totals. In 2020, we increased our global workforce by approximately 3,000 employees (approximately 5% more employees than in 2019) and still decreased our total GHG emissions per employee by approximately 47%. We also decreased our Scope 1 and 2 emissions by 61% per employee.

As described above, we will set a science-based target for GHG emissions reductions, certified by the SBTi, by the end of 2023.

Our GHG data for all years was verified by Apex Companies, LLC, a leading provider of environmental impact assurance services.

Stockholder Engagement

 

IQVIA HOLDINGS INC.    2022 Proxy Statement42

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MetricTonsEquivalent

 

2018

2019

2020

Scope 1

37,342

39,211

10,471

Scope 2

53,345

47,021

38,180

Scope 3

90,872

81,034

22,884

 

MetricTonsEquivalentPerEmployee

 

2018

2019

2020

Scope 1

0.64

0.59

0.15

Scope 2

0.92

0.70

0.55

Scope 3

1.57

1.21

0.33

 

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Stockholder Engagement

Our Approach

Our Board and management are committed to regular engagement with our stockholders so we can solicit their views and input on matters related to performance, corporate governance, environmental and social impacts, human capital management and executive compensation, among other topics. Overall,In 2023, we met throughout the year with 23 of our top 35 stockholders representing approximately 35%53% of our outstanding common stock. The typical outreach participants and methods are shown below.

WhoWhen & HowEngagement Approach

Stockholders

Research Analysts

Proxy Advisory Firms

Year-round

Targeted outreach ahead of annual stockholder meeting and as needed

In-person meetings

Teleconferences and phone calls

Industry conferences

Board Engagement

Led by our N&G Committee

Lead Director and N&G Committee members provide feedback to the rest of the Board

2023 Targeted Engagement

 

Management Engagement

Led by our Chief Executive Officer, Chief Financial Officer, General Counsel, and SVP, Investor Relations

Targeted outreach and inbound inquiries

Feedback provided to senior management and the Board

2021 Analyst & Investor Conference

We hosted an Analyst and Investor Conference during which 11 of our senior executives gave a comprehensive overview of our businesses. Our Chief Executive Officer laid out our 20by25 strategy and our Chief Financial Officer provided medium-term financial guidance. Over 100 investors, analysts, and other stakeholders attended the conference in person and over 300 members of the analyst and investor community listened to the live webcast.

2021 Targeted Engagement

Following our 20212023 annual meeting of stockholders (the 2023 Annual Meeting), we requested governance-specific engagement meetings with stockholders representing approximately 42%60% of our outstanding common stock. TheMembers of our Board, including both Lead Independent Director John Leonard and N&G Committee memberChair Colleen Goggins, andas well as members of senior management participated in governance-specific engagement meetings with stockholders representing approximately 22%35% of our outstanding common stock.

IQVIA HOLDINGS INC.    2022 Proxy Statement44

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We listened carefully to Contentsunderstand the views and priorities of our stockholders, and following such meetings, we implemented numerous enhancements to our corporate governance program and added significant additional disclosures to be as responsive as we could to what we heard.

Summary of Board Responsiveness

While stockholder views varied, the following table detailssummarizes some of the key themes we generally heard throughout the engagement process and how we responded to that input.

 

What We Heard

What We Did

Stockholders wanted a right to request a special meeting

   Immediately following the 2023 Annual Meeting, we amended our Amended and Restated Certificate of Incorporation to provide stockholders representing at least 25% or more of the Company’s outstanding common stock the right to request a special meeting of stockholders; this proposal received over 95% support

The Company should consider declassifyingStockholders overwhelmingly supported the Board’s recommendation to declassify its Board and, more generally, continue on its multi-year trajectory

   We are in the process of further enhancing stockholder rights

We included a management proposal in this Proxy Statementtransitioning our formerly classified Board; 60% of our directors are up for election to (i) declassify the Board and (ii) permit stockholders to remove directors elected for one-year terms with or without cause

in 2024 and 100% of our directors will be up for election to one-year terms in 2025

The Company should hold say-on-pay advisory votes annually

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Following last year’s say-on-frequency advisory vote, the Board adopted annual say-on-pay until the next required say-on-frequency vote

What We HeardWhat We Did
Stockholders asked for enhancements to our clawback policy to provide the Company with greater flexibility in recovering compensation from executives for engagement in detrimental conduct

   Adopted two clawback policies, one applicable to our Section 16 officers in the event of a material financial restatement as required by the Dodd-Frank Act and the NYSE and a second, supplemental clawback policy that applies to a wider set of employees and covers a broader set of misconduct, allowing the Company to recover from executive officers and certain other employees who are determined to have engaged in, or in some cases to have been aware of or willfully blind to, certain detrimental conduct

There is significant interest in our ongoing ESGsustainability efforts and the Board’s oversight of ESGsustainability matters and in aligning our ESG disclosures to one or more of the major ESG reporting frameworks

We amended the charter of the N&G Committee   The SBTi verified our greenhouse gas emissions reduction targets, setting a roadmap with clearly defined actions as we aim to formally include oversight of ESG matters asachieve a committee responsibility

We committed to aligning55% reduction in our 2021 ESG Report with the disclosure guidelines promulgatedscope 1 and scope 2 emission by the GRI, SASB,2030 (versus 2019 baseline) and TCFDachieve net zero emissions by 2050

Consider explicitly

   Dr. Leonard and Ms. Goggins regularly participate on calls with stockholders, representing the Board’s perspective on the Company’s sustainability efforts and initiatives, among other matters

Stockholders have asked for greater transparency on specific sustainability targets used in determining bonus payouts for named executive officers

   We disclosed specific targets on employee engagement survey results relative to benchmark scores for our named executive officers, which impact short-term compensation payouts, tying executive compensation to our human capital management efforts, which are critical to achieving our financial results

Stockholders asked for increased disclosure on the achievementcriteria the LDC Committee uses to set the Company’s compensation peer group, and transparency on the specific peer group companies the LDC uses when setting the compensation of ESG-related objectives

our executives and our Chief Executive Officer

We added ESG performance   In response to investor feedback, and after a review of market practice, the LDC Committee changed the criteria used to select the Company’s compensation peer group to better align with the Company’s near-term strategic objectives and, responsivenessbased on the new criteria, selected a new compensation peer group used for all named executive officers, including our Chief Executive Officer, eliminating the supplemental compensation peer group previously used for our Chief Executive Officer. We also significantly increased disclosure about the criteria used to employee survey feedbackselect the compensation peer group.

Stockholders want more disclosure on the Company’s policies and political spending activities

   We increased transparency into the Company’s limited political activities by publishing our Political Activity Policy on our investor relations website and reporting on an annual basis our U.S. political spend

Stockholders requested more detailed disclosure on attrition levels for the organization

   To demonstrate how management actions addressed the unusual spike in attrition we experienced during the COVID-19 period, we added disclosure on enterprise attrition levels for the last five years

Stockholders asked for a cap on long-term performance award payouts if the Company’s absolute total stockholder return is negative

   The LDC Committee adopted a policy, beginning with 2023 performance awards, to cap the metrics that determine short-termpayout at target for the portion of performance awards based on Relative TSR if our absolute TSR for the three-year performance period is negative

Stockholders requested a greater percentage of long-term incentive awards forto be performance shares to better align the interests of our named executive officers with our stockholders

   The LDC Committee changed the mix of equity awards granted to our named executive officers to increase the percentage of performance share awards as a percentage of the total long-term incentive awards granted from 50% in 2022 to 75% in 2023; no longer granting time-based restricted stock awards to our named executive officers

Diversity amongFor the 3-Year TSR vs. Relative TSR performance metric of our directors isPSUs, which accounts for 25% of the total performance award, stockholders have requested a top priority, and stockholders want more transparency on this topic

challenging Relative TSR target performance to receive a 100% payout for that portion of the PSUs

We included gender, racial and ethnic diversity statistics   For 2023 awards, the LDC Committee approved an increase in the Relative TSR target performance from the median to the 55th percentile for the Board in this Proxy Statementthree-year TSR vs. Relative TSR performance metric of our PSUs to receive a target payout of 100% for that portion of the PSUs

Stockholders asked us to consider filling the next director slot withsupport a raciallyprohibition on hedging or ethnically diverse director

We added two ethnically and racially diverse women as directors to the Board

Increase disclosure of workforce demographic data

We are publishing our EEO-1 report, and we have included other additional diversity disclosures for our US employeespledging transactions in this Proxy Statement

Company securities, without exception
    We updated our Securities Trading Policy to implement a full prohibition on the ability to hedge transactions with respect to, or the pledging of, our securities, without exception

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Director Compensation

Non-Employee Director Compensation Program

The Board has the authority to set the terms of our non-employee director compensation program and may change those terms at any time. The responsibility for reviewing the non-employee director compensation program and recommending changes to the Board is vested in the LDC Committee per its charter.

Non-Employee Director Compensation Structure for 2023

The non-employee director compensation program structure for 2023 was as follows:

PaymentAnnual Compensation
($)
Cash retainer (paid in quarterly installments)100,000
Equity retainer fair value (payable in fully-vested restricted stock units)200,000
Lead Independent Director fee42,500
Committee chair fees:
Audit40,000
Leadership Development and Compensation (LDC)27,500
Nominating and Governance (N&G)25,000
Committee member (other than chair) fees:
Audit15,000
Leadership Development and Compensation (LDC)10,000
Nominating and Governance (N&G)10,000

We also reimburse our directors for reasonable costs related to continuing education (including travel and lodging), and travel expenses and other out-of-pocket costs incurred in connection with attendance at Board meetings.

The LDC Committee assessesassessed non-employee director compensation each yearin 2023 based on input from Steven Hall &Meridian Compensation Partners, anLLC, the independent compensation consulting firm serving the LDC Committee, and taking into account compensation paid to non-employee directors at companies in the same peer group we use for executive compensation purposes. (ForFor information on the peer group, see “Compensation Discussion and Analysis—Overview of Our Executive Compensation Program—Benchmarking” beginning on page 57.) 63 of this Proxy Statement.

The Board reviews the LDC Committee’s recommendations and makes a final determination on the compensation of our non-employee directors. Based on its most recent assessment,review, and upon the recommendation of the LDC Committee, did not recommend any changesin July 2023, the Board approved a modest increase to the equity compensation for our non-employee directors, increasing the equity retainer fair value from $200,000 to $240,000, effective with the non-employee director compensationequity grants made in 2024. The Board maintained all annual cash retainers for 2021, andnon-employee directors at the Board did not make any changes.2023 levels.

 

The decision to increase the non-employee directors’ equity compensation was based, in part, on the recommendation of our external compensation consultant and was made in order to maintain director compensation program is as follows:pay levels within the competitive median of the peer group. 

 

Payment

Annual Compensation ($)

Cash retainer (paid in quarterly installments)

100,000

Equity retainer fair value (payable in fully-vested restricted stock units (RSUs))

200,000

Lead Director fee

42,500

Committeechairfees:

Audit

30,000

Leadership Development and Compensation

25,000

Nominating and Governance

20,000

Committeemember(otherthanchair)fees:

Audit

10,000

Leadership Development and Compensation

5,000

Nominating and Governance

5,000

We also reimburse our directors for reasonable travel expenses and other out-of-pocket costs incurred in connection with attendance at Board meetings.

Non-Employee Director Compensation Payments for 20212023

The following table shows information regarding the compensation earned by our non-employee directors during 2021.2023. The compensation received by our Chief Executive Officer during 20212023 is included in the “Summary“Compensation of Named Executive Officers—2023 Summary Compensation Table.” Our Chief Executive Officer did not receive any additional compensation for his service on the Board. Our non-employee directors are eligible to receive compensation for their service on the Board.

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2023 DIRECTOR COMPENSATION

Name Fees Earned or
Paid in Cash
($)
  Stock
Awards
($)(1)
  Total
($)
 
Carol J. Burt  142,500   199,929   342,429 
John P. Connaughton(2)          
John G. Danhakl(3)   120,000   199,929   319,929 
James A. Fasano  105,000   199,929   304,929 
Colleen A. Goggins(3)   140,000   199,929   339,929 
John M. Leonard, M.D.  167,500   199,929   367,429 
Leslie Wims Morris(3)   110,000   199,929   309,929 
Todd B. Sisitsky(2)          
Sheila A. Stamps  115,000   199,929   314,929 
(1)In accordance with our non-employee director compensation program, restricted stock units were granted to each of Mses. Burt, Goggins, Wims Morris and Stamps, Messrs. Danhakl and Fasano and Dr. Leonard with a grant date of May 10, 2023 (1,063 restricted stock units each). These restricted stock units were fully vested when granted. Amounts reflect the aggregate grant date fair value of the restricted stock units at May 10, 2023 ($188.08 per share) computed in accordance with Accounting Standards Codification Topic 718, or ASC 718, excluding the impact of estimated forfeitures. Assumptions used in the calculation of these amounts in 2023 are included in Notes 1 and 17 to our consolidated audited financial statements for the year ended December 31, 2023 included in Part II of our Annual Report on Form 10-K.
IQVIA HOLDINGS INC.    2022 Proxy Statement(2)46Messrs. Connaughton and Sisitsky have each waived their right to participate in the non-employee director compensation program due to their relationships with Bain Capital and TPG, Inc., respectively.
(3)Mr. Danhakl, Ms. Goggins and Ms. Wims Morris deferred 100% of their annual cash Board retainers and committee fees under our Non-Employee Director Deferral Plan, described below, which amounts were converted into deferred stock units with a market value equal to the cash retainer that are payable in shares of Company common stock following a termination of the director’s Board service or the director’s death, or upon a change in control of the Company. As of December 31, 2023, Mr. Danhakl, Ms. Goggins, and Ms. Wims Morris have 1,583, 3,318 and 1,005 deferred stock units outstanding, respectively, under the Non-Employee Director Deferral Plan.

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2021 DIRECTOR COMPENSATION

Name

Fees Earned or

Paid in Cash

($)

Stock

Awards

($)(1)

Total

($)

Carol J. Burt

115,000

199,997

314,997

John P. Connaughton(2)

John G. Danhakl(3)

110,000

199,997

309,997

James A. Fasano(2)

Colleen A. Goggins(3)

115,000

199,997

314,997

John M. Leonard, M.D.

157,500

199,997

357,497

Ronald A. Rittenmeyer

135,000

199,997

334,997

Todd B. Sisitsky(2)

(1)

In accordance with our non-employee director compensation program, restricted stock units were granted to Mses. Burt and Goggins, Messrs. Danhakl and Rittenmeyer and Dr. Leonard with a grant date of April 15, 2021 (934 restricted stock units each). These restricted stock units were fully vested when granted. Amounts reflect the aggregate grant date fair value of the restricted stock units at April 15, 2021 ($214.13 per share) computed in accordance with Accounting Standards Codification Topic 718, or ASC 718, excluding the impact of estimated forfeitures. Assumptions used in the calculation of these amounts in 2021 are included in Notes 1 and 17 to our consolidated audited financial statements for the year ended December 31, 2021, included in Part II of our Annual Report on Form 10-K.

(2)

Messrs. Connaughton, Fasano, and Sisitsky do not participate in the non-employee director compensation program due to their relationships with current or former SHA Parties (as defined under the section titled “Certain Relationships and Related Person Transactions — Shareholders Agreement.”)

(3)

Mr. Danhakl and Ms. Goggins deferred 100% of their annual cash Board retainers and committee fees under our Director Deferral Plan, described below. These amounts were converted into deferred shares that are payable in shares of IQVIA common stock following a termination of the director’s Board service or the director’s death, or upon a change in control of the Company. As of December 31, 2021, Mr. Danhakl and Ms. Goggins have 497 and 2,104 deferred shares outstanding, respectively, under the Director Deferral Plan.

Director Share Ownership Guidelines

Under

Pursuant to the Company’s share ownership guidelines established by the LDC Committee, each director who participates in the non-employee director compensation program is expected to hold a number of shares of our common stock that havewith a market value equal to five (5) times the annual cash retainer for service as a director. While there is no set time period in which this ownership level must be met, directors who are subject to the guidelines are required to retain ownership of at least 50% of the shares they receive as a result of the exercise, vesting or settlement of equity awards until the share ownership guideline isguidelines are met. The LDC Committee periodicallyannually reviews these guidelines and oversees compliance by reviewing director holdings annually.compliance. As of February 15, 2022, each director20, 2024, all directors subject to the share ownership guidelines hashave satisfied his or hertheir share ownership requirement, other than our two directorsMr. Fasano who began participating in the non-employee director compensation program in May 2023 and Ms. Stamps who was appointed in January 2022.

Non-Employee Director Deferral Plan

Pursuant to the IQVIA Holdings Inc.Company’s Non-Employee Director Deferral Plan, non-employee directors may elect to defer receipt of their cash and equity retainers. A directorDirectors who electselect to defer a retainer will instead betheir retainers are credited with thata number of deferred stock units with a market value inequal to their cash and share-based equity compensation deferred. The deferred shares under the Director Deferral Plan. Deferred sharesstock units become payable in IQVIA common stock following a termination of thesuch director’s Board service, or thesuch director’s death, or upon a change in control of the Company.

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PROPOSAL NO. 2
Advisory Non-Binding Vote
on Executive Compensation

Pursuant to Section 14A of the Exchange Act, the Board is providing stockholders with the opportunity to cast an advisory, non-binding vote on the compensation of our named executive officers (“say-on-pay”), as disclosed in this Proxy Statement pursuant to Item 402 of Regulation S-K, including the Compensation Discussion and Analysis, compensation tables and related narrative.

In 2021, the Board committed to implementingadopted, and the say-on-pay frequencystockholders approved, by a majority of stockholders at the 2021 annual meeting of stockholders. Following that meeting, at which approximately 96% of stockholder votes favored conducting say-on-pay advisory votes annually, the Board adopted annual say-on-pay voting until the next required say-on-frequency vote.vote in 2027.

Our compensation strategy focuses on providing total compensation packages that are designed to attract and retain high-caliber executives by incentivizingrewarding them to achievefor achievement of Company and individual performance goals that are closely aligned with stockholder interests. Our executive compensation packages emphasizeprogram emphasizes pay for performance and long-term value creation for our stockholders. Since our last say-on-pay vote, we overhauled our short-term incentive compensation program and implemented a formula (among other enhancements) to determine awards under the program, which provides greater transparency on the performance measures and metrics used to determine awards and limits LDC Committee discretion. The LDC Committee believes the Company’s executive compensation program and the compensation decisions for 20212023, as described in this Proxy Statement, appropriately reward our named executive officers for Company and individual performance and that these programs and policies willpractices assist the Company in retaining our senior leadership team.

When considering how to vote, we urge stockholders to review the full details of our executive compensation program and the decisions presented in the Compensation Discussion and Analysis, as well as the discussions regarding the LDC Committee included elsewhere in this Proxy Statement.

Because this vote is advisory, it will not be binding on the Board and will not overrule any decision by the Board or require the Board to take any action. However, the Board and the LDC Committee value the views of our stockholders and will consider the outcome of the say-on-pay vote when making future compensation decisions for our named executive officers. We will hold a non-binding, advisory vote on

The text of the compensationresolution in respect of our named executive officers every year until the next required stockholder vote on the frequency of such advisory vote, which will be held at our 2027 annual meeting.Proposal No. 2 is as follows:

The“RESOLVED, textoftheresolutioninrespectofProposalNo.3isasfollows:

RESOLVED,that the compensation paid to the Company’s named executive officers, as disclosed in the Company’s Proxy Statement for the 2022 annual meeting2024 Annual Meeting of stockholdersStockholders pursuant to Item 402 of Regulation S-K, including the Compensation Discussion and Analysis, compensation tables and narrative discussion, is hereby APPROVED.”

 

THE BOARD RECOMMENDS A VOTE “FOR” THE APPROVAL OF OUR EXECUTIVE COMPENSATION AS DESCRIBED IN THIS PROXY STATEMENT

For
THE BOARD RECOMMENDS A VOTE “FOR” THE APPROVAL OF OUR EXECUTIVE COMPENSATION AS DESCRIBED IN THIS PROXY STATEMENT.
  

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Executive Summary

20212023 Named Executive Officers

This Compensation Discussion and Analysis section discusses our compensation program and compensation decisions related to the following individuals, who were our named executive officers in 2021:2023:

 

AriBousbib


Age: 60

62
Chairman and Chief

Executive Officer and
President

RonaldE.Bruehlman


Age: 61

63
Executive Vice

President and Chief

Financial Officer

W.RichardStaub,III


Age: 61
President, Research
& Development
Solutions

Kevin C. Knightly
Age: 63
President, Corporate
Strategy and
Enterprise Networks
Eric M. Sherbet
Age: 59

President, Research &
Development Solutions

KevinC.Knightly

Age: 61

President,
Technology &
Commercial Solutions

EricM.Sherbet

Age: 57


Executive Vice

President, General

Counsel and Secretary

Our named executive officers also include Costa Panagos, our former President, Research & Development Solutions, who exited the Company effective September 25, 2023.

20212023 Business Performance Highlights

 

Source: FactSet – 12/31/2021

(1)

This graph assumes that $100 was invested in IQVIA, the S&P 500 and the peer group asComparison of the close of market on December 31, 2020, and assumes the reinvestment of dividends, if any. Peer group average is weighted for market capitalization. The S&P 500 and our peer group are included for comparative purposes only. They do not necessarily reflect management’s opinion that the S&P 500 and our peer group are an appropriate measure of the relative performance of the stock involved, and they are not intended to forecast or be indicative of possible future performance of our common stock.5 Year Cumulative Total Return

(2)

Peer group consists of Cerner Corporation, Charles River Laboratories, Inc., Equifax Inc., ICON plc, IHS Markit Ltd., Laboratory Corporation of America Holdings, Nielsen N.V., Syneos Health, Inc., Thomson Reuters Corporation and Verisk Analytics, Inc.

Source: Zacks Investment Research, Inc. — 12/31/2023
  
(1)This graph assumes that $100 was invested in IQVIA, the S&P 500 and the peer group as of the close of market on December 31, 2018, and assumes the reinvestment of dividends, if any. Peer group average is weighted for market capitalization. The S&P 500 and our peer group are included for comparative purposes only. They do not necessarily reflect management’s opinion that the S&P 500 and our peer group are an appropriate measure of the relative performance of the stock involved, and they are not intended to forecast or be indicative of possible future performance of our common stock.
(2)Compensation Peer group consists of AbbVie Inc., Accenture plc, Agilent Technologies, Inc., Amgen Inc., Avantor, Inc., Biogen Inc., Bristol Myers Squibb Co., Cognizant Technology Solutions Corp., Danaher Corporation, Eli Lilly & Co., Gartner, Inc., Gilead Sciences, Inc., International Business Machines Corp., ICON Plc, Laboratory Corp of America Holdings, Merck & Co., Inc., Moderna, Inc., Pfizer Inc., Regeneron Pharmaceuticals, Inc., Thermo Fisher Scientific, Inc., Vertex Pharmaceuticals Inc., and Zoetis Inc. See “Overview of Our Executive Compensation Programing—Benchmarking—2023 Peer Group” below for a description of the basis upon which this group is selected.

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20212023 was a year of major milestones and accomplishments for our organization, including those described below.

Financial

Revenue of $13.915.0 billion, up 22.1% 4.1% compared to 2020

Adjusted EBITDA2022 at constant currency(1) of

•  Underlying Revenue growth(2) $3 billion,up 27% 9% compared to 20202022

Adjusted EBITDA(3) of $3.6 billion, up 6.7% compared to 2022

•  Adjusted Diluted EPS(1)(3) of $9.03, 10.20, up 41% 0.4% compared to 20202022, and up 12% excluding the impact of the step-up in interest rates and the increase in the UK corporate tax rate

Free Cash Flow(1)(3) of $2.31.5 billion

Total Stockholder Return , achieving 79% of 57.5%Adjusted Net Income(3)

Strategic Growth

Closed the year with a record $10.110.7 billionof contracted net new business in R&DS. This brought our&DS at the end of 2023

•  Record backlog to a record $24.8of $29.7 billion,, up 10.2%9.2% compared to 2020. 2022

•  Our next twelve months revenue from backlog increased to $7$7.5 billion

The R&DS business also added almost 400 new clinical research customers in 2023, a mid single-digit increase from the previous year

•  Achieved total book-to-bill of 1.28x, leading peers that publicly-disclose such data

•  Continued to invest in rich clinical data assets, which now stand at over1.2 billion comprehensive, longitudinal, non-identified unique patients globally

Gained additional traction in DCTs, with over 300 studies under way utilizing our industry-leading capabilities and enrolling over 300,000 patients in 80 countries with more than 30 indications

Expanded our presence in the Commercial Technology space, with over 3,000 clients having adopted IQVIA’s technology platforms, and over 350 clients adopting one or more applications in our OCE platform since launch

Launched IQVIA Next Best Action, an AI-driven recommendation engine for life sciences that embeds key insights and intelligence into commercial workflows to deliver the right content at the right time and place and enhance customer engagement

Continued the rollout of our Orchestrated Clinical Trials (OCT) platform, with over 350 clients having adopted at least one module in the suite. Launched our Clinical Data Analytics Suite, a SaaS-based platform that integrates and transforms structured and unstructured data from clinical trials into predictive insights

Expanded the reach of our award-winning Electronic Clinical Outcomes Assessment(eCOA) tool to over 150 projects across 35 therapeutic areas. Over 70 customers are using this platform, including 8 of the top 10 pharmaceutical companies

• Expanded our investment in the lab business by purchasing the remaining non-controlling interest in our central lab joint venture from Quest Diagnostics and acquiring Myriad Rules Based Medicine

Ended 2021 with a net leverage ratio of 3.56x, significantly exceeding the target of 4.0xrecords

Capital Deployment

Deployed total capital investment of $640649 million, principally in new product development and technology infrastructure

Returned approximately $395 million1.0 billion to stockholders through the repurchase of over 1.75 millionshares at an average price of $197 per share shares

Invested $2,216996 millionin acquisitions and investments in key strategic areas

•  In May, successfully issued new $750 million 5-year Senior Secured Notes due 2028 and $500 million 7-year Senior Notes due 2030

•  In November, successfully issued new $1.25 billion 5-year Senior Secured Notes due 2029 and $1.5 billion 7-year US term loans due 2031 to refinance upcoming debt maturities; swapped these new issuances to Euros at an average fixed rate of 4.8555% for the notes and 4.9015% for the term loans to positively impact the Company’s debt maturity stack and minimize exposure to interest rate risk in 2024 and beyond

•  Notes were ~12x oversubscribed and the loans were ~5x oversubscribed, which allowed for optimal pricing on each transaction

•  Ended 2023 with 84% of gross debt at fixed rates, including swaps

•  Ended 2023 with a Net Leverage Ratio(2)(3) of 3.45x

Environmental, Social,Sustainability

•  The SBTi verified our greenhouse gas emissions reduction targets, setting a roadmap with clearly defined actions as we aim to achieve a 55% reduction in our scope 1 and Governance (ESG)scope 2 emissions by 2030 and achieve net zero emissions by 2050

•  Our scope 3 emissions decreased by 31% from 2021 to 2022, largely due to reductions in emissions from purchased goods and services, capital goods, and transport and distribution

•  Continued declassification of the Board: 60% of our directors are up for election to one-year terms in 2024 and 100% of our directors will be up for election to one-year terms in 2025

•  Adopted stockholders’ right to request a special meeting of stockholders

•  Building upon past learnings and successes, launched new global Diversity, Inclusion & Belonging Plan, furthering our initiatives in this area through actions designed to support growth and innovation in our programs and processes

•  Racial, ethnic and gender diversity for 2023 IQVIA U.S. new hires exceeded the overall IQVIA U.S. workforce, continuing a trend from 2022 and 2021

•  Strong employee survey results, including:

 87% can see a clear link between their work and IQVIA’s vision to drive healthcare forward—5 points better than prior year and 5 points above the Fortune 500 Benchmark

 88% agree they are acquiring the knowledge and skills necessary to be effective in their job - consistent with prior year and 7 points above the Fortune 500 Benchmark

(1)

PreparedAmounts expressed in constant currency terms in this Proxy Statement exclude the effect of changes in foreign currency exchange rates on the translation of foreign currency results into U.S. dollars. For additional information regarding foreign currency translation, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our reporting2023 Annual Report on climate impactForm 10-K.

(2)Underlying Revenue growth is defined as constant currency revenue growth excluding revenues from COVID-19 related projects from both 2022 and 2023.
(3)Adjusted EBITDA, Adjusted Diluted EPS, Adjusted Net Income, Net Leverage Ratio and Free Cash Flow are not prepared in alignmentaccordance with generally accepted accounting principles in the United States (GAAP). The definitions of Adjusted EBITDA, Adjusted Diluted EPS, Adjusted Net Income, Net Leverage Ratio and Free Cash Flow are the same, and reconciled to the nearest comparable GAAP financial measure in the exact same manner, as in the Company’s earnings releases. For additional information regarding “Adjusted EBITDA,” “Adjusted Diluted EPS,” “Adjusted Net Income,” “Net Leverage Ratio” and “Free Cash Flow,” including reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measure, see “Appendix A.”

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These milestones and accomplishments were recognized externally by multiple third parties, including:

Abbott’s UNIVANTS of Healthcare Excellence Awards: Recognition for our collaboration with the National Basketball Association and other partners
TCFDAI Breakthrough Awards: framework,Best AI-Based Solution for Healthcare award for using large language models to examine social determinants of health
Brandon Hall Group: Five Human Capital Management Excellence Awards in recognition of our talent development programs in the leading setareas of standards(i) best learning program, (ii) best leadership development, (iii) best use of video for investors seekinglearning, (iv) best hybrid learning program and (v) best advance in custom content
Forbes Award: IQVIA was named in Forbes’ annual World’s Best Management Consulting Firms list, which is based on input from clients and other consulting firms across 40 countries. We received specific recognition in the data analytics & big data, healthcare & life sciences, strategy, marketing and brand & pricing categories
FORTUNE: For the seventh year in a row, IQVIA was named one of the World’s Most Admired Companies in FORTUNE’s annual survey. For the third year in a row, IQVIA was named the number one most admired company in our category, Healthcare: Pharmacy and Other Services. In addition, IQVIA earned first place ranking in six of nine categories, including quality of management, people management, innovation, quality of products and services, global competitiveness, and use of corporate assets
IDC Market Award: IDC MarketScape recognized IQVIA as a worldwide leader in Life Science R&DS Pharmacovigilance Solutions
KLAS Award: Recognition for our excellence as a software and service company helping healthcare professionals improve patient care. Rankings are a direct result of the feedback of IQVIA’s customers over the last year. Customers assess strict criteria, making this a prestigious award across our sector
MedTech Breakthrough Awards: Recognition in the Best New Technology Solution - Drug Development category for IQVIA SmartSolve® as Best New Technology Solution for Drug Development
President’s Certificate of Commendation (COVID-19): For our IQVIA laboratories Singapore site ramping up COVID-19 testing capacity

Enhancements to our Executive Compensation Program Based on Investor Feedback

The key features of the program, which are consistent with feedback received from stockholders, are highlighted below.

Summary of Board Responsiveness to Compensation-Related Investor Feedback

Following governance specific engagement meetings with stockholders representing approximately 35% of our outstanding common stock, we implemented numerous enhancements to our executive compensation program and related disclosures based on what we heard. The following table summarizes the key themes we heard on compensation matters and how we responded to that input.

IQVIA HOLDINGS INC.    2024 Proxy Statement57
What We HeardWhat We Did
Peer Group. Stockholders requested greater transparency on the peer group used to make compensation decisions for named executive officers, and particularly our 2021 ESG ReportChief Executive OfficerDisclosed Peer Group. The LDC Committee changed the criteria used to select the Company’s compensation peer group to better align with the GRI Company’s near-term strategic objectives and, SASB reporting frameworks

Explicitly tied progressbased on ESG-related mattersthe new criteria, selected a new compensation peer group used for all named executive officers, including our Chief Executive Officer, eliminating the supplemental compensation peer group previously used for our Chief Executive Officer. We also significantly increased disclosure about the criteria used to select the compensation peer group

Annual Plan. Stockholders requested greater transparency on specific ESG targets used in determining bonus payouts for named executive officersDisclosed ESG Targets. We disclosed specific targets on employee engagement survey results relative to benchmark scores for our named executive officers, which impact short-term compensation payouts, tying executive compensation to our human capital management efforts, which are critical to achieving our financial results
Annual Plan. by including ESG objectives in theFor our short-term incentive award programpayouts, stockholders requested more disclosure on the rationale for payout decisions within permitted ranges for the non-Revenue/Profit performance measuresLimited Discretion and Increased Transparency. Implemented for 2022 short-term incentive payouts, determined by the LDC Committee and Board in February 2023, the payout earned under each non-Revenue/Profit performance measure was based on a linear interpolation within the target range, based on the score earned by each executive within a 20-point scale, plus or minus eight percentage points, with the LDC Committee providing the rationale for any deviations from a straight-line interpolated payout. To illustrate, if the total score under a given performance measure is 15, the straight-line interpolated payout would be 159%, and   the payout earned could be between 151% and 167%, based on the specific considerations used by the LDC Committee when determining such payout
LTI. Stockholders asked for a cap on long-term performance share (PSU) payouts if the Company’s absolute total stockholder return is negativeImplemented Negative TSR Cap. The LDC Committee adopted a policy, beginning with the2023 PSUs, to cap the payout at target for the portion of PSUs based on Relative TSR if our absolute TSR for the three-year performance period is negative
LTI. Stockholders requested a greater percentage of long-term incentive awards to be performance shares to better align the interests of our named executive officers

with our stockholders

Added two racially/ethnically diverse women as directorsIncreased Mix of Performance Shares. The LDC Committee changed the mix of long-term incentive awards granted to our Board

63%named executive officers to increase the percentage of new hiresPSUs as a percentage of the total long-term incentive awards granted from 50% in 2022 to 75% in 2023. Restrictedstock units are no longer included in our annual long-term incentive awards granted to named executive officers

LTI. For the 3-year TSR vs. Relative TSR performance metric of our PSUs, which accounts for 25% of the total performance share award, stockholders have requested a more challenging Relative TSR achievement requirement to receive a 100% payout for that portion of the PSUsIncreased Relative TSR Target Performance. Beginning with the 2023 PSUs, the LDC Committee approved an increase in the US identifying as women and 38% identifying as Non-White, including 13% who identified as Black or African American

Reduced our total and per-employee GHG emissions year-over-year beyond our expectations

 Published our EEO-1 report and enhanced other workforce and Board diversity disclosure

Added two new groupsRelative TSR target performance from the median to our ERG program and saw total participation in ERGs increase by 60%

 To further strengthen our D&I efforts, we appointed a senior leaderthe 55th percentile for the three-year TSR vs. Relative TSR performance metric of our D&I program

ImplementedPSUs to receive a target payout of 100% for that portion of the IQVIA Future of Work initiative, a company-wide effort examining all aspects of how and where we do our work, as well as the technology and tools we will need to succeed

Progressed toward setting a science-based target to reduce GHG emissions by the end of 2023

Removed all single use plastic from our offices worldwide, a goal we set out to achieve in 2021

PSUs
(1)

Amounts expressed in constant currency terms in this Proxy Statement exclude the effect of changes in foreign currency exchange rates on the translation of foreign currency results into U.S. dollars. For additional information regarding foreign currency translation, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our 2021 Annual Report. The definitions of Adjusted EBITDA, Adjusted Diluted EPS and Free Cash Flow are the same, and reconciled to the nearest comparable GAAP financial measure in the exact same manner, as in the Company’s earnings releases. For additional information regarding “Adjusted EBITDA,” “Adjusted Diluted EPS,” and “Free Cash Flow,” including reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measure, see “Appendix A.”

(2)

All references to $2,216 million of mergers and acquisitions spend in this Proxy Statement include the purchase of the remaining non-controlling interest in our lab business from Quest Diagnostics.

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Elements of Our Executive Compensation Program

The primary elements of our 20212023 executive compensation program are described below.

Key
Components
How PaidOverview

Overview

Key Benchmarks/Performance

Measures

Base SalaryCashFixed compensation to attract and retain executives and balance performance-linked compensation

Benchmarked to peer group

Adjusted for experience, role, and performance

Annual Incentive AwardsCash

Variable annual compensation to motivate and reward executives for achieving annual financial goals and strategic milestones that are critical to our strategic priorities

 

Limit:0%-200% of target

Revenue/Profit

Cash Flow

Balance Sheet/Liquidity

Operational/Strategic

Leadership/ESGSustainability

Long-Term Incentive AwardsPerformance Shares 50%75%

Variable long-term equity-based compensation to motivate and reward executives for achieving key longer-term financial performance and stockholder return objectives

Final awards determined based on achievement relative to pre-established corporate performance metrics forover a three-year performance period

 

Limit: 0%-200% of target shares

Adjusted Diluted EPS Growth (75%)

Relative TSR (25%)

Stock Appreciation Rights 25%

Variable long-term equity-based compensation to encourage absolute performance and long-term value creation

 

Awards vest ratably over three years and have a ten-year exercise term

Stock price appreciation
Restricted Stock Units 25%

Variable long-term equity-based compensation to encourage long-term value creation and provide increased retentive value

 

Awards vest ratably over three years

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Compensation and Governance Practices

Below we highlight certain of our key practices that we consider good governance features of our executive compensation program.

WHAT WE DO

Align significant percentage of executive pay with performance

Use an objective, formulaic approach to determining short-term incentive awards

Annual say-on-pay vote

Conduct an annual compensation risk review and assessment
Set challenging yet achievable performance objectives for our named executive officers

Conduct annual performance evaluations of the named executive officers at the LDC Committee level
Appropriately balance short- and long-term incentivesLimit LDC Committee judgement to adjust short-term incentive awards to no more than 1/6th of the final award
Offer transparent disclosure of achievements for all performance measures and metrics used to determine short-term incentive awards

Cap the payout at target for the portion of performance share awards based on Relative TSR if our absolute TSR for the three-year performance period is negative

Appropriately balance short- and long-term incentives

Limit LDC Committee discretion to adjustAlign executive compensation with progress on sustainability matters by including specific ESG-related objectives in our short-term incentive awards to no more than 1/6th of the final award

program
Regularly engage with our stockholders on our compensation program and implement enhancements based on feedback received

Use multi-year vesting requirements for long-term awards

Utilize expertise of an external independent compensation consultant
Include non-solicitation and non-competition provisions in award agreementsDisclose targets for long-term incentive awards upon vesting
Align executive compensation with stockholder returns by providing the majority of total compensation in the form of performance-based long-term incentive awards

Include non-solicitation

Have two clawback policies, one applicable to our Section 16 officers in the event of a material financial restatement and non-competition provisions in award agreements

a second, supplemental clawback policy that applies to a wider set of employees and covers a broader set of misconduct

Align executive compensation with progress on ESG matters by including specific ESG-related objectives in our short-term incentive award program

Conduct an annual compensation risk review and assessment

Use multi-year vesting requirements for long-term awards

Utilize expertise of an external independent compensation consultant

ImplementMaintain meaningful share ownership guidelines

Disclose targets for long-term incentive awards upon vesting

Conduct annual performance evaluations of the named executive officers at the LDC Committee level

ImposeUtilize a robust clawback policy for our cash and equity incentive compensation in the event of financial restatements

competitive peer group
 
WHAT WE DON’T DO

WHATWEDON’TDO

NoSign contracts with multi-year guaranteed salary increases or non-performance bonus arrangements

No repricing of

Reprice underwater stock options or Stock Appreciation Rightsstock appreciation rights (SARs) without stockholder approval

NoGross up for excise tax gross-ups

taxes

No payment of

Pay unearned dividends prior to vesting

No single triggerHave single-trigger equity vesting

No

Allow hedging or pledging of Company shares

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Named Executive Officer Compensation at a Glance

The following illustrations depict the amount and mix of compensation deliveredprovided to our Chief Executive Officer and other named executive officers in 2021.2023 ($ in thousands).

 

 

The following charts reflect the mix of pay for our Chief Executive Officer (74.4%89.0% performance-linked) and the average for our other named executive officers (69.1%82.9% performance-linked).

ChiefExecutiveOfficer

AverageofotherNamedExecutiveOfficers

  

Say-on-Pay

The Board and the LDC Committee are committed to providing transparency about our compensation practices and strive to ensure our executive compensation program aligns with the interests of our stockholders and reflects our pay-for-performance philosophy. In 2021,The Board measures this alignment in part through an annual advisory say-on-pay vote. At the 2023 annual meeting, the Company’s stockholders approved the compensation of the named executive officers, with 80% of stockholders casting votes in favor of the say-on-pay proposal. The Board, LDC Committee and management regularly consider the level of support provided by stockholders in the annual say-on-pay proposals in its compensation decisions and stockholder engagement approach. For the past several years, as highlighted by our Lead Independent Director in his letter to stockholders, we have regularly engaged with our stockholders to obtain valuable insights and feedback to better understand our stockholders’ priorities and perspectives, which the Board committed to implementing the say-on-pay frequency approved byand LDC Committee have incorporated into its deliberations and decision-making.

See pages 49-50 for more information regarding our stockholder engagement program and pages 63-65 for more information regarding our executive compensation program, which include significant, detailed enhancements made as a majoritydirect result of stockholders at the 2021 annual meeting offeedback received from our stockholders. Following that meeting, at which approximately 96% of stockholder votes favored conducting say-on-pay advisory votes annually, the Board adopted annual say-on-pay until the next required say-on-frequency vote.

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Compensation Philosophy

Our compensation philosophy continues to be primarily focusedfocus on creating an alignment between executive compensation and business performance by rewarding our named executive officers for achieving financial, strategic, operational, leadership and leadershipESG goals that are intended to contribute to long-term stockholder value. To that end, our executive compensation program is designed to:

Attract and retain experienced and well-qualified executives to serve in leadership positions and to lead our organization over the long term

Attract and retain experienced and well-qualified executives to serve in leadership positions and to lead our organization over the long term
Motivate our executives by providing compensation that is directly linked to both our short- and long-term performance
Align the interests of our executive officers with those of our stockholders by delivering a substantial portion of total compensation through performance- and time-based equity awards and imposing meaningful share ownership guidelines
Ensure that risk is managed appropriately to safeguard the interest of our stockholders, as well as our employees

Motivate our executives by providing compensation that is directly linked to both our short- and long-term performance

Align the interests of our executive officers with those of our stockholders by delivering a substantial portion of total compensation through performance- and time-based equity awards and imposing meaningful share ownership guidelines

Ensure that risk is managed appropriately to safeguard the interest of our stockholders, as well as our employees

Our executive compensation program incorporates specific features to help achieve these goals and to promote related objectives that are important to our long-term success. In addition, the LDC Committee believes it is appropriate for short- and long-term incentive awards granted to our named executive officers to vary based on the relative contribution of each named executive officer to IQVIA’s success.

Compensation of Our Chief Executive Officer

The Board and the LDC Committee believe that our Chief Executive Officer’s performance has been exceptional and that he has been critical to the success of our Company. Customers, patients, employees and stockholders have derived significant long-term benefits during his tenure. At the time of the Merger, that created IQVIA, our Chief Executive Officer was instrumental in defining our strategy and has superbly executed the transformation of our business into the leading global provider of advanced analytics, technology solutions and contract research services in the life sciences industry. SincetheMergerwasannouncedinMay2016,totalstockholderreturnhasmorethanquadrupled. In the last five calendar years, stockholders have enjoyed a total stockholder return of 271% and an increase in total enterprise value of greater than $41billion.

(1)

This graph assumes that $100 was invested in IQVIA as of the close of market on December 31, 2016.

 

The Board and the LDC Committee believe strongly that our Chief Executive Officer has been instrumental to this significant generation of stockholder value, is critical to the continued success of this transformation, which is ongoing,highly talented and is fundamental to the long-term success of our Company.

Because of his talents, the Board and the LDC Committee believe strongly that many larger companies would have a keen interest in recruiting him to serve as chief executive officer, in light of the success of the Merger and our Chief Executive Officersubsequent strategic transformation. As more fully described in this Proxy Statement and our other public disclosures, the Company did an outstanding job throughout 2023 withstanding the effects of a series of macroeconomic and geopolitical headwinds and other dynamics outside the Company’s control, including but not limited to, their executive ranks. unprecedented rise in global interest rates, global recession fears, impact of the U.S. Inflation Reduction Act, slowdown in discretionary spending by our pharmaceutical and biotechnology clients, increase in the UK corporate tax rate, ongoing regional wars, and a weakened Chinese economy. 

In particular, under his leadership in 2021,2023, the Company:

achieved at or near record-high growthCompany quickly responded to these challenges as they occurred, putting in all key performance measures, including Revenue, Adjusted EBITDA,place targeted action plans to help mitigate these risks, while ensuring we continued to deliver strong results, further optimized our cost structure, strengthened the balance sheet, invested in the business and Adjusted Diluted EPS

prioritized safeguarding employee jobs during the most challenging parts of the pandemic and successfully managedreturned capital to our human capital strategystockholders. Key highlights in 2023 included:

Increased Revenue to $15.0 billion, up 4.1% compared to 2022 at constant currency; underlying Revenue growth up 9% compared to 2022, which is measured at constant currency excluding revenues from COVID-19 related projects from both 2022 and 2023
Grew Adjusted EBITDA to $3.6 billion, up 6.7% compared to 2022
Achieved Adjusted Diluted EPS of $10.20, up 0.4% compared to 2022, and up 12% excluding the impact of the step-up in interest rates and the increase in the UK corporate tax rate
Increased record R&DS backlog to $29.7 billion, up 9.2% compared to 2022
Significantly exceeded cost reduction target by 35%, delivering more than $470 million in savings, doubling the productivity savings generated in 2022
Successfully issued a combined $2.5 billion new Senior Notes and Senior Secured Notes and $1.5 billion new 7-year US term loans to extend near term maturities and provide increased liquidity
Ended 2023 with 84% of gross debt at fixed rates, including swaps
Ended 2023 with a Net Leverage Ratio below 3.50x at 3.45x
Deployed total capital expenditures of $649 million, principally in new product development and technology infrastructure
Invested $996 million in acquisitions and investments in key strategic areas
  
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Returned approximately $1.0 billion in cash to stockholders through the repurchase of approximately 5 million shares at an average price of $197 per share

Our Chief Executive Officer also demonstrated a strong commitment to Contents

achieved $2.3 billion of Free Cash Flow, a 71% increase over the prior yearour people, investing considerably in our talented 87,000 employees, and all-time high for the Company

closed the year with a record $10.1 billion of contracted net new businessdriving numerous human capital initiatives forward, resulting in the R&DS business, increasing our backlog to a record $24.8 billion

significantly accelerated the implementation and adoption of DCT far faster than expected, with more than 300 studies now deploying at least one IQVIA DCT solution

Achieved three-year run-rate cost reduction goals earlier than planned andfollowing key achievements in excess of targets2023:

Sustained IQVIA’s leadership position in AI with the launch of 10 new AI product lines that exceeded revenue targets

Reduced twelve-month trailing attrition from 16.8% to 11.4%
Building upon past learnings and successes, launched new global Diversity, Inclusion & Belonging Plan, furthering our initiatives in this area through actions designed to support growth and innovation in our programs and processes
Strong employee survey results, including:
 87% can see a clear link between their work and IQVIA’s vision to drive healthcare forward—5 points better than prior year and 5 points above the Fortune 500 Benchmark
 88% agree they are acquiring the knowledge and skills necessary to be effective in their job - consistent with prior year and 7 points above the Fortune 500 Benchmark
IQVIA was awarded five Human Capital Management Excellence Awards from the Brandon Hall Group in recognition of our talent development programs in the areas of (i) best learning program, (ii) best leadership development, (iii) best use of video for learning, (iv) best hybrid learning program and (v) best advance in custom content

Our Chief Executive Officer has also taken a leading role in implementing an ambitious ESGsustainability agenda for the company.Company and working with the Board to further strengthen our governance program. Key ESG-relatedsustainability- and governance-related achievements reached in the last year included the following:

Prepared our reporting on climate impact in alignment

The SBTi verified our greenhouse gas emissions reduction targets, setting a roadmap with clearly defined actions as we aim to achieve a 55% reduction in our scope 1 and scope 2 emissions by 2030 (versus 2019 baseline) and achieve net zero emissions by 2050
Significantly decreased Scope 3 emissions by 31% in absolute terms; to date, 33% of IQVIA’s in-scope suppliers by emissions have or have committed to science-based targets, significantly exceeding target
Adopted two clawback policies, one applicable to our Section 16 officers in the event of a material financial restatement and a second, supplemental clawback policy that applies to a wider set of employees and covers a broader set of misconduct
Implemented stockholders’ right to request a special meeting
Continued declassification of the Board: 60% of our directors are up for election to one-year terms in 2024 and 100% of our directors will be up for election to one-year terms in 2025
Increased transparency into the Company’s limited political activities by publishing our Political Activity Policy on our website and reporting on an annual basis our U.S. political spend

For the TCFDframework, the leading set of standards for investors seeking to understand an organization’s climate approach

Aligned our 2021 ESG Report with the GRIand SASBreporting frameworks

Explicitly tied progress on ESG-related matters to executive compensation by including ESG objectives in the short-term incentive award program for each of our named executive officers

Committed to increase gender, racial and ethnic diversity on the Board

Expanded our ERG program with the addition of two new groups and saw total participation in our ERG program increase by 60% over the prior year

Enhanced our disclosure of workforce and Board diversity data

Appointed a senior leader of our D&I program responsible for formalizing and driving our strategy across the organization

Progressed toward setting a science-based target to reduce GHG emissions by the end of 2023

Removed all single use plasticfrom our offices worldwide, a goal we set out to achieve in 2021

Finally, under our Chief Executive Officer’s leadership, the Company has been recognized by multiple organizations, including International Data Corporation’s 2021 MarketScapeTM and the Brandon Hall Group, and, notably, for the fifthseventh year in a row, IQVIA was named to FORTUNE’s listone of Most Admired Companies. In addition, for 2021, IQVIA earned a first-place ranking in FORTUNE’s Healthcare:PharmacyandOtherServices category of its the World’s Most Admired Companies list, earning top rankings in FORTUNE’s annual survey. For the categoriesthird year in a row, IQVIA was named the number one most admired company in our category, Healthcare: Pharmacy and Other Services. In addition, IQVIA earned first place ranking in six of nine categories, including quality of management, people management, innovation, capital deployment,quality of products and services, global competitiveness, qualityand use of product services, and long-term investment value.corporate assets.

Stockholders benefited from these and other steps that the Company took under the Chief Executive Officer’s leadership. Accordingly, the Board and the LDC Committee believe that retention of our Chief Executive Officer is imperative to our success as a company. For further details about our 2021 highlights, see “—Executive Summary—2021 Business Performance Highlights” above. That view informs their decisions regarding his compensation. For further details about our 2023 highlights, see “—Executive Summary—2023 Business Performance Highlights” above. 

The

See “—2023 Compensation Determinations—2023 Long-Term Incentive Awards” on page 88 for factors considered by the Board and the LDC Committee regularly assess whether our Chief Executive Officer’s compensation presents sufficient value to retain his services. In particular, when consideringin determining long-term incentive awards granted to our Chief Executive Officer, the LDC Committee considers, among other factors, the value and vesting schedule of unvested awards and the proportion of unvested awards relative to total awards held. In determining the long-term incentive award for our Chief Executive Officer in 2021, the LDC Committee considered the fact that Officer.

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88% of the value associated with his outstanding equity awards as of early February 2021 would be fully vested or exercisable within approximately 12 months.

Overview of Our Executive Compensation Program

Roles of the LDC Committee, the Board and Management in Compensation Decisions

Our executive compensation program is developed and overseen by the LDC Committee. The LDC Committee consults with and takes into account the views and recommendations of senior management in making decisions regarding our executive compensation program. The LDC Committee is responsible for approving (or recommending for approval to the Board, in the case of the compensation of our Chief Executive Officer) annual base salary increases, annual cash incentive targets, short-term incentive awards, and long-term incentive awards for our named executive officers.

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Use of Compensation ConsultantsConsultant

The LDC Committee uses Steven Hall &Meridian Compensation Partners, LLC, an independent external compensation consultant (the “externalexternal compensation consultant”),consultant) to provide objective analysis, advice and information, including competitive market data and recommendations related to the compensation of our named executive officers. While the external compensation consultant may make recommendations on the form and amount of compensation, the LDC Committee (oror the Board in the case of the Chief Executive Officer) makesmake all decisions regarding the compensation of our named executive officers.

The external compensation consultant is engaged by and reports directly to the LDC Committee. The LDC Committee is solely responsible for approving payments to the external compensation consultant and for setting the terms, scope and duration of the external compensation consultant’s engagement. The external compensation consultant does not provide services to us other than executive and non-employee director compensation consulting services provided to the LDC Committee.

After considering the independence assessment factors provided under the NYSE listing rules, the LDC Committee determined that the external compensation consultant is independent and that the work the external compensation consultant performed during 20212023 did not raise any conflicts of interest.

Benchmarking

The LDC Committee works with our external compensation consultant to better understand and continually monitor market-competitive pay practices, which it then considers when determining compensation adjustments and changes for the coming year. This annual process includes reviewing our identified peer group and conducting a competitive market benchmark analysis of senior officer roles. The LDC Committee also considers, on a supplemental basis, market survey data from the Aon Radford Survey when determining the elements and amount of total direct compensation for our named executive officers.

Review of peer companies2023 Peer Group

The LDC Committee generally targets total target compensation opportunities for our named executive officers, other than our Chief Executive Officer, at or near the median of our peer group and/or market survey group. When reviewing the compensation opportunities for our Chief Executive Officer, the LDC Committee considers the compensation of chiefbut retains flexibility to position named executive officers at public companies outside our peer group, including significantly larger companies with annual revenues in excessabove or below median based on experience, scope of $20 billion, because the LDC Committee believes these companies are realistic competitors for our Chief Executive Officer’s services. (For a further description of the LDC Committee’s approach to our Chief Executive Officer’s compensation, see “—Compensation of Our Chief Executive Officer” above)responsibility, critical skill set, expertise and performance.  The LDC Committee considers comparisons to compensation levels at other companies to be helpful in assessing the overall competitiveness of our compensation practices, but places a greater emphasis on aligning overall compensation opportunities rather than individual compensation elements.

Our

The compensation peer group includes a mix of both industry and non-industry peers. These are companies with which we compete for executive talent, or that are broadly similar to us based on certain characteristics. In particular, we consider financial size and performance as measuredused by revenue, capitalization, returns, growth and/or profitability; industry focus; scope of operations; employee base and market presence outside the United States; and organizational complexity. The current peer companies, when selected, had annual revenues ranging from 0.5 times to 2.5 times our revenues. The LDC Committee workedto review our named executive officers’ total target compensation in July 2023 was approved by the LDC Committee in May 2023, with input provided by senior management and the external compensation consultant. To better align the peer group with the Company’s near-term strategic objectives, the external compensation consultant in 2021recommended significant changes to review ourthe criteria used to select the Company’s peer group. The criteria used to select the 2023 peer group and confirm it remains appropriate. Based on discussions with, and recommendations from, our external compensation consultant, Allergan plc was removed from the peer group because it was acquired by AbbVie, Inc. in May 2020. The comparator companies are as follows:described below:

Industry

Classification

Company Name

U.S. publicly-traded companies in related industry segments with strategic filters for global complexity and growth orientation

Biotechnology

Revenue

Regeneron Pharmaceuticals, Inc.

Revenue range of ~$5 Billion to ~$80 Billion

Capital Markets

Market Capitalization

S&P Global, Inc.

Three-year average market capitalization at least 2x average revenues as exemplified by high growth/ high margin strategies

Healthcare Providers and Services

Non-U.S. Revenue

Boston Scientific Corporation

Laboratory Corp of America Holdings

Quest Diagnostics, Inc.

IT Services

Cognizant Technology Solutions Corp.

Fiserv, Inc.

Pharmaceuticals

Bausch Health Companies Inc.

Professional Services

Nielsen Holdings PLC

Thomson Reuters Corp.

Software

salesforce.com, inc.

 >25% non-U.S. revenues
  
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Review of market survey data

TheBased on this analysis, the LDC Committee also considered market survey data when determiningselected the elements and amountfollowing peer group in May 2023, which applies to all of total direct compensation for our named executive officers other thanincluding our Chief Executive Officer, whose base salaryOfficer:

IndustryCompany NameNew for 2023
BiotechnologyAbbVie Inc.
Amgen Inc.
Biogen Inc.
Gilead Sciences, Inc.
Moderna, Inc.
Regeneron Pharmaceuticals, Inc.
Vertex Pharmaceuticals Inc.
Healthcare ServicesLaboratory Corp of America Holdings
IT Consulting and ServicesAccenture plc
Cognizant Technology Solutions Corp.
Gartner, Inc.
International Business Machines Corp.
Life Science Tools and ServicesAgilent Technologies, Inc.
Avantor, Inc.
Danaher Corporation
ICON plc
Thermo Fisher Scientific, Inc.
PharmaceuticalsBristol Myers Squibb Co.
Eli Lilly & Co.
Merck & Co., Inc.
Pfizer Inc.
Zoetis Inc.

Changes from prior peer group

Based on the updated selection criteria, the following companies were removed from the peer group: Bausch Health Companies Inc., Boston Scientific Corporation, Fiserv, Inc., Johnson & Johnson, Quest Diagnostics Inc., S&P Global Inc., Salesforce, Inc., and annual incentive target were established pursuantThomson Reuters Corp.

In response to his employment agreement.

The market survey data reviewed consisted of surveys of executive compensation data from public and private companies across all sectors with similar qualifications to those we use to determine peer companies. The external compensation consultant prepared analyses of this survey data at the direction ofinvestor feedback, the LDC Committee for its review and consideration. For positions whereno longer uses a supplemental peer group and market survey data were available,when making determinations regarding the peer group and market survey data were averaged to provide a market composite perspectivecompensation of compensation levels for such positions. We also reviewed peer group data to assess competitive executive incentive compensation programs and practices.our Chief Executive Officer.  

Non-binding Company grant guidelines

Long-term incentive awardsaward values are determined in part based on non-binding Company grant guidelines, which the LDC Committee develops each year. These guidelines set forth proposed long-term target award values for our named executive officers, other than our Chief Executive Officer, and are established to be consistent with peer group and market survey data on target equity award values for employees with similar salaries and positions.

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Key Features to Align Executive Pay with Stockholder Interests

As illustrated below, we tie our executive compensation program to our long-term business strategy by keeping our executives focused on, and rewarding them for, the achievement of short- and long-term goals that are integral to our strategy.

CompensationComponent

Link to Strategy

Strategy and Performance Alignment

Annual Plan

Incentives

A significant portion of our named executive officers’ individual performance goals is tied to one or more of our strategic goals

Compensation is linked to corporate performance through our use of specified Revenue, Adjusted EBITDA and Adjusted Diluted EPS goals and liquidity and cash flow metrics to determine annual cash incentive awards

Compensation is linked to ESG performance through our inclusion and evaluation of ESG-related objectives when determining annual cash incentive awards

Aligns named executive officers with stockholders’ interests by:

Rewarding individual achievement of strategic goals that are made more challenging each year and are designed to position the Company as an industry leader

Incentivizing behavior consistent with strong annual Revenue/Profit, Cash Flow and Balance Sheet/Liquidity performance

Reinforcing the importance of long-term sustainability and execution of our sustainability initiatives intended to support achievement of our human capital management goals and help drive financial results

Long-Term Incentive Awards

Incentives

We ensure thethat long-term incentive awards have sufficient retentive value because retaining our named executive officers is crucial to realizing our strategic goals

We consider individual performance (which is tied to our strategic goals) in setting the targeted value of our named executive officers’ long-term equity grantsincentive awards

Further aligns named executive officers’ interests with stockholders’ interests by:

Linking a substantial portion of total compensation to long-term corporate performance using long-term incentive awards, including performance shares based on Relative TSR and Adjusted Diluted EPS targets set at the time of grant

Setting three-year vesting periods for our long-term incentive awards that link their payouts to our long-term corporate and share price performance

Including a clawback ofdiscretion to recoup equity awards in the event of a restatement of our financial statements, as a result of misconduct or in the event of a breach of restrictive covenants

See the “—Executive Summary—Enhancements to our Executive Compensation Program Based on Investor Feedback” section on page 57 for further details on the numerous enhancements we have made to our executive compensation program and related disclosures based on our engagement with investors. 

  
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Elements of Compensation

The following is a discussion of the primary elements of compensation for each of our named executive officers.

Base Salary

The purpose of base salary is to:

provide financial predictability and stability through fixed compensation that is less than a majority of total direct compensation at target for the named executive officers

provide financial predictability and stability through fixed compensation that is less than a majority of total direct compensation at target for the named executive officers
provide fixed compensation at market-competitive rates that will attract new executives and retain our existing executives
provide fixed compensation that reflects the scope, scale and complexity of the executive role

provide fixed compensation at market-competitive rates that will attract new executives and retain our existing executives

provide fixed compensation that reflects the scope, scale and complexity of the executive role

Annual base salaries for our named executive officers may be adjusted by the LDC Committee based upon the recommendations of our Chief Executive Officer (except with respect to his own salary) as well as market benchmarking data and analysis. The Chief Executive Officer’s recommendations with respect to any particular named executive officer generally are based upon the executive’s individual performance review for the prior year, the executive’s leadership and contributions to Company performance, market conditions, peer group and/or market survey data, and our overall budgetary guidelines.

The LDC Committee takes all of these factors into account when making its decisions but does not assign a specific or pre-determined weight to any one factor. In addition to the annual salary review, the LDC Committee may adjust base salaries during the year in connection with promotions, increases in responsibilities or to maintain competitiveness in the market.

Short-Term Incentive Awards

Overview

The objective for our short-term incentive award program (the “Annual Plan”)Annual Plan) is to incentivize and reward achievement of our annual financial and strategic goals and to establish appropriate corporate performance objectives to ensure our named executive officers are accountable for and motivated to deliver a high degree of financial and operational performance without excessive risk-taking. In response to stockholder feedback, we redesigned the Annual Plan in 2020. The key changes are summarized below.

Annual Plan awards are conditioned on the achievement of corporate and individualized performance measures. Given the broad range of strategic actions necessary to execute the ongoing transformation of our business, the individual performance measures provide a necessary balance to the corporate performance measures and reward our named executive officers for accomplishments beyond strong financial results. The individual performance measures also help mitigate any risk that financial targets will be pursued at the cost of long-term sustainability.

At the beginning of each fiscal year, the LDC Committee establishes the metrics and corresponding targets for the performance measures for each named executive officer based on the Company’s targeted financial performance and objectives for the year. The targets are intended to be realistic, but rigorous. Performance measures consist of a series of key financial, strategic, operational, leadership and governanceESG metrics that relate to the duties of the named executive officer in support of the business objectives for the year.

For each named executive officer, awards under the Annual Plan are calculated as follows:

 

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Basesalary

Short-term incentive compensation for each named executive officerofficers is determined using his annualtheir base salary as the initial building block in the award calculation.

Targetincentive

The LDC Committee determines a target annual short-term incentive for each named executive officer, ranging between 0% and 200% of base salary. Target Incentiveincentive amounts are reviewed annually to determine whether adjustments are appropriate.

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Formula-based payout factor

The Formula-Based Payout Factor reflects the weighted achievement with respect to five performance measures: Revenue/Profit, Cash Flow and Balance Sheet/Liquidity, which evaluate corporate performance; and Operational/Strategic and Leadership/ESG,Sustainability, which are tailored for each named executive officer.

Individual performance adjustment

Adjustments, if any, are made atbased on the discretionjudgement of the LDC Committee and any upward adjustment is limited to no more than 1/6th of the final award and in no event may an Individual Performance Adjustment result in a named executive officer’s Formula-Based Payout Factor exceeding 200%. of target.

Performance measures

The five performance measures that determine the Formula-Based Payout Factor for the 2023 Annual Plan are described below.

Revenue/Profit

Revenue/Profit

Revenue and profit achievement create a direct link between executive compensation and the Company’s results of operations. As further described below, the component metrics for this performance measure are Revenue, Adjusted EBITDA, and Adjusted Diluted EPS, which align with how such metrics are calculated in the Company’s publicly disclosed earnings releases.

Cash Flow

Cash flow is a key measure of the Company’s financial performance. The principal cash flow performance measure includesis Free Cash Flow as a metric, andFlow. Additional metrics may include additional metrics such as past due balances and Net Days Sales Outstanding in a given year based on the LDC Committee’s determination, taking into account the views and recommendations of senior management as to what cash flow metrics the Company should prioritize based on our strategic goals.

Balance Sheet/Liquidity

The LDC Committee selected balance sheet strength and liquidity as a performance measure because maintaining a strong balance sheet, with high liquidity levels and sound working capital management, is a key indicator of the Company’s financial health. This performance measure will include Net Leverage Ratio as a metric, and may include additional metrics such as capital intensity, interest expense, debt maturities and/or repatriations in a given year based on the LDC Committee’s determination, taking into account the views and recommendations of senior management as to what balance sheet/liquidity metrics the Company should prioritize based on our strategic goals.

Operational/Strategic

The LDC Committee selected operational and strategic performance as a performance measure because we are engaged in a strategic transformation of our business, and the achievement of specific operational and strategic goals—beyond annual financial measures—is critical to achieving our short- and long-term financial objectives. The LDC Committee establishes individualized metrics for this performance measure annually for each named executive officer.

Leadership/ESG

Sustainability

Leadership and ESGsustainability actions and achievements can have a profound influence on the Company’s success or failure, its human capital management efforts, its long-term risk management and sustainability.its financial results. The LDC Committee establishes individualized metrics for this performance measure annually for each named executive officer.

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Weightings

Each year, the LDC Committee assigns each of the five performance measures a specific weighting that may differ for each named executive officer. The weightings, which may vary from year to year, are determined based on each named executive officer’s contribution to, or responsibility for, a given performance measure.measure and the Company’s overall priorities for the year. The performance measures are underpinned by a set of specific metrics that also may vary from year to year —bothyear—both in substance and in weighting—for each named executive officer. The relative payout for each performance measure will be multiplied by the weighting for the applicable named executive officer before being added to the other performance measure payouts to calculate the named executive officer’s Formula-Based Payout Factor. In other words, the Formula-Based Payout Factor, which can range from 0% to 200%, reflects the weighted achievement of the five performance measures.

For 2021,2023, the weightings are set forth below under the section entitled “—20212023 Compensation Determinations—20212023 Short-Term Incentive Awards—Weightings.”

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Metrics for the revenue/profitRevenue/Profit performance measure

The Revenue/Profit performance measure incorporates the three corporate metrics described below. These metrics align with the Company’s public financial guidance pronouncements, reflecting a direct link between executive compensation and the key performance measures we provide in earnings reports.

MetricDescription and Reason Selected
Revenue

“Revenue” is defined as the Company’s revenue from our Consolidated Statements of Income

The LDC Committee believes Revenue is a key driver of stockholder value and earnings growth over time

Adjusted EBITDA

“Adjusted EBITDA” is defined as the Company’s income or loss from our Consolidated Statements of Income before interest income and expense, income taxes, depreciation and amortization, and further adjusted to eliminate restructuring and related charges,expenses, income from non-controlling interests, stock-based compensation, acquisition and integration-related costs,related expenses, deferred revenue purchase accounting adjustments, loss on extinguishment of debt, earnings in unconsolidated affiliates, and other expense.certain nonoperating and nonrecurring items. This definition is the same, and reconciled to the nearest comparable GAAP financial measure in the exact same manner, as Adjusted EBITDA included in the Company’s earnings releases

The LDC Committee believes Adjusted EBITDA is an important measure of financial performance and the ability to service debt and reflects our near- and longer-termlong-term goal of increasing profitability

Adjusted Diluted

Earnings Per Share

“Adjusted Diluted Earnings Per Share” or “Adjusted Diluted EPS” means our diluted earnings per share, as reported, excluding all adjustments made to Net incomeIncome or loss from our Consolidated Statements of Income to arrive at Adjusted EBITDA with the exception of interest expense and depreciation and amortization, as well as incremental adjustments for purchase accounting amortization and royalty hedge gain (loss)certain nonoperating and any extraordinary nonrecurring items. This definition is the same, and reconciled to the nearest comparable GAAP financial measure in the exact same manner, as Adjusted Diluted EPS included in the Company’s earnings releases

The LDC Committee believes Adjusted Diluted EPS is an important measure of Company performance and a fundamental metric for the investment community

The payout for the Revenue/Profit performance measure is determined based on a quantitative assessment of the Company’s achievement against pre-established targets for each of these metrics.

These targets are set at the beginning of each fiscal year by the LDC Committee, and will vary depending on the Company’s annual objectives. The payout for each metric is determined as follows, and then multiplied by the metric’s weight:

Performance level

Threshold

Target

Maximum

How calculated

Target – 15%

Goal set by LDC Committee

Target + 15%

Payout

75%

100%

200%

Performance LevelThreshold  Target  Maximum
How calculatedTarget – 15% Goal set by LDC Committee  Target + 15%
Payout 75% 100%  200%

When a result falls between these reference points, we use linear interpolation to determine the resulting payout. Achievement below threshold will result in a sharp decline in payout, if any.

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Metrics for the other performance measures

For each of the other four performance measures, the LDC Committee assigns a rating of 1 – 1–5 points for each of the underlying metrics based on the following criteria:

Score

Rating

Description

5

Significantly Overperform

Achieved more than expected

4

Overperform

Exceeded some expectations and achieved other expectations

3

Meets Expectation

Achieved expected results

2

Underperform

Achieved expected results in some areas and did not achieve expected results in other areas

1

Significantly Underperform

Did not achieve any expected results

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The scores for each metric under a performance measure are totaled and normalized for a 20-point scale, and then the LDC Committee determines the named executive officer’s payout within the score ranges set forth below.

Total Score

Low

High

17-20

176%

200%

13-16

126%

175%

9-12

76%

125%

1-8

0%

75%

Total ScoreLowHigh Total ScoreLowHigh
17-20176%200% 9-1276%125%
13-16126%175% 1-80%75%

In response to investor feedback for greater insight into short-term incentive award determinations, the payout under each performance measure is based on a linear interpolation within the range based on the score within the 20-point scale, plus or minus eight percentage points, with the rationale provided for any deviations from a straight-line interpolated payout. To illustrate, if the total score for a particular performance measure is 15, the straight-line interpolated payout would be 159%, and the payout could be between 151% and 167% based on the specific considerations utilized by the LDC Committee in determining a payout.

The key individual performance metrics used for our named executive officers, along with an assessment of the level of achievement for all 20212023 performance measures, are summarized below under “—20212023 Compensation Determinations—20212023 Short-Term Incentive Awards.” We disclose the metrics used for each individual performance measure, but we consider the specific targets used to evaluate certain of the metrics to be confidential and commercially-sensitive information, and believe their disclosure would result in competitive harm to the Company.

Individual performance adjustment

The Annual Plan permits the LDC Committee to make individual adjustments to the final award for each named executive officer. These adjustments are designed to recognize an individual’s relative contribution to our financial, operational and strategic success during the year that the LDC Committee does not believe are adequately reflected by the Formula-Based Payout Factor. Adjustments may be positive or negative, atbased on the LDC Committee’s discretion.judgement. However, upward adjustments are limited to no more than 1/6th of the executive’s final award, and they may never cause a named executive officer’s Formula-Based Payout Factor to exceed 200%.

The LDC Committee’s determinations for 20212023 with respect to the Annual Plan are discussed below under the section entitled “—20212023 Compensation Determinations—20212023 Short-Term Incentive Awards.”

Long-Term Incentive Awards

We believe that substantial long-term returns for our stockholders are achieved through a culture that focuses on long-term performance by our named executive officers and other senior management. By providing senior management with a meaningful equity stake in the Company, we are better able to align their interests with and create value for our stockholders.

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In 2021,2023, our annual grant of long-term incentive awards to our named executive officers under our 2017 Incentive and Stock Award Plan consisted of a combination of time-basedperformance shares and stock appreciation rights, allocated as shown below.

Percentage of LTI Total
LTI Award Component2023
Performance Shares75%
Stock Appreciation Rights25%

In response to investor feedback and to further align the interests of our named executive officers with stockholders, the LDC Committee changed the mix of equity awards granted to our named executive officers to increase the percentage of performance share awards as a percentage of the total long-term incentive awards granted from 50% in 2022 to 75% in 2023. Time-based restricted stock units SARs, and performance shares, allocated as shown below. This mix differs from the equity mixare no longer included in our annual long-term incentive awards granted in 2020.to our named executive officers.

 

Percentage of

LTI Total

LTI Award Component

Prior

2021

Performance Shares

50%

50%

Stock Appreciation Rights

50%

25%

Restricted Stock Units

N/A

25%

Rationale for selected forms of equity

Restricted stock units

Restricted stock units provide increased retentive value to

Performance shares

We believe that performance shares hold our named executive officers and further alignaccountable for achieving key strategic objectives that maximize value creation for our long-term incentive programstockholders. The performance shares granted to a named executive officer in 2023 will be earned based on our financial results over the three-year period from January 1, 2023 through December 31, 2025, subject to the executive’s continued service with the companies in our comparator group, all of which include restricted stock units in their long-term incentive award program. The LDC Committee believes that adding a modest percentage of restricted stock units toCompany through the long-term incentive award mix appropriately increases focus on retention while retaining a significant portionend of the overall award value as performance-based compensation.performance period.

Stock appreciation rights

The LDC Committee believes that SARs reinforce our goalstrengthen the alignment of retaining key executives while incentivizingcompensation with the creation of value for our stockholders. The SARs granted to our named executive officers in 20212023 will vest as to one-third of the underlying shares on each of the first three anniversaries of the grant date, generally subject to the named executive officer’s continued service with the Company through the applicable vesting dates.

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Performance shares

We believe that performance shares encourage our named executive officers to achieve key strategic objectives and maximize value creation for our stockholders. The performance shares granted to a named executive officer in 2021 will be earned based on our financial results over the three-year period from January 1, 2021 through December 31, 2023, subject to the executive’s continued service with the Company through the end of the performance period.

Metrics for performance shares

Performance shares will vest, if at all, based on the Company’s results for the two performance metrics described below. The number of performance shares a named executive officer may earn ranges from 0% of the executive’s target award (if the threshold levels of performance are not achieved) to 200% of the target award (if the maximum levels are achieved or exceeded). Each earned and vested performance share will be settled for one share of our common stock.

 

New for 2023. In response to investor feedback, and after a review of market practice, the LDC Committee adopted a policy, beginning with 2023 performance awards, to cap the payout at target for the portion of performance share awards based on Relative TSR if our absolute TSR for the three-year performance period is negative. 

New for 2023. In response to investor feedback, the LDC Committee approved an increase in the Relative TSR target performance from the median to the 55th percentile for the three-year TSR vs. Relative TSR performance metric of our performance share awards to receive a target payout of 100% for that portion of the performance share awards.

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Performance Metric

DescriptionandReasonSelected

RelativeTotal

Stockholder
Return

“Relative Total Stockholder Return” or “Relative TSR” is a measure of the Company’s stockholder value creation relative to the S&P 500 Index over three years. It combines share price appreciation and dividends, if any, paid to show the total return to stockholders expressed as an annualized percentage.

The LDC Committee views this metric as closely correlated with long-term returns to stockholders.

Adjusted Diluted

Earnings
PerShare*

“Adjusted “Adjusted Diluted Earnings Per Share” or “Adjusted Diluted EPS” means, with respect to each fiscal year during the performance period, our diluted earnings per share, as reported, including all adjustments made to Net income or loss from our Consolidated Statements of Income to arrive at Adjusted EBITDA, with the exception of interest expense and depreciation and amortization, as well as incremental adjustments for purchase accounting amortization and royalty hedge gain (loss)certain nonoperating and any extraordinary nonrecurring items. This definition is the same, and reconciled to the nearest comparable GAAP financial measure in the exact same manner, as Adjusted Diluted EPS included in the Company’s earnings releases.

The LDC Committee believes this metric is an important measure of Company performance and a fundamental metric for the investment community.

*

The Adjusted Diluted EPS goal is based on our three-year Adjusted Diluted EPS growth, and is subject to adjustment based upon the occurrence of certain corporate events in accordance with the 2017 Incentive and Stock Award Plan. The calculation may be subject to other adjustments for material or non-recurring events occurring during the relevant fiscal year as determined by the LDC Committee in its sole discretion.

How long-term incentive awards are determined

We provide our named executive officers with long-term incentive awards to promote retention, to incentivize sustainable growth and long-term value creation, and to further align the interests of our executives with those of our stockholders during the vesting periods. The LDC Committee considers a number of factors in determining the long-term incentive award grants to our named executive officers, including:

the Company’s non-binding grant guidelines

The Company’s non-binding grant guidelines
A review of peer group and other market survey data
The retentive value of each executive’s unvested long-term incentive awards
Individual performance evaluations
The performance objectives for each named executive officer
An assessment of the executive’s position, role and responsibilities within the Company
The overall competitiveness of each executive’s total direct compensation opportunity
Internal equity considerations
The impact of the grants on long-term incentive plan usage and share dilution

a review of peer group and other market survey data

the retentive value of each executive’s unvested long-term incentive awards

individual performance evaluations

the performance objectives for each named executive officer

an assessment of the executive’s position, role and responsibilities within the Company

the overall competitiveness of each executive’s total direct compensation opportunity

internal equity considerations

the impact of the grants on long-term incentive plan usage and share dilution.

The LDC Committee’s determinations with respect to long-term incentive award grants to our named executive officers during 20212023 are discussed below, under the section entitled “—20212023 Compensation Determinations—2021 Long-Term2023 long-term Incentive Awards.”

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20212023 Compensation Determinations

Below we discuss the LDC Committee’s key compensation decisions in setting 20212023 base salary and short- and long-term incentives. The LDC Committee’s process for determining executive compensation, and the specific terms of each compensation component, are described above, under “—Overview of Our Executive Compensation Program” and “—Elements of Compensation.”

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20212023 Base Salary

The following table sets forth the annual base salaries for each named executive officer. The LDC Committee reviews the base salary of each named executive officer annually and determines whether to make an adjustment.

Named Executive Officer 2023 Base Salary
Ari Bousbib $    1,800,000
Ronald E. Bruehlman $905,000
W. Richard Staub, III(1)  $800,000
Kevin C. Knightly $578,000
Eric M. Sherbet $642,000
Costa Panagos(2) $620,000

(1)Mr. Staub was appointed to serve as President, Research & Development Solutions and started receiving this salary on September 25, 2023.
(2)Mr. Panagos exited the Company on September 25, 2023.

2023 Short-Term Incentive Awards

Target incentive

Each of our named executive officers, other than our Chief Executive Officer, received an increase to their base salaries in 2021.

Named Executive Officer

2021 Base Salary

AriBousbib

$1,800,000

RonaldE.Bruehlman

$   885,800

W.RichardStaub,III

$   623,150

KevinC.Knightly

$   566,500

EricM.Sherbet

$   540,750

2021 Short-Term Incentive Awards

Target incentive

Each of our named executive officersMr. Panagos, was eligible for an annual short-term incentive award for their work in 20212023 ranging from 0% to 200% of their target incentive. The target short-term incentive opportunity (expressed as a percentage of base salary) for each of our named executive officers has not changed since 2018 or, in the case of Mr. Bruehlman, since 2020, when he became a named executive officer. The target short-term incentive opportunity for each of our named executive officers for 20212023 under the Annual Plan was as follows:

Named Executive Officer

Target Annual Incentive as a


Percentage of Annual Base Salary

AriBousbib

200%

RonaldE.Bruehlman

100%

W. Richard Staub, III(1)RichardStaub,III

85%

100%

KevinC.Knightly

85%

EricM.Sherbet

75%

85%
Costa Panagos(2)

(1)Mr. Staub was appointed to serve as President, Research & Development Solutions on September 25, 2023, and his target annual incentive was prorated accordingly.
(2)Mr. Panagos exited the Company on September 25, 2023, and was not eligible to earn a short-term incentive under the Annual Plan with respect to 2023.

Weightings

For 2021,2023, the LDC Committee assigned weightings for the performance measures for each named executive officer in the percentages shown below.

Performance Measure Ari Bousbib Ronald E. Bruehlman W. Richard Staub, III Kevin C. Knightly Eric M. Sherbet
Revenue/Profit 50% 50% 60% 50% 50%
Cash Flow 10% 15% 0% 5% 5%
Balance Sheet/Liquidity 10% 15% 10% 10% 10%
Operational/Strategic 15% 10% 20% 15% 15%
Leadership/Sustainability 15% 10% 10% 20% 20%

Financial performance measures account for 70% of Mr. Bousbib’s calculated payout, 80% of Mr. Bruehlman’s calculated payout, 70% of Mr. Staub’s calculated payout, and 65% of Messrs. Knightly’s and Sherbet’s calculated payouts.

IQVIA HOLDINGS INC.    2024 Proxy Statement72

Performance Measure

Ari Bousbib,

Chief Executive Officer

Ronald Bruehlman,

Chief Financial Officer

Eric Sherbet,

General Counsel

W. Richard Staub and

Kevin Knightly,

Business Unit

Presidents

Revenue/Profit

50%

50%

50%

60%

Cash Flow

10%

15%

5%

10%

Balance Sheet/Liquidity

10%

15%

10%

0%

Operational/Strategic

15%

10%

15%

20%

Leadership/ESG

15%

10%

20%

10%

 
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Performance measures

The three corporate financial performance measures apply to each of our named executive officers, though they are weighted differently depending upon the executive’s role.  We disclose several of our keythe financial targets underlying the performance measures below, but we consider thebelow. The specific targets used to evaluate certain of the metrics to befor the Operational/Strategic and Leadership/Sustainability performance measures are confidential and commercially-sensitive information, and we believe their disclosure would result in competitive harm to the Company.

Performance measuresMetrics used to assess performance
Revenue/Profit

Revenue

Adjusted EBITDA

Adjusted diluted EPS

Adjusted EBITDA
Adjusted Diluted EPS
Cash Flow

Free Cash Flow

Net Days Sales Outstanding

Balance Sheet/Liquidity

Net leverage ratio

Interest expense

Leverage Ratio
Capital Intensity
Operational/StrategicVaries by individual
Leadership/ESGSustainabilityVaries by individual

Revenue/Profit performance measure

The Revenue/Profit performance measure is based on achievement of certain Revenue, Adjusted EBITDA, and Adjusted Diluted EPS results. Asresults, as further described above in the section entitled “—Overview of Our Executive Compensation Program” and “—Elements of Compensation—Short-Term Incentive Awards.” The Company was able to achieve these results despite significant headwinds in 2023 to our 2021 Proxy Statement,financial results from the effects of a series of macroeconomic and geopolitical headwinds and other dynamics outside of the Company’s control, including but not limited to, unprecedented rise in determiningglobal interest rates, global recession fears, impact of the achievement forInflation Reduction Act, slowdown in discretionary spending by our pharmaceutical and biotechnology clients, increase in the Revenue/Profit metrics for 2020, theUK corporate tax rate, ongoing regional wars and a weakened Chinese economy. The LDC Committee approved partialchose not to make any adjustments to the actual achievement amounts for the 2020 Revenue/Profit metrics equal to approximately one-third of the impact of COVID-19 onpre-established targets despite these metrics. In order to ensure that management did not realize the benefit of 2020 adjustments again in 2021, the LDC Committee applied the target growth rates described below to the 2020 Revenue/Profit achievement amounts, asadjustedupwardforthe2020COVID-19adjustments, thereby setting targets that were moredifficulttoachievein2021 than if the unadjusted actual achievement amounts were used.significant headwinds.

+10%

+15%

+20%

Revenue

Adjusted EBITDA

Adjusted Diluted EPS

 

The following table sets forth the weighted payouts for each metric and the aggregate payout for the Revenue/Profit performance measure withoutaccountingforthe2020COVID-19adjustment madeapproved by the LDC Committee.

Metric Threshold
(75% payout)
 Target
(100% payout)
 Maximum
(200% payout)
 2023 Actual
Achievement
 Unweighted
Payout
 Weight Weighted
Payout
Revenue(1)  $12,920 $15,200 $17,480 $14,984 97.6% 30.0% 29.3%
Adjusted EBITDA(1) (2) $3,077 $3,620 $4,163 $3,569 97.7% 50.0% 48.8%
Adjusted Diluted EPS(2) $8.72 $10.26 $11.80 $10.20 99.0% 20.0% 19.8%
          Final Payout 97.9%

(1)$ in millions
(2)See reconciliations of non-GAAP items in Appendix A of this Proxy Statement.

IQVIA HOLDINGS INC.    2024 Proxy Statement73

Metric

Threshold

(75% payout)

Target

(100% payout)

Maximum

(200% payout)

2021 Actual

Achievement

Unweighted

Payout

Weight

Weighted

Payout

Revenue(1)

$10,622

$12,496

$14,370

$13,874

174%

30.0%

52%

Adjusted EBITDA(1)

$2,331

$2,742

$3,153

$3,022

168%

30.0%

50%

Adjusted Diluted EPS

$6.55

$7.70

$8.86

$9.03

200%

40.0%

80%

Final Payout

182%

(1)

$ in millions

By applying our growth targets to COVID-19 adjusted 2020 performance rather than 2020 actual performance, we increasedthe baseline target for our named executive officers by approximately 2% for Revenue, 4% for Adjusted EBITDA, and 5% for Adjusted Diluted EPS. This adjustment resulted in the payout for the Revenue/Profit performance measure decreasing from 182% to 161%. The significance of the impact to the weighted payout is a result of our formula design, which more heavily rewards significant over-performance. Consequently, our named executive officers will not receive the full benefit of our significant over-performance in 2021 as a result of this adjustment. This is evident by the fact that for 2020, the LDC Committee’s COVID-19 adjustment resulted in a6-pointincrease (from 87% to 93%) in the weighted payout for the 2020 Revenue/Profit performance measure, while this year, the corresponding adjustment resulted in a 21-pointdecreaseto the 2021 Revenue/Profit performance measure for our named executive officers.

 
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The following table sets forth the weighted payouts for each metric and the aggregate payout for the 2021 Revenue/Profit performance measure afteraddingbackthe2020COVID-19adjustment to 2020 actual performance.

Metric

Threshold

(75% payout)

Target

(100% payout)

Maximum

(200% payout)

2021 Actual

Achievement

Unweighted

Payout

Weight

Weighted

Payout

Revenue(1)

$10,850

$12,764

$14,679

$13,874

158%

30.0%

47%

Adjusted EBITDA(1)

$2,412

$2,838

$3,264

$3,022

143%

30.0%

43%

Adjusted Diluted EPS

$6.87

$8.09

$9.30

$9.03

178%

40.0%

71%

Final Payout

161%

(1)

$ in millions.

Cash Flow performance measure

For 2021,2023, the Cash Flow performance measure includes two metrics, each weighted equally: Free Cash Flow and Net Days Sales Outstanding. These metrics were chosen by the LDC Committee at the beginning of 2021,2023, as described more fully below.

Metric

Definition

Definition

Why Included

Free Cash Flow

Operating cash flow minus capital expenditures

Free Cash Flow is a critical driver for the Company because it measures our ability to generate cash for reinvestment in the business to fund growth initiatives and acquisitions, to return to stockholders via share repurchases, and for debt repayment, among other uses

Net Days Sales Outstanding

A quarterly measurement of the average number of days to collect payment from customers from the time revenue is recognized. The reported Net Days Sales Outstanding metric takes into consideration accounts receivable, unbilled amounts and unearned income

Net Days Sales Outstanding (Net DSO) is a key driver of Free Cash Flow and reflects effective accounts receivable/working capital management

The following table shows highlighted achievements for the metrics that make up the Cash Flow performance measure. The LDC Committee’s view was that reaching new records for Free Cash Flow and Net Days Sales Outstanding, which also far exceeded last year’s performance and significantly exceeded the Company’s target for 2021, represents an outstanding achievement.

MetricPerformance SummaryScore
Free Cash Flow$1.5 billion Free Cash Flow achieved, which is 79% of our Adjusted NetIncome, slightly below the target range of 80% to 90% despite significant,non-operational headwinds from the rise in interest rates and increase in the UK tax rate2 out of 5
Capital expenditure spend was favorable to target by approximately 3.6%
Net Days SalesOutstandingThe reported average quarterly Net DSO was 33.5 days in 2023, slightly abovethe target of 33 days, due solely to higher unbilled pass through accruals (e.g.,accruals associated with site investigator payments) in the calculation, which are non-cash items and outside of the Company’s control. Had these unbilled pass through accruals been aligned with the assumptions in the Net DSOtarget, the quarterly average Net DSO would have been 31.9 days, slightlyfavorable to the target.3 out of 5

Based on these achievements, the LDC Committee assessed a normalized total score of 10 out of 20 points outof20pointsfor the performance measure, which would result in a 92% payout based on the formula’s straight-line interpolation and, in accordance withbecause the predetermined scorecard, assigned aLDC Committee chose not to exercise discretion for this metric, it is the final payout of 200%.assigned by the LDC Committee.

Metric

IQVIA HOLDINGS INC.    2024 Proxy Statement

Performance Summary

Free Cash Flow

$2.3billion Free Cash Flow achieved, which is 131% of our Adjusted Net Income—a record high and a 71% increase compared to 2020

Deployed a record of approximately $3.3billion in capital on share repurchases, mergers and acquisitions, and capital expenditures

Past Due Balances averaged 14.5%, compared to 15.3% in 2020

Net Days Sales Outstanding

Net Days Sales Outstanding ended 2021 at a record 18days, improving from 32 days, or 44%, compared to 2020

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Balance Sheet/Liquidity performance measure

For 2021,2023, the Balance Sheet/Liquidity performance measure included two metrics, each weighted equally: net leverage ratioNet Leverage Ratio and interest expense.Capital Intensity. The LDC Committee chose these metrics based on the priorities of the management team at the beginning of 2021.2023.

Metric

Definition

Definition

Why Included

Net Leverage Ratio

The ratio of net indebtedness as of December 31, 2021,2023, to Adjusted EBITDA for the year endedDecember 31, 2021

2023

This measure shows how well we can cover ourdebts and is an important indicator of financial health and balance sheet strength

Interest Expense

Capital Intensity

The cost incurred by the Company for borrowed
funds

Total capital expenditures as a percent of Revenue on a constant currency basis for the year endedDecember 31, 2021, less
any interest income received over2023
This measure helps define capital affordability inaligning our revenues to the same period

This is a key income statement line itemamount of money we are spending on internal investments that equals 2% - 3% of total revenue and impacts net earnings, cash flow and liquidity

will generate mid- to long-term returns for stockholders

The following table shows highlighted achievements for the metrics that make up the Balance Sheet/Liquidity performance measure. The LDC Committee’s view was that Net Leverage Ratio and Interest Expense both decreased greater than expected based on the Company’s plan, representing a significant achievement.

MetricPerformance SummaryScore
Net Leverage RatioEnded 2023 with a Net Leverage Ratio of 3.45x, achieving the target of less than 3.5x3 out of 5
Maintained Net Leverage Ratio from 2022 while making the followinginvestments: approximately $1.0 billion spent on mergers and acquisitions;approximately $1.0 billion on share repurchases; approximately $0.7 billion incapital expenditures; and approximately $1.25 billion of incremental leverage, including our first investment grade offering, to increase liquidity
Refinanced a significant portion of our debt portfolio, increasing thepercentage of fixed rate debt to over 80%
Expanded revolver capacity by $500 million to $2.0 billion to improve our capitaldeployment flexibility
Capital IntensityAchieved Capital Intensity of 4.50%, which was significantly better than our 2023target of 4.75%, primarily as a result of a detailed review of our softwareportfolio and continued discipline in our cash management practices to re-prioritize capital allocation in order to maximize returns and terminate underperforming and non-critical development programs4 out of 5

Based on these achievements, the LDC Committee assessed a normalized total score of 2014 out of 20 pointsfor the performance measure, which would result in a 142% payout based on the formula’s straight-line interpolation and, in accordance withbecause the predetermined scorecard, assigned aLDC Committee chose not to exercise discretion for this metric, it is the final payout of 200%.assigned by the LDC Committee.

MetricIQVIA HOLDINGS INC.    2024 Proxy StatementPerformance Summary
Net Leverage Ratio

Ended 2021 with a net leverage ratio of 3.56x

Achieved Vision 2022 target leverage of 3.5x-4.0x a full year early

Reduced net leverage ratio from 4.5x at the end of 2020 while increasing investment: $2.2 billion spent on mergers and acquisitions; $0.4 billion on share repurchases; and $0.6 billion in capital expenditures

Interest Expense

Achieved Net Interest Expense of $369 million, which is 10% less than 2020 and favorable to target by $54 million

Extended all long-term debt maturities due in 2022 and 2023, including our revolving credit facility, for two years to three years, locking in favorable interest rates for several years

Refinanced two tranches of term A loans of approximately $1.9 billion, achieving a lower blended interest rate

Upsized and extended our securitization facility, using the proceeds to repay $250 million of higher interest-bearing Term B loans

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Individual performance measures

The LDC Committee set individualized metrics for each named executive officer for the Strategic/Operational and Leadership/ESGSustainability performance measures to capture key qualitative and quantitative objectives that are relevant to each executive and important to the execution of the Company’s overall strategy and performance. The following tables identify those metrics and list key highlights from each named executive officer’s 20212023 accomplishments for each.

Ari Bousbib

Chairman and Chief Executive Officer

Operational/Strategic Performance

Measure Metrics

Key Achievements

Measure Metrics

Key Achievements
Achieve Vision 2022 operational and strategic objectives

All planned Vision 2022 initiatives for 2021 completed and

Significantly exceededcostreductiontargetsbymorethan15%

Achieved 3-year run-rate cost reduction targets early, exceedingtarget

Exceededall Vision 2022 revenue and profitability targets to date

Significant reduction by 35% in selling, general and administrative expenses (SG&A) as percentage of revenue through expansion of internal automation programs, various process improvement initiatives, and reductions2023, deliveringmore than $470 million in office space

savings, doubling the productivity savings generated in 2022

Advance

Deployed $996 million against strategic acquisitions and investments acrossall parts of the business
Returned approximately $1.0 billion in cash to stockholders through therepurchase of approximately 5 million shares at an average price of $197 per share
Successfully issued a combined $2.5 billion new Senior Notes and SeniorSecured Notes and $1.5 billion new 7-year US term loans to extend nearterm maturities and provide increased liquidity
Accelerate R&DS go-to-market strategy

growth

Clinical research contracted backlog grew to an all-time record of 10.2$29.7%billion
Achieved a book-to-bill ratio of 1.28x including reimbursed expenses, aswell as a 1.33x book-to-bill ratio excluding reimbursed expenses, whichexceeded target and was ahead of book-to-bill ratios for peers that publicly-disclosesuch data
Services net new business awards were $8.4 billion, in line with target
Added almost 400 new clinical research customers in 2023, a mid single-digit increase over previous year
Executed the IQVIA laboratories strategy, achieving target results andfurther expanded the capabilities of the lab business through the launchof a new antibody discovery offering
Significantly expanded IQVIA’s clinical Site Management Organization (SMO)footprint, adding more than 15X net new sites in 2023 and closing two highly strategic acquisitions
In furtherance of our strategy to a record $24.8 billion, partner with the public sector and leadingNGOs, we entered into collaboration agreements with The Coalition for Epidemic Preparedness Innovations (CEPI) to enhance pandemic preparedness as well as (RED) and The Global Fund to improve the ability of low and middle income countries at detecting emerging threats before they become pandemics

significantlyIQVIA HOLDINGS INC.exceedingtarget

    2024 Proxy Statement
76

Increased personal engagement with senior executives at both established clients
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Ari Bousbib
Chairman and emerging or potential new clients

More than Chief Executive Officer

250Operational/Strategic Performance new customers added globally—a significant increase over the prior year

Sustained leadership position

Measure MetricsKey Achievements
Advance innovation in DCT,Real World Solutionsand Advanced AnalyticsContinued investment in our real world data capabilities, with more than 3001.2billion comprehensive, longitudinal, non-identified unique patient recordsExpanded our real world data capabilities through partnerships thatprovide greater access to academic medical centers, health systems andspecialty care settings, adding 350 million U.S. patient lives, expanded ourdirect-to-patient access by 35% to enable greater collection ofpatient-reported outcomes, long-term monitoring and other real world studies now deploying at least one IQVIA DCT solution

and doubling our oncology health system network

Execute technology transformation strategy

Expanded adoption

Accelerated the growth of the OCE platform to include IQVIA’s Medical Affairs business,increasing revenues by more than 50%, significantly expanding ourcapabilities through capital investment and closing three highly strategic acquisitions, exceeding target
350Significantly expanded customers adopting at least one application since launch

IQVIA’s scientific contributions in the field of realworld evidence with over 300 scientific publications, representing a greaterthan 55% increase from 2022 and awarded Best AI Based Solution forHealthcare and The UNIVANT’s Healthcare Excellence award for achievingbetter health system performance

Enhanced the use of real world data for European and U.S. regulators andestablished a dedicated IQVIA Global Public Health unit
IDC MarketScape recognized IQVIA as a worldwide leader in Life ScienceR&DS Pharmacovigilance Solutions
Execute on our commercial solutionsstrategyContinued expansion of our commercial technology and analytics offerings,increasing the number of clients on our OCE technology platform, growingcommercial analytics revenues by greater than 50% and exceeding targetfor full-service outsourcing wins by greater than 30%
Launched new software applications that address key client needs,for our commercial customers such as Next Best Action, a salesforce / marketing effectiveness tool that secured wins with twotop-20global pharmaceutical companies, significantlyMIDAS Disease and an industry first “MedTech consumption data” offering,exceeding revenue targets for 2023
Significant expansion in the IQVIA Digital business resulting in over 35%targets

IDC MarketScape recognized OCErevenue growth and the Human Data Science Cloud as an industry-leading BPO solution for pharmaceutical sales & marketing

Increased adoptionnamed “Digital Enablement Vendor of the OCT platform with year” by350+PM360 customers now adopting at least one module since launch

Continue to innovate

Significant expansion in IQVIA’s patient commercial offerings, with Real World Solutions (RWS) and Advanced Analytics

Continued expansion of rich real world data assets which grew to cover more than1.210% growth billion non-identified patients globally, aboveexpectations

Sustained leadership position in AI withthrough the launch of 10 new AI product linesour AI-driven patient relationshipmanagement platform and exceededrevenuetargets

development of an obesity management program in partnership with Apple

Expanded accessour OCT footprint with customer growth exceeding 15% in 2023compared to genomics information2022
Everest Group recognized IQVIA as a ‘Leader’ in the USits Life Sciences Sales and Europe through several new partnerships with new clients

New RWS preferred provider relationships established with several global pharmaceuticals, exceedingMarketing Operations PEAK Matrix® Assessment 2023 and CustomertargetsExperience Platforms PEAK Matrix® Assessment 2023

Based on these achievements, the LDC Committee assessed a total score of 2014 outofapossible20points for this performance measure.measure, which results in a 142% payout based on the formula’s straight-line interpolation and, because the LDC Committee chose not to exercise discretion for this metric, it is the final payout assigned by the LDC Committee.

IQVIA HOLDINGS INC.    2024 Proxy Statement77

Leadership/Sustainability Performance
Measure MetricsKey Achievements
Develop and retain talentReduced twelve-month trailing attrition from 16.8% to 11.4%
  
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Leadership/ESG Performance

Measure Metrics

Key Achievements

Develop and retain key talent

Conducted several live virtual Q&A sessions that reached more than 160future leaders globally

Several new executive leaders appointed to further our corporate development strategy and technologyImproved employee engagement across the business

Increased positive engagement with employees based on the 2021 2023employee engagement survey, withsurveys, demonstrated by 85%87% of respondents feeling engaged with employeesresponding that they see a clear link between their work and IQVIA’s vision todrive healthcare forward, 5 points better than 2022 and 5 points above theFortune 500 Benchmark

Promoted several internal, high performing executives to key new roles,including our new Global Head of Technology and Operations, Jim Berkshire, and our new Global Head of Digital Products and Solutions, Bernd Haas and managed seamless transition of Richard Staub back into the role of President, Research and Development Solutions
IQVIA which was 4points better than prior year and 4pointsabove the FORTUNE 500 company benchmark

IQVIA named a FORTUNEWorld’sMostAdmiredCompanyfor a fifthyearinarow

IQVIA was awarded sixfive Human Capital Management Excellence Awardsfrom the Brandon Hall Group recognizingin recognition of our talent development programs in the areas of (i) best learning program, (ii) best leadership development, (iii) best use of video for learning, (iv) best hybrid learning program and (v) best advance in custom content

Mentored numerous high potential employees through several leadership anddevelopment initiatives, including our Future Leaders program, and increased CEO employee outreach through additional town halls, round tables and video messages
SustainabilityEnvironmental
SBTi verified our greenhouse gas emissions reduction targets, setting aroadmap with clearly defined actions as we aim to achieve a 55% reductionin our scope 1 and scope 2 emissions by 2030 and achieve net zeroemissions by 2050
Significantly decreased Scope 3 emissions by 31% in absolute terms from2021 to 2022; to date, 33% of IQVIA’s in-scope suppliers by emissions have orhave committed to science-based targets
Supported engagement efforts with suppliers representing 60% of oursupply chain emissions, with the goal of developing strategies and supporting them to reduce GHG emissions
Reduced our global talent development programs

footprint through 25 relocations to smaller offices and 21
office locations closing completely, on target

Deliver value to stockholders

2021 total stockholder return

Removed single use plastics from clinical trial lab kits across EMEA and APAC,resulting in the removal or avoidance of 57.5%—better than peers and double the returnsaround 3 metric tons of the S&P 500

Expansion of trading multiples for forward-looking PE and EV / EBITDA ratios

Hosted 1:1 meetings and non-deal roadshows with more than 30plastics investors and held Analyst and Investor Conference for more than 300 stockholders and analysts

Ended 2021 with 18of21 analysts issuing a “Buy” rating and none with a “Sell” rating

Effective oversight

Significantly increased the number of capital allocation

re-used electronic devices from 2022 to
2023 and increased the number of recycled electronic devices by morethan 125%
Social

Acquisitions completed

Expanded participation in 2020our ERGs by 110% compared to 2022
Expanded membership in the aggregateDisabilities and Careers Network by performed370%betterthantargetfor 2021

Increased strategic M&A activity, including acquiring full ownership of our central lab joint venture

Returned approximately $395millionin cash to stockholders through purchase of 1.7million shares of IQVIA stock at an average price of $238.22pershare

Implemented new governance and management cadence to more regularly review and evaluate M&A opportunities of greater strategic importance

Enhance and further the global ESG program

Environmental:

Committed to setting a science-based target for GHG emissions reductions by end of 2023

Reduction in overall and per-employee GHG emissions exceededexpectations and began the transition to renewable energy sources in our clinical laboratories

Disclosed climate risks consistent with TCFD reporting framework, resulting in increased climate disclosure in our ESG report

Social:

Prioritized and led a process to identify a new director that would increase our Board’s diversity, and personally oversaw extensive evaluations of numerous qualified candidates

Racial, ethnic and gender diversity for 20212023 IQVIA U.S. new hires in the US exceeded the levels for the overall USIQVIA U.S. workforce,

continuing a trend from 2022 and 2021
Governance

ERG program expanded

All ESG ratings steady or improving; MSCI ratings upgraded
Launched our New Supplier Network, a forum which fosters collaborationwith and between suppliers to include two new groupscreate a positive impact on healthcare and saw a significant increase in employee participation

the environment

Enhanced

Updated our supplier code of conduct to mandate disclosure of D&I workforce metrics with publicsuppliers’GHG emission targets, CDP and EcoVadis scorecards

IQVIA HOLDINGS INC.    2024 Proxy Statement78

Leadership/Sustainability Performance
Measure MetricsKey Achievements
Effective oversight of corporate governancemattersManaged important governance changes in response to investor feedbackreceived during our stockholder engagement efforts, including the adoptionof two clawback policies, one applicable to our Section 16 officers in theevent of a material financial restatement and a second, supplemental clawback policy that applies to a wider set of employees and covers a broader set of misconduct
Increased transparency through disclosure of specific targets for employeeengagement survey results for each of the named executive officers against relevant benchmark metrics impacting their short-term incentive compensation payouts
Continued declassification of the Board: 60% of our EEO-1 report

directors are up forelection to one-year terms in 2024 and 100% of our directors will be up forelection to one-year terms in 2025

Governance:

Adopted stockholder’s right to request a special meeting of stockholders

Increased ESG transparency through adoptioninto the Company’s limited political activities bypublishing our Political Activity Policy on our website and reporting on anannual basis our U.S. political spend
Stockholder engagement and value creationFor the seventh year in a row, IQVIA was named one of globally recognized GRIthe World’s MostAdmired Companies in FORTUNE’s annual survey. For the third year in arow, IQVIA was named the number one most admired company in ourcategory, Healthcare: Pharmacy and SASB reporting frameworks

New leader appointed to overseeOther Services. In addition, IQVIA earnedfirst place ranking in six of nine categories, including quality ofmanagement, people management, innovation, quality of products and services, global D&I programs

competitiveness, and use of corporate assets

All worldwide employees required to meet new performance goals demonstrating

Ended 2023 with 17 of 20 analysts issuing a commitment to Compliance for 2021

“Buy” rating
 and none with a
“sell” rating
Increased stockholder engagement in 2023 from 2022, increasing thenumber of unique buy-side investment firms he met with by 124% andunique buy-side investors by 163%

Based on these achievements, the LDC Committee assessed a total score of 2015 outofapossible20points for this performance measure.measure, which results in a 159% payout based on the formula’s straight-line interpolation and, because the LDC Committee chose not to exercise discretion for this metric, it is the final payout assigned by the LDC Committee. 

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Ronald E. Bruehlman

Executive Vice President and Chief Financial Officer

Operational/Strategic Performance

Measure Metrics

Key Achievements

Measure Metrics

Key Achievements
Achieve Vision 2022 operational and strategic cost efficiencyobjectives

All planned Vision 2022 initiatives for 2021 completed and

Significantly exceededcost reduction target by 35%costreductiontargets by, delivering more than15%$470 million

Exceeded all Vision 2022 revenue and profitability targets to date

Significant reduction in SG&A as percentage of revenue through expansion of internal automation programs, various process improvement initiatives, and reductionssavings, doubling the productivity savings generated in office space

2022

Improve acquisition evaluation process

Increased strategic M&A activity, including acquiring full ownership of our central lab joint venture

Acquisitions completed in 2020 in the aggregate performed better than target for 2021

Execute strategic / operational globalReduced finance initiatives

Significantly reduced in acquisition-related costs through improvements to pre-close transaction and integration processes

Executed various initiatives resulting in significant improvements to cash flow, days of sales outstanding and past due balances

Significantly improved finance function productivity through greater automation and process improvements for global finance share services

Effective oversight of capital investments

Total capital spending in absolute terms and as a percentage of revenue for 2021 was significantly better than target

the fourthconsecutive year
Maintain integrity of financial statements andinternal controls

No significant deficiencies or material weaknesses identified by externalauditors
Filed all SEC financial reports timely and accurately
Effective oversight of capital managementReturned approximately $395million1.0 billion in cash to stockholders through purchasetherepurchase of 1.7approximately 5 million shares of IQVIA stock at an average price of $197 per share
Reduced year-end Net Leverage Ratio to 3.45x trailing twelve month AdjustedEBITDA, which is favorable to our 2023 target of less than 3.5x
Successfully issued a combined $238.22pershare

Implemented2.5 billion new governanceSenior Notes and management cadence SeniorSecured Notes and $1.5 billion new 7-year US term loans to more regularly reviewextend nearterm maturities and evaluate M&A opportunitiesprovide increased liquidity

Deliver on acquisition strategy andintegrationDeployed $996 million against strategic acquisitions and investments acrossall parts of greater strategic importancethe business

IQVIA HOLDINGS INC.    2024 Proxy Statement79

Based on these achievements, the LDC Committee assessed a total score of 14 out of a possible 20 points for this performance measure, which results in a 142% payout based on the formula’s straight-line interpolation and, because the LDC Committee chose not to exercise discretion for this metric, it is the final payout assigned by the LDC Committee.

Leadership/Sustainability Performance
Measure MetricsKey Achievements
Develop and retain key talentReduced twelve-month trailing attrition from 14.8% to 11.3%
Expanded roles of several key leaders of global finance function to develop potential successors
Established successors for key global finance leadership positions
Deliver value to stockholdersEnded 2023 with 17 of 20 analysts issuing a “Buy” rating and none with a “sell” rating
Increased stockholder engagement in 2023 from 2022, increasing thenumber of unique buy-side investment firms he met with by 16% and uniquebuy-side investors by 4%
Enhance employee engagement and show responsiveness to employee survey feedbackPromoted IQVIA employee value proposition and embedded elements of theemployee value proposition as operational metrics for the finance teams
Improved employee engagement across the business based on the 2023employee engagement surveys, demonstrated by 87% of employeesresponding that they see a clear link between their work and IQVIA’s vision todrive healthcare forward, 5 points better than 2022 and 5 points above theFortune 500 Benchmark
Enhance and further the globalSustainability programsSBTi verified our greenhouse gas emissions reduction targets, setting aroadmap with clearly defined actions as we aim to achieve a 55% reductionin our scope 1 and scope 2 emissions by 2030 and achieve net zeroemissions by 2050
Significantly decreased Scope 3 emissions by 31% in absolute terms from2021 to 2022; to date, 33% of IQVIA’s in-scope suppliers by emissions have orhave committed to science-based targets, significantly exceeding target
Reduced our global footprint through 25 relocations to smaller offices and 21office locations closing completely, on target
All ESG ratings steady or improving; MSCI ratings upgraded
Launched our New Supplier Network, a forum which fosters collaborationwith and between suppliers to create a positive impact on healthcare and the environment
Updated our supplier code of conduct to mandate disclosure of suppliers’GHG emission targets, CDP and EcoVadis scorecards

Based on these achievements, the LDC Committee assessed a total score of 18 out of a possible 20 points for this performance measure, which results in a 184% payout based on the formula’s straight-line interpolation and, because the LDC Committee chose not to exercise discretion for this metric, it is the final payout assigned by the LDC Committee.

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W. Richard Staub, III
President, Research & Development Solutions
Operational/Strategic Performance
Measure Metrics
Key Achievements
Achieve operational and cost efficiency objectivesSignificantly exceeded R&DS cost reduction target by more than 30% in 2023
Achieve backlog and net new business targets

  Clinical research contracted backlog grew to an all-time record of $29.7 billion

  Added almost 400 new clinical research customers in 2023, a mid single-digit increase over previous year

  Achieved a book-to-bill ratio of 1.28x including reimbursed expenses, as well as a 1.33x book-to-bill ratio excluding reimbursed expenses, which exceeded target and was ahead of the book-to-bill ratios for peers that publicly-disclose such data

  Services net new business awards of $8.4 billion, in line with target

  In furtherance of our strategy to partner with the public sector and leading NGOs, we entered into collaboration agreements with CEPI to enhance pandemic preparedness as well as (RED) and The Global Fund to improve the ability of low and middle income countries at detecting emerging threats before they become pandemics

Diversify depth of offerings and expand grown in new services

  Executed the IQVIA laboratories strategy, achieved target results and further expanded the capabilities of the lab business through the launch of a new antibody discovery offering

  Launched our new integrated, end-to-end safety platform at three pharma customers, including one top 10 pharma customer, achieving target

  Significantly expanded IQVIA’s clinical SMO footprint, adding more than 15X net new sites in 2023 and closing two highly strategic acquisitions, exceeding target

Deliver on lab strategic objectives

Exceeded revenue target for IQVIA laboratory business

Exceeded business case for key lab strategic acquisitions

  Successful pivot for genomics business line in light of shifting customer demand and competitive intensity, meeting targets for all key financial metrics including revenue and Adjusted EBITDA

Based on these achievements, the LDC Committee assessed a total score of 15 out of a possible 20 points for this performance measure, which results in a 159% payout based on the formula’s straight-line interpolation. Given Mr. Staub’s significant over-achievement against his ambitious productivity target and R&DS’ record and industry leading year-end backlog, the LDC Committee chose to assign a final payout of 167%.

Leadership/Sustainability Performance
Measure Metrics
Key Achievements
Develop and retain key talent

  Managed a significant reduction in attrition, reducing twelve-month trailing attrition from 15.9% to 8.7%, a 7 point decline, significantly exceeding target

  Launched multiple leadership programs targeted at various levels of the R&DS organization, including the Leader of the Future Program and the R&DS Global Leadership Program

  Mentored key IQVIA leadership talent

Enhance employee engagement and show responsiveness to employee survey feedback

  R&DS leadership team developed and executed detailed employee engagement action plans based on feedback provided by employees to enhance employee experience

  Improved employee engagement across the business based on the 2023 employee engagement surveys, demonstrated by 87% of employees responding that they see a clear link between their work and IQVIA’s vision to drive healthcare forward, 5 points better than 2022 and 5 points above the Fortune 500 Benchmark

  Embedded employee survey metrics into management cadence

IQVIA HOLDINGS INC.    2024 Proxy Statement81
Leadership/Sustainability Performance
Measure Metrics
Key Achievements
Execute on workforce optimization strategy

  Reduced third-party contractor headcount by 36%, substantially reducing spend in this higher expense category through a mixture of on-shoring and off-shoring hiring, exceeding target

  Designed, developed and implemented new headcount forecasting model that more accurately forecasts headcount demand

  Established a new offshore delivery location for more cost-effective customer deliverables

Demonstrate effective leadership of R&DS

  Executed smooth transition in taking back over as President, Research & Development Solutions within a condensed timeframe and delivered on all key strategic and operational targets

  Oversaw refreshment of development and succession plans for key talent

Based on these achievements, the LDC Committee assessed a total score of 19outofapossible20points for this performance measure.measure, which results in a 192% payout based on the formula’s straight-line interpolation and, because the LDC Committee chose not to exercise discretion for this metric, it is the final payout assigned by the LDC Committee.

Leadership/ESGKevin C. Knightly
President, Corporate Strategy and Enterprise Networks

Operational/Strategic Performance


Measure Metrics

Key Achievements
Achieve operational and strategic objectives

Key Achievements  Significantly exceeded productivity target for operating unit by more than 60%

  Successfully executed on IQVIA’s M&A strategy, achieving target for forecasted inorganic growth contribution to 2024 revenue target

  Drove efficiency and scale through identification of more than $200 million in potential efficiency gains through use of AI technology across the enterprise

DevelopStrengthen core information offerings and retainensure data relevance

  Launched an industry first medical device product consumption data offering with several key talentclients in this segment, significantly exceeding revenue target

Reorganized finance leadershipExpanded our real world data capabilities through partnerships that provide greater access to academic medical centers, health systems and provided expanded responsibilitiesspecialty care settings, adding 350 million U.S. patient lives

Expanded our direct-to-patient access by 35% to enable greater collection of patient-reported outcomes, long-term monitoring and new roles to variousother real world studies and doubling our oncology health system network

  Secured renewals with key global finance executivesEuropean and U.S. data suppliers with no significant attrition ormeaningful loss of key finance leadershipdata access and exceeded service-level agreements for data delivery and data accuracy

Increase marketing driven demand for IQVIA  solutions

Deliver value  Increased number of digital conferences by more than 4% from 2022 and increased number of registrants by more than 25% from 2022

  Drove more than 20,000 marketing qualified leads (MQLs) for the commercial portfolio, a greater than 4% increase from 2022.

  Generated an increase of 9% in sales qualified leads (SQLs), improving the conversion rate of MQL to stockholders

2021 total shareholder returnsSQL and significantly improved the conversion rate of 57.5%—substantially better than peersSQL to “win”

  Exceeded targets for increases in IQVIA social followers and double the returns of the S&P 500

Expansion of trading multiples for forward-looking PEengagement rates by 3x and EV / EBITDA ratios2x, respectively

Ended 2021 with 18of21 analysts issuing a “Buy” rating and none with a “Sell” rating.

Enhance employee engagementAssess the impact of large language model technologies and show responsivenessposition IQVIA to employee survey feedback

win in this space

Implemented various initiatives addressing feedback from 2020 employee survey, such as increased communication through quarterly global finance newsletters and town hall meetings

Overall favorability scores on 2021 employee engagement survey was 83%, an increase  Led comprehensive analysis of how emergence of 5Large Language Models (LLM) and GPT pointscould potentially impact IQVIA’s addressable opportunity, offering portfolio, revenues and cost structure

  Established privacy governance model to protect IQVIA IP from the prior yearmiss-use of such technologies

  Successfully launched IQVIA’s Healthcare grade AI offering, a new class of AI with the speed, accuracy and precision healthcare customers need

Enhance and further the global ESG programs

IQVIA HOLDINGS INC.    2024 Proxy Statement

Increased ESG transparency through adoption of globally recognized SASB and GRI reporting standards

Committed to setting a science-based target for GHG emissions reductions by the end of 2023

Reduction in overall and per-employee GHG emissions exceededexpectations and began the transition to renewable energy sources in our clinical laboratories

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Based on these achievements, the LDC Committee assessed a total score of 2014 outofapossible20points for this performance measure.measure, which results in a 142% payout based on the formula’s straight-line interpolation and, because the LDC Committee chose not to exercise discretion for this metric, it is the final payout assigned by the LDC Committee.

Leadership/Sustainability Performance
Measure Metrics
 Key Achievements
IQVIA HOLDINGS INC.  Develop and retain key talent

  Significantly reduced twelve-month trailing attrition from 18.6% in 2022 Proxy Statement

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W. Richard Staub, IIIto 8.1% in 2023, a 10 point decline, exceeding target

President, Research & Development Solutions  Designed and delivered a more structured program of leadership, coaching and process training for key delivery and production hubs, with overall participation rates above 50%

  Significantly exceeded targets for internal hires

Released targeted learning resources for self-paced learning with a 72% participation rate

Operational/Strategic Performance

Measure Metrics

Enhance employee engagement and show responsiveness to employee survey feedback

Key AchievementsImproved employee engagement across the business based on the 2023 employee engagement surveys, demonstrated by 87% of employees responding that they see a clear link between their work and IQVIA’s vision to drive healthcare forward, 5 points better than 2022 and 5 points above the Fortune 500 Benchmark

  Delivered an extensive Breast Cancer Awareness and Mental Health Awareness educational programs and refreshed the Health and Well-being program for all employees in the Corporate Strategy and Enterprise Networks (CSEN) function

Execute on diversity and inclusion initiatives

  Supported the design, development and delivery of IQVIA’s refreshed Diversity & Inclusion training program; delivered a Diversity & Inclusion training program for all CSEN leaders

  All business unit employee communications include additional resources available to employees and highlighted our continued commitment and focus on Diversity, Inclusion and Belonging at IQVIA

Based on these achievements, the LDC Committee assessed a total score of 15 out of a possible 20 points for this performance measure, which results in a 159% payout based on the formula’s straight-line interpolation and, because the LDC Committee chose not to exercise discretion for this metric, it is the final payout assigned by the LDC Committee.

Eric M. Sherbet
Executive Vice President, General Counsel and Secretary
Operational/Strategic Performance
Measure Metrics
Key Achievements
Achieve Vision 2022year operational and strategic objectives

  Delivered on all productivity targets for the legal function

  Outperformed external benchmarks for core legal costs as a percent of revenue

  Implemented third party procurement platform and exceeded target for reduction in third party legal fees in the first year of use

Continue to enhance stockholder engagement

  Continued improvement in say-on-pay “FOR” votes, achieving 80% support at the last say-on-pay vote in 2023, achieving target

All Vision 2022  Directors received overwhelming votes in favor of their election

  Successful special meeting proposal outcome with stockholder support at 96% for the Company proposal

Effective management of investigations and litigation matters

  IQVIA received favorable settlements in IP and confidentiality litigations, exceeding expectations

  Successful insurer negotiations limiting our financial exposure to settlement payouts

  Effectively managed other ongoing litigations

Effective management of key initiatives within Global Legal function

  Successful rollout of multiple productivity initiatives completed within planned timelinesto drive efficiency globally across the legal function

  Provided effective legal support for all M&A activity

  Drove multiple initiatives to ensure IQVIA remains a privacy first organization and exceededcostreductiontargetslaunched a new governance model for privacy, delivering enhanced oversight for information security, training and controls

Achieve contracted net new business targets

IQVIA HOLDINGS INC.    2024 Proxy Statement

Clinical research contracted backlog grew 10.2% to $24.8billion, significantlyexceedingtarget

More than 250 new customers added globally—a significant increase over 2020

Diversify depth of offerings and expand growth in new services

Sustained leadership position in DCT; more than300 studies now deploy at least one IQVIA DCT solution

Launched new services that expanded DCT capabilities, including new mobile nursing and phlebotomy services and a partnership with a medical device company to support at-home blood sampling for trials

Increased adoption of the OCT platform with350+customers now adopting at least one module since launch

Ensure delivery excellence and client satisfaction

Operational readiness by both client and regulator inspections exceededtargetand completed key inspections with no critical findings

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Based on these achievements, the LDC Committee assessed a total score of 17outofapossible20points for this performance measure.measure, which results in a 176% payout based on the formula’s straight-line interpolation. Given Mr. Sherbet’s significant stockholder engagement efforts in 2023, the LDC Committee chose to assign a final payout of 180%.

Leadership/ESGSustainability Performance


Measure Metrics

Key Achievements

Develop and retain key talent

Promoted internal talent  Expanded role of several key leaders in the legal function to severaldevelop potential successors

  Rolled out tailored development programs for high potential candidates throughout the global legal function

  Elevated role of Chief Privacy Officer to report directly into General Counsel to provide greater visibility for executive leadership roles within the R&DS business unit

Provided personal mentorship to several high potential and future executive leaders

Enhance employee engagement and show responsiveness to employee survey feedback

Launched new People Strategy  Improved employee engagement across the business based on the 2023 employee engagement surveys, demonstrated by 87% of employees responding that they see a clear link between their work and IQVIA’s vision to drive healthcare forward, 5 points better than 2022 and 5 points above the Fortune 500 Benchmark

Enhance Sustainability program

Environmental

  SBTi verified our GHG emissions reduction targets, including our net zero target by 2050

  Significantly decreased Scope 3 emissions by 31% in absolute terms from 2021 to 2022; to date, 33% of IQVIA’s in-scope suppliers by emissions have or have committed to science-based targets, significantly exceeding target

  Supported engagement across focus areas identifiedefforts with suppliers representing 60% of our supply chain emissions, with the goal of developing strategies and supporting them to reduce GHG emissions

  Supported reduction of our global footprint through 25 relocations to smaller offices and 21 office locations closing, on target

Social

  Expanded participation in our ERGs by 2020 employee110% compared to 2022

  Expanded membership in the Disabilities and Careers Network by 370%

  Racial, ethnic and gender diversity for 2023 IQVIA U.S. new hires exceeded the overall IQVIA U.S. workforce, continuing a trend from 2022 and 2021

Governance

All ESG ratings steady or improving; MSCI ratings upgraded

  Launched our New Supplier Network, a forum which fosters collaboration with and between suppliers to create a positive impact on healthcare and the environment

  Updated our supplier code of conduct to mandate disclosure of suppliers’ GHG emission targets, CDP and EcoVadis scorecards

Effective oversight of corporate governance matters

  Managed important governance changes in response to investor feedback received during our stockholder engagement surveyefforts, including the adoption of two clawback policies, one applicable to our Section 16 officers in the event of a material financial restatement and a second, supplemental clawback policy that applies to a wider set of employees and covers a broader set of misconduct

Overall favorability scores on 2021Increased transparency through disclosure of specific targets for employee engagement survey wasresults for each of the named executive officers against relevant benchmark metrics impacting their short-term incentive compensation payouts

  Continued declassification of the Board: 8460% of our directors are up for election to one-year terms in 2024 and %100% ,of our directors will be up for election to one-year terms in 2025

  Adopted stockholders right to request a special meeting of stockholders

  Increased transparency into the Company’s limited political activities by publishing our Political Activity Policy on our website and reporting on an increase of 3points from the prior yearannual basis our U.S. political spend

Execute on diversity and inclusion initiatives

IQVIA HOLDINGS INC.    2024 Proxy Statement

Implemented D&I initiative for executive leadership team and more than 100senior managers across the business unit

Launched the R&DS Diversity and Inclusion in Clinical Trials initiative that enhances our ability to recruit more diverse groups of patients for clinical trials

Expanded the US Black Outreach & Engagement Initiative with launch of Mentoring for Inclusion program and revamped US talent acquisition strategy to increase sourcing of diverse candidates

Demonstrate effective leadership of R&DS

Initiated Mentoring for Inclusion program and revamped U.S. talent acquisition strategy to increase sourcing of diverse candidates

Delivered against full-year finance goals despite industry-wide recruitment and retention challenges

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Based on these achievements, the LDC Committee assessed a total score of 18outofapossible20points for this performance measure.

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Kevin C. Knightly

President, Technology and Commercial Solutions

Operational/Strategic Performance

Measure Metrics

Key Achievements

Achieve Vision 2022 operational and strategic objectives

All Vision 2022 productivity initiatives completed within planned timelines and exceededcostreductiontargets

Execute on commercial technology strategy

Expanded adoption of the OCE platform to include more than 350 customers adopting at least one application since launch

Launched new software applications that address key client needs, such as Next Best Action, a salesforce / marketing effectiveness tool that secured wins withtwotop-20 global pharmaceutical companies, significantlyexceededtarget

Improved global profitability of commercial technology portfolio through enhanced product development and delivery processes

Protect core information and analytics offerings

Key data supply agreements renewed within the US and Europe with no loss of data access

Return Contract Sales and Medical Solutions (CSMS) business to growth

Global CSMS business returned to growth and exceededtargetsforbothrevenueandprofitability

Basedmeasure, which results in a 184% payout based on these achievements,the formula’s straight-line interpolation. Given Mr. Sherbet’s significant leadership in supporting IQVIA’s expansion of its sustainability efforts and the significant progress made against our sustainability goals, the LDC Committee assessedchose to assign a total scorefinal payout of 17192%outofapossible20points for this performance measure..

Leadership/ESG Performance Measure

Metrics

Key Achievements

Develop and retain key talent

Promoted internal talent to several executive leadership roles within the T&AS business unit

Launched new targeted skills training based on employee feedback for 1,110 employees globally

Enhance employee engagement and show responsiveness to employee survey feedback

Overall favorability scores on 2021 employee engagement survey was 88%, an increase of3points from the prior year

Initiated new communication strategy for T&AS business unit and new career planning tools based on feedback from 2020 employee engagement survey

Execute on diversity and inclusion initiatives

Implemented new D&I team with plans to expand to a broader set of managers

Ensure quality and integrity of information assets

No significant information security issues

Maintained production quality for information deliverables with no major customer escalations

No supply disruptions

Based on these achievements, the LDC Committee assessed a total score of 18outofapossible20points for this performance measure.

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Eric M. Sherbet

Executive Vice President, General Counsel and Secretary

Operational/Strategic Performance

Measure Metrics

Key Achievements

Achieve Vision 2022 operational and strategic objectives

All Vision 2022 productivity initiatives completed within planned timelines and exceededcostreductiontargets

Drive implementation of changes to executive compensation program and further enhance proxy statement disclosures

Enhanced proxy statement disclosure and transparency, including increased disclosure of workforce and Board diversity data

Launched revised annual short-term incentive program for named executive officers that received positive feedback from stockholders and other stakeholders

Effective management of investigations and litigation matters

IQVIA received significant favorable findings in a key intellectual property theft litigation, with counterparty receiving multiple, rare sanctions violations based on its behavior

Effectively managed other ongoing litigations, with no significant unfavorable rulings

Execute strategic and operational global legal initiatives

Provided legal support for increased M&A activity and lowered the transaction costs of M&A-related legal support

Enhanced internal automation system for reviewing vendor contracts which reduced labor hours and improved speed of reviews

Based on these achievements, the LDC Committee assessed a total score of 19outofapossible20points for this performance measure.

Leadership/ESG Performance

Measure Metrics

Key Achievements

Develop and retain key talent

Maintained stable department retention rates and no turnover of key talent following organizational changes

Enhance employee engagement and show responsiveness to employee survey feedback

Implemented more rigorous calibration and talent assessment process that addresses more differentiated development needs among key talent

Overall favorability scores on 2021 employee engagement survey was 87%, an increase of 5points from the prior year

Enhance ESG program and Sustainability Report

Environmental

Committed to setting a science-based target for GHG emissions reductions by end of 2023

Disclosed climate risks consistent with TCFD reporting framework, resulting in increased climate disclosure in our ESG report

Social

Enhanced disclosure of D&I workforce metrics with public disclosure of our EEO-1 report

Racial, ethnic and gender diversity for 2021 new hires in the US exceeded the levels for the overall US workforce

Increased positive engagement with employees based on the 2021 employee engagement survey, with 85% of respondents feeling engaged with IQVIA, which was 4points better than prior year and 4points above the FORTUNE 500 company benchmark

Expanded ERG program to include two new groups, with significant increase in employee participation

Governance

Increased ESG transparency through adoption of globally recognized GRI and SASB reporting frameworks

Support with navigating employment impacts of COVID-19 pandemic

Provided strong support for implementation of complex requirements of government-mandated COVID-19 vaccine initiatives in the US

Supported development and launch of the Future of Work initiative that provides more workplace flexibility to employees globally

Based on these achievements, the LDC Committee assessed a total score of 19outofapossible20points for this performance measure.

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The LDC Committee and our Chief Executive Officer (except with respect to his own individual performance) evaluated the performance of each of our named executive officers as described above and determined scores for each individualized performance measure. Based on these scores, and in accordance with the predetermined scorecard, the LDC Committee assigned final payouts to each named executive officer for the individualized performance measures, as shown below.

Named Executive Officer Operational/Strategic
Performance Measure
 Leadership/Sustainability
Performance Measure
Ari Bousbib 142% 159%
Ronald E. Bruehlman 142% 184%
W. Richard Staub, III 167% 192%
Kevin C. Knightly 142% 159%
Eric M. Sherbet 180% 192%
Costa Panagos (1) (1)

(1)Mr. Panagos exited the Company on September 25, 2023, and was not eligible to earn a short-term incentive under the Annual Plan with respect to 2023.

IQVIA HOLDINGS INC.    2024 Proxy Statement85

Named Executive Officer

Strategic/Operational

Performance Measure

Leadership/ESG

Performance Measure

Ari Bousbib

200%

200%

Ronald E. Bruehlman

200%

200%

W. Richard Staub, III

185%

192%

Kevin C. Knightly

180%

190%

Eric M. Sherbet

200%

200%

Individual performance adjustment

The LDC Committee approved the individual performance adjustments described below.

Named Executive Officer

Individual Performance Adjustment

Ari Bousbib

The LDC Committee recommended and the Board made a positive adjustment to Mr. Bousbib’s Annual Plan payout, representing 9.7%11.5% of the final award. This adjustment was made in consideration of the following contributions and accomplishments of Mr. Bousbib:

  Managed the business through extraordinary geopolitical, economic and environmental challenges. Ensured patients in Ukraine, Russia, Israel, Lebanon and Turkey maintained access to life saving medicines and clinical trials throughout the conflicts and natural disaster. Supported IQVIA employees directly impacted through financial, logistical and technology support. Navigated evolving regulatory and legal environments ensuring IQVIA’s businesses could remain operational in these challenging environments

  Significantly advanced IQVIA’s country, site and patient diversification strategy. Opened two new prime sites in Europe and launched the Connected Research Community across all partner sites in the region. Increased the Super-Partner network in Africa with 4 new partner sites in Kenya, increased site activations in India by 170% and South Korea by 23%. Rolled out IQVIAs updated Geographic Risk Assessment & Mitigation platform internally and deployed on studies with large pharma customers to manage operations through conflict and natural disaster. Increased the number of deployments of our AI driven Patient Finder tool in major clinical research sites in Europe, allowing faster and more efficient identification of patients for clinical research

  Directed IQVIA’s efforts around understanding the impact of Generative AI and LLM on IQVIAs business model. This included establishing cross functional and cross enterprise working groups to examine the following: competitive threats, market opportunities, IQVIA weaknesses including security and privacy, customer business model disruption, technology development implications, productivity benefits, data supply risks and more. Led high level discussions with executive leadership from Microsoft including Dr. Peter Lee head of Microsoft Research. This resulted in over $400 million of identified productivity and offering development opportunities, robust security protocols to protect IQVIA’s core business, and the development of extensive training programs to enable IQVIA to fully leverage these new technologies. Almost 15,000 employees underwent training though one of these programs in approximately six months. The development of a toolset available to IQVIANs to build Gen AI enabled products including IQVIA’s own generative AI platform, Gen AI code development tool and Gen AI Decisions Assistant

Drove IQVIA’s Quality agenda; harmonized IT systems across acquisitions to improve control and quality of data flow across the 20by25 strategic growth plan to accelerate our growth rate to double digits and achieve at least $20 billion of revenueenterprise, completing 54 acquisition ERP system integrations, exceeding target by 2025 even before finishingover 20%. Reduced vendor audit backlog by over 90%, fully staffed the Visionexpanded Quality Assurance function, removed all 2022 strategic growth plan

Led process to recruit a Chief Product Officer with extensive technology experience

Recommended appointment ofcustomer audit backlog, deployed two new board members, which significantlyQuality Management System modules to materially enhance the functionality and performance of IQVIA’s Quality Management system

  Significant investments in talent development. Developed and rolled out new, role-based skills and management training programs across the enterprise. Year-on-year increase of 6% in the number of employees that underwent one of IQVIAs structured leadership and management programs. There were more than one million visits to our Talent and Learning hub, more than 230,000 visits to our newly launched IQVIA Learning Academy in six months and a 32% increase in users of our Career Connections skills matching platform. We increased the racially, ethnically,number of roles filled internally to 30%, exceeding target and gender diversity a 2 point increase versus 2022. New joiner survey results indicated that more than 50% of the Board, after prioritizing neednew employees join IQVIA for more diversity on Boardlearning and overseeing processdevelopment opportunities. This all resulted in overall attrition dropping to evaluate numerous qualified candidatespre-pandemic levels and High potential attrition dropping to 4.2%, significantly beating target

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Demonstrated leadership throughout the COVID-19 pandemic and, in 2021, resumed to extent possible a normal operating cadence with in-person operating reviews, client meetings and other management meetings, across the US and overseas

Earned for the first time a first-place ranking in FORTUNE’S Healthcare:PharmacyandOtherServices category of its World’s Most Admired Companies list, with top rankings in the categories of innovation, capital deployment, global competitiveness, quality of product services, and long-term investment value

Established the IQVIA Future of Work initiative, a company-wide effort examining all aspects of how and where we do our work, as well as the technology and tools that will be required to help us adapt post-pandemic and best support our workforce going forward

Named Executive OfficerIndividual Performance Adjustment

Ronald E. Bruehlman

The LDC Committee made a positive adjustment to Mr. Bruehlman’s Annual Plan payout, representing 9.5%9.0% of the final award. This adjustment was made in consideration of the following contributions and accomplishments of Mr. Bruehlman:

Led  For various corporate and entity simplification reasons, the Finance organizationCompany undertook an internal legal entity restructuring and as a consequence allowed the Company to implement numerous operationalmore efficiently use its tax attributes, resulting in over-performing against the projections for 2023 and process changes to achievesetting the Company up for further efficiencies in 2024

  Oversaw a record level of Free Cash Flow

Achieved two upgrades to a “Buy” rating from analysts during 2021 and one new analyst initiating coverage at a “Buy” rating

Led process to develop new mid-term guidance through 2025 and to release 2022 financial guidance earlier than expected

Played a key role in the negotiation and executiondetailed review of the purchaseCompany’s capital assets and balance sheet, resulting in a $13 million benefit to 2023 operating expenses, a nearly $20 million benefit to 2023 depreciation and amortization expense, and a substantial benefit to depreciation and amortization expense in 2024 and beyond

  Supported the successful completion of the remaining non-controlling interestover 60 automation projects and nearly 50 LEAN events with finance function, resulting in our lab joint venture from Quest Diagnostics

Substantially increased investor engagement versus prior years by hosting more than 74 investment firmssignificant cost savings and 130 individual investors through 1:1 meetings and non-deal roadshows and held in-person analyst and investor conference that was well received by analysts and stockholders

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Named Executive Officer

Individual Performance Adjustmentefficiency gains

W. Richard Staub, III

The LDC Committee made a positive adjustment to Mr. Staub’s Annual Plan payout, representing 12%16.7% of the final award. This adjustment was made in consideration of the following contributions and accomplishments of Mr. Staub:

Managed delivery of services and critical medicines to clinical trial patients in Ukraine, Russia, Israel, Lebanon and Turkey through conflicts and natural disaster. Supported IQVIA R&DS employees directly impacted through financial, logistical and technology support

Oversaw  Strong execution of country and site diversification strategy by, among other things, opening new prime sites in Europe and increasing partner sites across geographies

Enhanced IQVIA’s quality management systems, reducing vendor audit backlog and eliminating customer audit backlog, fully staffing the achievementexpanded Quality Assurance function, and enhancing the functionality and performance of a record $10 billion in net new bookings and growth of the clinical backlogIQVIA Quality Management system

  Continued to an industry-leading $24.8 billion

Ledexecute on R&DS organizationearly phase oncology “see more” strategy winning $1.3 billion in new business, exceeding target of $1.2 billion

  Launched novel outsourced staff solution for a top 10 large pharma client, on track to deliver several global COVID-19 vaccine trials within timelines significantly better than historic standards and well beyond expectations. In addition to fast timelines, these trials also achieved enrollment diversity rates 1.7x better than comparable COVID-19 vaccine trialsexceed revenue target for this strategic project

Oversaw the simultaneous integration of the lab joint venture and Myriad RBM acquisitions with no adverse impact to normal clinical operations

Provided a high level of mentorship and guidance to emerging leaders

Kevin C. Knightly

The LDC Committee made a positive adjustment to Mr. Knightly’s Annual Plan payout, representing 4%4.0% of the final award. This adjustment was made in consideration of the following contributions and accomplishments of Mr. Knightly:

Oversaw the recovery and return to growth of CSMS, a business substantially impacted globally by the COVID-19 pandemic

Developed and executed strategy that substantially grew IQVIA’s presence within the MedTech sector over the past three years beyond expectations

Led newengagement with several key strategic partnership opportunities to create new data sources whichthat we expect will provide benefitlong-term value to IQVIAthe Company

  Drove increase in the number of data suppliers that are part of our Data Marketplace partnerships by over 20%

  Exceeded data production efficiency targets by 2X

  Conducted enterprise wide analysis of our analytics related processing models and total associated costs, developing an IT roadmap that will provide cost effective and efficient processing infrastructure supporting the development of complex analytics products, including but not limited to, Large Language Model AI

Designed a longer-term periodframework to improve governance around analytics model development as well as optimize and evolve infrastructure

Eric M. Sherbet

The LDC Committee made a positive adjustment to Mr. Sherbet’s Annual Plan payout, representing 7%5.0% of the final award. This adjustment was made in consideration of the following contributions and accomplishments of Mr. Sherbet:

Co-led global ESG  Continued to manage the complex and sustainability programs with support fromrapidly evolving legal situation related to the Board oversight chair, Colleen Goggins,Russia and Lead Director John Leonard, M.D., which made substantial improvementsUkraine conflict. This remained foundational in enabling IQVIA to our global ESG program

Significant efforts in identifying new director candidates, resulting in the appointment of two new directorscontinue to provide critical medicines for clinical trial patients as well as overall increased gender and racial/ethnic diversitysupport for IQVIA’s employees

  Successfully recruited a new head of Legal for the Board

Surpassed by 2xEMEA region, the cost reduction targets for Vision 2022 productivity initiativessecond largest regional business unit

Key intellectual property theft litigation received significant favorable findings that were significantly beyond our expectations, with counterparty receiving multiple, rare sanctions violations based on its behaviorManaged budget exceptionally given increasingly complex environments in which the Company operates

IQVIA HOLDINGS INC.    2024 Proxy Statement87

Named Executive Officer short-term incentive award determinations

The table below summarizes the final Annual Plan payouts to our named executive officers for 2021.2023. The LDC Committee did not make any adjustments to the Formula-Based Performance Payout Factor or the underlying corporate or individual performance measures.

 

Named Executive

Officer

Prorated Base

Salary

x

Target

Incentive

x

Formula-Based

Performance

Payout Factor

=

Calculated

Payout

(+/-)

Individual

Performance

Adjustment

=

Final

Payout

Prorated
Base
Salary
    x    Target
Incentive
    x    Formula-Based
Performance
Payout Factor
    =    Calculated
Payout
     (+/-)     Individual
Performance
Adjustment
    =    Final
Payout

Ari Bousbib

$1,800,000 

 

 

200

%

 

181

%

 

$6,504,197

 

$695,803

 

$7,200,000

$1,800,000 200% 118% $4,230,000 $549,661 $4,779,661

Ronald E. Bruehlman

$872,900 

 

 

100

%

 

181

%

 

$1,577,279

 

$165,571

 

$1,742,849

$905,000 100% 117% $1,055,775 $104,417 $1,160,193

W. Richard Staub, III(1)

$614,075

 

 

85

%

 

173

%

 

$ 903,141

 

$123,156

 

$1,026,297

$391,667 100% 126% $379,890 $75,996 $455,887

Kevin C. Knightly

$558,250

 

 

85

%

 

172

%

 

$ 815,343

 

$33,973

 

$849,315

$578,000 85% 121% $593,786 $24,741 $618,528

Eric M. Sherbet(2)

$532,875

 

 

75

%

 

181

%

 

$ 722,155

 

$54,356

 

$776,511

$612,700 85% 133% $655,241 $34,486 $689,727
(1)Base salary and Target Incentive prorated for September 25, 2023, appointment to President, Research & Development Solutions.
IQVIA HOLDINGS INC.    2022 Proxy Statement(2)75Base salary and Target Incentive prorated as of July 2023.

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20212023 Long-Term Incentive Awards

The LDC Committee met on February 9, 2021,13, 2023, to determine 20212023 long-term incentive awards. When making the awards, the LDC Committee first determined the total grant date value of the award for each named executive officer and then delivered that value in threetwo components: three-year performance shares (50%(75%), SARs (25%), and restricted stock unitsSARs (25%), assuming target-level achievement of applicable performance goals for performance shares, as set forth in the table below. The terms of each type of long-term incentive award are set forth above, under “—Elements of Compensation—Long-Term Incentive Awards.”

Named Executive Officer

Performance Shares

RSUs

SARs

Ari Bousbib

$9,683,424

$4,425,467

$4,425,579

Ronald E. Bruehlman

$2,689,797

$1,229,204

$1,229,325

W. Richard Staub, III

$968,338

$442,455

$442,539

Kevin C. Knightly

$806,833

$368,743

$368,783

Eric M. Sherbet

$860,729

$393,375

$393,368

Named Executive OfficerPerformance Shares SARs
Ari Bousbib$16,405,071 $4,752,781
Ronald E. Bruehlman$4,686,997 $1,562,716
W. Richard Staub, III(1)$781,050 $260,432
Kevin C. Knightly$1,562,332 $520,859
Eric M. Sherbet$1,952,974 $651,104
Costa Panagos(2)$3,384,860 $781,361
(1)Mr. Staub was appointed to serve as President, Research & Development Solutions effective September 25, 2023.
(2)Mr. Panagos forfeited these awards when he exited the Company on September 25, 2023.

In addition to his annual grant awarded on February 13, 2023, Mr. Panagos received a retention grant of performance shares to further incentivize his continued engagement and recognize his long-term commitment to our business, which grant was forfeited in connection with his exit from the Company on September 25, 2023.

The 2021-20232023-2025 performance share awards provide for the grant of common stock at the end of the three-year performance period based on the achievement of relativeRelative TSR and Adjusted Diluted EPS growth goals over that period, as follows:

Performance Metric

Weight

Threshold

Target

Maximum

3-Year Adjusted Diluted EPS Growth

75%

6.2%

10.0%

13.6%

3-Year TSR vs. S&P 500 (percentile)

25%

25

50

75

Percentage of Target Payout

 

50%

100%

200%

As described in our 2021 Proxy Statement, in 2020, the LDC Committee approved a partial upward adjustment of $0.32 per share (equal to approximately one-third of the impact of COVID-19 on 2020 Adjusted Diluted EPS) to the 2020 Adjusted Diluted EPS performance metric under the performance share awards for the 2018-2020 performance period. Consistent with the approach used in setting 2021 financial targets under our Annual Plan and in order to ensure that management did not benefit from this adjustment again in future years, the LDC Committee, in setting the Adjusted Diluted EPS target for performance share awards of the 2021-2023 performance period, applied the growth rates described above to the 2020 Adjusted Diluted EPS, asadjustedupwardforthe$0.322020COVID-19adjustment, thereby setting a target that will be more difficult to achieve under the 2021-2023 performance share awards than if the unadjusted 2020 Adjusted Diluted EPS amount was used.

Performance MetricWeightThresholdTargetMaximum
3-Year Adjusted Diluted EPS Growth75%6.2%10.0%13.6%
3-Year TSR vs. S&P 500 (percentile)25%255575
Percentage of Target Payout 50%100%200%

Consistent with our compensation philosophy, the LDC Committee sets challenging yet achievable three-year goals to appropriately incentivize performance. When setting the 10% target for Adjusted Diluted EPS Growth, the LDC Committee considered, among other things, the performance of both our peer group and the broader market. Forthe2017-2019 2020 to 2022 three-yearperiod,approximately64% half ofourpeergroupandapproximately37%oftheS&P500reportedAdjustedDilutedEPSGrowthoflessthan failed to exceed the 10%,andforthe2018-2020three-yearperiod,approximately46%ofourpeergroupandapproximately54%oftheS&P500failedtoexceedthe10%annualhurdle.

The Adjusted Diluted EPS growth target for the 2021-2023 performance shares is substantially consistent with the earnings growth trajectory reflected in the three-year financial guidance we disclosed at our 2021 Analyst and Investor conference. At that time, we said we expected continued double-digit Adjusted Diluted EPS growth during the 2023-2025 period.

Over the past several performance periods, not only has the Company realized double-digit Adjusted Diluted EPS growth, but the base year Adjusted Diluted EPS at the start of each grant cycle has been equal to prior year results, meaning the growth goals are based on Adjusted Diluted EPS that has grown by more than 10% in prior periods, thus making the target for every new cycle more challenging to achieve than the prior cycle—even when the annual growth target remains a constant 10%. We exceeded the maximum threshold growth rate for the three-year Adjusted Diluted EPS several times in the last few years, including during the performance periods ending 2021, 2022 and 2023. When this occurs, management has been capped at

IQVIA HOLDINGS INC.    2024 Proxy Statement88

200% of the target award based on the plan design and does not receive any additional shares for the excess achievement. Notwithstanding the fact that management has not been compensated in additional shares for this excess achievement over the maximum, the next three-year measurement period for Adjusted Diluted EPS starts at the higher, actual achievement, which makes management’s ability to achieve target or better in the next performance period even more challenging. While the LDCC has the discretion to adjust the base year Adjusted Diluted EPS to align with the maximum level of achievement rather than actual, it has chosen not to utilize such discretion, which makes it more challenging for management to achieve the subsequent target.

Further, as we continue to achieve scale and grow our earnings at a rapid pace, the dollar amount of Adjusted Diluted EPS needed to achieve a 10% growth rate increases significantly over time. With an Adjusted Diluted EPS of $9.03$10.20 for 2021, the challenge to2023, continually achieving a 10% annual growth rate is much greater than it was four years ago when the Adjusted Diluted EPS was less than half as much.even more challenging.

Based on the factors described above, the LDC Committee concluded that constantly achieving a 10% annual growth rate over the long term represented a challenging but achievable goal that is an appropriate target for our long-term incentive awards.

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Chief Executive Officer long-term incentive award determination

The LDC Committee considered all of the factors described above when determining our Chief Executive Officer’s annual long-term incentive award granted in 2021.February 2023. For further details, see “—Compensation of Our Chief Executive Officer.Officer” and “—Overview of Our Executive Compensation Program—Benchmarking.” In particular, the Board and the LDC Committee believe that while compensationour Chief Executive Officer’s performance in 2022 was critical to the Company’s strong results in the face of a significant increase in market volatility resulting from several macro-environmental factors outside of the Company’s control, including the strengthening of the U.S. dollar, the sustained increase in interest rates by regulators in various jurisdictions, the conflict in Ukraine, and reintroduction of widespread COVID-19 lockdowns in China, among other unexpected events. Despite these headwinds, our Chief Executive Officer was also able to achieve significant operational, strategic, leadership and other named executive officers is strongly aligned with performance (2021 compensationsustainability achievements. 

The Board and LDC Committee also believe that our CEO’s leadership of the Company has been instrumental in positioning the Company as a global leader in our industry. As a result of our Chief Executive OfficerCEO’s leadership, our Company has received numerous external awards and accolades. Most recently, for the seventh year in a row, IQVIA was named one of the World’s Most Admired Companies in 74.4%FORTUNE’s annual survey. For the third year in a row, IQVIA was named the number one most admired company in our category, Healthcare: Pharmacy and Other Services. In addition, IQVIA earned first place ranking in six of nine categoriesperformance-linked), retentionincluding quality of our Chief Executive Officermanagement, people management, innovation, quality of products and services, global competitiveness, and use of corporate assets.

Accordingly, the Board and the LDC Committee believe his continued leadership is imperative for the Company to achieve its longer-term objectives and recognizes the Company’s success.importance of ensuring he is appropriately incentivized through a mix of equity awards that are expected to increase in value based on achievement of key long-term performance objectives. That belief informs the decisions of the Board and our LDC Committee regarding the Chief Executive Officer’s annual long-term incentive awards.awards, including with respect to the awards granted in February 2023.

The LDC Committee considers, among other factors,

New for 2023. In response to investor feedback and to further align the valueinterests of our named executive officers with stockholders and vesting schedule of unvested awards and the proportion of unvested awards relativecontinue to total awards held by our Chief Executive Officer when granting him new long-term incentive awards. In determining his long-term incentive award for 2021,incentivize high performance as described above, the LDC Committee consideredchanged the fact thatmix of equity awards granted to our named executive officers to increase the percentage of 88%performance share awards as a percentage of the value associated withtotal long-term incentive awards granted from 50% in 2022 to 75% in 2023. Further, in response to investor feedback, and after a review of market practice, the outstanding equity awards held by our Chief Executive Officer as of early February 2021 would be fully vested or exercisable within approximately 12 months. The LDC Committee believes this impending reductionadopted a policy, beginning with 2023 performance awards, to cap the payout at target for the portion of performance share awards based on Relative TSR if our absolute TSR for the three-year performance period is negative. Finally, in unvestedresponse to investor feedback, the LDC Committee approved an increase in the Relative TSR target performance from the median to the 55th percentile for the three-year TSR vs. Relative TSR performance metric of our performance share awards could substantially decrease the retention valueto receive a target payout of 100% for that portion of the Chief Executive Officer’s long-term equity awards, making it much easier for a competitor to recruit him and providing him with less of a financial incentive to stay in the face of a potential higher offer from another company.performance share awards.

Performance share determinations for 20212023

Performance share awards granted to our named executive officers on February 13, 2019,9, 2021, were based on IQVIA’s achievement of Adjusted Diluted EPS growth and Relative TSR goals during a three-year performance period, as described above in the section entitled “—Elements of Compensation—Long-Term Incentive Awards”.Awards.” The three-year performance period for the 2019-20212021-2023 performance shares ended on December 31, 2021.2023. The number of performance shares that could be earned ranged from 0% of the target award, if the threshold levels of performance were not achieved, to 200% of the target award, if the maximum levels were achieved or exceeded. For results between these marks, the number of shares would be determined by linear interpolation.

IQVIA HOLDINGS INC.    2024 Proxy Statement89

As described in our 2021 Proxy Statement, the LDC Committee approved an adjustment to add back the impact of the COVID-19 pandemic equal to $0.32 per share to the 2020 Adjusted Diluted EPS base year for the purpose of setting the baseline for the 2021-2023 performance shares. In doing so, the LDC Committee set a target that would be more difficult to achieve under the 2021-2023 performance share awards than if the unadjusted 2020 Adjusted Diluted EPS base year was used. The LDC Committee took this action in order to ensure that management did not make any adjustments, including for COVID-19, to the 2019-2021 performance share metrics or payouts. Performance for Adjusted Diluted EPS Growth was determined by comparing our Adjusted Diluted EPS at the beginning of the performance period to the Adjusted Diluted EPS at the conclusion of the performance period, which means that any adjustments made mid-period would be irrelevant to the growth calculation.benefit from this adjustment again in future years. The performance goals and results used to determine the final payout factor for the 2019-20212021-2023 performance shares were as follows:

Performance Metric

Weight

Threshold

Target

Maximum

Actual

Performance

Payout Factor

3-Year Adjusted Diluted EPS Growth

75%

6.2%

10.0%

13.6%

17.6%

200%

150%

3-Year TSR vs. S&P 500 (percentile)

25%

25

50

75

83

200%

50%

 

 

 

 

 

 

 

200%

Performance MetricWeight Threshold Target Maximum Actual Performance Payout
Factor
3-Year Adjusted Diluted EPS Growth75% 6.2% 10.0% 13.6% 14.8% 200% 150%
3-Year TSR vs. S&P 500 (percentile)25% 25% 50% 75% 55% 122% 30%
           Final Payout: 180%

Additional information on the vested value of the performance share awards earned by our named executive officers is set forth in the table and related footnotes below under “Compensation of Named Executive Officers—20212023 Option Exercises and Stock Vested.”

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Retirement, Perquisites and Termination Benefits

Retirement plans

We believe our retirement plans serve as an important tool to attract and retain our named executive officers and other key employees, and that we would be at a competitive disadvantage if we did not offer attractive retirement plans. We also believe that offering a baseline of stable retirement benefits encourages our named executive officers to make a long-term commitment to IQVIA.

The summaries below of our retirement plans should be read in conjunction with the tables and related footnotes under the sections entitled “Compensation of Named Executive Officers—20212023 Pension Benefits,” “—IMS Health Defined Benefit Retirement Plans” and “—20212023 Non-Qualified Deferred Compensation,” which provide more detail on the retirement benefits and deferred compensation values, if any, for each of our named executive officers.

Plan

Description

IMS Health Retirement Plan

U.S.-based legacy IMS Health employees, including Messrs. Bousbib, Bruehlman and Knightly, are eligible to participate in this tax-qualified defined benefit pension plan with a cash balance formula. Effective December 31, 2016, this plan was closed to new participants.

IMS Health Retirement Excess Plan

Certain U.S.-based legacy IMS Health employees, including Messrs. Bousbib, Bruehlman and Knightly, are eligible to participate in this unfunded, non-qualified retirement plan utilizing the same benefit formula, compensation recognition, retirement eligibility and vesting provisions as the tax-qualified IMS Health Retirement Plan. This excess plan provides pension benefits not provided by the IMS Health Retirement Plan due to Internal Revenue Code limits. Effective December 31, 2016, this plan was closed to new participants.

IMS Health Defined ContributionExecutive Retirement Plan

Certain U.S.-based legacy IMS Health employees are eligible to participate in the unfunded, non-qualified defined contribution plan that was frozen to new participants and accruals as of June 30, 2012. Mr. Knightly is the only named executive officer who participates in this plan.

IQVIA 401(k) Plan

U.S.-based employees, including our named executive officers, are eligible to participate in this tax-qualified, defined contribution plan. Employees may contribute a portion of their compensation to this plan and receive a matching Company contribution. For 2021,2023, our discretionary contribution generally matched the first 3% of employee contributions at 100%, and the next 3% of employee contributions at 50% (subject to Internal Revenue Code limitations). However, for employees eligible to participate in the IMS Health Retirement Plan, our discretionary matching contribution matched 50% of employee contributions up to 6% of compensation (subject to Internal Revenue Code limitations).

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PlanDescription

IQVIA Savings Equalization Plan

Certain U.S.-based employees, including our named executive officers, are eligible to participate in this unfunded, non-qualified defined contribution plan using the same benefit formula as in the IQVIA 401(k) Plan. The savings equalization plan provides the Company matching contributions that cannot be made under the 401(k) Plan due to Internal Revenue Code limits.

IQVIA Elective Deferred CompensationPlan

Certain U.S.-based employees, including our named executive officers, are eligible to participate in this elective non-qualified deferred compensation plan. The plan allows eligible employees to defer up to 80% of their base salaries and up to 100% of short-term incentive awards earned under the Annual Plan. Contributions consist solely of participants’ elective deferral contributions; there are no matching or other employer contributions.

Termination benefits

We provide severance, change of control and retirement protections to our Chief Executive Officer pursuant to his employment agreement. Mr. Staub has severance protection in his employment arrangement.  Messrs. Bruehlman, Knightly and Sherbet have severance protection through our Employee Protection Plan. These employment agreements and plans are summarized under “Compensation of Named Executive Officers—Potential Payments Upon Termination or Change in Control.” Our severance and change in control protections are designed to be fair and competitive and to aid in attracting and retaining experienced executives. We believe the protection we provide, including the level of

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severance payments and post-termination benefits and our limited change in control benefits, is appropriate and within the range of competitive practice. Mr. Panagos, who exited the Company on September 25, 2023, did not receive any severance benefits under the Employee Protection Plan.

Our employment agreements, plans and other compensation arrangements do not provide for any excise tax gross-up payment to our named executive officers. Any taxes, including golden parachute excise taxes, resulting from severance or any other change in control-related compensation are the responsibility of the executive.

Perquisites

For other elements of compensation provided to our named executive officers, such as perquisites and health and welfare benefits, the LDC Committee provides competitive benefits. The LDC Committee considers the views and experiences of the external compensation consultant on these matters. The LDC Committee believes that perquisites should not constitute a significant part of our executive compensation program but does provide certain perquisites to our named executive officers on an individual basis as it deems appropriate and reasonable.

We provide certain perquisites to our Chief Executive Officer each year pursuant to his employment agreement, all of which are considered compensation and subject to taxes. Our Chief Executive Officer receives reimbursement of reasonable expenses related to home security, financial and estate planning, tax preparation services, and executive physical exams in an annual amount not to exceed $50,000 in the aggregate; use of a Company-leased automobile and reimbursement of all related operating expenses; and personal use of corporate aircraft, subject to the business needs of the Company. We do not provide any tax gross-ups to our Chief Executive Officer in connection with any of these benefits. We believe the cost of providing such perquisites in 20212023 was reasonable and represents a relatively small percentage of the executive’s overall compensation package. The perquisites provided to our named executive officers in 20212023 are summarized and reported in the 20212023 Summary Compensation Table below in the section entitled “Compensation of Named Executive Officers.”

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Rigorous Accountability, Risk-Mitigation and Recovery Provisions

Share Ownership Guidelines

Under our share ownership guidelines established by the LDC Committee, our named executive officers are expected to own shares of our stock with a value equal to at least the multiples of their annual base salaries noted below. The below table reflects each named executive officer’s share ownership relative to their ownership requirement as of February 15, 2022.January 31, 2024, except for Mr. Panagos, who exited the Company on September 25, 2023.

 

Our share ownership guidelines are designed to increase each named executive officer’s ownership stake in IQVIA and align their interests with the interests of our stockholders.

For purposes of the share ownership guidelines, shares are treated as owned if they are owned directly, held through the named executive officer’s account under our retirement plans (if applicable), or if they are underlying unvested time-based restricted stock unit awards or unvested time-based restricted stock awards. Shares are not counted as owned for purposes of our share ownership guidelines if they are underlying any unvested

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performance shares or other performance-based awards or underlying any stock option award or SAR award, whether or not vested. While there is no set period in which these ownership levels must be met, named executive officers covered by the guidelines are required to retain at least 50% of the shares, net of applicable tax withholding and payment of exercise price (if applicable), they receive upon the vesting of long-term incentive awards or the exercise of stock options or SARs, until the share ownership guidelines are met.

Clawback PolicyPolicies

We maintain

The Board has adopted a formal recoupment,new clawback policy to comply with the requirements of Section 954 of the Dodd-Frank Act and the related rules and regulations promulgated by the SEC and NYSE (the restatement recovery policy). The restatement recovery policy provides for the mandatory recovery of incentive-based compensation received by current and former executive officers in the event of a material financial restatement.

In addition to the restatement recovery policy, the Board also adopted a new supplemental clawback policy to give the Board or, “clawback,” policyif delegated by the Board, the LDC Committee or the CEO, the discretion to provide for the recovery of incentive-based compensation paidfrom a wider set of employees and for a broader set of conduct than are required by the Dodd-Frank Act. The supplemental clawback policy retains Board, LDC Committee or CEO, as applicable, discretion to recover incentive-based compensation from current and former executive officers, among others, onemployees in the basisevent of detrimental conduct including (i) the commission of an act of fraud, bribery, misappropriation, embezzlement or any other unlawful behavior in the course of employment with the Company; (ii) a material violation of the Company’s Code of Conduct or its policies, (iii) misconduct that has resulted in, or has the potential to result in, material reputational or financial harm to the Company, or (iv) supervisory authority over an employee or business area engaged in the misconduct listed in (i)–(iii) above and knowledge of or willful blindness to, that misconduct.

We believe our clawback policies, which exceed the requirements of the Dodd-Frank Act and the rules of the SEC and the NYSE, further reduce the potential risk that our executives would intentionally misstate results that are subsequently restated as a result of misconduct or material noncompliance with financial reporting requirementsto benefit under GAAP and SEC rules, oran incentive program. Further, our award agreements also include equity forfeiture provisions in the event of a breachviolation of certain restrictive covenants. The Board administers this policy with respect to executive officerscovenant and has the sole discretion to invoke the policy and direct the Company to recover incentive-based compensation received by such individuals in such circumstances.confidentiality obligations. 

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Risk Assessment

In designing executive compensation, the LDC Committee seeks to create incentives to promote our long-term business success without encouraging undue risk taking. As part of its program design, the LDC Committee’s external compensation consultant performs a risk assessment annually. In 2021,2023, consistent with prior years, the external compensation consultant did not identify any areas of concern in our executive compensation program. The LDC Committee has reviewed our compensation programs, including the external compensation consultants’consultant’ risk assessment reports, and has concluded that the risks arising from them are not reasonably likely to have a material adverse effect on us. We do not believe our compensation programs generally, including the executive compensation program,practices, encourage excessive or inappropriate risk-taking. While appropriate risk-taking is a necessary component of growing a business, the LDC Committee and management have focused on aligning our compensation policies with our long-term interests and avoiding short-term rewards for management and employee decisions that could pose undue long-term risks.

Tax Deductibility

Section 162(m) of the Internal Revenue Code limits the deductibility of compensation paid to certain individuals, including certain current and former executive officers, to $1 million per year. Prior to a change in the tax law in late 2017, certain performance-based compensation awarded or paid by the Company, such as stock appreciation rights and, in some cases, performance shares and annual incentive plan awards, had been eligible to not be limited as to deductibility under Section 162(m) (if certain requirements had been met). After the change in tax law, as a general matter, all such compensation and other compensation paid to individuals covered by Section 162(m) will be subject to the limitation on deductibility, subject to limited grandfathering exceptions for certain compensation paid pursuant to written binding contracts in effect on November 2, 2017, and not materially modified after such date. The LDC Committee believes that its primary responsibility is to design and administer an executive compensation program that meets the Company’s objectives, and that stockholder interests are best served if it retains flexibility and discretion to approve compensation arrangements even if they may not qualify for full or partial tax deductibility and to amend existing arrangements even if such amendment could result in a loss or limitation of deductibility. Therefore, the LDC Committee has approved compensation arrangements for executive officers that did not qualify for full tax deductibility due to Section 162(m), and will continue to do so in the future.

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Compensation Committee
Report

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93
 

Leadership Development and Compensation Committee Report

The LDC Committee has reviewed and discussed with management the foregoing Compensation Discussion and Analysis. Based on such review and discussions, the LDC Committee recommended to the Board that the Compensation Discussion and Analysis be included in this Proxy Statement and incorporated by reference into our 2021 Annual Report on Form 10-K for filing with the SEC.year ended December 31, 2023. 

 

The Leadership Development and Compensation Committee

Ronald A. Rittenmeyer, Chair

Carol J. Burt,
Chair
John P. Connaughton

John G. Danhakl

Todd B. Sisitsky

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Compensation of Named
Executive Officers

20212023 Summary Compensation Table

The following table presents summary information regarding the compensation awarded to, earned by, or paid to each of our named executive officers for services rendered to us in all capacities for the fiscal years ended December 31, 2021, 20202023, 2022 and 2019,2021, if the named executive officer was an executive officer in that fiscal year.

Year   Salary
($)(1)
   Bonus
($)
   Stock
Awards
($)(2)
   Option
Awards
($)(3)
   Non-Equity
Incentive
Plan
Compensation
($)(4)
   Change
in Pension Value and
Non-Qualified
Deferred
Compensation
Earnings
($)(5)
   All Other
Compensation
($)(6)
   Total
($)
Ari Bousbib                
Chairman and Chief Executive Officer            
2023 1,800,000  16,405,071 4,752,781 4,779,661 844,991 569,248 29,151,752
2022 1,800,000  16,193,875 5,195,083 5,997,864 420,742 527,465 30,135,029
2021 1,800,000  14,108,891 4,425,579 7,200,000 535,539 545,842 28,615,851
Ronald E. Bruehlman                
Executive Vice President, Chief Financial Officer
2023 905,000  4,686,997 1,562,716 1,160,193 176,475 72,667 8,564,048
2022 895,400  4,626,672 1,484,298 1,402,009 132,354 79,321 8,620,054
2021 872,900  3,919,001 1,229,325 1,742,849 95,462 54,629 7,914,166
W. Richard Staub, III                
President, Research & Development Solutions
2023 391,667  781,050 260,432 455,887  38,890 1,927,926
2022 335,787  1,156,443 371,064 350,000  61,757 2,275,051
2021 614,075  1,410,793 442,539 1,026,297  69,961 3,563,665
Kevin C. Knightly                
President, Corporate Strategy and Enterprise Networks
2023 578,000  1,562,332 520,859 618,528 189,345 46,485 3,515,549
2022 572,250  1,541,973 494,772 700,683 52,070 47,253 3,409,001
2021 558,250  1,175,576 368,783 849,315 91,344 44,716 3,087,984
Eric M. Sherbet                
Executive Vice President, General Counsel and Secretary
2023 612,700  1,952,974 651,104 689,727  66,643 3,973,148
2022 562,075  1,734,576 556,586 701,930  61,087 3,616,254
2021 532,875  1,254,104 393,368 776,511  60,306 3,017,164
Costa Panagos                
Former President, Research & Development Solutions
2023 454,667  3,384,860 781,361   13,677 4,634,565
2022 581,875  2,521,655 494,772 736,039  48,413 4,382,754

IQVIA HOLDINGS INC.    2024 Proxy Statement95

Year

Salary

($)(1)

 

Bonus

($)

Stock

Awards

($)(2)

Option

Awards

($)(3)

Non-Equity

Incentive Plan

Compensation

($)(4)

Change in

Pension

Value and

Non-Qualified

Deferred

Compensation

Earnings

($)(5)

All Other

Compensation

($)(6)

Total

($)

Ari Bousbib

Chairman and Chief Executive Officer

2021

1,800,000

 

14,108,891

4,425,579

7,200,000

535,539

545,842

28,615,851

2020

1,643,333

 

8,316,609

7,599,668

6,522,980

898,824

594,572

25,575,986

2019

1,684,470

 

6,599,377

6,026,709

6,600,000

583,877

645,343

22,139,776

Ronald E. Bruehlman

Executive Vice President, Chief Financial Officer

2021

872,900

 

3,919,001

1,229,325

1,742,849

95,462

54,629

7,914,166

2020

358,333

(1) 

2,699,926

668,842

55,892

145,378

3,928,371

W. Richard Staub, III

President, Research & Development Solutions

2021

614,075

 

1,410,793

442,539

1,026,297

69,961

3,563,665

2020

584,833

 

831,555

759,967

806,021

62,289

3,044,665

2019

596,050

 

659,961

602,661

720,000

62,487

2,641,159

Kevin C. Knightly

President, Technology & Commercial Solutions

2021

558,250

 

1,175,576

368,783

849,315

91,344

44,716

3,087,984

2020

531,667

 

554,412

506,649

660,387

260,056

37,293

2,550,464

2019

542,500

 

659,961

602,661

600,000

173,261

35,366

2,613,749

Eric M. Sherbet

Executive Vice President, General Counsel and Secretary

2021

532,875

 

1,254,104

393,368

776,511

60,306

3,017,164

2020

507,500

 

831,555

759,967

677,437

51,075

2,827,534

2019

515,000

 

659,961

602,661

550,000

41,537

2,369,159

 
IQVIA HOLDINGS INC.    2022 Proxy Statement82

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(1)

Mr. Staub was appointed to President, Research & Development Solutions effective September 25, 2023. Salary information for Mr. BruehlmanStaub in 2020 reflects2023 includes amounts for his prior role with IQVIA. Mr. Panagos was appointed to President, Research & Development Solutions effective April 1, 2022. Salary information for Mr. Panagos in 2023 reflected amounts paid to him from August 1, 2020 to December 31, 2020, the period of time he served as our Chief Financial Officerthrough his exit effective September 25, 2023, and in 2020. In reaction to the COVID-19 pandemic, each of the above-named executive officers, along2022 includes amounts for his prior role with other members of senior management, voluntarily elected to forgo a percentage of his base salary for the period May 1 to June 30, 2020 (or, in the case of Mr. Bruehlman, his consulting fees for the same period), with the applicable percentage for our Chief Executive Officer being 50% and for the other named executive officers being 20%.

IQVIA.
(2)

Amounts reflect the aggregate grant date fair value of time-based RSUrestricted stock unit awards and/or performance shares (as applicable) granted in the relevant fiscal year computed in accordance with Accounting Standards Codification Topic 718, “Compensation—Stock Compensation,” or ASC 718, excluding the impact of estimated forfeitures. Assumptions used in the calculation of these amounts in 20212023 are included in Note 17 to our consolidated audited financial statements for the fiscal year ended December 31, 2021,2023, included in Part II of our Annual Report on Form 10-K. For performance shares granted to our named executive officers in 2021,2023, the amount reported in the table above is based on the probable outcome of the performance conditions associated with the awards as of the grant date. The grant date fair value of the performance shares, made in the form of restricted stock units, granted to each of our named executive officers in 2021,2023, assuming the highest level of achievement of the performance conditions, was $19,366,848$32,810,141 for Mr. Bousbib, $5,379,593$9,373,994 for Mr. Bruehlman, $1,936,676$1,562,100 for Mr. Staub, $1,613,667$3,124,665 for Mr. Knightly, and $1,721,459$3,905,947 for Mr. Sherbet.

Mr. Panagos forfeited his performance shares upon his exit from the Company on September 25, 2023.
(3)

Amounts reflect the aggregate grant date fair value for each SAR award granted in the relevant fiscal year as computed in accordance with ASC 718, excluding the impact of estimated forfeitures. Assumptions used in the calculation of these amounts in 20212023 are included in Note 17 to our consolidated audited financial statements for the fiscal year ended December 31, 2021,2023, included in Part II of our Annual Report on Form 10-K.

Mr. Panagos forfeited his SARs upon his exit from the Company on September 25, 2023.
(4)

Amounts for 20212023 reflect amounts to be paid in March 20222024 under the Annual Plan, as applicable to the named executive officer, as approved by the LDC Committee in February 2022.2024. See “Compensation Discussion and Analysis—20212023 Compensation Determinations—20212023 Short-Term Incentive Awards.”

Mr. Panagos was not eligible to receive a payment under the Annual Plan with respect to 2023.
(5)

2021

2023 values represent (i) the aggregate change in the present value of each named executive officer’s accumulated benefit under the IMS Health Retirement Plan and Retirement Excess Plan from December 31, 2020,2022, to December 31, 2021,2023, and (ii) interest earned from December 31, 2020,2022, to December 31, 2021,2023, on deferred compensation that is considered “above-market interest” under SEC rules. The change in pension value is broken down below to show the effect of an additional year of service by the named executive officer on the present values versus changes in present value attributable to actuarial assumptions. “Above market interest” is equal to the difference between the interest credited to the cash portion of Mr. Knightly’s account under the IMS Health Defined Contribution Executive Retirement Plan from December 31, 2020, to December 31, 2021, using the interest rate determined under the plan’s provisions (2.82%) and the interest that would have been credited using 120% of the long-term applicable federal rate for December 2021 (or 2.28% using annual compounding). Each of these components is shown in the following table:

Name

Change in Present Value of Pension Benefit

Above Market Interest

on Deferred

Compensation

($)

Due to additional

accruals

($)

Due to change

in actuarial

assumptions

($)

Total

($)

Ari Bousbib

596,488

(60,949)

535,539

Ronald E. Bruehlman

102,348

(6,886)

95,462

Kevin C. Knightly

110,648

(24,576)

86,072

5,272

   Change in Present Value of Pension Benefit
 Name                         Due to additional accruals
($)
              Due to change
in actuarial
assumptions
($)
              Total
($)
 Ari Bousbib 756,703 88,288 844,991
 Ronald E. Bruehlman 163,082 13,393 176,475
 Kevin C. Knightly 152,328 37,017 189,345
(6)

Amounts reported as “All Other Compensation” include the following items: (i) life insurance premiums of $7,524 each for Messrs. Bousbib Bruehlman and Knightly, $0 for Mr. Bruehlman, $4,435 for Mr. Staub, $4,902 for Mr. Sherbet and $4,902 each$1,967 for Messrs. Staub and Sherbet;Mr. Panagos; (ii) matching contributions to the IQVIA 401(k) plan on behalf of our named executive officers of $8,700$9,900 each for Messrs. Bousbib and Bruehlman, and Knightly and $13,050 each$14,850 for Messrs. Staub and Sherbet;Sherbet, $8,842 for Mr. Knightly, and $11,711 for Mr. Panagos; (iii) certain make-whole plan contributions to the IQVIA Savings Equalization Plan on behalf of our named executive officers equal to the amounts that would have been contributed by us on behalf of each of the named executive officers to the applicable tax-qualified 401(k) plan under the plan’s matching contribution formula if not for certain limits applicable to tax-qualified plans under the Internal Revenue Code of $246,460$237,095 for Mr. Bousbib, $38,405$62,767 for Mr. Bruehlman, $52,009$19,605 for Mr. Staub, $28,492$30,119 for Mr. Knightly, and $42,354$46,891 for Mr. Sherbet; and (iv) other perquisites for Mr. Bousbib, including (x) reimbursement of estate planning services of up to $50,000, (y) automobile lease payments and operating expenses related thereto of $28,220$35,819 and (z) personal usage of the Company’s aircraft of $204,938.$228,910. For safety, security and productivity reasons, we strongly encourage Mr. Bousbib to use the Company’s aircraft for personal travel. Subject to the business needs of the Company, Mr. Bousbib is entitledpermitted to use of the corporate aircraft for personal use up to 150 hours per year, subject to the business needs of the Company.year. The amount of incremental cost for personal aircraft usage is determined by calculating the hourly variable costs (i.e., fuel, catering, aircraft maintenance, landing and parking fees, crew costs and other miscellaneous costs) for the aircraft, and then multiplying the result by the hours flown for personal use during the year.

IQVIA HOLDINGS INC.    2024 Proxy Statement96
 
IQVIA HOLDINGS INC.    2022 Proxy StatementBack to Contents83

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20212023 Grants of Plan-Based Awards

The following table sets forth information regarding plan-based awards made to each of our named executive officers during 2021.2023. 

Name

Grant

Date

Committee

Action

Date

Estimated Future Payouts

Under Non-Equity Incentive

Plan Awards(1)

 

Estimated Future Payouts

Under Equity Incentive

Plan Awards(4)

All Other

Stock

Awards:

Number of

Shares of

Stock or

Units

(#)(5)

All Other

Option

Awards:

Number of

Securities

Underlying

Options

(#)(6)

Exercise

or Base

Price of

Option

Awards

($)(7)

Grant

Date Fair

Value of

Stock and

Option

Awards

($)(8)

Threshold

($)(2)

Target

($)

Maximum

($)(3)

Threshold

(#)

Target

(#)

Maximum

(#)

Ari Bousbib

 

 

 

 

 

 

 

 

 

 

 

 

3,600,000

7,200,000

 

 

2/9/2021

2/9/2021

 

24,075

48,151

96,302

9,683,424

 

2/9/2021

2/9/2021

 

24,075

4,425,467

 

2/9/2021

2/9/2021

 

96,124

183.82

4,425,579

Ronald E. Bruehlman

 

 

 

 

 

 

 

 

 

 

 

 

885,800

1,771,600

 

 

2/9/2021

2/9/2021

 

6,687

13,375

26,750

2,689,797

 

2/9/2021

2/9/2021

 

6,687

1,229,204

 

2/9/2021

2/9/2021

 

26,701

183.82

1,229,325

W. Richard Staub, III

 

 

 

 

 

 

 

 

 

 

 

 

529,678

1,059,356

 

 

2/9/2021

2/9/2021

 

2,407

4,815

9,630

968,338

 

2/9/2021

2/9/2021

 

2,407

442,455

 

2/9/2021

2/9/2021

 

9,612

183.82

442,539

Kevin C. Knightly

 

 

 

 

 

 

 

 

 

 

 

 

481,525

963,050

 

 

2/9/2021

2/9/2021

 

2,006

4,012

8,024

806,833

 

2/9/2021

2/9/2021

 

2,006

368,743

 

2/9/2021

2/9/2021

 

8,010

183.82

368,783

Eric M. Sherbet

 

 

 

 

 

 

 

 

 

 

 

 

405,563

811,126

 

 

2/9/2021

2/9/2021

 

2,140

4,280

8,560

860,729

 

2/9/2021

2/9/2021

 

2,140

393,375

 

2/9/2021

2/9/2021

 

8,544

183.82

393,368

(1)

Represents annual cash incentive award opportunities granted under the Annual Plan. As described in “Compensation Discussion and Analysis—2021 Short-Term Incentive Awards” above, each named executive officer was eligible to receive a target annual incentive equal to a percentage of his annual base salary. The actual amount paid to our named executive officers under the Annual Plan for 2021 is included in the Summary Compensation Table above, in the column labeled “Non-Equity Incentive Plan Compensation.”

(2)

Under the Annual Plan, amounts shown in the “threshold” column assume our LDC Committee exercises its discretion to authorize the lowest possible award (or $0) for each named executive officer. See “Compensation Discussion and Analysis—2021 Compensation Determinations—2021 Short-Term Incentive Awards.”

(3)

Under the Annual Plan, amounts shown in the “Maximum” column represent 200% of the named executive officers’ target award amount. See “Compensation Discussion and Analysis— 2021 Compensation Determinations —2021 Short-Term Incentive Awards.”

(4)

Represents performance shares granted in 2021. See “Compensation Discussion and Analysis— 2021 Compensation Determinations —2021 Long-Term Incentive Awards.”

    



Estimated Future Payouts
Under Non-Equity Incentive
Plan Awards(1)

 

Estimated Future Payouts
Under Equity Incentive Plan
Awards(4)

 All Other
Stock
Awards:
Number
of Shares
of Stock or
Units
(#)
 All Other
Option
Awards:
Number of
Securities
Underlying
Options
($)(5)
 Exercise or
Base Price
of Option
Awards
($)(6)
 Grant Date
Fair Value
of Stock
and Option
Awards
($)(7)
Name    Grant
Date
    Threshold
($)(2)
    Target
($)
    Maximum
($)(3)
    
Threshold

(#)
    Target
(#)
    Maximum
(#)
                
Ari Bousbib 
    3,600,000 7,200,000       
  2/13/23    35,339 70,678 141,356    16,405,071
  2/13/23        72,102 232.11 4,752,781
Ronald E. Bruehlman 
    905,000 1,810,000       
  2/13/23    10,096 20,193 40,386    4,686,997
  2/13/23        20,600 232.11 1,562,716
W. Richard Staub, III 
    302,575 605,150       
  2/13/23    1,682 3,365 6,730    781,050
  2/13/23        3,433 232.11 260,432
Kevin C. Knightly 
    491,300 982,600       
  2/13/23    3,365 6,731 13,462    1,562,332
  2/13/23        6,866 232.11 520,859
Eric M. Sherbet 
    492,069 984,138       
  2/13/23    4,207 8,414 16,828    1,952,974
  2/13/23        8,583 232.11 651,104
Costa Panagos
            
  2/13/23    7,291 14,583 29,166    3,384,860
  2/13/23        10,300 232.11 781,361
                       
(1)Represents annual cash incentive award opportunities granted under the Annual Plan. As described in “Compensation Discussion and Analysis—2023 Compensation Determinations—Short-Term Incentive Awards” above, each named executive officer, other than Mr. Panagos, was eligible to receive a target annual incentive equal to a percentage of his annual base salary. The actual amount paid to our named executive officers under the Annual Plan for 2023 is included in the Summary Compensation Table above, in the column labeled “Non-Equity Incentive Plan Compensation.”
IQVIA HOLDINGS INC.    2022 Proxy Statement(2)84Under the Annual Plan, amounts shown in the “threshold” column assume our LDC Committee exercises its discretion to authorize the lowest possible award (or $0) for each named executive officer. See “Compensation Discussion and Analysis—2023 Compensation Determinations—2023 Short-Term Incentive Awards.”

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(3)
Under the Annual Plan, amounts shown in the “Maximum” column represent 200% of the named executive officers’ target award amount. See “Compensation Discussion and Analysis—2023 Compensation Determinations—2023 Short-Term Incentive Awards.”
(4)Represents performance shares granted in 2023. See “Compensation Discussion and Analysis—2023 Compensation Determinations—2023 Long-Term Incentive Awards.” Mr. Panagos forfeited his performance shares upon his exit from the Company on September 25, 2023.
(5)

Consists of the number of time-based RSUsSARs granted in 2021,2023, which vest over three years in three equal installments beginning on the first anniversary of the grant date. See “Compensation Discussion and Analysis— 20212023 Compensation Determinations —2021Determinations—2023 Long-Term Incentive Awards.”

(6)

Consists of Mr. Panagos forfeited his SARs upon his exit from the number of time-based SARs granted in 2021, which vest over three years in three equal installments beginningCompany on the first anniversary of the grant date. See “Compensation Discussion and Analysis— 2021 Compensation Determinations —2021 Long-Term Incentive Awards.”

(7)

September 25, 2023.

(6)The exercise price is equal to the closing price per share of our common stock on the grant date, as reported on the NYSE.

(8)

(7)Reflects the grant date fair value of equity awards granted in 20212023 determined in accordance with FASB ASC Topic 718. See footnotes (2) and (3) to the “Summary“2023 Summary Compensation Table.”

IQVIA HOLDINGS INC.    2024 Proxy Statement97

Narrative Disclosure to Summary Compensation Table and 20212023 Grants of Plan-Based Awards Table

We have entered into agreements with Messrs. Bousbib, Bruehlman, Staub and Sherbet governing the terms of their employment. The material terms of each of the agreements with these named executive officersagreement are described below. Each of the agreements also provides for certain payments and benefits to which the named executive officer may be entitled in connection with a termination of employment or upon a change in control, which are described below under “—Potential Payments Upon Termination or Change in Control”.Control.”

Employment Agreement with Our Chief Executive Officer

Mr. Bousbib

Our employment agreement with, Mr. Bousbib, our Chief Executive Officer, provides for a base salary that is currently set at $1.8 million and is subject to annual review. Pursuant to the agreement, heMr. Bousbib is eligible to receive an annual bonus with a target amount of 200% of his annual base salary. In addition,Mr. Bousbib is also eligible to participate in our Chief Executive Officersavings, retirement and health and welfare plans, certain deferred compensation plans and our long-term incentive plan, each in accordance with its terms, and he is provided certain perquisites, as described more fully under “Compensation Discussion and Analysis—2023 Compensation Determinations—Retirement, Perquisites and Termination Benefits—Perquisites” and in note 6 to the “2023 Summary Compensation Table” above. 

The employment agreement renews annually on July 26th for an additional one-year term unless either party gives notice of non-renewal at least sixty days in advance. The employment agreement further provides for certain restrictive covenants in favor of the Company, including non-competition and non-solicitation of our customers or employees for 24 months following termination of his employment with us.

Agreements with Messrs. Bruehlman, Staub and Sherbet

We have letter agreements with each of Messrs. Bruehlman, Staub and Sherbet that provide for a base salary, subject to annual review, and a target annual bonus expressed as a percentage of base salary. The letter agreements do not specify a term of employment, and either the Company or Messrs. Bruehlman, Staub and Sherbet, as applicable, may terminate the employment relationship at any time for any reason. Each of Messrs. Bruehlman, Staub and Sherbet is also eligible to participate in our savings, retirement and health and welfare plans, certain deferred compensation plans and our long-term incentive plan in accordance with their terms,terms. 

Messrs. Bruehlman’s, Staub’s and he is also provided certain perquisites, as described more fully under “Compensation Discussion and Analysis—2021 Compensation

Determinations—Retirement, Perquisites and Termination Benefits—Perquisites,” and in note 6 to the “2021 Summary Compensation Table” above. The employment agreement renews annually on July 26th for a further one-year term unless either party gives notice of non-renewal at least sixty days in advance.

The employment agreement further provides for certain restrictive covenants in favor of the Company, including a covenant not to compete with us or to solicit our clients or employees during and for 24 months following termination of his employment with us.

Agreements with Mr. Bruehlman

We have a letter agreement with Mr. Bruehlman that provides for a base salary that isSherbet’s salaries are currently set at $885,800$905,000, $800,000 and is subject to annual review. The letter agreement does not specify a term of employment,$642,000, respectively, and either we or Mr. Bruehlman may terminate the employment relationship at any time for any reason. Pursuant to the letter agreement, Mr. Bruehlman’s target annual bonus is 100% of his annual base salary; and he is also eligible to participate in our savings, retirement and welfare plans and long-term incentive plan in accordance with their terms.

Mr. Bruehlman is also subject to a non-competition agreement that includes, among other things, provisions regarding non-competition and non-solicitation of customers and employees for 12 months following his termination of employment for any reason.

IQVIA HOLDINGS INC.    2022 Proxy Statement85

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Agreements with Mr. Staub

We have a letter agreement with Mr. Staub that provides for a base salary that is currentlybonuses are set at $623,150100%, 100% and is subject to annual review. The letter agreement does not specify a term85%, respectively. 

Each of employment,Messrs. Bruehlman, Staub and either we or Mr. Staub may terminate the employment relationship at any time for any reason. Pursuant to the letter agreement, Mr. Bruehlman’s target annual bonus is 85% of his annual base salary; and he is also eligible to participate in our savings, retirement and welfare plans and long-term incentive plan in accordance with their terms.

Mr. Staub is also subject to a non-competition agreement that includes, among other things, provisions regarding non-competition and non-solicitation of customers and employees for 24 months following his termination of employment for any reason.

Agreements with Mr. Sherbet

We have a letter agreement with Mr. Sherbet that provides for a base salary that is currently set at $540,750 and is subject to annual review. The letter agreement does not specify a term of employment, and either we or Mr. Sherbet may terminate the employment relationship at any time for any reason. Pursuant to the letter agreement, Mr. Sherbet’s target annual bonus is 75% of his annual base salary; and he is also eligible to participate in our savings, retirement and welfare plans and long-term incentive plan in accordance with their terms.

Mr. Sherbet is also subject to a non-competition agreement that includes, among other things, provisions regarding non-competition and non-solicitation of customers and employees for 12 months, with respect to Messrs. Bruehlman and Sherbet and 24 months with respect to Mr. Staub, following his termination of employment for any reason.

IQVIA HOLDINGS INC.    2024 Proxy Statement98
 
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Outstanding Equity Awards at Fiscal Year-End for 20212023

The following table sets forth information regarding long-term incentive awards held by our named executive officers as of December 31, 2021.2023. 

    Option/SAR Awards Stock Awards
Name Grant
Date
  Number of
Securities
Underlying
Unexercised
Options/
SARs
(exercisable)
(#)
  Number of
Securities
Underlying
Unexercised
Options/SARs
(unexercisable)
(#)
  Equity
Incentive
Awards:
Number of
Securities
Underlying
Unexercised
Unearned
Options/
SARs
(#)
  Option/
SARs
Exercise
Price
($)
  Option/
SARs
Option
Expiration
Date
   Number of
Shares or
Units of
Stock That
Have Not
Vested
(#)
  Market
Value of
Shares or
Units of
Stock That
Have Not
Vested
($)(1)
  Equity
Incentive
Plan Awards:
Number of
Unearned
Shares,
Units or
Other Rights
That Have Not
Vested
(#)
  Equity
Incentive
Plan Awards:
Market or
Payout Value
of Unearned
Units or
Other Rights
That Have
Not Vested
($)(1)(2)
Ari Bousbib 2/10/2015 82,847   65.16 2/10/2025    
 2/2/2016 127,592   59.90 2/2/2026    
  2/2/2017 156,206   78.21 2/2/2027    
  2/8/2018 160,457   95.23 2/8/2028    
  2/13/2019 184,364   131.82 2/13/2029    
  2/11/2020 224,040   161.70 2/11/2030    
  2/9/2021 64,082 32,042  183.82 2/9/2031    
  2/10/2022 25,490 50,982  250.43 2/10/2032    
  2/13/2023  72,102  232.11 2/13/2033    
  2/9/2021      8,025 1,856,825  
  2/10/2022      13,695 3,168,749 41,084 9,506,016
  2/13/2023        70,678 16,353,476
Ronald E. Bruehlman 2/9/2021 17,800 8,901  183.82 2/9/2031    
 2/10/2022 7,283 14,566  250.43 2/10/2032    
  2/13/2023  20,600  232.11 2/13/2033    
  2/9/2021      2,229 515,746  
  2/10/2022      3,913 905,390 11,738 2,715,938
  2/13/2023        20,193 4,672,256
W. Richard Staub, III 2/9/2021  3,204  183.82 2/9/2031    
 2/10/2022 1,820 3,642  250.43 2/10/2032    
  2/13/2023  3,433  232.11 2/13/2033    
  2/9/2021      803 185,798  
  2/10/2022      978 226,290 2,934 678,869
  2/13/2023        3,365 778,594
Kevin C. Knightly 2/2/2017 18,224   78.21 2/2/2027    
 2/8/2018 21,394   95.23 2/8/2028    
  2/13/2019 18,436   131.82 2/13/2029    
  2/11/2020 14,936   161.70 2/11/2030    
  2/9/2021 5,340 2,670  183.82 2/9/2031    
  2/10/2022 2,427 4,856  250.43 2/10/2032    
  2/13/2023  6,866  232.11 2/13/2023    
  2/9/2021      669 154,793  
  2/10/2022      1,304 301,720 3,912 905,159
  2/13/2023        6,731 1,557,419

IQVIA HOLDINGS INC.    2024 Proxy Statement99

Name 

Grant

Date

Option/SAR Awards

 

Stock Awards

Number of

Securities

Underlying

Unexercised

Options/

SARs

(exercisable)

(#)

Number of

Securities

Underlying

Unexercised

Options/SARs

(unexercisable)

(#)(3)

Equity

Incentive

Awards:

Number of

Securities

Underlying

Unexercised

Unearned

Options/

SARs

(#)

Option/

SARs

Exercise

Price

($)

Option/

SARs

Option

Expiration

Date

Number of

Shares or

Units of

Stock

That

Have Not

Vested

(#)

Market

Value of

Shares or

Units of

Stock That

Have Not

Vested

($)(1)

Equity

Incentive

Plan Awards:

Number of

Unearned

Shares,

Units or Other

Rights That

Have Not

Vested

(#)

Equity

Incentive

Plan Awards:

Market or

Payout Value

of Unearned

Units or Other

Rights That

Have Not

Vested

($)(1)(2)

Ari Bousbib

2/10/2015

82,847

65.16

2/10/2025

 

2/2/2016

127,592

59.90

2/2/2026

 

2/2/2017

156,206

78.21

2/2/2027

 

2/8/2018

160,457

95.23

2/8/2028

 

2/13/2019

122,909

61,455

131.82

2/13/2029

 

2/11/2020

74,680

149,360

161.70

2/11/2030

 

2/9/2021

96,124

183.82

2/9/2031

 

2/11/2020

 

46,895

13,230,955

 

2/9/2021

 

24,075

6,792,521

48,151

13,585,323

Ronald E. Bruehlman

2/9/2021

26,701

183.82

2/9/2031

 

8/3/2020

 

11,168

3,150,940

 

2/9/2021

 

6,687

1,886,670

13,375

3,773,623

W. Richard Staub, III

2/8/2018

7,132

95.23

2/8/2028

 

2/13/2019

6,145

6,146

131.82

2/13/2029

 

2/11/2020

7,468

14,936

161.70

2/11/2030

 

2/9/2021

9,612

183.82

2/9/2031

 

2/11/2020

 

4,689

1,322,954

2/9/2021

 

2,407

679,111

4,815

1,358,504

Kevin C. Knightly

2/10/2015

8,284

65.16

2/10/2025

 

2/2/2016

10,207

59.90

2/2/2026

 

2/2/2017

18,224

78.21

2/2/2027

 

2/8/2018

21,394

95.23

2/8/2028

 

2/13/2019

12,290

6,146

131.82

2/13/2029

 

2/11/2020

4,978

9,958

161.70

2/11/2030

 

2/9/2021

8,010

183.82

2/9/2031

 

2/11/2020

 

3,126

881,970

 

2/9/2021

 

2,006

565,973

4,012

1,131,946

Eric M. Sherbet

3/1/2018

11,870

97.20

3/1/2028

 

2/13/2019

12,290

6,146

131.82

2/13/2029

 

2/11/2020

7,468

14,936

161.70

2/11/2030

 

2/9/2021

8,544

183.82

2/9/2031

 

 

2/11/2020

 

4,689

1,322,954

2/9/2021

 

2,140

603,780

4,280

1,207,559

(1)

The values shown equal the number of shares or units multiplied by $282.14, the closing price of a share of our common stock on December 31, 2021, as reported on the NYSE.

 
    Option/SAR Awards Stock Awards
Name  Grant
Date
  Number of
Securities
Underlying
Unexercised
Options/
SARs
(exercisable)
(#)
  Number of
Securities
Underlying
Unexercised
Options/SARs
(unexercisable)
(#)
  Equity
Incentive
Awards:
Number of
Securities
Underlying
Unexercised
Unearned
Options/
SARs
(#)
  Option/
SARs
Exercise
Price
($)
  Option/
SARs
Option
Expiration
Date
   Number of
Shares or
Units of
Stock That
Have Not
Vested
(#)
  Market
Value of
Shares or
Units of
Stock That
Have Not
Vested
($)(1)
  Equity
Incentive
Plan Awards:
Number of
Unearned
Shares,
Units or
Other Rights
That Have Not
Vested
(#)
  Equity
Incentive
Plan Awards:
Market or
Payout Value
of Unearned
Units or
Other Rights
That Have
Not Vested
($)(1)(2)
Eric M. Sherbet 3/1/2018 11,870   97.20 3/1/2028    
 2/13/2019 18,436   131.82 2/13/2029    
  2/11/2020 22,404   161.70 2/11/2030    
  2/9/2021 5,696 2,848  183.82 2/9/2031    
  2/10/2022 2,731 5,462  250.43 2/10/2032    
  2/13/2023  8,583  232.11 2/13/2033    
  2/9/2021      714 165,205  
  2/10/2022      1,467 339,434 4,401 1,018,303
  2/13/2023        8,414 1,946,831
(1)The values shown equal the number of shares or units multiplied by $231.38, the closing price of a share of our common stock on December 29, 2023, as reported on the NYSE.
IQVIA HOLDINGS INC.    2022 Proxy Statement(2)87

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(2)

The number of shares and the payout value reported reflect payout assuming target performance is achieved.

(3)

The following table shows the vesting dates of the outstanding and unvested awards held by our named executive officers as of December 31, 2021.2023. Vesting is generally subject to the named executive officer’s continued service with us through the applicable vesting date. All unvested equity awards held by our Chief Executive Officer are subject to acceleration and/or continued vesting in certain cases (discussed below in the section entitled “—Potential Payments Upon Termination or Change in Control”).

IQVIA HOLDINGS INC.    2024 Proxy Statement100

Name

Name

Grant
Date
Number of


Securities


Underlying


Unexercised

Options/
SARs


(unexercisable)


(#)

Vesting Date


Schedule

Number of


Shares or


Units of


Stock That


Have Not


Vested


(#)

Vesting Date


Schedule

Equity
Incentive

Plan
Awards:


Number of
Unearned


Shares, Units
or


Other Rights
That

Have Not
Vested


(#)

Vesting Date


Schedule

AriBousbib

2/13/2019

61,455

2/9/2021

2/13/2022

32,042

2/9/2024

2/11/2020

74,680

2/10/2022

2/11/2022

25,491

2/10/2024

2/11/2020

74,680

2/11/2023

2/9/2021

32,041

2/9/2022

2/9/2021

32,041

2/9/2023

2/9/2021

32,042

2/9/2024

2/11/2020

46,895

12/31/2022

2/9/2021

48,151

12/31/2023

2/9/2021

8,025

2/9/2022

2/9/2021

8,025

2/9/2023

2/9/2021

8,025

2/9/2024

RonaldE.Bruehlman

8/3/2020

5,584

8/3/2022

8/3/2020

5,584

8/3/2023

2/9/2021

8,900

2/9/2022

2/9/2021

8,900

2/9/2023

2/9/2021

8,901

2/9/2024

2/9/2021

13,375

12/31/2023

2/9/2021

2,229

2/9/2022

2/9/2021

2,229

2/9/2023

2/9/2021

2,229

2/9/2024

W.RichardStaub,III

2/13/2019

6,146

2/13/2022

2/11/2020

7,468

2/11/2022

2/11/2020

7,468

2/11/2023

2/9/2021

3,204

2/9/2022

2/9/2021

3,204

2/9/2023

2/9/2021

3,204

2/9/2024

2/11/2020

4,689

12/31/2022

2/9/2021

4,815

12/31/2023

2/9/2021

802

2/9/2022

2/9/2021

802

2/9/2023

2/9/2021

803

2/9/2024

  
IQVIA HOLDINGS INC.    2/10/2022 Proxy Statement8825,4912/10/2025

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Name

Grant

Date

Number of

Securities

Underlying

Unexercised

Options/SARs

(unexercisable)

(#)

Vesting Date

Schedule

Number of

Shares or

Units of

Stock That

Have Not

Vested

(#)

Vesting Date

Schedule

Equity Incentive

Plan Awards:

Number of Unearned

Shares, Units or

Other Rights That

Have Not Vested

(#)

Vesting Date

Schedule

KevinC.Knightly

2/13/2019

6,146

2/13/2022

2/11/2020

4,979

2/11/2022

2/11/2020

4,979

2/11/2023

2/9/2021

2,670

2/9/2022

2/9/2021

2,670

2/9/2023

2/9/2021

2,670

2/9/2024

2/11/2020

3,126

12/31/2022

2/9/2021

4,012

12/31/2023

2/9/2021

668

2/9/2022

2/9/2021

669

2/9/2023

2/9/2021

669

2/9/2024

EricM.Sherbet

2/13/2019

6,146

2/13/2022

2/11/2020

7,468

2/11/2022

2/11/2020

7,468

2/11/2023

2/9/2021

2,848

2/9/2022

2/9/2021

2,848

2/9/2023

2/9/2021

2,848

2/9/2024

2/11/2020

4,689

12/31/2022

2/9/2021

4,280

12/31/2023

2/9/2021

713

2/9/2022

2/9/2021

713

2/9/2023

2/9/2021

714

2/9/2024

  2/13/202324,0342/13/2024
2/13/202324,0342/13/2025
2/13/202324,0342/13/2026
2/9/20218,0252/9/2024
2/10/20226,8472/10/2024
2/10/20226,8482/10/2025
2/10/202241,08412/31/2024
2/13/202370,67812/31/2025
Ronald E. Bruehlman2/9/20218,9012/9/2024
2/10/20227,2832/10/2024
2/10/20227,2832/10/2025
2/13/20236,8662/13/2024
2/13/20236,8672/13/2025
2/13/20236,8672/13/2026
2/9/20212,2292/9/2024
2/10/20221,9562/10/2024
2/10/20221,9572/10/2025
2/10/202211,73812/31/2024
2/13/202320,19312/31/2025
W. Richard Staub, III2/9/20213,2042/9/2024
2/10/20221,8212/10/2024
2/10/20221,8212/10/2025
2/13/20231,1442/13/2024
2/13/20231,1442/13/2025
2/13/20231,1452/13/2026
2/9/20218032/9/2024
2/10/20224892/10/2024
2/10/20224892/10/2025
2/10/20222,93412/31/2024
2/13/20233,36512/31/2025

IQVIA HOLDINGS INC.    20222024 Proxy Statement89101

NameGrant
Date
Number of Securities
Underlying
Unexercised
Options/SARs
(unexercisable)
(#)
Vesting
Date
Schedule
Number of
Shares or
Units of
Stock That
Have Not
Vested
(#)
Vesting Date
Schedule
Equity
Incentive Plan
Awards:
Number of
Unearned
Shares, Units or
Other Rights
That Have
Not Vested
(#)
Vesting
Date
Schedule
Kevin C. Knightly2/9/20212,6702/9/2024
2/10/20222,4282/10/2024
2/10/20222,4282/10/2025
2/13/20232,2882/13/2024
2/13/20232,2892/13/2025
2/13/20232,2892/13/2026
2/9/20216692/9/2024
2/10/20226522/10/2024
2/10/20226522/10/2025
2/10/20223,91212/31/2024
2/13/20236,73112/31/2025
Eric M. Sherbet2/9/20212,8482/9/2024
2/10/20222,7312/10/2024
2/10/20222,7312/10/2025
2/13/20232,8612/13/2024
2/13/20232,8612/13/2025
2/13/20232,8612/13/2026
2/9/20217142/9/2024
2/10/20227332/10/2024
2/10/20227342/10/2025
2/10/20224,40112/31/2024
2/13/20238,41412/31/2025

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IQVIA HOLDINGS INC.    2024 Proxy Statement102

20212023 Option Exercises and Stock Vested

The following table sets forth information regarding stock options and/or SARs exercised and the vesting of restricted stock, restricted stock units and/or performance shares by our named executive officers during 2021.2023. 

 Name

Option/SAR Awards

 

Stock Awards(2)

Number of

Shares Acquired

on Exercise

(#)

Value

Realized on

Exercise

($)(1)

Number of

Shares Acquired

on Vesting(3)

(#)

Value

Realized on

Vesting

($)

Ari Bousbib

— 

— 

 

218,434 

49,188,722

Ronald E. Bruehlman

— 

— 

 

5,583 

1,395,638 

W. Richard Staub, III

— 

— 

 

9,114 

2,571,424 

Kevin C. Knightly

— 

— 

 

9,114 

2,571,424 

Eric M. Sherbet

— 

— 

 

9,114 

2,571,424 

(1)

Calculated by multiplying the number of shares of our common stock acquired upon exercise by the difference between the exercise price and the market price of our common stock on the exercise date.

(2)

Amounts shown in these columns reflect restricted stock, restricted stock units and/or performance share awards that vested during 2021. The performance share awards for the 2019-2021 performance period vested on December 31, 2021, and were earned by each named executive officer based on the LDC Committee’s certification on February 9, 2022. See “Compensation Discussion and Analysis—2021 Compensation Determinations—2021 Long-Term Incentive Awards—Performance share determinations for 2021.” The value realized upon the vesting of restricted stock, restricted stock units and/or performance shares was calculated, as required by SEC rules, using the closing price of our common stock as quoted on the NYSE on the date such restricted stock, restricted stock units and/or performance shares became vested.

(3)

After withholding shares sufficient to cover applicable taxes and fees due upon the vesting of restricted stock, restricted stock units and/or performance shares, the named executive officers retained a total of 130,905 net shares in aggregate with individual shares retained as follows:

  Option/SAR Awards Stock Awards(2)
Name Number of
Shares Acquired on
Exercise (#)
 Value Realized on
Exercise ($)(1)
 Number of
Shares Acquired on
Vesting (#)(3)
 Value Realized on
Vesting ($)
Ari Bousbib   101,784 28,101,177
Ronald E. Bruehlman   33,910 7,742,744
W. Richard Staub, III 48,235 3,588,807 9,981 2,304,370
Kevin C. Knightly 18,491 2,810,142 8,562 1,974,792
Eric M. Sherbet   9,171 2,114,963
Costa Panagos 26,186 1,547,789 9,685 2,202,331

(1)Calculated by multiplying the number of shares of our common stock acquired upon exercise by the difference between the exercise price and the market price of our common stock on the exercise date.
(2)Amounts shown in these columns reflect restricted stock units and/or performance share awards that vested during 2023. The performance share awards for the 2021-2023 performance period vested on December 31, 2023, and were earned by each named executive officer based on the LDC Committee’s certification on February 6, 2024. See “Compensation Discussion and Analysis—2023 Compensation Determinations—2023 Long-Term Incentive Awards—Performance share determinations for 2023.” The value realized upon the vesting of restricted stock units and/or performance shares was calculated, as required by SEC rules, using the closing price of our common stock as quoted on the NYSE on the date such restricted stock units and/or performance shares became vested.
(3)After withholding shares sufficient to cover applicable taxes and fees due upon the vesting of restricted stock units and/or performance shares, the named executive officers retained a total of 93,070 net shares in aggregate with individual shares retained as follows:

NameTotal Net Shares
Retained
Ari Bousbib50,514
Ronald E. Bruehlman19,477
W. Richard Staub, III6,261
Kevin C. Knightly5,260
Eric M. Sherbet6,156
Costa Panagos5,402

IQVIA HOLDINGS INC.    2024 Proxy Statement103

Name

Total Net Shares

Retained

AriBousbib

110,970 

RonaldE.Bruehlman

3,192 

W.RichardStaub,III

5,637 

KevinC.Knightly

5,463 

EricM.Sherbet

5,643 

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IQVIA HOLDINGS INC.    2022 Proxy Statement90

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20212023 Pension Benefits

The following table sets forth information regarding the present value of the accumulated benefits of our named executive officers under our pension plans assumed from IMS Health in the Merger as of December 31, 2021.2023. Only Messrs. Bousbib, Bruehlman and Knightly, as legacy IMS Health employees, are eligible to participate in such plans. No amounts were paid to any of our named executive officers under our pension plans during our 20212023 fiscal year.

Name Plan Name Number of Years
of Credited
Service(1)
 Present
Value of
Accumulated
Benefit ($)(2)
 Payments
During Last
Fiscal Year
 Present Value of
Lump Sum
Payable if
Terminated on
12/31/23 ($)(3)
Ari Bousbib IMS Health Retirement Plan 12.33 238,263  
  IMS Health Retirement Excess Plan 12.33 5,348,006  5,547,756
Ronald E. Bruehlman   IMS Health Retirement Plan 8.50 176,772  
  IMS Health Retirement Excess Plan 8.50 542,427  557,827
W. Richard Staub, III     
Kevin C. Knightly IMS Health Retirement Plan 40.42 682,167  
  IMS Health Retirement Excess Plan 40.42 967,348  1,001,004
Eric M. Sherbet     
Costa Panagos     

Name

(1)

Plan Name

Number of

Years of

Credited

Service(1)

Present

Value of

Accumulated

Benefit

($)(2)

Payments

During

Last

Fiscal Year

Present Value

of Lump Sum

Payable

if Terminated

on 12/31/21

($)(3)

AriBousbib

IMS Health Retirement Plan

IMS Health Retirement Excess Plan

10.33 

10.33 

212,167 

4,159,604 

— 

— 

4,584,346

RonaldE.Bruehlman

IMS Health Retirement Plan

IMS Health Retirement Excess Plan

6.50 

6.50 

146,616 

265,252 

291,516

W.RichardStaub,III

— 

— 

— 

KevinC.Knightly

IMS Health Retirement Plan

IMS Health Retirement Excess Plan

38.42 

38.42 

676,244 

800,325 

— 

— 

881,332

EricM.Sherbet

— 

— 

— 

(1)

Years are credited based on service from the date the individual became a participant in each plan.

(2)

These amounts represent the actuarial present value, as of December 31, 2021,2023, of the total retirement benefit that would be payable to the applicable named executive officers in accordance with the terms of the Retirement Plan and Retirement Excess Plan, as applicable, assuming no future service or compensation increases, and no pre-retirement mortality or termination (i.e., each named executive officer is assumed to retire at age 65 and to receive the benefit of annual interest credits at 3.00%4.07% under the Retirement Plan and 3.00%4.07% under the Retirement Excess Plan on his account balance until such point). The key actuarial assumptions and methodologies used to calculate the present value of accumulated benefits under both the Retirement Plan and Retirement Excess Plan were (i) a discount rate of 3.13%5.32% and 2.70%5.10%, respectively, and (ii) the White Collar PRI2012 mortality table with scale MP-2021.

(3)

Under the Retirement Excess Plan, if any of Messrs. Bousbib, Bruehlman or Knightly had experienced a separation from service from us for any reason on December 31, 2021,2023, that executive would have been entitled to receive a single lump sum payment of his accumulated benefit under the Retirement Excess Plan on the latter of December 31, 2021, or upon attainment of age 55. As all named executive officers attained age 55 prior to December 31, 2021, the2023. The present value determined as of, and the lump sum payable as of December 31, 2021,2023, is shown above. The following key actuarial assumptions and methodologies were used to calculate the present value aton December 31, 2021:2023: the Retirement Excess Plan account balance as of December 31, 2021,2023 was converted into an annuity payable on December 31, 2021,2023, using a 3.00%4.69% interest rate and the GAM 83 Unisex Mortality Table. The resulting annuity was converted to a lump sum payable on December 31, 2021,2023, using an interest rate of 2.20%3.870% and the GAM 83 Mortality Table. Under the Retirement Excess Plan, if a change in control occurs, and a participant’s employment with us is involuntarily terminated for a reason other than cause or the participant voluntarily terminates employment with us for good reason within 24 months thereafter, his accumulated benefit would be payable in a single lump sum on the date of such termination, even if that date precedes attainment of age 55. Accordingly, if any of Messrs. Bousbib, Bruehlman or Knightly had been involuntarily terminated for a reason other than cause or had voluntarily terminated employment with us for good reason on December 31, 2021, following a change in control, then such executive officer would be entitled to receive a single lump sum payment of his accumulated benefit under the Retirement Excess Plan upon such termination. As Messrs. Bousbib, Bruehlman and Knightly have each attained age 55 prior to December 31, 2021, they would receive the same present value as shown above, as of December 31, 2021, with no enhancement in value (as compared with what each named executive officer would have received had he terminated employment on December 31, 2021, not in connection with a change in control).

IQVIA HOLDINGS INC.    2024 Proxy Statement104
 
IQVIA HOLDINGS INC.    2022 Proxy StatementBack to Contents91

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IMS Health Defined Benefit Retirement Plans

The following table describes the defined benefit pension plans in which Messrs. Bousbib, Bruehlman and Knightly are eligible to participate.

Plan

Description

Description

Eligibility and


Vesting

Benefits Formula

Time and form of


Payment

Internal Revenue


Code Limitations

IMS Health RetirementPlan

Funded, tax-qualified defined benefit retirement program

All U.S.-based legacy IMS Health employees, including our Chief Executive Officer, Mr. Bruehlman, and Mr. Knightly

 

Benefits generally vest after three years of qualifying service

 

This plan was assumed by us in connection with the Merger and closed to new participants effective December 31, 2016

Benefits are defined by a cash balance formula expressed in the form of a notional or “book-keeping” account balance

 

Each month a participant’s cash balance “account” is increased by (i) pay credits of 6% of the participant’s compensation for that month and (ii) interest credits based on the participant’s hypothetical account balance at the end of the prior month

 

Monthly interest credits are based on 1/12th of the 30-year Treasury bond yields in effect during the applicable month, subject to a floor of a 3% annual yield

Participants may retire early at age 55 with three years of service

 

Normal retirement age is 65. Pension benefits are payable as an actuarially equivalent annuity

 

Lump-sum distributions are only available for benefits valued at $5,000 or less

 

Employees do not make contributions to the plan

Section 401(a)(17) of the Internal Revenue Code (IRC) limits the annual compensation that may be taken into account in the calculation of benefits under a tax-qualified defined contribution or defined benefit pension plan, including the IMS Health Retirement Plan, to $290,000$330,000 in 20212023

 

Section 415 of the IRC limits the annual benefit payable under a tax-qualified defined benefit plan, including the IMS Health Retirement Plan, to $230,000$265,000 for 20212023

IMS Health RetirementExcess Plan

Unfunded, non-qualified retirement plan utilizing the same benefit formula, compensation recognition, retirement eligibility and vesting provisions as the tax-qualified IMS Health Retirement Plan

 

This plan provides pension benefits not provided by the IMS Health Retirement Plan due to the IRC limitations noted above

Certain eligible U.S.-basedU.S.- based legacy IMS Health employees, including our Chief Executive Officer, Mr. Bruehlman and Mr. Knightly

We provide, out of our general assets, amounts equal to the difference between the amount that would have been paid in the absence of the aforementioned IRC limits and the amount that may be paid under the IMS Health Retirement Plan

Benefits for the named executives are automatically payable upon termination of employment (subject to a six-month delay, in certain cases, under tax rules applicable to non-qualified deferred compensation) in the form of an actuarially equivalent lump sum

None

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20212023 Non-Qualified Deferred Compensation

The following table sets forth information regarding the non-qualified deferred compensation of each of our named executive officers for our 20212023 fiscal year under the IMS Health Defined Contribution Executive Retirement Plan (IMS Health DCERP) or the IQVIA Elective Deferred Compensation Plan, as applicable.

Name 

Executive Contributions in

Last Fiscal Year(1)

($)

 

Aggregate Earnings in

Last Fiscal Year(2)

($)

 Aggregate Withdrawals/
Distributions
($)
 

Aggregate Balance at

End of Fiscal Year 2023(3)

($)

Ari Bousbib  5,179,539  19,816,419
Ronald E. Bruehlman    
W. Richard Staub, III    
Kevin C. Knightly  551,751  5,544,977
Eric M. Sherbet    
Costa Panagos 95,480 70,504 33,280 784,950

(1)Contributions for Mr. Panagos represent his 2023 earnings, which was deferred in 2023. The contribution amount in this table was reflected in the “2023 Summary Compensation Table” under Salary.
(2)Earnings for Mr. Bousbib and Mr. Panagos include dividends as well as earnings on the notional investments held. Earnings for Mr. Knightly represent (i) interest credited to his Designated Account (as defined below), and (ii) the increase/decrease in fiscal year 2023 in the fair market value of shares of our common stock notionally held in his Designated Account (as described below).
(3)The aggregate balance at the end of the year consists of the value of Messrs. Bousbib’s, Knightly’s and Panagos’s respective accounts, as of December 31, 2023. The Stock Account (as defined below) used in the DCERP has been valued using the closing price of our common stock on December 29, 2023 of $231.38, the last business day of fiscal year 2023. Earnings on deferred amounts in Mr. Knightly’s Designated Account, to the extent such earnings were deemed to be “above-market” under applicable SEC rules, have been reflected in the “2023 Summary Compensation Table” in the column labeled “Change in Pension Value and Non-Qualified Deferred Compensation Earnings.”

IQVIA HOLDINGS INC.    2024 Proxy Statement106

Name

Executive Contributions

in Last Fiscal Year(1)

($)

Aggregate Earnings in

Last Fiscal Year(2)

($)

Aggregate Withdrawals/

Distributions

($)

Aggregate Balance at

End of Fiscal Year 2021(3)

($)

Ari Bousbib

6,369,600

3,609,693

 

19,702,714

Ronald E. Bruehlman

 

 

 

W. Richard Staub, III

 

Kevin C. Knightly

1,942,995

 

6,377,765

Eric M. Sherbet

 

(1)

Contributions for Mr. Bousbib represent his 2020 short-term incentive award under the Annual Plan, which was deferred in 2021. The contribution amount in this table was reflected in the “2021 Summary Compensation Table” under non-equity incentive plan compensation.

(2)

Earnings for Mr. Bousbib include dividends as well as earnings on the notional investments held. Earnings for Mr. Knightly represent (i) interest credited to his Designated Account (as defined below), and (ii) the increase/decrease in fiscal year 2021 in the fair market value of shares of our common stock notionally held in his Designated Account (as described below).

(3)

The aggregate balance at the end of the year consists of the value of Mr. Bousbib’s and Mr. Knightly’s respective accounts, as of December 31, 2021. The Stock Account (as defined below) used in the DCERP has been valued using the closing price of our common stock on December 31, 2021 ($282.14), the last business day of fiscal year 2021. Earnings on deferred amounts in Mr. Knightly’s Designated Account, to the extent such earnings were deemed to be “above-market” under applicable SEC rules, have been reflected in the “2021 Summary Compensation Table” in the column labeled “Change in Pension Value and Non-Qualified Deferred Compensation Earnings.”

The following table describes our non-qualified deferred compensation plans.

Plan

Description

Description

Eligibility and Vesting

Benefits Formula

Time and form of Payment

IMS Health Defined Contribution Executive Retirement Plan (IMS Health DCERP)

Non-qualified, unfunded defined contribution plan

Plan was frozen to new participants and accruals as of June 30, 2012

 

Previously accrued benefits continue to be eligible to be credited with an interest credit and notional investment returns

 

Mr. Knightly is fully vested in his account

Participants were able to elect to have their account notionally credited with investment credits (the portion that is so credited is referred to as a “Designated Account”) or, with respect to a designated portion of their account, notionally invested in shares of IMS Health common stock, which then became notionally invested in shares of IQVIA common stock in connection with the Merger (the portion that is so notionally invested is referred to as a “Stock Account”)


 
Annual investment credits to a Designated Account are calculated based on the average annual corporate bond yields from the AA to AAA Rated/10+ Years Component of the Merrill Lynch U.S. Corporate Master Index

A participant’s account is paid as a lump sum on or shortly after the date the participant terminates employment with us (subject to a six-month delay, in certain cases, under tax rules applicable to non-qualified deferred compensation)

  
IQVIA HOLDINGS INC.    2022 Proxy Statement93

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Plan

Description

Description

Eligibility and Vesting

Benefits Formula

Time and form of Payment

IQVIA Elective Deferred Compensation Plan

Non-qualified, deferred compensation plan

Certain IQVIA employees within the US,U.S., including our named executive officers, are eligible to participate

Participants may defer up to 80% of their base salaries as of the first day of the calendar year or partial year and up to 100% of any cash bonus earned under the Annual Plan and payable to the participant with respect to that year


 
Contributions consist solely of participants’ elective deferral contributions with no matching or other employer contributions

Participants may elect to receive date-based, in-service distributions as long as they are active participants in the plan in either a lump sum or in annual installments for up to 15 years


 
Upon separation from service, participants will receive their distribution either as a lump sum or in annual installments for up to 15 years (subject to a six-month delay, in certain cases, under tax rules applicable to non-qualified deferred compensation)

IQVIA HOLDINGS INC.    2024 Proxy Statement107

Potential Payments Upon Termination or Change in Control

Each of our named executive officers is entitled to receive certain benefits upon a qualifying termination of employment and upon certain change in control transactions. Below we describe payments and benefits that are payable upon certain types of termination of employment or a change in control, or that are enhanced based on the circumstances of a termination or change in control. We do not maintain employment or other stand-alone agreements providing for termination benefits with any of our named executive officers, other than an employment agreement with our Chief Executive Officer, Mr. Bousbib, and a letter agreement with Mr. Staub. Our other named executive officers participate in the IQVIA Employee Protection Plan.

Employment Agreement and Long-Term Incentive Award Agreements with Our Chief Executive Officer

Under the terms of the employment agreement with our Chief Executive Officer, in the event of a “qualifying termination of employment,” he will be entitled to severance of two times annual base salary and target bonus. A qualifying termination is defined as termination by the Company without cause, including as a result of non-renewal of his employment by the Company, or a resignation by the Chief Executive Officer for good reason (each as defined in the employment agreement). Such severance is payable over 24 months, or as a lump sum if the termination occurs within 24 months after a change in control. Pursuant to the terms of his employment agreement if we terminate our Chief Executive Officer’s employment without cause (including as a result of non-renewal of the employment term by the Company), or if he resigns for good reason (as such terms are defined in the employment agreement) (either, a “qualifying termination of employment”), our Chief Executive Officer will be entitled to severance in an amount equal to two times the sum of his annual base salary and annual target bonus, payable in equal installments over the 24-month period following the termination of his employment, or if such termination or resignation occurs within the 24-month period following a change in control (as defined in the employment agreement), in a lump sum. Under the terms of his employment agreement and his outstanding long-term incentive award agreements, in the event of a qualifying“qualifying termination of employment,employment” all of our Chief Executive Officer’s outstanding unvested time-based equity awards that remain unvested will fully vest in full and, if applicable, will remain exercisable for their full respective terms. In addition, all of his outstandingterms, and unvested performance-based equity awards that remain unvested will remain outstanding and eligible to vestfor vesting based on performance, or will vest based on target performance if a qualifying termination of employment occurs within 24 months followingfollows a change in control event, will vest based on deemed achievement of target performance on the termination date.within 24 months.

If ourtermination is due to the Chief Executive Officer’s employment is terminated by the Company due to his disability or terminates due to his death (as such terms are defined in his agreement), all of his outstanding unvested equity awards that remain unvested will vest in full,fully, and if applicable, will remain exercisable for their full respective terms, with performance-based awards vesting based on deemed performance at target levels on the date his employment terminates.termination date. In the eventcase of our Chief Executive Officer’s permanent retirement, from the Company, with certain limited exceptions, all of his outstanding unvested time-based equity awards that remain unvested will remain outstanding and continue to vest on the same schedule as if he had remained employed,scheduled and if applicable, will remain exercisable, for their full respective terms,as applicable, and all of his outstanding performance-based awards will remain outstanding and eligible to vest based on actual performance. OurThe Chief Executive Officer will be eligiblequalified for retirement when he attainsin 2023 at age 62. As of December 31, 2021, our Chief Executive Officer was not retirement-eligible under the terms of his agreement.

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Upon a termination for cause or a resignation without good reason, (that does not constitute a retirement, as described above), our Chief Executive Officer will be entitled to receive only accrued salary and other compensation, that accrued before termination, but nowithout any additional severance.

Any severance will be payable.

As a condition topayment is contingent upon our Chief Executive Officer’s receipt of the severance payments described above, he must timely execute (without revoking)Officer executing a release of claims in favor of IQVIA and comply with certainadhering to restrictive covenants set forth in thehis employment agreement, including a covenant not to compete with us or to solicit our clients or employees duringnon-competition and non-solicitation for 24 months following termination of his employment with us. Ourpost-termination. Additional covenants to which our Chief Executive Officer is also bound by other restrictive covenants, including covenants relating toinclude confidentiality and non-disparagement.

Letter Agreement with Mr. Staub

In the event of a termination of employment by us without cause, Mr. Staub will receive (as defined in the 2023 letter agreement) cash severance, payable in equal monthly installments on our regular payroll schedule during the 24-month non-competition period following termination, equal to (i) 24 months of Mr. Staub’s base salary as of the termination date; (ii) Mr. Staub’s target annual bonus in effect for the year of termination; and (iii) the projected cost of the continuation of group health insurance coverage for Mr. Staub and his eligible dependents pursuant to COBRA for 18 months following the date of termination.

Employee Protection Plan

Messrs. Bruehlman, Knightly and Sherbet participate in the IQVIA Employee Protection Plan as amended and restated, which provides for certain payments and benefits if the participant’s employment is terminated without cause (as defined in the Employee Protection Plan)such plan).

Under the Employee Protection Plan, upon

Upon the termination of a participant’s employment without cause, he or she isthey are entitled to continued base salary payments for a period ranging betweenfrom two weeks andto 52 weeks, depending on the participant’s salary grade level and years of eligible service (two weeks for each year of service, subject to certain minimum periods); continued medical, dental and vision benefits throughout the salary continuation period (or six months, whichever is shorter); and certain outplacement services. Mr. Knightly would be entitled to a maximum of 52 weeks of severance benefits, under the Employee Protection Plan. Mr.and each of Messrs. Sherbet and Mr. Bruehlman would be entitled to 26 weeks of severance benefits under the Employee Protection Plan.

IQVIA HOLDINGS INC.    2024 Proxy Statement108

A participant is entitled to severance benefits under the Employee Protection Plan following a change in control unless he or shethey unilaterally resigns, isresign, are offered comparable employment with us or anthe acquiring company, or transferstransfer to a customer or client in connection with a transfer or outsourcing plan. Benefits under the Employee Protection Plan cease when the participant begins to earn compensation from a new employer, and are offset by the amounts of any other severance payments that are made to the participant or by the amount of any sign-on incentive or similar amounts paid upon commencement of the participant’s employment, if such payments occurredmade within 12 months of the termination. Any salary continuation or benefits payable under the Employee Protection Plan are conditioned upon the participant’s timely execution (without revoking) of a release of claims in favor of IQVIA that may include certain restrictive covenants, including covenants relating to non-competition and non-solicitation of clients or employees, that would apply, in each case,applicable during the one-year period following the participant’s termination of employment or, if longer, the participant’s salary continuation period.

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Summary of Potential Payments

The following table estimates the dollar value of the additional payments and benefits our named executive officers would have been entitled to receive under applicable plans and/or arrangements described above, assuming the applicable triggering event occurred on December 31, 2021.2023.

Name

Type of Payment or Benefit

Involuntary

Termination

($)

Termination

Due to Death/

Disability

($)

Change in

Control without

Termination

($)

Involuntary

Termination

Following a

Change in

Control

($)

Ari Bousbib

Severance Pay(1)

10,800,000

10,800,000

Acceleration of time-based equity awards(2)

43,470,266

43,470,266

43,470,266

Performance-based equity awards(3)

26,816,278

26,816,278

26,816,278

Total

81,086,545

70,286,545

81,086,545

Ronald E. Bruehlman

Severance Pay(6)

442,900

442,900

Health & Welfare Benefits(4)

5,708

5,708

Outplacement(7)

3,109

3,109

Total

451,717

451,717

W. Richard Staub, III

Severance Pay(5)

1,775,978

1,775,978

Health & Welfare Benefits(4)

17,123

17,123

Total

1,793,101

1,793,101

Kevin C. Knightly

Severance Pay(6)

566,500

566,500

Health & Welfare Benefits(4)

7,803

7,803

Outplacement(7)

3,109

3,109

Total

577,412

577,412

Eric M. Sherbet

Severance Pay(6)

270,375

270,375

Health & Welfare Benefits(4)

7,803

7,803

Outplacement(7)

3,109

3,109

Total

281,287

281,287

(1)

Represents two times the sum of our Chief Executive Officer’s base salary and his target annual incentive, which is the amount payable to our Chief Executive Officer under the terms of his employment agreement in connection with a termination of his employment by us without cause or by him for good reason.

(2)

Represents the value of the acceleration of unvested time-based SARs determined based on the difference between the exercise price of the SARs and the closing price of a share of our common stock on December 31, 2021 ($282.14), the last business day of fiscal year 2021, and the value of the acceleration of unvested time-based restricted stock determined by multiplying the number of shares underlying the award by the closing price of a share of our common stock on December 31, 2021. For purposes of this table, we have assumed that all time-based SARs and restricted stock would be assumed, continued or substituted in connection with a change in control and that, as a result, all time-based SARs and restricted stock would not become fully vested in connection with such change in control but rather upon a qualifying involuntary termination following a change in control. The actual treatment of time-based SARs and restricted stock in connection with a change in control transaction may be different. As described above, any unvested outstanding time-based equity awards held by our Chief Executive Officer would be accelerated in the event of a qualifying termination of employment or in the event of a termination due to death or disability.

(3)

Represents the value of unvested performance shares (assuming achievement of the performance goals at target), determined by multiplying the number of shares underlying the award by the closing price of a share of our common stock on December 31, 2021 ($282.14). In the event of a qualifying termination of employment, our Chief Executive Officer’s performance shares will remain outstanding and eligible to vest based on performance. In the event of a termination due to death or disability, our Chief Executive Officer’s performance shares would be fully accelerated and paid out at target. For purposes of this table, we have assumed that all performance shares would be assumed, continued or substituted in connection with a change in control and that, as a result, all performance shares would not become fully vested in connection with such change in control but rather upon a qualifying involuntary termination following a change in control. The actual treatment of performance shares in connection with a change in control transaction may be different. As described above, any unvested outstanding performance-based equity awards held by our Chief Executive Officer would be accelerated in the event of a qualifying termination of employment following a change in control or in the event of a termination due to death or disability and would assume the achievement of the performance goals at target.

Name Type of Payment or Benefit Involuntary
Termination
($)
 Retirement
($)
 Termination
Due to Death/
Disability
($)
 Change in
Control without
Termination
($)
 Involuntary
Termination
Following a
Change in
Control
($)
Ari Bousbib Severance Pay(1) 10,800,000    10,800,000
 Time-based equity awards(2) 6,549,491 6,549,491 6,549,491  6,549,491
 Performance-based equity awards(3) 25,859,492 25,859,492 25,859,492  25,859,492
 Total 43,208,983 32,408,983 32,408,983  43,208,983
Ronald E.
Bruehlman
 Severance Pay(5) 452,500    452,500
 Health & Welfare Benefits(4) 6,554    6,554
 Outplacement(6) 3,109    3,109
 Total 462,163    462,163
W. Richard
Staub, III
 Severance Pay(5) 2,400,000    2,400,000
 Health & Welfare Benefits(4) 19,656    19,656
 Total 2,419,656    2,419,656
Kevin C.
Knightly
 Severance Pay(5) 578,000    578,000
 Health & Welfare Benefits(4) 8,961    8,961
 Outplacement(6) 3,109    3,109
 Total 590,070    590,070
Eric M. Sherbet Severance Pay(5) 321,000    321,000
 Health & Welfare Benefits(4) 8,961    8,961
 Outplacement(6) 3,109    3,109
 Total 333,070    333,070
IQVIA HOLDINGS INC.    2022 Proxy Statement(1)96Represents two times the sum of our Chief Executive Officer’s base salary and his target annual incentive, which is the amount payable to our Chief Executive Officer under the terms of his employment agreement in connection with a termination of his employment by us without cause or by him for good reason.

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(2)
Represents the value of unvested time-based SARs determined based on the difference between the exercise price of the SARs and the closing price of a share of our common stock on December 29, 2023 ($231.38), the last business day of fiscal year 2023, and the value of unvested time-based restricted stock units determined by multiplying the number of shares underlying the award by the closing price of a share of our common stock on December 29, 2023. For purposes of this table, we have assumed that all time-based SARs and restricted stock units would be assumed, continued or substituted in connection with a change in control and that, as a result, all time-based SARs and restricted stock units would not become fully vested in connection with such change in control but rather upon a qualifying involuntary termination following a change in control. The actual treatment of time-based SARs and restricted stock units in connection with a change in control transaction may be different. As described above, any unvested outstanding time-based equity awards held by our Chief Executive Officer would be accelerated in the event of a qualifying termination of employment or in the event of a termination due to death or disability, and in the event of retirement, any unvested outstanding time-based equity awards would continue to vest as scheduled and remain exercisable.
(3)Represents the value of unvested performance shares (assuming achievement of the performance goals at target), determined by multiplying the number of shares underlying the award by the closing price of a share of our common stock on December 29, 2023 ($231.38). In the event of a qualifying termination of employment, our Chief Executive Officer’s performance shares will remain outstanding and eligible to vest based on performance. In the event of a termination due to death or disability, our Chief Executive Officer’s performance shares would be fully accelerated and paid out at target. For purposes of this table, we have assumed that all performance shares would be assumed, continued or substituted in connection with a change in control and that, as a result, all performance shares would not become fully vested in connection with such change in control but rather upon a qualifying involuntary termination following a change in control. The actual treatment of performance shares in connection with a change in control transaction may be different. As described above, any unvested outstanding performance-based equity awards held by our Chief Executive Officer would be accelerated in the event of a qualifying termination of employment following a change in control or in the event of a termination due to death or disability and would assume the achievement of the performance goals at target, and in the event of retirement, any unvested outstanding performance-based equity awards would remain outstanding and vest based upon actual performance.
(4)

For Messrs. Bruehlman, Knightly and Sherbet, Health & Welfare Benefits represent the cost to the Company of paying its portion of premiums for medical, dental and prescription drug coverage for the executive and his eligible dependents during the period during which salary continuation payments under the provisions of the Employee Protection Plan (asas in effect on December 31, 2021)2023 are being made.  For Mr. Staub, represents the projected cost of group healthcarehealth care continuation for 18 months for Mr. Staub and his eligible dependents, to which he would be entitled to under his employmentletter agreement.

(5)

Represents an amount equal to (i) 24 months of Mr. Staub’s base salary and (ii) Mr. Staub’s target annual bonus in effect for the year of termination.

(6)

Represents the sum of base salary continuation payable to Messrs. Bruehlman, Knightly and Sherbet under the provisions of the Employee Protection Plan as in effect on December 31, 2021.

(7)

2023.  For Mr. Staub, represents an amount equal to (i) 24 months of base salary and (ii) target annual bonus in effect the year of termination.

(6)Represents the value of outplacement services that would be available to Messrs. Bruehlman, Knightly and Sherbet under the Employee Protection Plan in the event of a qualifying termination of employment.

IQVIA HOLDINGS INC.    2024 Proxy Statement110

CEO Pay Ratio

U.S. publicly-traded companies are required to disclose the ratio of their chief executive officer’s compensation to that of their median employee. Our Chief Executive Officer to median employee pay ratio was calculated in accordance with Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(u) of Regulation S-K and the related guidance, and represents a reasonable estimate. Because the SEC rules for identifying the median employee and calculating the pay ratio permit companies to use various methodologies and assumptions, to apply certain exclusions, and to make reasonable estimates that reflect their employee populations and compensation practices, the pay ratio reported by other companies may not be comparable with the pay ratio that we report.

Under the pay ratio rule, a company is required to identify its median employee only once every three years so long as during the prior fiscal year there has been no change to its employee population or employee compensation arrangements that it reasonably believes would result in significant changes in its pay ratio disclosure.

During 2020,2023, we identified our median employee by using base salaries or base rate of pay as our “consistentlyconsistently applied compensation measure”measure for all individuals, excluding our Chief Executive Officer, who were employed by us on December 1, 20202023 (annualized in the case of employees who joined the Company during 2020)2023). This calculation included full-time, part-time, seasonal and temporary employees. Because we did not experience any material changes toof our vast global employee population, or changes in employee compensation arrangements, during 2021, we believe it is reasonablealso applied the allowed de minimis exemption and excluded non-U.S. employees from certain countries noted below. The total number of excluded employees represented less than 5% of our population. Applying this de minimis exemption, on December 1, 2023, we had 19,849 U.S. employees and 66,852 non-U.S. employees. Irrespective of the de minimis exemption, on this same date we had 19,849 U.S. employees and 69,950 non-U.S. employees. Pursuant to use the median employee identified and reported in 2020 for purposes of calculatingpermitted de minimis exemption, the payfollowing countries were excluded from the ratio disclosure with respect to 2021, and that using this median employee will not significantly affect our pay ratio disclosure.calculation: Algeria, 25; Bangladesh, 149; Bolivia, 5; Burkina Faso, 1; Chile, 289; Colombia, 436; Costa Rica, 12; Ecuador, 32; Egypt, 227; Ghana, 41; Guatemala, 61; Indonesia, 97; Jordan, 13; Kazakhstan, 5; Latvia, 32; Mexico, 960; Morocco, 49; Namibia, 1; Nigeria, 38; Norway, 47; Pakistan, 72; Panama, 6; Paraguay, 4; Peru, 82; Rwanda, 2; Sierra Leone, 1; Slovenia, 16; Sri Lanka, 38; Tunisia, 28; Ukraine, 228; Uruguay, 6; Venezuela, 6; Vietnam, 89.

For 2021,2023, the annual total compensation of our median employee, calculated under applicable SEC rules, was $139,803.$91,601. For 2021,2023, the annual total compensation for our Chief Executive Officer is reported in the “Summary“2023 Summary Compensation Table” above. On this basis, the ratio of our Chief Executive Officer’s annual total compensation to our median employee’s annual total compensation is estimated at 205:318:1.

Additionally, our Company is uniquely diverse geographically, having a presence in over 100 countries with material differences in elements of pay. When calculating our pay ratio using only our U.S. population, our Chief Executive Officer to U.S. median employee pay ratio would be estimated at 262:1.

IQVIA HOLDINGS INC.    2024 Proxy Statement111
 

Pay versus Performance

The following table reports the compensation of our Principal Executive Officer (PEO) and the average compensation of the other Named Executive Officers (Other NEOs) as reported in the Summary Compensation Table for the past four fiscal years, as well as their “compensation actually paid” as calculated pursuant to recently adopted SEC rules and certain performance measures required by the rules.

      Average Average Value of Initial Fixed $100
Investment Based On(4):
   Company-
Selected
Measure(5)
Year Summary
Compensation
Table Total for
PEO(1)
 Compensation
Actually Paid
to PEO(2)(3)
 Summary
Compensation
Table Total for
Other NEOs(1)
 Compensation
Actually Paid
to Other
NEOs(2)(3)
 IQVIA’s Total
Stockholder
Return
 Peer Group
Total
Stockholder
Return
 Net Income
(millions)
 Adjusted
Diluted EPS
Growth(6)
(a) (b) (c) (d) (e) (f) (g) (h) (i)
2023 $29,151,752 $42,292,899 $4,523,047 $4,103,793 $149.75 $170.70 $1,358 0.4%
2022 $30,135,029 $5,961,064 $5,007,016 $1,702,449 $132.61 $158.40 $1,091 12.5%
2021 $28,615,851 $88,421,980 $4,395,745 $10,062,332 $182.60 $157.40 $966 40.7%
2020 $25,575,986 $44,629,998 $2,887,147 $3,051,142 $115.96 $115.30 $279 0.5%
(1)Ari Bousbib was our PEO for each year presented. The individuals comprising the Other NEOs for each year presented are listed below:
(2)The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v)(2)(iii) of Regulation S-K and do not reflect compensation actually earned, realized or received by the PEO or Other NEOs.  These amounts reflect the Summary Compensation Table Total with certain adjustments as described in footnote 3 below.
(3)Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the Other NEOs as set forth below.  Equity values are calculated in accordance with FASB ASC Topic 718.  Amounts in the Exclusion of Stock Awards and Option Awards column are the totals from the Stock Awards and Option Awards columns set forth in the Summary Compensation Table.
(4)The peer group for each listed fiscal year consists of the companies listed as our compensation benchmarking peer group in the Compensation Discussion & Analysis specific for that fiscal year. For 2020 and 2021 the companies included Bausch Health Companies Inc., Boston Scientific Corporation, Cognizant Technology Solutions Corporation, Fiserv, Inc., Laboratory Corporation of America Holdings, Nielsen Holdings plc, Quest Diagnostics Incorporated, Regeneron Pharmaceuticals, Inc., Salesforce, Inc., S&P Global Inc., and Thomson Reuters Corporation (but excludes Allergan plc, acquired by AbbVie Inc. on May 8, 2020). For 2022, all of these companies were included except Nielsen Holdings plc. For 2023, the companies included AbbVie Inc., Accenture plc, Agilent Technologies, Inc., Amgen Inc., Avantor, Inc., Biogen Inc., Bristol Myers Squibb Co., Cognizant Technology Solutions Corp., Danaher Corporation, Eli Lilly & Co., Gartner, Inc., Gilead Sciences, Inc., International Business Machines Corp., ICON Plc, Laboratory Corp of America Holdings, Merck & Co., Inc., Moderna, Inc., Pfizer Inc., Regeneron Pharmaceuticals, Inc., Thermo Fisher Scientific, Inc., Vertex Pharmaceuticals Inc., and Zoetis Inc.
(5)The Company has identified Adjusted Diluted EPS Growth as the company-selected measure for the pay versus performance disclosure, as it represents the most important financial performance measure used to link compensation actually paid to the PEO and the Other NEOs in 2023 to the Company’s performance. See Appendix A in this Proxy Statement for a reconciliation of Adjusted Diluted EPS Growth, a non-GAAP measure, to the most directly comparable GAAP measure.
(6)Adjusted Diluted EPS Growth was chosen from the following four most important financial performance measures used by the Company to link compensation actually paid to the PEO and other NEOs in 2023 to the Company’s performance:

(1)Ari Bousbib was our PEO for each year presented. The individuals comprising the Other NEOs for each year presented are listed below:

2020202120222023
Ron E. BruehlmanRon E. BruehlmanRon E. BruehlmanRon E. Bruehlman
W. Richard Staub, IIIW. Richard Staub, IIICosta PanagosW. Richard Staub, III
Kevin C. KnightlyKevin C. KnightlyKevin C. KnightlyKevin C. Knightly
Eric M. SherbetEric M. SherbetEric M. SherbetEric M. Sherbet
Michael R. McDonnell  Costa Panagos

(2)The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v)(2)(iii) of Regulation S-K and do not reflect compensation actually earned, realized or received by the PEO or Other NEOs.  These amounts reflect the Summary Compensation Table Total with certain adjustments as described in footnote 3 below.
(3)Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the Other NEOs as set forth below.  Equity values are calculated in accordance with FASB ASC Topic 718.  Amounts in the Exclusion of Stock Awards and Option Awards column are the totals from the Stock Awards and Option Awards columns set forth in the Summary Compensation Table.

Year Summary
Compensation
Table Total for PEO
 Exclusion of
Change in Pension
Value for PEO
 Exclusion of Stock
Awards and Option
Awards for PEO
 Inclusion of
Pension Service
Cost for PEO
 Inclusion of Equity
Values for PEO
 Compensation
Actually Paid
to PEO
2023 $29,151,752 $(844,991) $(21,157,852) $258,365 $34,885,625 $42,292,899
2022 $30,135,029 $(420,742) $(21,388,958) $296,785 $(2,661,050) $5,961,064
2021 $28,615,851 $(535,539) $(18,534,470) $314,052 $78,562,087 $88,421,980
2020 $25,575,986 $(898,824) $(15,916,277) $273,872 $35,595,242 $44,629,998

Year Average Summary
Compensation
Table Total for
Other NEOs
 Average Exclusion
of Change in
Pension Value
for Other NEOs
 Average Exclusion
of Stock Awards
and Option Awards
for Other NEOs
 Average Inclusion
of Pension Service
Cost for Other
NEOs
 Average Inclusion
of Equity Values
for Other NEOs
 Average
Compensation
Actually Paid to
Other NEOs
2023 $4,523,047 $(73,164) $(3,228,937) $17,778 $2,865,069 $4,103,793
2022 $5,007,016 $(46,106) $(3,363,826) $22,217 $83,148 $1,702,449
2021 $4,395,745 $(45,384) $(2,548,372) $23,204 $8,237,139 $10,062,332
2020 $2,887,147 $(60,943) $(1,728,351) $7,049 $1,946,240 $3,051,142

IQVIA HOLDINGS INC.    20222024 Proxy Statement97112

The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:

Year Year-End Fair
Value of Equity
Awards Granted
During Year
That Remained
Unvested as of
Last Day of Year
for PEO
 Change in Fair
Value from Last
Day of Prior
Year to Last Day
of Year of
Unvested Equity
Awards for PEO
 Vesting-Date
Fair Value of
Equity Awards
Granted During
Year that Vested
During Year for
PEO
 Change in Fair
Value from Last
Day of Prior
Year to Vesting
Date of
Unvested Equity
Awards that
Vested During
Year for PEO
 Fair Value at
Last Day of Prior
Year of Equity
Awards
Forfeited During
Year for PEO
 Value of
Dividends or
Other Earnings
Paid on Stock or
Option Awards
Not Otherwise
Included for
PEO
 Total -
Inclusion of
Equity Values
for PEO
2023 $22,020,972 $1,379,297 0 $11,485,356 0 0 $34,885,625
2022 $16,869,138 $(15,553,971) 0 $(3,976,217) 0 0 $(2,661,050)
2021 $34,647,149 $25,065,538 0 $18,849,400 0 0 $78,562,087
2020 $20,767,428 $8,585,982 0 $6,241,832 0 0 $35,595,242

Year Average
Year-End Fair
Value of Equity
Awards Granted
During Year
That Remained
Unvested as of
Last Day of Year
for Other NEOs
 Average Change
in Fair Value
from Last Day of
Prior Year to
Last Day of Year
of Unvested
Equity Awards
for Other NEOs
 Average
Vesting-Date
Fair Value of
Equity Awards
Granted During
Year that Vested
During Year for
Other NEOs
 Average Change
in Fair Value
from Last Day of
Prior Year to
Vesting Date of
Unvested Equity
Awards that
Vested During
Year for Other
NEOs
 Average Fair
Value at Last
Day of Prior
Year of Equity
Awards
Forfeited During
Year for Other
NEOs
 Average Value
of Dividends or
Other Earnings
Paid on Stock or
Option Awards
Not Otherwise
Included for
Other NEOs
 Total - Average
Inclusion of
Equity Values
for Other NEOs
2023 $2,411,696 $153,127 0 $1,274,065 $(973,819) 0 $2,865,069
2022 $2,660,228 $(2,066,942) 0 $(510,138) 0 0 $83,148
2021 $4,763,789 $2,005,653 0 $1,467,697 0 0 $8,237,139
2020 $1,707,797 $336,729 0 $149,599 $(247,885) 0 $1,946,240

(4)The peer group for each listed fiscal year consists of the companies listed as our compensation benchmarking peer group in the Compensation Discussion & Analysis specific for that fiscal year. For 2020 and 2021 the companies included Bausch Health Companies Inc., Boston Scientific Corporation, Cognizant Technology Solutions Corporation, Fiserv, Inc., Laboratory Corporation of America Holdings, Nielsen Holdings plc, Quest Diagnostics Incorporated, Regeneron Pharmaceuticals, Inc., Salesforce, Inc., S&P Global Inc., and Thomson Reuters Corporation (but excludes Allergan plc, acquired by AbbVie Inc. on May 8, 2020). For 2022, all of these companies were included except Nielsen Holdings plc. For 2023, the companies included AbbVie Inc., Accenture plc, Agilent Technologies, Inc., Amgen Inc., Avantor, Inc., Biogen Inc., Bristol Myers Squibb Co., Cognizant Technology Solutions Corp., Danaher Corporation, Eli Lilly & Co., Gartner, Inc., Gilead Sciences, Inc., International Business Machines Corp., ICON Plc, Laboratory Corp of America Holdings, Merck & Co., Inc., Moderna, Inc., Pfizer Inc., Regeneron Pharmaceuticals, Inc., Thermo Fisher Scientific, Inc., Vertex Pharmaceuticals Inc., and Zoetis Inc.
(5)The Company has identified Adjusted Diluted EPS Growth as the company-selected measure for the pay versus performance disclosure, as it represents the most important financial performance measure used to link compensation actually paid to the PEO and the Other NEOs in 2023 to the Company’s performance. See Appendix A in this Proxy Statement for a reconciliation of Adjusted Diluted EPS Growth, a non-GAAP measure, to the most directly comparable GAAP measure.
(6)Adjusted Diluted EPS Growth was chosen from the following four most important financial performance measures used by the Company to link compensation actually paid to the PEO and other NEOs in 2023 to the Company’s performance:

Performance Metrics
Adjusted Diluted EPS Growth (as defined in “Compensation Discussion & Analysis—Elements of Compensation—Short-Term Incentive Awards”, described on page 68)
Relative Total Stockholder Return (as defined in “Compensation Discussion & Analysis—Elements of Compensation— Long-Term Incentive Awards”, described on page 71)
Revenue (as defined in “Compensation Discussion & Analysis—Elements of Compensation—Short-Term Incentive Awards”, described on page 68)
Adjusted EBITDA (as defined in “Compensation Discussion & Analysis—Elements of Compensation—Short-Term Incentive Awards”, described on page 68)

IQVIA HOLDINGS INC.    2024 Proxy Statement113

In the “Compensation Discussion and Analysis” section of this Proxy Statement, we provide greater detail on the elements of our executive compensation program and our “pay-for-performance” compensation philosophy. We believe the Company’s executive compensation program and the executive compensation decisions included in the 2023 Summary Compensation Table and related disclosures appropriately reward our PEO and the Other NEOs for Company and individual performance, assist the Company in retaining our senior leadership team and support long-term value creation for our stockholders. The values included in the columns for Compensation Actually Paid to our PEO and the Other NEOs, calculated in accordance with Item 402(v) of SEC Regulation S-K, in each of the fiscal years reported above and over the four-year cumulative period shows how the compensation awarded fluctuated year-over-year, primarily based on our stock price as of the last day of the listed fiscal year, among other factors. As the values change considerably from year-to-year based on stock price performance, they further demonstrate the “pay-for-performance” compensation philosophy of our executive compensation program. As the table demonstrates, the compensation of our PEO and the Other NEOs is higher when our stock price performs well, and lower when the stock price does not perform as well, demonstrating the clear alignment of interests of our PEO and the Other NEOs and our stockholders.

Given a significant amount of the values in the columns for Compensation Actually Paid to our PEO and the Other NEOs are based on our stock price as of a particular date in time, and specifically under the SEC rules, required to be the last day of the listed fiscal year, it is important to note that the values could have been dramatically different if other dates were chosen. To illustrate, in 2020, our stock price fluctuated from a low of $81.79 per share to a high of $180.99, with the closing share price on December 31, 2020, representing 98.99% of our 52-week high for 2020. In 2021, our stock price fluctuated from a low of $170.00 per share to a high of $285.61, with the closing share price on December 31, 2021, representing 98.79% of our 52-week high for 2021. In 2022, our stock price fluctuated from a low of $165.75 per share to a high of $282.52, with the closing share price on December 31, 2022, representing 72.52% of our 52-week high for 2022. And finally, in 2023, our stock price fluctuated from a low of $167.42 per share to a high of $241.86, with the closing share price on December 31, 2023, representing 95.67% of our 52-week high for 2023. Accordingly, the values in the columns for Compensation Actually Paid to our PEO and the Other NEOs could have been significantly less if other dates were chosen or if our stock price happened to be lower on the last day of the listed fiscal year.

IQVIA HOLDINGS INC.    2024 Proxy Statement114

Relationship Between Compensation Actually Paid and Performance Measures

In light of the significant weighting of long-term stock-based incentives in our pay mix due to the intended alignment between our named executive officers and stockholders, the Compensation Actually Paid values are significantly influenced by the value of IQVIA’s stock price. The table below reflects the relationship between the PEO and the average Other NEO compensation actually paid and the performance measures shown in the pay versus performance table from 2020 to 2023:

Period Compensation
Actually Paid
to PEO
  Average
Compensation
Actually Paid to
Other NEOs
  IQVIA’s
TSR
  Peer
Group TSR
  Net
Income
  Adj. Diluted EPS
Growth
 
2020 to 2023 (5%) 35% 50% 71% 387% 60%

Relationship Between Compensation Actually Paid to our PEO and the Average of the Compensation Actually Paid to the Other NEOs and the Company’s Cumulative TSR. From 2020 to 2023, the compensation actually paid to our PEO decreasedby 5% and the average of the compensation actually paid to the Other NEOs increased by 35%, compared to a 50% increasein our TSR over the same time period.

Relationship Between Compensation Actually Paid to our PEO and the Average of the Compensation Actually Paid to the Other NEOs and the Company’s Net Income. From 2020 to 2023, the compensation actually paid to our PEO decreasedby 5% and the average of the compensation actually paid to the Other NEOs increased by 35%, compared to a 387% increasein our Net Income over the same time period.

Relationship Between Compensation Actually Paid to our PEO and the Average of the Compensation Actually Paid to the Other NEOs and the Company’s Adjusted Diluted EPS Growth. From 2020 to 2023, the compensation actually paid to our decreasedby 5% and the average of the compensation actually paid to the Other NEOs increasedby 35%, compared to a 60% increasein our Adjusted Diluted EPS over the same time period.

Relationship Between the Company’s TSR and the Peer Group TSR. The TSR for the peer group disclosed in the table above increasedby 71% from 2020 to 2023 as compared to the Company’s TSR, which increasedby 50% over the same time period.

 

IQVIA HOLDINGS INC.    2024 Proxy Statement115

PROPOSAL NO. 4
3
Stockholder Proposal: Majority Voting
Transparency in Uncontested Director Elections
Political
Spending

In accordance with SEC rules, we have set forth below a stockholder proposal, along with the supporting statement of the stockholder proponent, for which the Company and the Board accept no responsibility. The stockholder proposal is required to be voted on at our 20222024 Annual Meeting only if properly presented at our 20222024 Annual Meeting.

Myra K. Young, 9295 Yorkship Court, Elk Grove, California 95758,

John Chevedden, the beneficial owner of at least $2,000 in market value of the Company’s common stock on the date the proposal was submitted and for at least the preceding year, has notified the Company of hertheir intent to present the following proposal at the 20222024 Annual Meeting.

Stockholder

Proposal 3 – Transparency in Political Spending

Resolved, Shareholders request that IQVIA provide a report, updated semiannually, disclosing the Company’s:

1.Policies and procedures for making, with corporate funds or assets, contributions and expenditures (direct or indirect) to (a) participate or intervene in any campaign on behalf of (or in opposition to) any candidate for public office, or (b) influence the general public, or any segment thereof, with respect to an election or referendum.
2.Monetary and non-monetary contributions and expenditures (direct and indirect) used in the manner described in section 1 above, including:
A.The identity of the recipient as well as the amount paid to each; and
B.The title(s) of the person(s) in the Company responsible for decision-making.

The report shall be presented to the board of directors or relevant board committee and posted on the Company’s website within 12 months from the date of the annual meeting. This proposal does not address spending on lobbying.

Supporting Statement

Resolved: Shareholders

As a long-term shareholder of IQVIA, HoldingsI support transparency and accountability in corporate electoral spending. This includes any activity considered intervention in a political campaign under the Internal Revenue Code, such as direct and indirect contributions to political candidates, parties, or organizations, and independent expenditures or electioneering communications on behalf of federal, state, or local candidates.

A company’s reputation, value, and bottom line can be adversely impacted by political spending. The risk is especially serious when giving to trade associations, Super PACs, 527 committees, and “social welfare” organizations – group that routinely pass money to or spend on behalf of candidates and political causes that a company might not otherwise wish to support. 

The Conference Board’s 2021 “Under a Microscope” report details these risks, recommends the process suggested in this proposal, and warns “a new era of stakeholder scrutiny, social media, and political polarization has propelled corporate political activity – and the risks that come with it – into the spotlight. Political activity can pose increasingly significant risks for companies, including the perception that political contributions – and other forms of activity – are at odds with core company values.”

This proposal asks IQVIA to disclose all of its electoral spending, including payments to trade associations and other tax-exempt organizations which may be used for electoral purposes – and are otherwise undisclosed. This would bring our Company in line with a growing number of leading companies, including Cognizant Technology Solutions Corporation, Fiserv, Inc. (‘Company’) requestand Regeneron Pharmaceuticals, Inc., which present this information on their websites.

Without knowing the recipients of our company’s political dollars shareholders cannot sufficiently assess whether our company’s election-related spending aligns or conflicts with its policies on climate change and sustainability, or other areas of concern. Please support this important governance reform. 

IQVIA HOLDINGS INC.    2024 Proxy Statement116

IQVIA’s Statement in Opposition

After careful consideration, the Board unanimously recommends a vote AGAINST this proposal for the reasons provided below:

IQVIA has procedures in place to provide appropriate oversight of our limited corporate political contributions and has recently increased transparency of our political spending.

IQVIA has historically engaged in very limited corporate political contributions, even less engagement with individual campaigns and has not used any corporate funds for political contributions to federal candidates or national political parties.  We also do not have a political action committee. 

Proposal No. 3 focuses primarily on obtaining enhanced disclosures on policies and procedures for contributing to candidates for public office, influencing elections and identifying such contributions and expenditures and does not seek additional disclosures on lobbying activities. While IQVIA has already publicly disclosed certain of its policies and procedures around political contributions in its Code of Conduct, including that no IQVIA employee nor anyone acting on the Company’s behalf may make any direct or indirect political contribution or expenditure on behalf of IQVIA unless authorized in writing by the Legal Department, we have recently decided to publish our Political Activity Policy and our Political Spend Report on our website at ir.iqvia.com and intend to update the report on an annual basis. This Policy and Report complement our Code of Conduct and Political Campaign and Government Affairs Activities Policy, which govern how IQVIA employees may participate in civic and political activities on their own time in a way that makes clear that such personal activities are not done on behalf of IQVIA.

IQVIA’s Political Activity Policy generally prohibits the use of corporate funds for political contributions to U.S. state and local candidates and committees or ballot measure committees, unless approved in advance by the Company’s General Counsel. The Nominating and Governance Committee of the IQVIA Board of Directors amend our(the N&G Committee) is responsible for overseeing the Company’s public affairs and public policy initiatives and periodically reviewing the Company’s policies, articles of incorporation and/or bylawsactivities and expenditures with respect to provide that director nominees be electedpolitical contributions. Furthermore, the Company has recently published on its website a Political Spend Report, which was reviewed and approved by the affirmative voteN&G Committee, including the very limited state contributions and expenditures made by the Company in the U.S. (including to trade associations and other tax-exempt and similar organizations that may engage in political activity). Our Political Spend Report shows that where we do participate in trade associations, we prioritize those that are directly aligned with our mission to accelerate innovation for a healthier world. In 2023, we had memberships in only three U.S. trade associations where dues exceeded $50,000 and all three—Association of Clinical Research Organizations, Real World Evidence Alliance and Healthcare Leadership Council—were directly aligned with our mission, and none of the majority of votes cast,dues exceeded $200,000. 

Given the existing oversight controls we already have in place, the Company’s limited corporate political contributions, and our recently enhanced transparency, the information requested by the proposal would not provide stockholders with a plurality vote standard retained for contested director elections, that is, whenany additional meaningful information.

Our Political Activity Policy and Political Spend Report are available on our investor relations website: ir.iqvia.com.

To further illustrate how our current policies already implement the number of director nominees exceedsproposal, the number of board seats. This proposal includes that a director who receives less than a majority vote be removed as soon as a replacement director can be qualified on an expedited basis. If such a removed director has key experience, they can transition to a consultant or director emeritus. With written justification,following chart shows the board can set an effective date several years into the future for these changes to take effect.

Supporting Statement: To provide shareholders a meaningful role in director elections, our Company’s current director election standard should transition from a plurality vote standard to a majority vote standard when only board nominated candidates are on the ballot.

Under our Company’s current voting system, a director can be elected if all shareholders oppose the director but one shareholder votes FOR, even by mistake. More than 90%principal aspects of the companies in the S&P 500 have adopted majority voting for uncontested elections. Director Todd Sisitsky received less than 60% support at our 2021 meeting.proposal and how IQVIA is fulfilling each:

In 2019 and 2020 majority shares voted FOR similar proposals at TG Therapeutics, Lipocine, Abeona Therapeutics, Alico, Guidewire Software, Stemline Therapeutics, Caesars Entertainment, RadNet, Gannett, New Residential Investment, Safety Insurance Group, First Community Bancshares, Greenhill, and Advaxis.

Stockholder Proposal RequestsAction Taken by IQVIA
The Company provide a report, updated semiannually, that is presented to the board of directors or relevant board committee and posted on the Company’s website.

  Beginning in February 2024, IQVIA disclosed on its investor relations website, and will continue to post on an annual basis, a Political Spend Report including state and local contributions and expenditures and U.S. trade association dues made by the Company as well as the non-deductible portion of the dues as reported by the relevant trade association.

The Political Spend Report will be reviewed and approved by the N&G Committee annually. We believe an annual frequency is appropriate given our limited corporate political contributions.

Vanguard, our largest shareholders, includes the following in their proxy voting guidance: “If the company has plurality voting, a fund will typically vote for shareholder proposals requiring majority vote for election of directors.” BlackRock’s proxy voting guidelines include the following: “Majority voting standards assist in ensuring that directors who are not broadly supported by shareholders are not elected to serve as their representatives.” Many other large shareholders have similar proxy voting policies.

This request should be seen in the context that our Company does not allow shareholders to call special meeting or act by written consent, and does not provide shareholders with the right to proxy access. Our board is locked into an outdated governance structure that reduces accountability to shareholders, increasing the likelihood of stagnation. We should not risk Zombies on Board: Investors Face the Walking Dead (https://www.msci.com/www/blog-posts/zombies-on-board-investors-face/02161045315).

ToEnhanceShareholderValue,VoteFOR

ElectDirectorsbyMajorityVote-Proposal4

IQVIA HOLDINGS INC.    2024 Proxy Statement117
 
Stockholder Proposal RequestsAction Taken by IQVIA
Disclose the policies and procedures formaking, with corporate funds or assets, contributions and expenditures (direct or indirect) to participate or intervene in any   campaign on behalf of (or in opposition to) any candidate for public office.

IQVIA HOLDINGS INC.    2022 Proxy Statementdoes not have a Company-sponsored political action committee. In accordance with U.S. federal election law, IQVIA does not use corporate funds for political contributions to federal candidates, national political parties or committees of such parties.

•   IQVIA does not make corporate contributions to state or local candidates or committees or ballot measure committees, unless approved by the General Counsel. The N&G Committee receives periodic updates from the General Counsel and approves the Company’s Political Spend Report, which is updated annually.

•   Our Political Activity Policy and our Political Spend Report are available on our investor relations website at ir.iqvia.com.

Disclose the policies and procedures formaking, with corporate funds or assets, contributions and expenditures (direct or indirect) to influence the general public, or any segment thereof, with respect to an election or referendum.98

•   Beginning in February 2024, IQVIA disclosed its Political Activity Policy and its Political Spend Report on its investor relations website, and will continue to post on an annual basis, the Political Spend Report including state and local contributions and expenditures and trade association dues made by the Company in the United States for the year.

•   IQVIA does not make any independent expenditures or electioneering communications, nor does it contribute to any organizations for the purpose of funding such efforts, unless approved by the General Counsel.

Disclose the monetary and non-monetary contributions and expenditures (direct and indirect) used to participate or intervene in any campaign on behalf of (or in opposition to) any candidate for public office, including: the identity of the recipient as well as the amount paid to each; and the title(s) of the person(s) in the Company responsible for decision-making.

•   On an annual basis, IQVIA will post on its investor relations website a Political Spend Report including state and local contributions and expenditures and U.S. trade association dues in excess of $50,000 made by the Company as well as the non-deductible portion of the dues as reported by the relevant trade association. We believe this threshold for trade association dues provides appropriate transparency of the payments most relevant to our stockholders.

•   Disclosure of trade association dues below this threshold would create unnecessary administrative burden and would not provide decision-useful information to our stockholders.

Disclose the monetary andnon-monetary contributions and expenditures (direct and indirect) used to influence the general public, or any segment thereof, with respect to an election or referendum, including: the identity of the recipient as well as the amount paid to each; and the title(s) of the person(s) in the Company responsible for decision-making.

•   On an annual basis, IQVIA will post on its investor relations website a Political Spend Report including state and local contributions and expenditures and U.S. trade association dues in excess of $50,000 made by the Company as well as the non-deductible portion of the dues as reported by the relevant trade association. We believe this threshold for trade association dues provides appropriate transparency of the payments most relevant to our stockholders.

•   Disclosure of trade association dues below this threshold would create unnecessary administrative burden and would not provide decision-useful information to our stockholders.


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IQVIA’s Statement in Opposition

Board Recommendation

After thoughtful consideration,

For the foregoing reasons, our Board believes that the Company’s current methodapproval of electing directorsthis stockholder proposal is not in the best interests of stockholders or the Company and its stockholders. As a result, the Board recommends voting “against”that you vote AGAINST this Proposal No. 4 for the reasons set forth below.

Our Corporate Governance Guidelines already require that directors in an uncontested election who do not receive a majority of the votes cast shall, promptly following certification of the stockholder vote, offer his or her resignation to the Board. As such, because our plurality voting standard already provides a form of majority voting by requiring directors to tender their resignation if they fail to receive a majority of votes cast, implementing a majority voting standard is unnecessary.

The Company’s current plurality voting standard yields a definitive result in a simple, efficient and transparent manner, which has historically been effective in electing strong, independent directors to our Board. Further, under the current plurality voting standard, stockholders already have a meaningful opportunity to express disapproval with corporate policies, strategy, or director candidates through the use of withhold votes.

By contrast, the majority voting standard being requested by the proponent does not provide the Board with the opportunity to address the underlying cause for stockholder opposition to a nominee by requiring that the director be removed when a replacement is found. Moreover, it does not take into account that vacancies caused by a failed election could be disruptive, especially during this period of significant growth and strategic transformation of our business, and may interfere with the functioning of the Board. An expedited election process may make it difficult to select the most qualified nominees, and a significant turnover among directors may impede the Company’s long-term strategic plan due to lack of director continuity and removal of any particularly unique, experienced directors, ultimately impacting the stability of the Board and the Company.

The Company already has strong corporate governance practices that promote Board accountability and responsiveness to stockholders, and as such the Board does not believe this proposal is in the best interest of the Company and its stockholders. The Board regularly reviews our corporate governance structure and practices, and has made several changes over the last few years that it believes are in the best interest of the Company and its stockholders, including:

removing all stockholder supermajority voting requirements

providing for stockholder proxy access

accelerating a say-on-frequency vote

adopted annual say-on-pay

if approved at the 2022 Annual Meeting, declassifying our Board and empowering stockholders to remove directors without cause

adopted a diversity requirement to ensure that the initial list of external candidates in any search for new directors or the Chief Executive Officer position include qualified female and racially or ethnically diverse candidates

amended N&G Committee’s charter to formalize the committee’s responsibility to oversee our ESG matters and initiatives

amended Audit Committee’s charter to specifically include oversight of cybersecurity risks as one of the committee’s responsibilities

enhanced Board diversity disclosure

instituted director retirement policy to promote Board refreshment

Further, the Board has a proven track record of responsiveness to stockholder feedback, as many of the governance enhancements described above were implemented as a result of stockholder input obtained during our annual stockholder engagement program.

As part of the Board’s continuing corporate governance review and consideration of this proposal, the Board has weighed the advantages and disadvantages of maintaining plurality voting in director elections with the requisite resignation tender when majority support is not achieved. Based on the foregoing reasons, the Board believes it to be in the best interest of the Company and its stockholders to maintain the current method of electing directors and therefore opposes this stockholder proposal.

3.

 

Against
THE BOARD UNANIMOUSLY RECOMMENDS THAT TO ENHANCE STOCKHOLDER VALUE VOTE “AGAINST” THIS PROPOSAL.

 

IQVIA HOLDINGS INC.    20222024 Proxy Statement99118

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PROPOSAL NO. 5
4
Ratification of the
Appointment of the
Independent Registered
Public Accounting Firm

The Audit Committee has appointed PricewaterhouseCoopers LLP as the Company’s independent registered public accountants for the year ending December 31, 2022.2024. Ratification of the appointment of PricewaterhouseCoopers requires the vote of a majority of the shares of our common stock cast affirmatively or negatively on the matter. A representative of PricewaterhouseCoopers is expected to be available to answer appropriate questions at the 20222024 Annual Meeting and is free to make statements during the 20222024 Annual Meeting.

The Audit Committee is not required to take any action as a result of the outcome of the vote on this proposal. However, if the stockholders do not ratify the appointment, the Audit Committee may investigate the reasons for stockholder rejection and may consider whether to retain PricewaterhouseCoopers or to appoint another independent registered public accounting firm.

Even if the appointment is ratified, the Audit Committee may, in its discretion, may direct the appointment of a different independent registered public accounting firm at any time if it determines that such a change would be in the best interests of our stockholders or the Company.

 

For
THE BOARD RECOMMENDS A VOTE “FOR”RATIFICATION OF THE APPOINTMENT OF PRICEWATERHOUSECOOPERS LLPLLP.

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Audit Committee Report

The Audit Committee has selected PricewaterhouseCoopers as our independent registered public accounting firm for the year endedending December 31, 2022.2024. The Board will ask our stockholders to ratify this selection at the 20222024 Annual Meeting.

PricewaterhouseCoopers served as our independent registered public accounting firm for the years ended December 31, 2021,2023, and 2020.2022. Prior to the Merger, PricewaterhouseCoopers had been independent auditor of Quintiles continuously since 2002 and for IMS Health continuously since 1998.

Among its functions, the Audit Committee reviews our financial reporting process on behalf of the Board. Management has the primary responsibility for the financial statements and the reporting process. The independent registered public accounting firm is responsible for expressing an opinion on the conformity of our audited financial statements to accounting principles generally accepted in the United States of America.

The Audit Committee has reviewed and discussed the annual audited financial statements with management and the independent registered public accounting firm, PricewaterhouseCoopers. The Audit Committee also discussed with the independent registered public accounting firm the matters required to be discussed by Public Company Accounting Oversight Board AS 1301, and reviewed the results of the independent registered public accounting firm’s audit of the consolidated financial statements.

PricewaterhouseCoopers has also confirmed to us that it is in compliance with the rules, standards and policies of the Independence Standards Board and the SEC governing auditor independence. The Audit Committee received and discussed with PricewaterhouseCoopers its written disclosures and the letter required by applicable requirements of the Public Company Accounting Oversight Board regarding the independent registered public accounting firm’s communications with the Audit Committee concerning independence. The Audit Committee has considered whether the provision of non-audit services by our independent registered public accounting firm is compatible with the auditor’s independence.

Based on the reviews and discussions referred to above, and the guidelines specified by the Audit Committee Charter, the Audit Committee recommended to the Board that the audited consolidated financial statements be included in our 2021 Annual Report on Form 10-K for filing with the SEC.year ended December 31, 2023.

 

TheAuditCommittee

James A. Fasano, Chair

Carol J. Burt

Colleen A. Goggins

John M. Leonard, M.D.
Ronald 
Sheila
A. RittenmeyerStamps

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Fees Paid to Independent Registered Public Accounting Firm

PricewaterhouseCoopers has served as our independent auditor for the years ended December 31, 2021,2023, and 2020.2022. In addition to rendering audit services during those two years, PricewaterhouseCoopers performed various non-audit services for us worldwide.

Audit and Other Fees for Past Two Fiscal Years

The following table sets forth the aggregate fees billed to the Company for services rendered by PricewaterhouseCoopers for the 2021fiscal years 2023 and 2020 fiscal years.2022.

 

(in thousands)

2021

2020

Audit fees(1)

$8,590

$8,975

Audit-related fees(2)

522

Tax fees(3)

2,000

2,300

All other fees(4)

20

20

TOTAL

$11,132

$11,295

  (in thousands)
  2023 2022
Audit fees(1) $9,140 $8,850
Audit-related fees(2) 127 135
Tax fees(3) 3,500 1,200
All other fees(4) 20 20
TOTAL $12,787 $10,205
(1)

Audit fees principally include services related to the annual audit of the consolidated financial statements, quarterly review of our interim consolidated financial statements, statutory audits of foreign subsidiaries, SEC registration statements and other filings, and consultation on accounting matters.

(2)

Audit-related fees, if any, would consist principally of due diligence services and financial accounting and reporting consultations for related services not already reported in audit fees.

(3)

Tax fees relate primarily to professional services for tax compliance, advice and planning services. These services included U.S. and non-U.S. tax services.

(4)

All other fees consisted of non-audit and accounting research services.

All audit and non-audit services to be performed by our independent registered public accounting firm must be approved in advance by the Audit Committee. As permitted by SEC rules, the Audit Committee also has delegated to each of its members, acting singly, the authority to pre-approve any audit or non-audit services if the need for pre-approval arises between regularly scheduled meetings. Such interim approvals, together with full documentation, are presented to the Audit Committee at its next scheduled meeting.

As early as practicable in each fiscal year, the independent registered public accounting firm provides to the Audit Committee a schedule of the audit and other services that the independent registered public accountants expect to provide or may provide during the year. The schedule must be specific as to the nature of the proposed services, the proposed fees and other details that the Audit Committee may request. The Audit Committee will by resolution authorize or decline the proposed services. Upon approval, this schedule will serve as the budget for fees by specific activity or service for the year.

A schedule of additional services proposed to be provided by the independent registered public accountants, or proposed revisions to services already approved, along with associated proposed fees, may be presented to the Audit Committee for their consideration and approval at any time. The schedule must be specific as to the nature of the proposed service, the proposed fee, and other details that the Audit Committee may request. The Audit Committee will by resolution authorize or decline authorization for each proposed new service.

Applicable SEC rules and regulations permit waiver of the pre-approval requirements for services other than audit, review or attest services if certain conditions are met. Out of the services characterized above as audit-related and tax, none were billed pursuant to these provisions in fiscal 20212023 without pre-approval.

The Audit Committee has considered the compatibility of non-audit services performed by PricewaterhouseCoopers with its independence and has concluded that the provision of non-audit services by PricewaterhouseCoopers is compatible with that firm maintaining its independence from us and our management.

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The

Unless otherwise indicated, the following table sets forth information relating to the beneficial ownership of our common stock as of February 15, 2022,January 31, 2024, by:

each person, or group of affiliated persons, known by us to beneficially own more than 5% of the outstanding shares of our common stock;

each person, or group of affiliated persons, known by us to beneficially own more than 5% of the outstanding shares of our common stock;
each of our named executive officers;
each of our directors; and
all executive officers and directors as a group.

each of our named executive officers;

each of our directors; and

all executive officers and directors as a group.

Beneficial ownership is determined in accordance with SEC rules. In general, under these rules a beneficial owner of a security includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise has or shares voting power or investment power with respect to such security. A person is also deemed to be a beneficial owner of a security if that person has the right to acquire beneficial ownership of such security within 60 days. Except as otherwise indicated, and subject to applicable community property laws, each person named in the table has sole voting and investment power with respect to all shares of common stock held by that person.

The percentage of shares beneficially owned is computed on the basis of 190,915,073181,508,592 shares of our common stock outstanding as of February 15, 2022.January 31, 2024. Shares of our common stock that a person has the right to acquire within 60 days of February 15, 2022,January 31, 2024, are deemed outstanding for purposes of computing the percentage ownership of such person’s holdings but are not deemed outstanding for purposes of computing the percentage ownership of any other person, except with respect to the percentage ownership of all directors and executive officers as a group. Unless otherwise indicated below, the address for each beneficial owner listed is c/o IQVIA Holdings Inc., 83 Wooster Heights2400 Ellis Road, Danbury, Connecticut 06810.Durham, North Carolina 27703. 

Name of Beneficial Owners

Shares Beneficially Owned

Number

Percent

5% stockholders:

 

 

The Vanguard Group(1)

20,970,407

11.0

BlackRock, Inc.(2)

15,139,662

7.9

Directors and named executive officers:

 

 

Ari Bousbib(3)

2,113,317

1.1

Ronald E. Bruehlman(4)

25,509

*

W. Richard Staub, III(5)

62,332

*

Kevin C. Knightly(6)

113,559

*

Eric M. Sherbet(7)

57,681

*

Carol J. Burt(8)

3,904

*

John P. Connaughton

John G. Danhakl(9)

24,951

*

James A. Fasano

Colleen A. Goggins(10)

10,403

*

John M. Leonard, M.D.(11)

10,678

*

Leslie Wims Morris(12)

104

*

Ronald A. Rittenmeyer(13)

12,538

*

Todd B. Sisitsky

Sheila A. Stamps

All executive officers and directors as a group (16 persons)(14)

2,449,082

1.3

  Shares Beneficially Owned
Name of Beneficial Owners Number Percent
5% stockholders:    
The Vanguard Group(1) 21,077,827 11.6%
BlackRock, Inc.(2) 15,166,087 8.4%
Harris Associates L.P.(3) 9,747,869 5.4%
Directors and named executive officers:    
Ari Bousbib(4)  2,435,926 1.3%
Ronald E. Bruehlman(5)  91,400 *
W. Richard Staub, III(6) 38,113 *
Kevin C. Knightly(7)  112,583 *
Eric M. Sherbet(8)  91,249 *
Costa Panagos(9) 14,250 *
Carol J. Burt(10)  5,962 *
John P. Connaughton(11)  
John G. Danhakl(12)  147,985 *
James A. Fasano(13) 1,063 *
Colleen A. Goggins(14)  13,561 *
John M. Leonard(15)  12,736 *
Leslie Wims Morris(16)  3,063 *
Todd B. Sisitsky(11)   
Sheila A. Stamps(17)  2,058 *
All executive officers and directors as a group (16 persons)(18)  2,971,639 1.6%

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*

Represents beneficial ownership of less than one percent of the outstanding shares of our common stock.

(1)

As reported by The Vanguard Group in a Schedule 13G filed with the SEC on February 10, 2022,13, 2024, which reported holdings as of December 31, 2021.29, 2023. The Schedule 13G states that The Vanguard Group has shared voting power with respect to 312,773242,171 shares, sole dispositive power with respect to 20,189,42020,291,634 shares, and shared dispositive power with respect to 780,987786,193 shares. The principal business address of The Vanguard Group is 100 Vanguard Blvd., Malvern, PA 19355.

(2)

As reported by BlackRock, Inc. in a Schedule 13G filed with the SEC on February 7, 2022,January 25, 2024, which reported holdings as of December 31, 2021.2023. The Schedule 13G states that BlackRock, Inc. has sole voting power with respect to 13,613,37013,884,087 shares and sole dispositive power with respect to 15,139,66215,166,087 shares. The principal business address of BlackRock, Inc. is 55 East 52nd Street,50 Hudson Yards, New York, NY 10055.

10001.
(3)

As reported by Harris Associates L.P. in a Schedule 13G filed with the SEC on February 14, 2024, which reported holdings as of December 31, 2023. The Schedule 13G states that Harris Associates L.P. has sole voting power with respect to 7,848,356 shares and sole dispositive power with respect to 9,747,869 shares. The principal business address of Harris Associates L.P. is 111 South Wacker Drive, Suite 4600, Chicago, IL 60606.
(4)Includes 892,8671,106,645 shares underlying stock appreciation rights that are currently exercisable or scheduled to vest within 60 days and 14,872 shares underlying restricted stock units scheduled to vest within 60 days of February 15, 2022.January 31, 2024. Of the shares beneficially owned, 543,302 shares of common stock are held in trust for the benefit of members of Mr. Bousbib’s family.

(4)

(5)Includes 8,90048,133 shares underlying stock appreciation rights that are currently exercisable or scheduled to vest within 60 days and 4,185 shares underlying restricted stock units scheduled to vest within 60 days of February 15, 2022.January 31, 2024. Of the shares beneficially owned, 11,88011,893 shares of common stock are held in Ronald E. Bruehlman Revocable Trust.

(5)

(6)Includes 37,5637,989 shares underlying stock appreciation rights that are currently exercisable or scheduled to vest within 60 days and 1,292 shares underlying restricted stock units scheduled to vest within 60 days of February 15, 2022.

(6)

January 31, 2024.

(7)Includes 89,17288,143 shares underlying stock appreciation rights that are currently exercisable or scheduled to vest within 60 days and 1,321 shares underlying restricted stock units scheduled to vest within 60 days of February 15, 2022, andJanuary 31, 2024. Also includes 18,566 notional shares held under the IMS Health DCERP.

(7)

(8)Includes 48,09069,577 shares underlying stock appreciation rights that are currently exercisable or scheduled to vest within 60 days and 1,447 shares underlying restricted stock units scheduled to vest within 60 days of February 15, 2022.

(8)

January 31, 2024.

(9)As reported in a Form 4 filed with the SEC on September 21, 2023, which reported holdings as of September 19, 2023. Mr. Panagos exited the Company on September 25, 2023.
(10)Consists of 3,9045,962 shares of common stock held in Carol Burt Hilliard Revocable Trust.

(9)

(11)Messrs. Connaughton and Sisitsky do not participate in the non-employee director compensation program, and therefore do not receive annual equity awards.
(12)Consists of 24,34426,402 shares of common stock held in trust for the benefit of members of Mr. Danhakl’s family, 120,000 shares of common stock held by the Danhakl Family Foundation, of which Mr. Danhakl is a trustee and 6071,583 notional shares held under the IQVIA Holdings Inc. Non-Employee Director Deferral Plan.

(10)

(13)Consists of 8,1851,063 shares of common stock issued pursuant to Company stock incentive plans.
(14)Consists of 10,243 shares of common stock issued pursuant to Company stock incentive plans and 2,2183,318 notional shares held under the IQVIA Holdings Inc. Non-Employee Director Deferral Plan.

(11)

(15)Consists of 10,67812,736 shares of common stock issued pursuant to Company stock incentive plans.

(12)

(16)Consists of 104 notional shares held under the IQVIA Holdings Inc. Non–Employee Director Deferral Plan.

(13)

Consists of 12,5382,058 shares of common stock issued pursuant to Company stock incentive plans and 1,005 notional shares held under the IQVIA Holdings Inc. Non-Employee Director Deferral Plan.

(17)Consists of 2,058 shares of common stock issued pursuant to Company stock incentive plans.

(14)

(18)Includes 1,088,4031,321,552 shares underlying stock appreciation rights that are currently exercisable or scheduled to vest within 60 days,18,566days, 23,306 shares underlying restricted stock units scheduled to vest within 60 days, 18,566 notional shares held under the IMS Health DCERP and 2,9295,906 notional shares held under the IQVIA Holdings Inc. Non-Employee Director Deferral Plan.

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Related Party Transactions Approval Policy

We have adopted a written policy assigning responsibility to our Audit Committee for reviewing and approving related party transactions. For purposes of this policy, a related person transaction includes any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K adopted by the SEC.

In the course of its review of related party transactions, our Audit Committee will consider the relevant facts and circumstances to decide whether to approve such transactions. Related party transactions must be approved or ratified by the Audit Committee based on full information concerning the proposed transaction, including the related persons involved; their relationship to the Company; their interest and role in the transaction; the proposed terms of the transaction, including materiality and character of the related party’s direct or indirect interest; the benefits and perceived benefits, or lack thereof, to the Company and the related party; the availability to the Company of alternative means or transactions by which to obtain like benefits; terms that would prevail in a similar transaction with an unaffiliated third party; the actual or apparent conflict of interest of the related party; and such other information as our Audit Committee deems appropriate. Our policy provides that we generally should not engage in related party transactions unless the Audit Committee has determined that, upon consideration of all relevant information, the proposed transaction is in, or not inconsistent with, the best interests of the Company and its stockholders.

Shareholders Agreement

In connection with the Merger, we entered into a shareholders agreement (the “Shareholders Agreement”) with certain of the largest post-Merger shareholders, including certain funds affiliated with TPG Global, LLC (collectively, “TPG”), certain affiliates of Bain Capital Investors, LLC (collectively, “Bain Capital”), CPP Investment Board Private Holdings Inc. (“CPPIB”), Dr. Dennis B. Gillings and certain of his affiliates (the “DG Shareholders”), and Leonard Green & Partners, L.P. (“LGP”). The funds originally party to the Shareholders Agreement are sometimes referred to as the “SHA Parties” in this Proxy Statement, but CPPIB is the only remaining party to the Shareholders Agreement.

Pursuant to the registration rights provisions of the Shareholders Agreement, the SHA Parties have demand registration rights, including shelf registration rights, in respect of any shares of our common stock held by them, subject to certain conditions. In addition, in the event we register shares of our common stock for sale to the public, we are required to give notice of such registration to the SHA Parties, and, subject to certain limitations, include shares of our common stock held by them in such registration. The Shareholders Agreement includes customary indemnification provisions in favor of the SHA Parties, any person who is or might be deemed a control person (within the meaning of the Securities Act of 1933 and the Exchange Act), and related parties against certain losses and liabilities (including reasonable costs of investigation and legal expenses) arising out of or based upon any filing or other disclosure made by us under the securities laws relating to any such registration.

The Shareholders Agreement will terminate with respect to any current party thereto (i) with respect to provisions regarding our Board, at such time as the party is no longer entitled to designate a nominee, (ii) with respect to provisions regarding registration rights, at such time as the party has sold all of its shares of our outstanding common stock or has the ability to sell such shares pursuant to Rule 144 of the Securities Act of 1933 without volume limitations (provided that the shareholder group to which such party belongs then holds less than 3% of our outstanding common stock), and (iii) with respect to the remainder of the Shareholders Agreement, at such time as the party no longer holds any shares of our common stock. The Board designation rights for each of the parties to the Shareholders Agreement have ceased.

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Corporate Opportunities

Our Certificate of Incorporation was approved by stockholders in connection with the Merger and provides that TPG, Bain Capital, CPPIB and LGP, and certain of their respective affiliates, will not have any fiduciary or other duty to refrain from engaging directly or indirectly in the same or similar business activities or lines of business as the Company or any of its subsidiaries. The Certificate of Incorporation further provides that the Company, on behalf of itself and its subsidiaries, renounces any interest or expectancy in being offered an opportunity to participate in business opportunities that are presented to TPG, Bain Capital, CPPIB, LGP, or certain of their respective affiliates. This provision applies to these stockholders (and associated parties) only for so long as one or more of them continues to have the right under the Shareholders Agreement to designate one nominee or a nominee designated by any such stockholder at any time continues to serve on the Board. The Board designation rights for each of the parties to the Shareholders Agreement have ceased, but TPG, Bain Capital, CPPIB and LGP continue to have at least one current or former designee serving on the Board.

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Who is entitled to vote at the 20222024 Annual Meeting? How many shares can I vote?

Only stockholders of record on February 15, 2022, the record date for the 2022 Annual Meeting,20, 2024, are entitled to receive notice of and to vote at the 20222024 Annual Meeting. On that date, we had 190,912,001 shares of common stock outstanding on the books and records of our transfer agent, American Stock Transfer and Trust Company, LLC (AST). Each share of our common stock is entitled to one vote. There is no cumulative voting. On February 20, 2024, there were 182,013,590 shares of common stock outstanding.

Why did I receive a notice in the mail regarding the Internet availability of proxy materials instead of a full set of proxy materials?

In accordance with rules adopted by the SEC, we may furnish proxy materials, including this proxy statement and our most recent Annual Report on Form 10-K, to our stockholders by providing access to such documents online instead of mailing printed copies. Most stockholders will not receive printed copies of the proxy materials unless they request them. Instead, a Notice of Internet Availability of Proxy Materials, which was mailed to the holders of our common stock, will instruct you as to how you may access and review all of the proxy materials online. The Notice of Internet Availability of Proxy Materials also instructs you as to how you may submit your proxy online. If you would like to receive a paper or email copy of our proxy materials, you should follow the instructions for requesting such materials in the Notice of Internet Availability of Proxy Materials.

What constitutes a quorum?

A quorum of shares is necessary to hold a valid stockholders’ meeting. Our Bylaws provide that a majority of the total votes entitled to be cast by the holders of all outstanding shares of capital stock of the Company entitled to vote generally in the election of directors, present in person or represented by proxy, will constitute a quorum at meetings of stockholders. Shares for which a stockholder directs an “abstention” from voting, as well as shares that a broker holds in “street name” and votes on some matters but not others (known as “broker non-votes,” which result when brokers have not received voting instructions from their customers on certain non-routine matters), will be counted for purposes of establishing a quorum.

What proposals will be voted on at the 20222024 Annual Meeting? How does the Board recommend that I vote? What vote is required to approve each item of business?

The chart below summarizes the items of business for the 20222024 Annual Meeting, the voting requirements, and the effects of broker non-votes and abstentions, as prescribed by our corporate governance documents and Delaware law, on the outcome of the vote for these proposals at the 20222024 Annual Meeting.

Proposal

Board Recommendation

Board
Recommendation

Vote Required

Effect of Abstentions


and Broker Non-Votes

Election of four Class III Directors for a three-year term

six director nominees to one-year terms

FOR each nominee

Plurality

Majority of votes cast

No effect

Amendment to Certificate of Incorporation to declassify the Board over time and provide for the annual election of all directors

FOR

Majority of shares present in person or presented by proxy at the meeting and entitled to vote on the matter

Abstentions treated as votes “against” and broker non-votes will have no effect

Advisory (non-binding) vote to approve our executive compensation (say-on-pay)

FOR

FOR

Not Applicable((1)1)

No effect

Consider a stockholderStockholder proposal, if properly presented

AGAINST

AGAINST

Not Applicable((1)1)

No effect

Ratification of PricewaterhouseCoopers LLP as our independent auditorregistered public accounting firm for 2022

2024

FOR

FOR

Majority of votes cast

No effect

(1)

Because

Given this is an advisory vote, there is no required approval.approval threshold.

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Majority Voting Standard for Election of Directors

Our Bylaws provide that directorsDirectors are elected by receiving a pluralitymajority of the votes cast in uncontested elections, which means the number of shares voted “for” a director nominee must exceed the number of shares voted “against” that director nominee. Any incumbent director who fails to receive a majority of votes cast which means that the nominees with the largest number of votes will be elected as directors up to the maximum number of directors to be elected at the 2022 Annual Meeting. Our Corporate Governance Guidelines provide that, in an uncontested election (an election in which the number of nominees does not exceed the number of directorsmust tender his or her resignation to be elected), a director who receives a number of “withhold” votes that is greater than 50% of all votes cast with respect to that nominee’s election must promptly tender a resignation from the Board. The N&G Committee will make a recommendation to the Board whether to accept or reject the tendered resignation, or whether other action should be taken. The N&G Committee and the Board, in making its recommendation or decision, as applicable, must consider what it believes is in the best interests of the Company and its stockholders, and may consider any

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factor or other information it deems relevant. The Board will act on the tendered resignation, taking into account the N&G Committee’s recommendation, and will publicly disclose its decision regarding the resignation within 90 days after the results of the election are certified. If

In a contested election, directors are elected by a plurality of the resignationvotes cast. A contested election is not accepted,a situation in which the director may serve his or her term until such director’s successornumber of nominees exceeds the number of directors to be elected. Whether an election is elected and qualified.contested is determined ten days in advance of when we file our definitive Proxy Statement with the SEC.

What is the difference between holding shares as a stockholder of record and as a beneficial owner?

If your shares are registered directly in your name with AST,on the books and records of our transfer agent, Equiniti Trust Company, LLC (Equiniti), you are considered, with respect to those shares, the “stockholder of record.” Proxy materials or a Notice of Internet Availability of Proxy Materials have been sent directly to you by us.

If your shares are held in a stock brokerage account or by a bank or other nominee, you are considered the “beneficial owner” of shares held in street name, and these proxy materials or a Notice of Internet Availability of Proxy Materials are being forwarded to you together with a voting instruction card. As the beneficial owner, you have the right to direct your broker, bank or other nominee how to vote your shares by following their instructions. Please note that because a beneficial owner is not the stockholder of record, you may not vote these shares in person at the meeting unless you obtain a “legal proxy” from the broker, bank or other nominee that holds your shares, giving you the right to vote the shares at the meeting.

How do stockholders vote?

If you are a stockholder of record, you may vote your shares in any of the following ways:

In person

You may attend the 20222024 Annual Meeting and cast your vote there. If you have already voted online, by telephone or by mail, your vote at the 20222024 Annual Meeting will supersede your prior vote.

By proxy

Stockholders of record have a choice of voting by proxy:

over the Internet at www.voteproxy.com;
by using the toll-free telephone number 1-800-PROXIES (1-800-776-9437) in the United States or 1-201-299-4446 from foreign countries from any touch-tone telephone and following the instructions, as noted on your proxy card; or
by completing a proxy card and mailing it in the postage-paid envelope provided. Please allow sufficient time for delivery of your proxy card if you decide to vote by mail.

The Internet and telephone voting facilities for stockholders of record will close at www.voteproxy.com;11:59 p.m. E.D.T. on April 15, 2024. 

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by using the toll-free telephone number 1-800-PROXIES (1-800-776-9437) in the United States or 1-718-921-8500 from foreign countries from any touch-tone telephone and following the instructions, as noted on your proxy card; or

by completing a proxy card and mailing it in the postage-paid envelope provided. Please allow sufficient time for delivery of your proxy card if you decide to vote by mail.

TheInternetandtelephonevotingfacilitiesforstockholdersofrecordwillcloseat11:59p.m.E.D.T.onApril 11,2022.

If you are a beneficial owner holding shares in street name, please refer to your proxy card or the voting instruction form forwarded by your broker, bank or other nominee to see which of the above choices are available to you. Brokers are not permitted to vote on ProposalsProposal Nos. 1, 2 3, or 43 without instructions from the beneficial owner of the shares. It is particularly important, if you hold your shares through a broker or other nominee, that you instruct your broker how you wish to vote your shares because brokers will have discretionary voting authority only with respect to Proposal 5No. 4 if you do not do so.

A control number, located on your proxy card, is designed to verify your identity and allow you to vote your shares, and to confirm that your voting instructions have been properly recorded when voting over the Internet or by telephone. If you vote over the Internet, you may incur costs such as telephone and Internet access charges for which you will be responsible.

If a stockholder gives a proxy, how are the shares voted?

Regardless of the method you choose to vote, the individuals named on the enclosed proxy card (your “proxies”) will vote your shares in the way that you indicate. The individuals named as proxies on the proxy card are Mr. Bousbib, our Chairman and Chief Executive Officer, Mr. Bruehlman, our Executive Vice President and Chief Financial Officer, and Mr. Sherbet, our Executive Vice President, General Counsel and Secretary. When completing the Internet or telephone processes or the proxy card, you may specify whether your shares should be voted for or withheldagainst or to abstain from voting on the election of each director or voted for or against or to abstain from voting on all, some or none of the other items of business to come before the 20222024 Annual Meeting.

If you properly sign your proxy card but do not indicate how your shares should be voted on a matter, the shares represented by your properly signed proxy will be voted as the Board recommends.

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It is possible that items of business other than those listed above may be brought before stockholders at the 20222024 Annual Meeting. The individuals named as proxies on the proxy card will vote shares for which you have given a proxy on the matter as recommended by the Board, or, if no Board recommendation is given, the proxies will vote the shares in their discretion.

In any event, the individuals named as proxies on the proxy card must comply with the rules of the SEC when voting shares on a discretionary basis. At the date of this Proxy Statement, we have not received any notice regarding any other matter to come before the 20222024 Annual Meeting that was timely in accordance with our Bylaws.

If I vote by proxy, may I still attend the 20222024 Annual Meeting?

Voting over the Internet, by telephone or by sending in a signed proxy card will not prevent you from attending the 20222024 Annual Meeting and voting in person.

Who can attend the 20222024 Annual Meeting?

Any Company stockholder as of the close of business on February 15, 2022,20, 2024, may attend the meeting. You will need proof of ownership to enter the meeting. Even if you plan to attend the meeting, please vote your shares in advance by submitting a proxy.

If your shares are held in street name (beneficially held in the name of a broker, bank or other holder of record), you must present proof of your ownership, such as a bank or brokerage account statement, to be admitted to the meeting. Please note that if you are a beneficial holder and would like to vote at the meeting in person, you will need to bring a legal proxy from your broker, bank or other holder of record.

Stockholders must also present a valid form of photo identification, such as a driver’s license, in order to be admitted to the meeting. No cameras, recording equipment, large bags or packages will be permitted in the meeting.

For directions to the meeting, you may contact the Secretary of the Company at 83 Wooster Heights2400 Ellis Road, Danbury, Connecticut 06810.Durham, North Carolina 27703.

How can I revoke a proxy?

You have the right to revoke a proxy, whether delivered over the Internet, by telephone or by mail, at any time before it is exercised, by voting again at a later date through any of the methods available to you, by giving written notice of revocation to our Secretary (which must be filed with the Secretary by the time the 20222024 Annual Meeting begins), or by attending the 20222024 Annual Meeting and voting in person.

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Who is paying the costs of this proxy solicitation?

Proxies will be solicited by the Company on behalf of the Board by mail, telephone, other electronic means or in person, and we will pay the solicitation costs. We will reimburse brokers, banks or other custodians, nominees and fiduciaries for their charges and expenses in forwarding proxy materials to beneficial owners. Certain of our directors, officers and employees, without additional compensation, may also solicit proxies on our behalf in person, by telephone, or by electronic communication. In addition, we have engaged Morrow Sodali LLC to assist in the solicitation from brokers, bank nominees and institutional holders for a fee of $12,000 plus out-of-pocket expenses.

How can I find out the results of the voting at the 20222024 Annual Meeting?

ASTEquiniti will receive and tabulate the vote in connection with the 20222024 Annual Meeting. Representatives of ASTEquiniti will act as the independent Inspectors of Election and in this capacity will supervise the voting, decide the validity of proxies and certify the results. ASTEquiniti has been instructed that the vote of each stockholder must be kept confidential and may not be disclosed (except in legal proceedings or for the purpose of soliciting stockholder votes in a contested proxy solicitation).

Voting results will be announced by the filing of a Current Report on Form 8-K with the SEC within four business days after the 20222024 Annual Meeting. If final voting results are unavailable at that time, we will file an amended Current Report on Form 8-K within four business days of the day the final results are available.

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Why did my household only receive one paper copy of the Notice? How can I obtain an additional copy of the proxy materials?

We have adopted a procedure approved by the SEC known as “householding.” Under this procedure, we deliver a single copy of the Notice and, if requested, our proxy materials, to multiple stockholders who share the same address unless we have received contrary instructions from one or more of the stockholders. This procedure reduces our printing and mailing costs and the environmental impact of our annual meetings. Stockholders who participate in householding will continue to be able to access and receive separate proxy cards. Upon written or oral request, we will deliver promptly a separate Notice or a copy of this Proxy Statement and our 20212023 Annual Report on Form 10-K to any stockholder at a shared address to which we delivered a single Notice.

To receive free of charge a separate copy of this Proxy Statement and our 20212023 Annual Report on Form 10-K, stockholders may write or call us at the following:

Investor Relations Department
83 Wooster Heights
2400 Ellis
Road
Danbury, Connecticut 06810

Durham, North Carolina 27703
ir@iqvia.com

203-448-4600

Stockholders who hold shares in street name may contact their brokerage firm, bank, broker-dealer or other similar organization to request information about householding.

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How can I reduce the number of proxy materials I receive?

If more than one copy of this Proxy Statement and our 20212023 Annual Report on Form 10-K has been mailed to your address, and you wish to reduce the number of reports you receive and save us the cost of producing and mailing these reports, or if you wish to receive your reports via the Internet, please let us know. We will discontinue the mailing of reports on the accounts you select if you mark the designated box on the appropriate proxy card(s). At least one account must continue to receive an annual report and proxy statement either via mail or via Internet delivery.

How can I receive electronic access to proxy materials?

If you hold shares registered in your name, you may sign up at www.investordelivery.comto receive electronic access to proxy materials for future meetings, rather than receiving mailed copies. If you choose electronic access, you will receive an email notifying you when the 2021our 2023 Annual Report on Form 10-K and this Proxy Statement are available, with electronic links to access the documents (in PDF and HTML formats) on a website and instructions on how to vote online. Your enrollment for electronic access will remain in effect unless you cancel it, which you can do up to two weeks before the record date for any future annual meeting.

If you own your shares in street name, you may be able to obtain electronic access to proxy materials by contacting your broker, bank, trustee or other intermediary, or by going online at www.proxyvote.com.

If I cannot attend the 20222024 Annual Meeting, what are the deadlines for voting?

IfyouchoosetovoteovertheInternetorbytelephone,youmustcompletetheprocessnolaterthan11:59 p.m.E.D.T.onMonday,April11,2022. 15, 2024. Itisnotnecessaryforyoutoalsoreturnyourproxycard.

If you choose to vote by mailing a proxy card, you should mail your signed proxy card sufficiently in advance for it to be received no later than 9:00 a.m. E.D.T. on Monday, April 11, 2022.15, 2024.

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Compensation Committee Interlocks and Insider Participation

None of the members of the LDC Committee have at any time been an officer or employee of the Company or any of its subsidiaries. During 2021,2023, none of our executive officers served as a member of the board of directors or compensation committee of any entity that has one or more executive officers serving as a member of our Board or LDC Committee.

Delinquent Section 16(a) ReportsOverview of Russian Operations

Our officers, directors and greater than 10% stockholders are required under Section 16(a) of the Exchange Act, to file with the SEC reports of their ownership and changes of their ownership

Historically, our operations in Russia have represented an immaterial portion of our securities. They must also furnish copiesoverall business, largely focused on supporting global pharmaceutical companies conducting clinical studies in the country. Decisions on whether to conduct a clinical study in a particular country are made by the global pharmaceutical companies sponsoring the applicable studies. Clinical trial investigators are responsible for the overall conduct of the reports to us. Based solely on a review of the copies of such forms furnished to the Company, the Company believes that during fiscal 2021 all Section 16(a) filing requirements applicable to its officers, directors and greater than 10% stockholders were complied with by such persons, except for three inadvertent late Form 4 filings and one inadvertent missed Form 5 filing asclinical study at a result of two separate purchases of Company shares totaling 17 shares and the disposition of four shares of Company stockparticular study site. IQVIA’s primary role in supporting clinical studies on behalf of Mr. Bruehlman. Inour pharmaceutical customers is to provide oversight of the conduct, safety, and integrity of the clinical studies across all such instances,sites where the transactionsstudies are being conducted. 

At the outset of the conflict between Russia and Ukraine, for studies in start-up or early phase in Russia, we provided recommendations to our customers to redirect patient recruitment away from Russia to other countries based on consultations with our customers. At the same time, for studies that had already enrolled Russian patients into studies, we consulted with customers about the safety impact of discontinuing ongoing studies in Russia. We, and our customers, recognized ethical and regulatory obligations in connection with the safety of Russian subjects who entrusted their health and wellbeing to the physician investigators and trial sponsors conducting clinical research. This requires IQVIA and our customers to continue an ongoing and appropriate level of oversight for some studies already underway in Russia. Failure to do so could potentially jeopardize the safety of patients as well as fail to detect important medical effects of the therapies being investigated, which would have a deleterious impact on patients around the world. Decisions to continue or discontinue a clinical study in Russia, or elsewhere, are principally the responsibility of our customers and we are largely guided by their decisions to commence or discontinue trials in compliance with applicable laws. Our business in Russia continues to decline as studies that were made without Mr. Bruehlman’s knowledge by an independent financial broker/advisor who manages an investment account on Mr. Bruehlman’s behalf.in-flight at the time the conflict began are completed. 

Other Matters

We know of no matters, other than those referred to in this Proxy Statement, thatwhich will be presented at the 20222024 Annual Meeting. If, however, any other appropriate business is properly presented at the 20222024 Annual Meeting, the individuals named in the enclosed proxy card will have discretion to vote on those matters for you.

Stockholder Proposals and Nominees for 20232025 Annual Meeting of Stockholders

Under SEC rules, for a stockholder proposal to be included in our proxy statement (and form of proxy) for presentation at our 20232025 annual meeting of stockholders the proposal must be received by us, marked to the attention of Secretary of the Company at 83 Wooster Heights2400 Ellis Road, Danbury, Connecticut 06810Durham, North Carolina 27703 by October 31 , 2022.26, 2024. As the rules of the SEC make clear, merely submitting a proposal does not guarantee it will be included in our proxy statement.

Our Bylaws provide for a right of proxy access. The proxy access bylaw enables stockholders, under specified conditions, to include their nominees for election as directors in our proxy statement. Under our Bylaws, a stockholder, or a group of up to 20 stockholders, who has continuously owned at least 3% of our outstanding shares of common stock for at least three consecutive years may nominate up to 20% of the Board or two directors (whichever is more) and have such nominee(s) included in our proxy statement, if the stockholder(s) and the nominee(s) satisfy the applicable requirements 

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set forth in our Bylaws. Stockholders seeking to have one or more nominees included in our 20232025 proxy statement must deliver the notice required by our Bylaws to the attention of Secretary of the Company at 83 Wooster Heights2400 Ellis Road, Danbury, Connecticut 06810Durham, North Carolina 27703 between October 1 , 2022,September 26, 2024, and October 31 , 2022.26, 2024.

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Under our Bylaws, and as permitted by SEC rules, a stockholder must follow certain procedures to nominate candidates for election as directors or to introduce an item of business at an annual meeting of stockholders, even if those matters will not be included in our proxy statement for that meeting. Any such nomination or item of business to be introduced at an annual meeting of stockholders must be submitted in writing to the Secretary of the Company at 83 Wooster Heights2400 Ellis Road, Danbury, Connecticut 06810.Durham, North Carolina 27703. We must receive the notice of your intention to introduce a nomination or proposed item of business at our 20232025 annual meeting of stockholders between December 13, 2022,17, 2024, and January 12, 2023.16, 2025. However, if the date of our 20232025 annual meeting of stockholders is more than 30 days before or more than 60 days after the anniversary date of the 20222024 Annual Meeting, we must receive notice no earlier than December 13, 2022,120 days prior to such annual meeting and no later than the latterlater of January 12, 2023,90 days prior to such annual meeting or ten days after the day on which the date of our 20232025 annual meeting of stockholders is first disclosed in a public announcement.announcement (the Advance Notice Deadline). In addition, to comply with the universal proxy rules, stockholders who intend to solicit proxies in support of director nominees other than the Company’s nominees must set forth the information required by Rule 14a-19 under the Exchange Act when providing notice to the Company no later than the Advance Notice Deadline.

Any director nomination must contain the information specified in our Bylaws.

Incorporation by Reference

In our filings with the SEC, information is sometimes “incorporated by reference.” This means that we are referring you to information that has previously been filed with the SEC and the information should be considered as part of the particular filing. As provided under SEC regulations, the “Audit Committee Report” and the “Compensation Committee Report” contained in this Proxy Statement specifically are not incorporated by reference into any other filings with the SEC. In addition, this Proxy Statement includes several website addresses. These website addresses are intended to provide inactive, textual references only. Theonly, and the information on these websites is not part of, or incorporated by reference into, this Proxy Statement.

Cautionary Note Regarding Forward-Looking Statements

This Proxy Statement, as well as other written reports and oral statements that we make from time to time, includes statements that express our opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”)Act). The words “expects,” “assumes,” “anticipates,” “believes,” “estimates,” “intends,” “may,” “plans,” “forecasts,” “projects,” “should,” “seeks”, “sees,” “targets,” “will”, “would” and similar words and expressions, and variations or negatives of these words are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are not guarantees that the future results, plans, intentions or expectations expressed or implied will be achieved. Matters subject to forward-looking statements involve known and unknown risks and uncertainties, including regulatory, competitive and other factors, which may cause actual financial or operating results or the timing of events to be materially different than those expressed or implied by forward-looking statements. Important factors that could cause or contribute to such differences include, but are not limited to: business disruptions caused by natural disasters, pandemics such as the COVID-19 (coronavirus) outbreak, including any variants, and the public health policy responses to the outbreak, and international conflict or other disruptions outside of our control; our ability to accurately model or forecastcontrol such as the impact of the spread and/or containment of COVID-19, among other sources of business interruption, on our operationscurrent situation in Ukraine and financial results;Russia; most of our contracts may be terminated on short notice, and we may lose or experience delays with large client contracts or be unable to enter into new contracts; the market for our services may not grow as we expect; we may be unable to successfully develop and market new services or enter new markets; imposition of restrictions on our use of data by data suppliers or their refusal to license data to us; any failure by us to comply with contractual, regulatory or ethical requirements under our contracts, including current or future changes to data protection and privacy laws; breaches or misuse of our or our outsourcing partners’ security or communications systems; failure to meet our productivity or business transformation objectives; failure to successfully invest in growth opportunities; our ability to protect our intellectual property rights and our susceptibility to claims by others that we are infringing on their intellectual property rights; the expiration or inability to acquire third party licenses for technology or intellectual property; any failure by us to accurately and timely price and formulate cost estimates for contracts, or to document change orders; hardware and software failures, delays in the operation of our computer and communications systems or the failure to implement system enhancements; the rate at which our backlog converts to revenue; our ability to acquire, develop and implement technology necessary for our business; consolidation in the industries in 

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which our clients operate; risks related to client or therapeutic concentration; government regulators or our customers may limit the number or scope of prescriptionindications for medicines and treatments or withdraw products

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from the market, and government regulators may impose new regulatory requirements or may adopt new regulations affecting the biopharmaceutical industry; the risks associated with operating on a global basis, including currency or exchange rate fluctuations and legal compliance, including anti-corruption laws; risks related to changes in accounting standards; general economic conditions in the markets in which we operate, including financial market conditions, inflation and risks related to sales to government entities; the impact of changes in tax laws and regulations; and our ability to successfully integrate, and achieve expected benefits from, our acquired businesses; and the other factors set forth in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021,2023, filed with the SEC, as such factors may be amended or updated from time to time in our subsequent periodic and other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Given these risks and uncertainties, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to update any forward-looking statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments or otherwise.

 

By Order of the Board of Directors,

 

Eric M. Sherbet

Executive Vice President, General Counsel and Secretary and Secretary

Dated: February 28 , 2022
Danbury, Connecticut23, 2024

Durham, North Carolina

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APPENDIX A

Financial Reconciliations

Use of Non-GAAP Financial Measures

This Proxy Statement includes financial measures not prepared in accordance with generally accepted accounting principles in the United States (“GAAP”).(GAAP), such as Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted Earnings per Share, Free Cash Flow, and Net Leverage Ratio. Non-GAAP financial information is provided to enhance understanding of our financial performance, but none of these non-GAAP financial measures are recognized terms under GAAP, and non-GAAP measures should not be considered in isolation from, or as a substitute analysis for, our results of operations as determined in accordance with GAAP. We use non-GAAP measures in our operational and financial decision-making and believe that it is useful to exclude certain items in order to focus on what it regards to be a more meaningful indicator of the underlying operating performance of the business. For example, we exclude all the amortization of intangible assets associated with acquired customer relationships and backlog, databases, non-compete agreements and trademarks, trade names and other from non-GAAP expense and income measures as such amounts can be significantly impacted by the timing and size of acquisitions. Although we exclude amortization of acquired intangible assets from our non-GAAP expenses, we believe that it is important for investors to understand that revenue generated from such intangibles is included within revenue in determining net income attributable to the Company.income. As a result, internal management reports feature non-GAAP measures and are used to prepare strategic plans and annual budgets and review management compensation. We also believe that stockholders may find non-GAAP financial measures useful for the same reasons, although stockholders are cautioned that non-GAAP financial measures are not a substitute for GAAP disclosures. Non-GAAP measures have limitations as an analytical tool. They are not presentations made in accordance with GAAP, are not measures of financial condition or liquidity and should not be considered as an alternative to profit or loss for the period determined in accordance with GAAP or operating cash flows determined in accordance with GAAP.

Non-GAAP measures are frequently used by securities analysts, investors and other interested parties in their evaluation of companies comparable to us, many of which present non-GAAP measures when reporting their results. Non-GAAP measures are not necessarily comparable to similarly titled measures used by other companies. As a result, stockholders should not consider such performance measures in isolation from, or as a substitute analysis for, our results of operations as determined in accordance with GAAP. Stockholders are encouraged to review the reconciliations below of these financial measures.

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IQVIA HOLDINGS INC. AND SUBSIDIARIES

NET INCOME TO ADJUSTED EBITDA RECONCILIATION

 

(in millions)
(unaudited)
 Twelve Months Ended
December 31,
 2023  2022  2021  2020  2019 
Net Income Attributable to IQVIA Holdings Inc. $1,358  $1,091  $966  $279  $191 
Provision for income taxes(1)  101   260   163   72   116 
Depreciation and amortization  1,125   1,130   1,264   1,287   1,202 
Interest expense, net  636   403   369   410   438 
Loss (income) of unconsolidated affiliates     12   (6)  (7)  9 
Income from non-controlling interests        5   29   36 
Deferred revenue purchase accounting adjustments     1   3   1   10 
Stock-based compensation  217   194   170   95   146 
Other (income) expense, net(2)  (132)  104   (81)  (23)  (6)
Loss on extinguishment of debt  6      26   13   24 
Restructuring and related expenses(3)  126   73   68   85   77 
Acquisition related expenses  132   78   75   143   157 
ADJUSTED EBITDA $3,569  $3,346  $3,022  $2,384  $2,400 

(in millions)

(unaudited)

(1)

Year Ended

Twelve months ended December 31, 2021

2023, includes a $125 million tax benefit due to an internal legal entity restructuring.

NetIncomeAttributabletoIQVIAHoldingsInc.

(2)

$966

Reflects certain non-operating income items, revaluations of contingent consideration and certain non-recurring expenses.

Provision for income taxes

(3)

163

Reflects restructuring costs as well as accelerated expenses related to lease exits.

Depreciation and amortization

IQVIA HOLDINGS INC.    2024 Proxy Statement

1,264

Interest expense, net

369

Income in unconsolidated affiliates

(6)

Income from non-controlling interests

5

Deferred revenue purchasing accounting adjustments

3

Stock-based compensation

170

Other income, net

(81)

Loss on extinguishment of debt

26

Restructuring and related expenses

68

Acquisition related expenses

75

ADJUSTED EBITDA

$3,022

134
 
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IQVIA HOLDINGS INC. AND SUBSIDIARIES

NET INCOME TO ADJUSTED NET INCOME RECONCILIATION

 

(in millions, except per share data)
(unaudited)
 Twelve Months Ended
December 31,
  2023   2022   2021   2020   2019 
Net Income Attributable to IQVIA Holdings Inc. $1,358  $1,091  $966  $279  $191 
Provision for income taxes(1)  101   260   163   72   116 
Purchase accounting amortization(2)  560   563   833   933   914 
Loss (income) of unconsolidated affiliates     12   (6)  (7)  9 
Income from non-controlling interests        5   29   36 
Deferred revenue purchase accounting adjustments     1   3   1   10 
Stock-based compensation  217   194   170   95   146 
Other (income) expense, net(3)  (132)  104   (81)  (23)  (6)
Loss on extinguishment of debt  6      26   13   24 
Royalty hedge gain              6 
Restructuring and related expenses(4)  136   135   68   85   77 
Acquisition related expenses  132   78   75   143   157 
Adjusted Pre Tax Income $2,378  $2,438  $2,222  $1,620  $1,680 
Adjusted tax expense  (477)  (501)  (453)  (330)  (359)
Income from non-controlling interests        (5)  (29)  (36)
Minority interest effect in non-GAAP adjustments(5)        (4)  (9)  (9)
Adjusted Net Income $1,901  $1,937  $1,760  $1,252  $1,276 
                     
Adjusted earnings per share attributable to common stockholders:                    
Basic $10.34  $10.33  $9.20  $6.54  $6.54 
Diluted $10.20  $10.16  $9.03  $6.42  $6.39 
Weighted average common shares outstanding:                    
Basic  183.8   187.6   191.4   191.3   195.1 
Diluted  186.3   190.6   195.0   195.0   199.6 

(in millions, except per share data)

(unaudited)

(1)

Year Ended

Twelve months ended December 31, 2021

2023, includes a $125 million tax benefit due to an internal legal entity restructuring; the benefit is excluded from Adjusted tax expense.

NetIncomeAttributabletoIQVIAHoldingsInc.

(2)

$966

Provision for income taxes

163

Purchase accounting amortization(1)

833

Income in unconsolidated affiliates

(6)

Income from non-controlling interests

5

Deferred revenue purchasing accounting adjustments

3

Stock-based compensation

170

Other income, net

(81)

Loss on extinguishment of debt

26

Restructuring and related expenses

68

Acquisition related expenses

75

AdjustedPreTaxIncome

$2,222

Adjusted tax expense

(453)

Income from non-controlling interests

(5)

Minority interest effect in non-GAAP adjustments(2)

(4)

AdjustedNetIncome

$1,760

Adjustedearningspershareattributabletocommonstockholders:

Basic

$9.20

Diluted

$9.03

Weighted-averagecommonsharesoutstanding:

Basic

191.4

Diluted

195.0

(1)

Reflects all the amortization of acquired intangible assets.

(2)

(3)Reflects certain non-operating income items, revaluations of contingent consideration and certain non-recurring expenses.
(4)Reflects restructuring costs as well as accelerated expenses related to lease exits and asset abandonments.
(5)Reflects the portion of Q2Solutions’ after-tax non-GAAP adjustments attributable to the minority interest partner.

IQVIA HOLDINGS INC.    2024 Proxy Statement135

(in millions)

Twelve Months Ended

December 31, 2021

NetCashprovidedbyOperatingActivities

$2,942

Acquisition of property, equipment and software

(640)

FREE CASH FLOW

$2,302

 
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IQVIA Holdings Inc.
Amended and Restated Certificate of Incorporation

1.

The name of the corporation is “IQVIA Holdings Inc.” (hereinafter referred to as the “Corporation”).

2.

The street address and county of the registered office of the Corporation in the State of Delaware is 251 Little Falls Drive, in the City of Wilmington, County of New Castle, 19808, and the name of its registered agent at such address is Corporation Service Company.

3.

The purpose for which the Corporation is organized is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of the State of Delaware (the “DGCL”).

4.

Capitalization.

A.

AuthorizedShares. The Corporation shall have authority to issue four hundred and one million (401,000,000) shares, consisting of (a) four hundred million (400,000,000) shares of Common Stock, par value $0.01 per share (the “CommonStock”); and (b) one million (1,000,000) shares of Preferred Stock, par value $0.01 per share (the “PreferredStock”).

B.

CommonStock. All shares of Common Stock will be identical in all respects and will entitle the holders thereof to the same preferences, limitations and relative rights.

1.

VotingRights. On all matters to be voted on by the Corporation’s stockholders, each holder of record of shares of Common Stock will be entitled to one vote per share so held.

2.

Dividends. When and as dividends are declared or paid on shares of Common Stock, whether in cash, property or securities of the Corporation, each holder of record of shares of Common Stock will be entitled to a ratable portion of such dividend, based upon the number of shares of Common Stock then held of record by each such holder.

3.

Liquidation. The holders of the Common Stock will be entitled to share ratably, on the basis of the number of shares of Common Stock then held by each such holder, in all distributions to the holders of the Common Stock in any liquidation, dissolution or winding up of the Corporation.

C.

PreferredStock. The Preferred Stock may be issued from time to time in one or more series, the shares of each such series to have such designations, preferences, relative rights and powers, including voting powers (or qualifications, limitations or restrictions thereof) as are stated in the resolution or resolutions providing for the issuance of such series adopted by the Board of Directors of the Corporation. Authority is expressly granted to the Board of Directors, subject to the provisions hereof and to any limitations provided under the DGCL, to authorize the issuance of one or more series within the class of Preferred Stock, and with respect to each such series to determine and fix by resolution or resolutions the designations, preferences, relative rights and powers, including voting powers, full or limited, or no voting power, of such shares, or the qualifications, limitations or restrictions of such shares. This paragraph is intended to afford to the Board of Directors the maximum authority permitted under the DGCL.

5.

Stockholders of the Corporation may not take any action by written consent in lieu of a meeting.

Subject to the requirements of applicable law, a special meeting of the stockholders of the Corporation may be called at any time (i) by a majority of the members of the Board of Directors or (ii) by the Chairman of the Board or Chief Executive Officer of the Corporation. Any special meeting of the stockholders shall be held on such date, at such time and at such place within or outside the State of Delaware as the Corporation may designate. Notice of every special meeting of the stockholders of the Corporation shall state the purpose or purposes of such meeting. No business may be transacted and no corporate action may be taken at a special meeting other than business within the purpose or purposes stated in the notice of the meeting unless all of the stockholders are present in person or by proxy, in which case any and all business may be transacted at the meeting even though the meeting is held without notice.

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6.

The Corporation shall be entitled to treat the person in whose name any shares are registered as the owner thereof for all purposes and shall not be bound to recognize any equitable or other claim to, or interest in, such shares on the part of any other person, whether or not the Corporation shall have notice thereof, except as required by applicable law.

7.

The business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors. The number of directors which shall constitute the Board of Directors shall be not less than five (5) nor more than seventeen (17), and shall be fixed in such a manner as may be prescribed by the Bylaws. The directors shall be divided into three classes designated Class I, Class II and Class III with each class consisting, as nearly as possible, of one-third of the total number of directors constituting the entire Board of Directors. Each director shall serve for a term ending on the date of the third annual meeting following the annual meeting at which such director was elected. If the number of directors is changed, any increase or decrease shall be apportioned among the classes so as to maintain the number of directors in each class as nearly equal as possible, and any additional director of any class appointed or elected to fill a newly created directorship resulting from an increase in such class shall hold office for a term that shall coincide with the remaining term of that class, but in no case shall a decrease in the number of directors remove or shorten the term of any incumbent director. A director shall hold office until the annual meeting at which his or her term expires and until his or her successor shall be elected and qualified, subject, however, to prior death, resignation, retirement, disqualification or removal from office. The Board of Directors is authorized to assign members of the Board of Directors already in office to their respective initial class. Eachdirectorwhoisservingasadirectorimmediatelyfollowingthe2022annualmeetingofstockholders,oriselectedthereafterasadirector,shallholdofficeuntiltheexpirationofthetermforwhichheorshehasbeenelected,anduntilhisorhersuccessorshallbeelectedandshallqualify,subject,however,topriordeath,resignation,retirement,disqualification,orremovalfromoffice.Atthe2023and2024annualmeetingsofstockholders,thesuccessorstotheclassofdirectorswhosetermsexpireateachsuchmeetingshallbeelectedforaone-yeartermexpiringatthesubsequentannualmeetingofstockholders.Atthe2025annualmeetingofstockholders,andateachmeetingofshareholdersthereafter,eachdirectorshallbeelectedforaone-yeartermexpiringatthenextannualmeetingofstockholders.Eachdirectorshallholdofficeuntiltheexpirationofthetermforwhichheorsheiselected,anduntilhisorhersuccessorshallbeelectedandqualified,subject,however,topriordeath,resignation,retirement,disqualificationorremovalfromoffice.InthecaseofanyvacancyontheBoardofDirectors,includingavacancycreatedbyanincreaseinthenumberofdirectors,thevacancymaybefilledbytheBoardofDirectorsforatermofofficecontinuinguntilthenextelectionofdirectorsbythestockholders.

8.

In furtherance and not in limitation of the powers conferred by law, the Board of Directors is expressly authorized to adopt, alter, amend and repeal the Bylaws of the Corporation. Any amendment, alteration, change, addition or repeal of the Bylaws of the Corporation by the stockholders of the Corporation shall require the affirmative vote of the holders of a majority of the shares of the Corporation present in person or by proxy at a meeting and entitled to vote on such amendment, alteration, change, addition or repeal.

9.

Subject to the Bylaws of the Corporation, the stockholders may, at any meeting the notice of which shall state that it is called for that purpose, remove, only for cause and with the affirmative vote of the holders of a majority of the shares of the Corporation then entitled to vote at an election of directors, any Director, or the entire Board of Directors, and fill the vacancy or vacancies; in each case provided that whenever any director shall have been elected by a voting group of stockholders, only the stockholders from that voting group may participate in the vote to remove him or her, and such vacancy may be filled only by the holders of shares of that voting group. Subject to the Bylaws of the Corporation, vacancies caused by any such removal and not filled by the stockholders at the meeting at which such removal shall have been made, or any vacancy caused by the death or resignation of any director or for any other reason, and any newly created directorship resulting from any increase in the authorized number of Directors, may be filled only by the affirmative vote of a majority of the directors then in office, although less than a quorum. Any director so elected to fill any such vacancy or newly created directorship shall hold office until the next election of the class for which such director has been chosen and until his or her successor is elected and qualified or until his or her earlier resignation or removal.Subjecttotherights,ifany,oftheholdersofsharesofPreferredStockthenoutstanding,(i)anydirectorwhopriortothe2022annualmeetingofstockholderswaselectedtoathree-yearterm(a“ClassifiedTerm”)thatcontinuesbeyondthedateofthe2022annualmeeting(a“ClassifiedDirector”)mayberemovedfromofficeduringsuchClassifiedTermbythestockholdersoftheCorporationonlyforcause,andonlybytheaffirmativevoteoftheholdersofamajorityofthesharesoftheCorporationthenentitledtovotegenerallyintheelectionofdirectors,consideredforthepurposesofthisSection9asoneclass,and(ii)anydirectorthatisnotaClassifiedDirectormayberemovedfromofficebythestockholdersoftheCorporation,withorwithoutcause,bytheaffirmativevoteoftheholdersof

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amajorityofthesharesoftheCorporationthenentitledtovotegenerallyintheelectionofdirectors,consideredforthepurposesofthisSection9asone class.

Subject to the Bylaws of the Corporation, when one or more directors shall resign effective at a future date, a majority of the directors then in office, including those who have so resigned, shall have power to fill such vacancy or vacancies, the vote thereon to take effect when such resignation or resignations shall become effective, and each director so chosen shall hold office as herein provided in connection with the filling of other vacancies.

10.

Limitation of Director Liability; Indemnification.

(A)

LimitationofDirectorLiability. To the fullest extent that the DGCL or any other law of the State of Delaware (as they exist on the date hereof or as they may hereafter be amended) permits the limitation or elimination of the liability of directors, no director of the Corporation shall be liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director. No amendment to, or modification or repeal of, this Article 10 shall adversely affect any right or protection of a director of the Corporation existing hereunder with respect to any state of facts existing or act or omission occurring, or any cause of action, suit or claim that, but for this Article 10, would accrue or arise, prior to such amendment, modification or repeal. If the DGCL is amended after the Effective Time to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of a director of the Corporation shall be eliminated or limited to the fullest extent permitted by the DGCL, as so amended.

(B)

Indemnification.

1.

NatureofIndemnity. The Corporation shall indemnify any person (an “Indemnitee”) who at any time serves or has served as a director or officer of the Corporation, or at the request of the Corporation is or was serving as a director, officer, partner, member, trustee, employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint venture, trust, employee benefit plan, or other enterprise, or as a trustee or administrator under any employee benefit plan of the Corporation or any wholly owned subsidiary thereof (any such entity, an “OtherEntity”), to the fullest extent from time to time permitted by law in the event he or she is or is threatened to be involved as a party, witness or otherwise in any threatened, pending or completed action, demand, suit or proceeding, whether civil, criminal, administrative, arbitrative, investigative or other and whether formal or informal, including but not limited to any investigation, inquiry, hearing or alternative dispute resolution process, whether or not brought by or on behalf of the Corporation, by reason of the fact that he or she is or was acting in such capacity; provided, however, that the Corporation shall not indemnify any such Indemnitee against liability or expenses such person may incur on account of his or her activities which were, at the time taken, known or believed by him or her to be clearly in conflict with the best interests of the Corporation. The rights of those receiving indemnification hereunder shall, to the fullest extent from time to time permitted by law, cover (1) reasonable expenses, including without limitation all reasonable attorneys’ fees actually incurred by him or her in connection with any such action, suit or proceeding; (2) all payments made by him or her in satisfaction of any judgment, money decree, fine (including an excise tax assessed with respect to an employee benefit plan), penalty, or settlement for which he or she may have become liable in such action, suit or proceeding; and (3) all reasonable expenses incurred in enforcing the indemnification rights provided herein. The rights granted herein shall not be limited by the provisions contained in Section 145 of the DGCL.

2.

DeterminationThatIndemnificationIsProper. The Board of Directors shall take all such action as may be necessary and appropriate to authorize the Corporation to pay the indemnification required by Article 10(B)(1), including without limitation making a determination that indemnification is permissible in the circumstances and a good faith evaluation of the manner in which the claimant for indemnity acted and of the reasonable amount of indemnity due him or her. The Board of Directors may appoint a committee or special counsel to make such determination and evaluation. The Board of Directors may give notice to, and obtain approval by, the stockholders of the Corporation for any decision to indemnify.

3.

AdvancePaymentofExpenses. Expenses incurred by a director or an officer in connection with an action, suit or proceeding referred to in Article 10(B)(1) shall be paid by the Corporation in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of the director or officer to repay such amount unless it shall ultimately be determined that he or she is entitled to be indemnified by the Corporation pursuant to this Article 10(B); provided, however, that the Corporation shall have no obligation to advance expenses incurred by a director or officer with respect to

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any claim initiated by such director or officer without the prior written consent of or authorization of the Board of Directors (other than a claim brought by a director or officer to enforce his or her or rights under this Article 10). Such expenses incurred by other employees and agents may be so paid upon such terms and conditions, if any, as the Board of Directors deems appropriate. The Board of Directors may authorize the Corporation’s legal counsel to represent such director, officer, employee or agent in any action, suit or proceeding, whether or not the Corporation is a party to such action, suit or proceeding.

4.

NoDuplicationofPayments. The Corporation shall not be liable under this Article 10(B) to make any payment in connection with any claim made against any Indemnitee to the extent such person has otherwise received payment (under any insurance policy, bylaw or otherwise) of the amounts otherwise payable as indemnity hereunder; provided, however, that the Corporation agrees that, as between the Corporation, on the one hand, and any Sponsor Stockholder with whom a director is or was affiliated and any insurer providing insurance coverage to such Sponsor Stockholder, on the other hand, the Corporation (1) is the indemnitor of first resort under this Article 10 (i.e., its obligations under this Article 10 are primary and any indemnification or advancement obligations of any Sponsor Stockholder with whom a director is or was affiliated and the obligations of any insurer of such Sponsor Stockholder to provide insurance coverage with respect to the same obligations are secondary), (2) shall be required to advance the full amount of expenses incurred by the director and shall be liable for the full amount of indemnification obligations as required by the terms of this Certificate of Incorporation and any other agreements the Corporation may have with the director, without regard to any rights the director may have against such Sponsor Stockholder, and (c) unconditionally and irrevocably waives, relinquishes, releases such Sponsor Stockholder from and agrees not to exercise any rights that it may have with respect to any and all claims for contribution, subrogation or any other recovery of any kind in respect thereof. For purposes of this Article 10, “SponsorStockholder” means any current or former stockholder that is or was party to the Stockholders Agreement (as defined below), any Affiliate (as defined in the Stockholders Agreement) of such stockholder (other than the Corporation and its subsidiaries), and/or any other investment entity or related management company that is advised by the same investment adviser as any of the foregoing entities or by an Affiliate (as defined in the Stockholders Agreement) of such investment adviser.

5.

Subrogation. Subject to the limitations set forth in Article 10(B)(4), in the event of payment of indemnification to an Indemnitee, the Corporation shall be subrogated to the extent of such payment to any right of recovery such person may have and such person, as a condition of receiving indemnification from the Corporation, shall execute all documents and do all things that the Corporation may deem necessary or desirable to perfect such right of recovery, including the execution of such documents necessary to enable the Corporation effectively to enforce any such recovery.

(C)

Insurance. The Corporation shall have the power to purchase and maintain insurance on behalf of any person who is or was a director, officer, trustee, employee, member or agent of the Corporation, or was serving at the request of the Corporation as a director, officer, trustee, employee, member or agent of an Other Entity, against any liability asserted against the person and incurred by the person in any such capacity, or arising out of his or her status as such, whether or not the Corporation would have the power or the obligation to indemnify such person against such liability under the provisions of this Article 10 or the DGCL.

(D)

Non-ExclusivityofRights. The rights conferred on any Indemnitee by this Article 10 are not exclusive of other rights arising under any bylaw, agreement, vote of directors or stockholders or otherwise, and shall continue as to a person who has ceased to be a director, officer, employee or agent, and shall inure to the benefit of the heirs and legal representatives of such Indemnitee. The Corporation may enter into an agreement with any of its directors, officers, employees or agents providing for indemnification and advancement of expenses, including attorneys’ fees, that may change, enhance, qualify or limit any right to indemnification or advancement of expenses created by this Article 10.

(E)

Survival;AmendmentorRepeal. The foregoing provisions of this Article 10 shall be deemed to be a contract between the Corporation and each Indemnitee at any time while these provisions as well as the relevant provisions of the DGCL are in effect and any repeal or modification thereof shall not affect any right or obligation then existing with respect to any state of facts then or previously existing or any action, suit, or proceeding previously or thereafter brought or threatened based in whole or in part upon any such state of facts. Such a contract right may not be modified retroactively without the consent of the Indemnitee.

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(F)

OtherIndemnification. This Article 10 shall not limit the right of the Corporation, to the extent and in the manner permitted by law, to indemnify and to advance expenses to Indemnitees or persons other than Indemnitees when and as authorized by appropriate corporate action, including without limitation by separate agreement with the Corporation.

11.

Except as set forth herein, the Corporation reserves the right to amend, alter, change or repeal any provision contained in this Certificate of Incorporation, in the manner now or hereafter prescribed by statute, and all rights conferred on stockholders herein are granted subject to this reservation.

12.

Meetings of stockholders may be held within or without the State of Delaware, as the Bylaws of the Corporation may provide. The books of the Corporation may be kept (subject to any provision contained in applicable law) outside the State of Delaware at such place as may be designated from time to time by the Board of Directors or in the Bylaws of the Corporation.

13.

The stockholders of the Corporation shall have no right to cumulate their votes for the election of directors.

14.

Renouncement of Corporate Opportunity.

A.

Scope. The provisions of this Article 14 are set forth to define, to the extent permitted by applicable law, the duties of Exempted Persons (as defined below) to the Corporation and, to the extent applicable, its stockholders, with respect to certain classes or categories of business opportunities. “ExemptedPerson” means each of the Bain Shareholders, the TPG Shareholders, the CPP Shareholder and the LG Shareholders (each as defined in the Shareholders Agreement, dated as of May 3, 2016, by and among the Corporation and certain of its stockholders named therein, as such agreement existed as of May 3, 2016 (the “StockholdersAgreement”)), their respective Affiliates (other than the Corporation and its subsidiaries), TPG Global, LLC and Bain Capital, LLC and their Affiliates and all of their respective partners, principals, directors, officers, members, managers, managing directors and/or employees, including any of the foregoing who serve as officers or directors of the Corporation. Solely for purposes of this Article 14, references to “Affiliate”, “Nominee”, and “StockholderGroup” have the meaning ascribed to such terms in the Stockholders Agreement.

B.

CompetitionandAllocationofCorporateOpportunities. The Exempted Persons shall not have any fiduciary or other duty to refrain from engaging directly or indirectly in the same or similar business activities or lines of business as the Corporation or any of its subsidiaries. To the fullest extent permitted by applicable law, the Corporation, on behalf of itself and its subsidiaries, renounces any interest or expectancy of the Corporation and its subsidiaries in, or in being offered an opportunity to participate in, business opportunities that are from time to time presented to the Exempted Persons, even if the opportunity is one that the Corporation or its subsidiaries might reasonably be deemed to have pursued or had the ability or desire to pursue if granted the opportunity to do so, and each such Exempted Person shall have no duty to communicate or offer such business opportunity to the Corporation and, to the fullest extent permitted by applicable law, shall not be liable to the Corporation or any of its subsidiaries or, to the extent applicable, any of its or their stockholders, for breach of any fiduciary or other duty, as a director or officer or otherwise, by reason of the fact that such Exempted Person pursues or acquires such business opportunity, directs such business opportunity to another person or fails to present such business opportunity, or information regarding such business opportunity, to the Corporation or its subsidiaries.

C.

CertainMattersDeemedNotCorporateOpportunities. In addition to and notwithstanding the foregoing provisions of this Article 14, a corporate opportunity shall not be deemed to belong to the Corporation if it is a business opportunity that the Corporation is not financially able or contractually permitted or legally able to undertake, or that is, from its nature, not in the line of the Corporation’s business or is of no practical advantage to it or that is one in which the Corporation has no interest or reasonable expectancy.

D.

EffectofStockholdersAgreement. The provisions of Sections B and C of this Article 14 (i) shall be subject to compliance with any procedures regarding corporate opportunities specified in the Stockholders Agreement and (ii) shall continue with respect to an Exempted Person until the first date that both of the following conditions are true (a) such Exempted Person’s applicable Stockholder Group is not entitled to designate at least one (1) Nominee to the Board of Directors of the Corporation pursuant to the Stockholders Agreement, and (b) no individual is serving on the Board who has at any time been designated as a Nominee by such Exempted Person’s applicable Stockholder Group.

E.

AmendmentofthisArticle14. No amendment or repeal of this Article 14 in accordance with the provisions of Article 11 shall apply to or have any effect on the liability or alleged liability of any Exempted Person for or with respect to any activities or opportunities of which such Exempted Person becomes aware prior to such amendment or repeal. This Article 14 shall not limit any protections or defenses available to, or indemnification or advancement rights of, any director or officer of the Corporation under this Certificate of Incorporation of the Corporation, the Corporation’s bylaws or applicable law.

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