Latest News

Vale shareholders elect Oliveira as chairman following governance tensions

After weeks of tensions in governance, Vale shareholders elected Manuel 'Lino' Oliveira to the position of?chairman? of its Brazilian mining company?s board?. This was a decision backed by Previ, Vale?s largest shareholder. Oliveira was elected after the resignation of former Chairman Daniel Stieler earlier this month. About a month later,?pension funds Previ and?pension fund Previ had requested a meeting for shareholders to vote on his removal. Previ, a pension fund that holds a 7% stake and manages retirement funds for Banco do Brasil employees, argued that Oliveira could help improve governance at?one?of?the world's largest iron-ore producers. Oliveira (also known as Ollie) served as the lead independent director on Vale's Board. The vote follows a conflict between Previ's representatives and Vale's board regarding the proposed leadership change. The board recommended to shareholders last month that they reject Previ’s proposal to remove Stieler. However, three directors, including Oliveira, abstained. Stieler resigned as Vale chairman in July, after serving as board member since 2021 and Vale chairman since 2023. Vale shares rose more than 3% following the shareholder meeting. They outperformed Brazil's benchmark index Bovespa, and were also boosted by strong iron ore production figures for the second quarter released late on Tuesday.

(source: Reuters)