Vale shareholders are pushing to reduce company control in board election.
Minority shareholders of mining company Vale have enough votes to request that board members be elected separately, using a multiple voting system rather than a single vote approving all names proposed by controlling shareholders, the company said in a statement.
Carolina Mandl (Reuters) - Minority shareholders of mining company Vale have enough votes to request that board members be elected separately, using a multiple voting system rather than a single vote approving all names proposed by controlling shareholders, the company said in a statement.
The brokerage firm Vic DTVM and the fund Geração Futuro Lpar have nominated Patricia Bentes as an independent member, challenging a list of 13 candidates presented by the company's controlling shareholders.
Vale announced in a statement on Saturday that the election of its board members may take place on Tuesday under the new multiple voting system.
In March, Vale proposed expanding its board by adding an independent member two months after nearly 300 people died at a mining dam operated by the company.
The proposed names include three independent directors and nine nominated by the controlling shareholders. Vale's board of directors currently has 12 members.
Shareholders are seeking to strengthen Vale's new board by proposing executives with more experience in mining, sustainability, and corporate governance issues.
Vale's controlling shareholders are Bradespar SA, the Japanese company Mitsui & Co Ltd, and Litel, which holds the stakes of some Brazilian pension funds.