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Vale announced Monday (28) that the mining company's board of directors decided to suspend the payment of dividends and interest on shareholders' equity (compensation to shareholders) and variable compensation (bonuses) for executives of the society.
- Legal actions block $ 11 billion from Vale after the Brumadinho tragedy
The measures were approved at a special meeting held by the mining company's board of directors Sunday evening (27), after the break-up of a company dam in Brumadinho (MG).
Vale also announced the creation of two independent committees, "coordinated and composed of a majority of external members".
The first will be devoted to the monitoring of the measures of badistance to the victims and the recovery of the zone affected by the rupture of the dam. And the second will be dedicated to determining the causes and responsibilities of dam failure.
The names of the members of the "independent committees" will however be indicated by the Vale Board of Directors.
Latest financial results of Vale
Quarterly profit, R $ billion
Source: Vale
Friday, day of tragedy, it was a holiday in São Paulo, New York has dropped about 8%.
The court has blocked over the weekend 11 billion rands of the company, in compensation for damage and environmental damage, in addition to two fines.
See the full text of Vale's press release:
"Due to the breach of Dam I at the Córrego do Feijão mine in Brumadinho (MG), Vale informed the Board of Directors, meeting on 27.01.2019, resolved on the following governance measures:
In accordance with Article 15, paragraph 1 of the Statutes, it has established two Extraordinary Advisory Committees ("IAC") on the Board of Directors, coordinated and composed at the majority of independent members of irreproachable reputation and experience in matters to be dealt with, appointed by the Council
The first independent committee will be devoted to monitoring measures to badist victims and recover the area affected by the failure of the dam, to ensure that all necessary resources will be used – "CIAE for Support and Repair".
will be devoted to the determination of causes and responsibilities In addition, it decided to make the following modifications to the system of remuneration and incentive:
(i) The suspension of the policy of shareholders' compensation and, consequently, the non-payment of dividends and interest on the capital, as well as any other resolution on the repurchase of shares of its own issue; and
(ii) Suspension of the payment of the variable remuneration to officers.
The Board of Directors remains ready and follows the evolution of the events related to the dam rupture and will take the necessary additional measures. "
Mud Trail: see where the tails from the Brumadinho Tear Dam have crossed. [/(MG)-Photo:BettaJaworski/G1
CESSATION OF MOISTURE IN BRUMADINHO
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