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Vale is one of the largest and most important companies listed on the São Paulo Stock Exchange (B3). It is controlled by pension funds such as Previ, public and private banks such as Bradesco as well as foreign investors. The company is experiencing one of the biggest crises following the environmental disaster in Brumadinho (MG), with the break-up of a tailings dam.
Vale's largest shareholder is Litel Participações, with 20.98% of the shares. , a company created by the pension funds of the employees of Banco do Brasil (Previ), Caixa Econômica Federal (Funcef), Petrobras (Petros) and Cesp (Funcesp).
Only Previ owns 17.55% of Vale's shares and is responsible for appointing four members of the board of directors of the company. Among them are the chairman of the board, Gueitiro Matsuo Genso, and the former finance minister, Eduardo Guardia.
Pension funds give indirect control to the government
It is common worldwide that pension funds are the major shareholders of large corporations. In fact, closed private pension entities must multiply the income of participants to guarantee future pensions.
They are looking for stocks of strong companies that pay dividends (earnings per share) frequently.
Bradesco, BNDES and BlackRock are also shareholders
the pension funds of public companies and the directors being chosen with the approval of the President of the Republic, the government ingests indirectly in the control of the society. 19659005] In addition to pension funds, BNDESPar, the investment company BNDES (National Bank for Economic and Social Development), is the second largest shareholder of the Vale group, with 7.6%, according to data from B3.
Bradespar, Bradesco's investment company, is Vale's third largest individual shareholder, with 6.3%. The company has two seats on the board of directors of the mining company, among which the vice president of the collegiate, Fernando Jorge Buso Gomes.
The global investment manager BlackRock is Vale's fourth largest shareholder with 5.98% of the shares. In addition to the shares traded on B3, Vale has securities traded on the New York Stock Exchange, known as ADR.
Government of Vale Gold Shares
In addition to the indirect control of Vale through pension funds and the BNDES, the National Treasury holds Vale's gold shares . These are special actions that guarantee the right of veto in relevant business decisions.
The Government may veto changes in the registered office of the corporation, its corporate name, in relation to the mining of mineral deposits, the liquidation of the corporation and the sale or termination of mining activities of iron ore.
Bradespar stated that he would not comment on this. In an important fact released on Monday (28), the company said Vale's decision to suspend the payment of dividends would affect shareholders.
In a note, Previ said he was deeply sensitized to the Brumadinho accident and in solidarity with the victims and their families. "As shareholders of Vale, we make sure that the company offers all the support possible to the people concerned and take measures to know the causes of the accident," says the note
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