[ad_1]
FILE PHOTO: The logo of the Brucutu mine owned by the Brazilian mining company Vale SA is visible in Sao Goncalo do Rio Abaixo, Brazil, February 4, 2019. REUTERS / Washington Alves / File Photo
SAO PAULO (Reuters) – Minority shareholders of Vale SA, a Brazilian iron ore mining company, have enough votes to demand that board members be elected independently deposit.
Broker Vic DTVM and the Geracao Futuro Lpar Fund proposed Patricia Bentes as an independent member, challenging a list of 13 candidates presented by the company's controlling shareholders.
Vale said in the securities filing Saturday that the election of members of its board of directors could be held Tuesday with the new cumulative voting system.
In March, Vale proposed to expand its board of directors by adding an independent member two months after the death of nearly 300 people in a mining dam operated by the company.
The names proposed include three independent board members and nine appointed by the controlling shareholders. Vale's Board of Directors currently has 12 members.
Shareholders are seeking to strengthen Vale's new board of directors by providing executives with more experience in mining, sustainability and corporate governance.
Vale's majority shareholders are Bradespar SA, Japan's Mitsui & Co Ltd and Litel, which holds stakes in Brazilian pension funds.
Reporting by Carolina Mandl; Edited by Bill Trott
Source link
