Vale shareholders elect Oliveira chairman after governance tensions

By Marta Nogueira

RIO ‌DE JANEIRO, ​July ​22 (Reuters) - Shareholders of Vale on Wednesday elected Manuel Lino Oliveira as chairman of the ‌Brazilian miner's board, a move backed by top ⁠shareholder Previ after weeks of governance tensions.

Oliveira's election comes after ‌former Chairman Daniel Stieler ‌resigned earlier this month, about a month after pension fund Previ requested a shareholder meeting to ​vote on his removal.

Previ, which holds about a 7% stake in Vale and manages retirement plans ⁠for employees of state-run lender Banco do Brasil, had argued that ​Oliveira would help strengthen governance at one of the world's largest iron ore producers.

Oliveira, known ​as Ollie, already served on ‌Vale's board as lead independent director.

The vote also follows a clash between Previ ⁠and the mining giant's board over the proposed leadership change.

Last month, the board recommended that shareholders reject Previ's ⁠proposal to remove Stieler, although three directors - including Oliveira - abstained ​from the vote.

Stieler, who had served as Vale's chairman since 2023 and as a board member since 2021, ultimately resigned ‌in early July.

Shares in Vale were up more than 3% after the shareholder ‌meeting, outperforming Brazil's benchmark stock index Bovespa, also supported ⁠by strong second-quarter ‌iron ore output figures ​released late on Tuesday.

(Reporting by Marta Nogueira; Writing by Gabriel Araujo; Editing by Chizu ‌Nomiyama )

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