Vale's top shareholder pushes for meeting on chairman's removal

June 11, 2026 7:55 PM EDT

The logo of the Brucutu mine owned by Brazilian mining company Vale SA is seen in Sao Goncalo do Rio Abaixo, Brazil February 4, 2019. REUTERS/Washington Alves

(Correct paragraph 6 ‌to say ​Previ ​changed leadership last year, not last month)

SAO PAULO, June 11 (Reuters) - Brazil's Vale, one of ‌the world's largest iron ore producers, said ⁠on Thursday it received a request from its top shareholder, ‌pension fund Previ, for ‌a shareholders' meeting to vote on the removal of Chairman Daniel Andre Stieler.

Previ, which manages pensions ​for employees of state-run lender Banco do Brasil, proposed appointing Jose Mauricio Coelho to ⁠Vale's board and backing current board member Manuel Oliveira as chairman, the ​miner said in a filing.

According to Vale, Previ has argued that Oliveira will contribute ​to "the strengthening of governance practices, ‌the improvement of strategic management and the alignment with the interests of ⁠shareholders and stakeholders."

The mining company did not release the document it received from Previ. The pension fund did ⁠not immediately respond to a request for comment, sent outside ​business hours.

Vale said its board is assessing the steps required to convene the shareholders meeting.

Previ holds about a 7% ‌stake in Vale, according to regulatory documents. The fund swapped its own head ‌last year, naming Marcio Antonio Chiumento as CEO ⁠after Joao Luiz Fukunaga ‌resigned.

Chiumento joined Vale's ​board earlier this year.

(Reporting by Andre Romani; Editing by Kylie Madry and Daina Beth ‌Solomon)



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