Vale Board Rejects Previ's Push to Remove Chairman

Management

โดย GuruFocus·Read original

Summary · why it matters

Vale's board has voted against a proposal by 7% shareholder Previ to remove Chairman Daniel Andre Stieler, setting up a governance battle ahead of an extraordinary shareholder meeting on July 22. Previ, a pension fund, is backing independent director Manuel Lino Oliveira as chairman and wants to appoint former Previ CEO Jose Mauricio Pereira Coelho to a vacant board seat. The board majority is preparing its own slate, with Vice Chairman Marcelo Gasparino expected to compete as an alternative chairman candidate and former BP executive Ieda Gomes Yell set to run for the vacant seat. Major shareholders including Mitsui, BlackRock, and Capital World Investors are watching the contest, which could influence proxy advisory firms and institutional investors.

Vale SA ADR ±