SAO PAULO, June 11 - Vale, one of the world’s largest iron ore producers, said on Thursday it has received a formal request from its largest shareholder, pension fund Previ, seeking a shareholders' meeting to vote on the removal of the company's chairman, Daniel Andre Stieler.
In a regulatory filing, Vale said Previ proposed the appointment of Jose Mauricio Coelho to the miner's board and indicated support for existing board member Manuel Oliveira to take on the chairmanship. According to the filing, Previ has maintained that Oliveira would help deliver "the strengthening of governance practices, the improvement of strategic management and the alignment with the interests of shareholders and stakeholders." Vale did not publish the document it received from Previ.
Previ manages pensions for employees of state-run lender Banco do Brasil and, according to regulatory filings cited by Vale, holds about a 7% stake in the company. The pension fund named Marcio Antonio Chiumento as its CEO last month after Joao Luiz Fukunaga resigned; Chiumento joined Vale's board earlier this year.
Vale said its board is assessing the procedural steps necessary to convene the shareholders' meeting requested by Previ. The company noted the pension fund did not immediately respond to a request for comment that was sent outside business hours.
The filing and statements from Vale outline the mechanics of the request and the nominees proposed but do not include additional documentation from Previ or indicate a timeline for when a meeting might be held. Vale's public comments focused on acknowledging receipt of the request and the board's current review of how to move forward.
The developments center on leadership and governance at the miner and reflect an active engagement by a significant shareholder seeking changes to board composition and chairmanship. Beyond the named proposals and the stated reasoning from Previ, the filing contains no further details on next steps or on any responses from other shareholders.
What happened
- Previ formally requested a shareholders' meeting to vote on removing Chairman Daniel Andre Stieler.
- Previ proposed Jose Mauricio Coelho for a seat on Vale’s board and supports Manuel Oliveira as chairman.
- Vale confirmed receipt of the request and said its board is evaluating how to convene the meeting; Previ did not immediately comment and the original document was not released.