Previ Requests Extraordinary Meeting to Remove Vale Board President

Overview

• Previ, the Bank of Brazil employees' pension fund, formally asked Vale to call an extraordinary shareholders' meeting to vote on removing Daniel André Stieler and proposed José Maurício Pereira Coelho as a full board member while backing Manuel Lino for board president.
• Vale said its board is evaluating the procedural steps needed to convene the extraordinary meeting and has not set a date or confirmed the vote outcome.
• Reporting indicates Previ coordinated the move with major stakeholders and informed Banco do Brasil leadership, President Lula, and other large shareholders such as Bradespar, though some political details reported by sources remain unconfirmed.
• Shareholders cited specific complaints about Stieler’s performance and an excessive concentration of power at the chair’s office, including reports that director appointments were made only with his approval.
• If the shareholders’ meeting goes ahead and votes to replace Stieler it would force an immediate leadership change at Vale and could alter governance, board balance and investor confidence given Previ’s large stake and the fund’s plan for direct succession.