Vale Elects New Board Chair as Council Votes to Remove Director

Overview

• Shareholders elected Manuel Lino Silva de Sousa Oliveira, known as Ollie, as chair of Vale's board and chose Ieda Gomes Yell to fill the seat vacated by Daniel Stieler in the July 22 extraordinary meeting.
• The board found Marcelo Gasparino responsible for leaking confidential June 19 meeting information and voted to remove him, with the company calling an AGE for shareholders to ratify the destitution.
• Previ, the Banco do Brasil pension fund that requested Stieler's removal, succeeded in having its supported candidate named chair but lost its preferred nominee for the vacated seat, reducing Previ's representation on the council.
• Minority investors Geração L. Par and Banco Clássico filed a complaint with the CVM alleging governance breaches by Previ and Vale has officially defended the regularity of nominations and voting in response.
• The episode has prompted multiple internal probes and raised investor concern about governance and vote coalitions in a widely held company, with potential effects on board oversight, compliance processes, and future shareholder alignments.