Vale, a prominent Brazilian mining company, will hold an extraordinary shareholders' meeting on July 22, 2026, to address a governance dispute initiated by Previ, the pension fund for Banco do Brasil employees. Previ, which holds approximately a 7% stake in Vale, has formally requested the removal of current Chairman Daniel Stieler from the board. This move follows a June 11 request from Previ, which aimed to reshape the board's leadership and influence at the company.
The agenda for the online meeting includes three key items: a vote on Stieler's removal, the election of a replacement director to serve until the company’s 2027 annual meeting, and, if Stieler is removed, the selection of a new board chairman. Previ has proposed José Maurício Pereira Coelho as a full board member and supports Manuel Lino Silva de Sousa Oliveira (Ollie Oliveira) to chair the board. Coelho is a former president of Previ and a previous chairman of Vale’s board, signaling Previ’s intent to maintain its influence while adjusting its governance approach.
The vote is significant for Vale’s governance, coming at a sensitive time for the company. Previ's recent leadership changes are seen as a driving force behind this push to realign its influence, aiming for a board structure that is more predictable for investors and better reflects its updated governance priorities. Shareholders wishing to vote remotely must submit their ballots by July 18, while those participating through the digital platform need to register by July 20. JPMorgan Chase Bank will represent holders of Vale ADRs, with the record date for ADR voting rights being June 25. Previ believes that Oliveira's leadership would strengthen governance practices, improve strategic management, and align the company with shareholder interests.
