Previ, Brazil's largest pension fund and a significant shareholder with a 7% stake in Vale SA, has declared a shift in its approach to the iron ore miner's governance. Adriana Chagastelles, head of investments at Previ, stated that the fund will cease making nominations for the chairperson of Vale's board.
This decision signals Previ's intention to support an independent board leader for Vale, moving towards a more hands-off approach in the selection process for this key leadership role. The pension fund aims for Vale to be overseen by an independent board.
This announcement comes amidst previous reports of a governance battle where Vale's board resisted Previ's bid to remove the current chairman, Daniel Stieler. Despite the board's resistance, the proposal for Stieler's removal was expected to proceed to a shareholder vote. Previ had previously nominated José Maurício Pereira Coelho as their preferred candidate to replace Stieler.
