Manuel Lino Silva de Sousa Oliveira, also known as Ollie, is currently ahead in the election for Chairman of Vale's Board of Directors. Preliminary results show Oliveira with 1.29 billion votes, compared to Marcelo Gasparino da Silva's 746 million. Oliveira's candidacy is supported by the pension fund Previ, a significant shareholder in Vale.
The preliminary count represents 48.5% of Vale's voting capital and excludes votes from American Depositary Receipt (ADR) holders, which are yet to be tallied. This exclusion leaves the final outcome uncertain. JPMorgan Chase Bank, N.A., serves as the depositary bank for these ADR votes.
The election follows a period of dispute initiated in June when Previ attempted to remove the previous chairman, Daniel Stieler, before the end of his term. Although a majority of board members opposed the move, Stieler resigned. Analysts from BTG Pactual believe the vote, even if conclusive, may not resolve deeper divisions among Vale's major shareholders.
The campaign has been marked by controversy, with Gasparino warning of potential political interference if the Previ-backed candidate wins. Voting advisory firms ISS and Glass Lewis reportedly offered conflicting recommendations, further highlighting the contentious nature of the election.
In a related vote for a board member position, Ieda Gomes Yell is leading with 1,396,270,443 votes, surpassing José Maurício Pereira Coelho's 616,107,368 votes. The total shares outstanding for Vale are 4,255,762,795 as of the current date.
