Vale S.A. held an Extraordinary General Meeting (EGM) on July 22, 2026, to elect new board members and a new chairman, following a governance dispute. The synthetic voting map, released on July 21, 2026, consolidated remote voting instructions from shareholders, representing 2,066,031,747 shares, which is equivalent to 48.5% of the company’s voting capital of 4,255,762,795 outstanding shares. This map, however, explicitly excluded votes from holders of American Depositary Receipts (ADRs), which will be represented at the meeting by JPMorgan Chase Bank, N.A. sec.gov.
In the election for one new board member, José Maurício Pereira Coelho, backed by Previ (the pension fund for Banco do Brasil employees and a major shareholder), received 616,107,368 votes, while Ieda Gomes Yell, the management-nominated candidate, garnered 1,396,270,443 votes. For the Chairman of the Board election, Manuel Lino Silva de Sousa Oliveira, supported by Previ and other significant shareholders like Bradespar and Mitsui, received 1,292,298,490 votes. His competitor, current vice chairman Marcelo Gasparino, received 746,237,752 votes. These figures indicate a lead for Ieda Gomes Yell for the board member position and Manuel Lino Silva de Sousa Oliveira for the chairman role, based on the preliminary remote votes sec.gov, stocktitan.net, particle.news.
The election was closely watched due to differing recommendations from proxy advisory firms. Institutional Shareholder Services (ISS) recommended supporting Ieda Gomes for the board seat and Marcelo Gasparino for chairman, while Glass Lewis recommended supporting Gomes for the board and Manuel Lino Silva de Sousa Oliveira for chairman valorinternational.globo.com. The ultimate outcome remains subject to the tallying of ADR votes and the full consolidation of all votes cast at the EGM particle.news.
