Vale’s CEO, Murilo Ferreira, has been officially nominated by Brazil state-run oil company Petrobras to lead the company’s administration council.
Ferreira’s name appears at a list that includes other candidates, according to a notice Petrobras issued to investors this Friday.
Shareholders will vote on the names at a meeting on April 29. If elected, Ferreira will have the challenging task of supervising efforts to calculate the size of corruption that has entered into the balance sheets of Petrobras. According to a media report, the results of the investigation will be presented to PwC auditors for their approval.
Despite concerns over potential conflicts of interest, the Vale CEO gave no signal he would leave the Brazilian iron ore company, reports said.