Vale’s CFO Luciano Siani told Reuters the company’s corporate restructuring efforts will help it attract foreign investors, including Asian investors as well as mining and metals funds as shareholders.
Vale has proposed to restructure itself into a company “without a defined control” through the merging of Vale’s different classes of shares into a single class.
According to the Reuters report, Siani said the plan approved in June will be key to raising awareness among global investors of the benefits of a company with dispersed share ownership, no controlling bloc and with increased transparency over decision-making.
“We have a long way to go with those investors because their stake in our investor base is still smaller than we would like,” Siani told Reuters.
Vale’s CEO, Fabio Schvartsman, recently criticized the Brazilian government’s influence and participation in the company as a shareholder.
He said the government’s participation in the company as a shareholder has a “terrible potential for value destruction.”