Shareholders at Brazilian miner and iron ore producer Vale have approved several changes that will allow the company to advance its corporate restructuring.
The corporate restructuring will allow Vale to become a company with no specific owner. Shareholders approved, among other changes in the company’s statutes, the requirement that sets a minimum of seven independent people at the company’s administration board.
Other changes include the appointment of the company’s board advisors by shareholders and not by Vale’s board.
Vale’s corporate restructuring process began in 2017. Vale’s new statutes are expected to take place in the company’s next shareholder’s meeting, which is scheduled for April 30.