Brazilian flats steelmaker Usiminas unveiled on Wednesday an updated shareholder agreement. The document requires nominations for either Usiminas or its subsidiaries, including board of directors, chairman of the board of directors, audit and human resources committees, fiscal council, board of officers, and CEO, to be reported to Usiminas.
The shareholder agreement also updates the rules by which executives are nominated for Usiminas and its subsidiaries. According to the document, existing nomination rules also apply to Usiminas other companies, including Previdencia Usiminas, iron ore producer Mineracao Usiminas (MUSA), Solucoes em Aco Usiminas and Unigal.
The changes cover the CEO, and the member of the board of directors, fiscal councils, executive boards or comparable statutory management bodies of Usiminas and its subsidiaries.