Vale’s preferred shareholders approved Wednesday a plan that obligates them to convert their shares into a single stock class, in a move to improve the company’s corporate governance, Vale said this week.
The move was the last step toward the company’s new proposed corporate structure, which will allow it to keep top governance practices and draw new investors, Vale said. Under the new corporate structure, no shareholder will have the company’s control.
Merging Vale’s shares into a single common stock may attract new Asian investors and specialized mining and metal investment firms, a Vale’s top executive told Reuters in August.
Additionally, Vale has appointed Sandra Guerra and Isabella Saboya as the company’s new independent board members. The two executives were appointed by Aberdeen Asset Management.