Vale completes share conversion, appoints new board members

Thursday, 19 October 2017 23:50:47 (GMT+3)   |   Sao Paulo
       

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.


Similar articles

Vale selected to begin award negotiations for US briquette plant

26 Mar | Steel News

Vale CEO to stay in position until year-end

11 Mar | Steel News

Brazilian government increases pressure on Vale to name new CEO

29 Feb | Steel News

Vale's iron ore exports up 36.8 percent in December

29 Feb | Steel News

Vale has plans to increase iron ore sales outside China

27 Feb | Steel News

Anglo American to integrate Vale’s high quality iron resources into Brazilian operations

26 Feb | Steel News

Net profit declines at Vale in 2023

23 Feb | Steel News

Dispute over Vale’s CEO position could be in final stage

06 Feb | Steel News

Iron ore production increases at Vale in 2023

30 Jan | Steel News

Vale, BHP and Samarco fined $9.7 billion in Brazil

26 Jan | Steel News