Brazilian miner and iron ore producer Vale is expected to appoint two independent counselors to the company’s board in a meeting scheduled for October 18.
The move marks the company’s recently approved corporate restructuring plan, which aims to give equal votes to all Vale’s shareholders. The restructuring also seeks to diminish the government’s influence on the company, as the iron ore producer would not have a defined control.
Currently, Vale has 10 counselors and nine substitute counselors. The addition of two independent counselors was required in order to be listed at Bovespa’s Novo Mercado segment, which is known for demanding a high level of corporate governance.