Vale’s recently proposed shareholder restructuring plan is more likely to proceed following the validation of consultants, a media report from Reuters noted this week.
Consulting firms ISS and Glass Lewis reportedly gave the green light for Vale’s restructuring plan, increasing the chances of a shareholder approval, Reuters said, citing unnamed sources.
The restructuring process announced in February this year, as previously reported by SteelOrbis, expects to transform Vale into a company “without a defined control,” or a controlling shareholder. The move is also expected to improve the company’s corporate governance, as it would reduce interferences from the government side.
The two consulting firms are said to be advising shareholders who will attend a meeting to decide on the final restructuring plan.