Vale (VALE3) may have Roberto Castello Branco on board

Charlie Taylor

Current president of Petrobras (PETR4), Roberto Castello Branco can join Vale's board of directors (VALE3). The position is acquired through competition. According to Valor Econômico, he intends to run for the presidency of the collegiate of the mining company in the elections to renew the council, scheduled for the Annual General Meeting (AGO) of the company, on April 30. Castello Branco's candidacy for the Vale board was confirmed yesterday by a group of company investors who decided to launch alternative names to the list of 12 people presented, the day before, by the company for the election at the AGM. from investors three other candidates: consultant Mauro Cunha, accountant Rachel Maia and lawyer Marcelo Gasparino.

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This list with four names has the support of investors Geração Futuro LPar, Vic DTVM, Tempo Capital, Argucia Capital and RPS Partners, among others.Vale (VALE3) may have Roberto Castello Branco on board


According to the newspaper, investors sent a request to Vale yesterday for the names of the four candidates to be included in the Distance Voting Bulletin (BVD) and in the ADRS Proxy Card (American Depositary Receipts), instruments used by investors to vote in advance. Vale shareholders who support alternative candidacies also nominated Castello Branco to run for president of the company's board. On Wednesday, Vale had announced, in the list of 12 names, the appointment of José Duarte Penido to assume, as an independent director, the position of "chairman" of the company in place of José Maurício Coelho, president of Previ, the pension fund. Banco do Brasil employees.


Investors who support Castello Branco and the other three candidates are also interested in adopting multiple voting (VM) at the company's meeting. To call this system, shareholders need to collect 5% of the company's capital. The mechanism leverages the votes of investors with less shareholding since they can concentrate shares on certain candidates. Wanted to comment on the emergence of alternative applications to the list presented by the company on Wednesday night, Vale said it would not comment.

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