Brazil pension fund Previ to support Oliveira for Vale chair (updated)

Vale

23/06/2026 18:35

Adds further context, detail

    RIO DE JANEIRO, June 23 (Reuters) - Brazilian pension fund Previ, a Vale VALE3.SA shareholder, reiterated on Tuesday its call to replace the miner's board chairman and elect a new member, after the board recommended shareholders reject the proposed changes.
Previ said the move aligns with its role as an institutional investor committed to solid, independent governance.
It backs Manuel Lino Silva de Souza Oliveira, known as Ollie, who already serves on the board as lead independent director, to become chairman at Vale's July 22 assembly.
Previ said it does not intend to nominate a board chairman in 2027 and will support independent candidates at next year's annual meeting.
The board voted Friday to recommend rejecting Previ's request, with current Chairman Daniel Stieler among those recommending rejection.
Three directors, including Ollie, abstained from the vote, while Previ's appointee Marcio Chiumento voted in favor of the change.
Previ also nominated Jose Mauricio Pereira Coelho to join the board following Stieler's removal, calling it a technical and market-receptive appointment.

 (Reporting by Marta Nogueira; Writing by Isabel Teles; Editing by Joe Bavier)
 ((isabel.teles@thomsonreuters.com; +55 11 91033 3602))