Brazil's Vale proposes increase of board, more mining execs (updated)

Valecha Engineering

29/03/2019 17:55

(Adds purpose of board changes, byline)
    By Carolina Mandl
    SAO PAULO, March 29 (Reuters) - Brazilian miner Vale SA
 VALE3.SA  has proposed enlarging its board by adding one
independent member, according to a securities filing, two months
after 300 people died in a mining dam operated by the company.
    One source close to controlling shareholders said the change
is aimed at including more executives with previous experience
in mining and sustainability issues.
    According to the filing on Thursday night, three board
members will be independent and nine will be appointed by
controlling shareholders. Currently, the board has 11 members
and one employee representative who is elected separately from
the rest of the board.
    The proposal, which shareholders will vote on at an April 30
meeting, increases the total number of board members from 12 to
13 for the 2019-2020 period.
    The board members appointed by the controlling shareholders 
are Jose Mauricio Coelho, CEO of pension fund Previ; Hamilton
Ferreira; Marcel Barros; Marcelo Labuto; Fernando Buso; Eduardo
Rodrigues Filho; Oscar Camargo; Toshiya Asahio and Jose Luciano
Penido. Eduardo Rodrigues is a former Rio Tinto Plc  RIO.L 
executive and Jose Penido was chief executive of Samarco
Mineracao from 1992 to 2003.  
    
    

 (Additional reporting by Tatiana Bautzer; Editing by Jeffrey
Benkoe and Richard Chang)
 ((tatiana.bautzer@tr.com; Tel: +55-11-5644-7756; Mob:
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