Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Brazilian miner Vale SA said early on Thursday its board of directors had approved a list of recommended new appointments to the board, with shareholders set to vote on the nominations at a meeting scheduled for April 28.
Roughly half of the current 13-strong board is set to be changed, according to a securities filing, with names including Mauro Cunha and former Petrobras chief executive Roberto Castello Branco departing.
Among the new nominations are former Espirito Santo Governor Paulo Hartung and the new head of Banco do Brasil’s Previ pension fund, Joao Luiz Fukunaga.
Vale’s current chairman and vice chairman – Jose Duarte Penido and Fernando Buso Gomes – were also nominated for a new term on the board, the company added.
Other nominees include current board members Manuel Oliveira, Marcelo Gasparino, Daniel Stieler and Rachel Maia, as well as new members Douglas Upton, Luis Henrique Guimaraes, Shunji Komai and Vera Inkster, Vale said.
(By Gabriel Araujo; Editing by Kirsten Donovan)
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