April 30, 2019 / 9:01 PM / 25 days ago

Vale minority shareholders elect independent member to board

RIO DE JANEIRO, April 30 (Reuters) - Minority shareholders of Brazilian iron ore miner Vale SA succeeded in electing a representative to the board of directors at the company’s shareholder meeting on Tuesday, a person who attended the meeting told Reuters.

Independent member Patricia Bentes was elected under a new cumulative voting system instead of a single vote to approve all names proposed by controlling shareholders.

In March, Vale proposed enlarging its board by adding one independent member two months after nearly 300 people died when a mining dam operated by the company burst.

Broker Vic DTVM and fund Geracao Futuro Lpar proposed Bentes, who shut out Clarissa Lins, the candidate presented by controlling shareholders.

Vale’s controlling shareholders are Bradespar SA, Japan’s Mitsui & Co Ltd and Litel, which holds the stakes of some Brazilian pension funds.

Reporting by Marta Nogueira Writing by Anthony Boadle Editing by Chris Reese

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