Brazilian Congress scrutinizes Lula government's influence over Vale board

Members of Brazil's Congress say the administration of President Luiz Inácio Lula da Silva is seeking to shape the composition of Vale's board of directors and warn that a parliamentary inquiry (CPI) could be opened to examine alleged state interference. Lawmakers point to Energy Minister Alexandre Silveira as the orchestrator, although he denies contacting board members. The board election, set for 22 July, will decide between a government‑backed candidate, Manuel Lino Silva de Souza Oliveira (Previ’s nominee), and other contenders. Previ, the pension fund of Banco do Brasil employees, holds about 6.8 % of Vale and has been active in governance discussions. Vale declined to comment on the matter. The episode is being watched as an indicator of the Lula government’s role in corporate governance and may trigger a CPI if parliament deems the influence improper.