Vale board member Marcelo Gasparino resigns after admitting to send draft vote to analyst

Marcelo Gasparino, a member of Vale SA’s Board of Directors, submitted a resignation letter in which he admitted sending, via WhatsApp, a draft of his vote on a June 19 council meeting to a sell‑side market analyst before the company officially released the document. He argued that the draft contained only his personal opinions on matters already public, that no confidential information was disclosed, and that the action did not provide any financial advantage.

Vale said an external independent investigation confirmed that confidential information related to the council meeting had been leaked. Following the report, Gasparino was removed from two board committees and the council moved to submit his dismissal to shareholders at the extraordinary general meeting scheduled for July 22. Gasparino contested the process, saying he was not given the final report, that the meeting to discuss his punishment was called with only about 24‑hour notice while he was traveling, and that the timing coincided with his defeat in the race for the council presidency.

The dispute centers on whether the draft vote constituted a breach of fiduciary duty and confidentiality obligations, and on the governance procedures Vale employed in handling the case.