Vale board governance dispute

Brazil's securities regulator (CVM) opened formal investigations on July 24 into the removal of Marcelo Gasparino, Vale's vice‑president of the board, alleging he leaked confidential information. The probe also examined the legality of the dismissal process and a separate compensation case involving former chair Daniel Stieler.

Three days later, on July 27, Gasparino submitted a resignation after admitting he had sent a draft of his June 19 council‑meeting vote to a sell‑side analyst via WhatsApp. Vale’s external investigation confirmed that confidential information from the council meeting had been leaked, leading to Gasparino’s removal from two board committees and a pending shareholder vote on his dismissal at an extraordinary general meeting scheduled for July 22. Gasparino contested the procedure, arguing the draft contained only publicly known opinions and that he was not given the final investigative report.

The situation highlights a governance dispute at Vale, centering on alleged breaches of fiduciary duty, the regulator’s scrutiny of board‑removal procedures, and the upcoming shareholder decision on Gasparino’s dismissal.