Vale corporate governance dispute with former board member

Mining company Vale has taken disciplinary and legal action against Marcelo Gasparino, the former vice-chairman of its board of directors, following an investigation into the “deliberate leak of confidential information.”

An investigation by an independent external law firm confirmed that Gasparino intentionally disclosed non-public information regarding a board meeting held in June 2026. Specifically, Gasparino reportedly confessed to sending a draft of his statement and vote to an external market analyst. The leak involved internal disputes concerning a movement by Previ, a major shareholder, to remove the then-Chairman of the Board, Daniel Stieler.

Gasparino resigned from his position in July 2026 before a formal shareholder vote on his dismissal could occur. Vale has since issued an extrajudicial notification threatening both civil and criminal legal action against him, accusing him of publishing untruthful accounts that damage the company’s reputation. Additionally, the Brazilian Securities and Exchange Commission (CVM) has initiated an administrative process to investigate his conduct.