Minority Shareholders Calls For Dismissal Of Vale Executives After Dam Collapse

Group is also requesting a meeting to discuss reparations


A group of ten Vale minority shareholders, which includes nonprofit organizations and Brumadinho residents, requested the company's board, in Rio de Janeiro, the dismissal of its top executives, this Tuesday (5th).

The group also asked the board to summon an extraordinary meeting to discuss "the full reparation for the violation of people's rights and the environmental damages" caused by the dam collapse in Minas Gerais.

"It's clear that these executives are incompetent since they couldn't avoid the disaster even being aware of all the issues at the mine," said attorney Danilo Chammas from a victims' association.  "They have to step aside so the shareholders can learn how Vale failed and what it will do to avoid a tragedy like this one happens again," he continued, during a press conference.

The dam collapsed on January 25th, causing a mud flood that resulted in 142 dead and 194 disappeared, according to state officials.

The shareholders' official request to Vale reads: "It's evident that keeping the executives in their roles is compromising an impartial and deep investigation since they will seek a way to avoid being responsible for the tragedy."

The request also mentions the R$ 71 billion (US$ 20 billion) on the first Bovespa trading day after the collapse.

Translated by NATASHA MADOV

Read the article in the original language