Golden shares

Golden shares

Golden shares

Vale's office in Rio de Janeiro.

The special class preferred shares, Golden Shares, must be held by the Brazilian government. The holder of the special class preferred shares has the same rights as holders of preferred class A shares, including voting and dividend preference.

Golden Shares-holders' rights

In addition, the holder of golden shares is entitled to veto any proposed action related to the following matters:

  • A change in our name;
  • A change in the location of our head office;
  • A change in our corporate purpose as regards mining activities;
  • Any change in the by-laws relating to the rights afforded to the classes of capital stock issued by us;
  • Any change in the by-laws relating to the rights afforded the Golden Shares.
  • Any liquidation of the company;
  • Any disposal or winding up of activities in any of the following parts of our integrated iron ore mining systems:
    • Mineral deposits, ore deposits, mines;
    • Railways;
    • Ports and maritime terminals.

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