Shareholder Structure

Since December 2017, Vale's shares have been part of Novo Mercado, B3's highest level of governance. By joining Novo Mercado, Vale migrated its shares so that its capital was composed exclusively of common shares with voting rights and new rights were conferred on the Company's shareholders.

As provided for in the Company's Bylaws, and in accordance with the requirements of the Novo Mercado regulations, any direct or indirect sale of control of Vale must be contracted on the condition that the acquirer undertakes to make a Public Offering of Shares ("OPA"), having as object the shares issued by the company owned by the other common shareholders, in order to ensure them equal treatment to that given to the alienating shareholder (100% tag along).

It is important to note that, on November 9, 2020, Vale’s Shareholders’ Agreement among Litela Participações S.A., Litel Participações S.A., Bradespar S.A., Mitsui & Co., Ltd., and BNDES Participações S.A. - BNDESPAR expired. As of November 10, 2020, the shares and therefore the votes belonging to the shareholders mentioned above are no longer bound by the agreement and can be freely traded.

Vale has a global and diversified shareholder base. Minority shareholders became more represented in the company's main decisions, and receive full voting rights and equal treatment with the controlling shareholders.

Download Vale's Bylaws Download Vale’s Shareholder Agreement