Tag Archives: South America / Central America

New Boeing CEO Calhoun is hardened company disaster supervisor

[ad_1]

(Reuters) – Beleaguered Boeing Co (BA.N) is placing its future within the fingers of a turnaround veteran who has led a number of firms in disaster, minimize his enamel at engine maker Common Electrical Co (GE.N) and has spent a decade on the board of the world’s largest planemaker.

Newly appointed Chief Government David Calhoun, 62, was made Boeing’s chairman two months in the past within the midst of the disaster that has rocked the corporate since airliner disasters in Indonesia and Ethiopia led to the grounding of its best-selling 737 MAX.

This isn’t his first style of company upheaval.

Calhoun grew to become chairman of the Caterpillar Inc (CAT.N) board shortly after federal brokers raided its headquarters in 2017, headed a Common Electrical unit that included jet engines after the Sept. 11, 2001 assaults, and turned spherical media analysis firm Nielsen to go public. He has additionally been a longtime government at Blackstone non-public fairness group.

“Having seen him run GE’s aviation enterprise after 9/11, I do know he can execute below stress,” former GE chief government Jeff Immelt instructed Reuters by electronic mail when requested about Calhoun, including that Calhoun would restore buyer belief in Boeing.

As Calhoun tackles the MAX disaster, he additionally faces questions from European regulators over a deal to purchase the industrial arm of Brazil’s Embraer in a serious strategic transfer.

Calhoun, who has co-written a ebook on enterprise, “How Firms Win,” says being candid is a part of being a pacesetter, an strategy which many critics say was absent from Boeing’s initially guarded strategy to considerations in regards to the 737 MAX.

“The second you get into the workplace til the second you allow, each interplay is judged,” he stated in a video printed in 2014 by the Jack Welch Administration Institute.

“You attempt to cover something from everyone and I feel your physique language turns into completely obvious.”

But in his quick time as Boeing chairman, Calhoun has confirmed his potential to power adjustments behind the scenes, as seen by his position within the departure of Kevin McAllister as chief government of Boeing’s planemaking arm in October. The removing was silent and swift, foreshadowing Dennis Muilenburg’s ouster this week.

Some insiders noticed McAllister – one other GE veteran – as a scapegoat for the MAX disaster. Others say he paid the value for distractions together with extensively publicized cracks within the firm’s older 737NG jets, which caught the board off guard. The 737 MAX was not impacted by the cracking problem.

The reckoning got here at a casual board dinner in Texas led by Calhoun in late October. As administrators wound up a two-day summit a day later, Calhoun and Muilenburg took McAllister apart and instructed him he was out, two individuals briefed on the assembly stated.

FILE PHOTO: Nielsen CEO David Calhoun (C) is congratulated after his firm’s IPO opened, on the ground of the New York Inventory Alternate January 26, 2011. REUTERS/Brendan McDermid

In an indication that the board was already claiming a brand new voice below just lately appointed chairman Calhoun, having break up the CEO and chairman roles, the decisive dinner dialog that led to the shake-up came about with out Muilenburg, the individuals stated.

Boeing declined touch upon confidential board discussions.

McAllister and Muilenburg couldn’t be reached.

PRESSURE FOR CHANGE

Now, Calhoun should restore frayed relations with regulators, proceed to handle a money squeeze from the disaster and produce to market the brand new 777X jet at a time of powerful regulatory scrutiny.

His expertise on the Boeing board will permit Calhoun to “take the reins in brief order with out the necessity for an extended interval of familiarization,” stated Timm Schulze-Melander, industrials specialist at European analysis home Redburn.

As a long-time board member who discovered the trade at GE, Calhoun shares the qualities of each an insider and outsider – worrying some who query whether or not he’s the recent blood Boeing must overhaul what typically appears a smug company tradition.

“Boeing wants a revamp of its company governance. The board must be fired,” stated Paul Njoroge, a Toronto-based funding skilled who misplaced his household within the Ethiopia crash.

“I don’t suppose (Calhoun) goes to vary the tradition of Boeing,” he added.

A former Nielsen government referred to as Calhoun a “hard-nosed” chief who doesn’t heat to dissent, however who can encourage.

“(Boeing) may want somebody as powerful as Dave. I don’t suppose he can be a great supervisor over a protracted time frame. As a disaster supervisor, he may have the ability to get it carried out,” the individual stated.

Regardless that Calhoun sat on Boeing’s board all through the event of the MAX, some argue he has the tenacity to drive by reform.

FILE PHOTO: Nielsen CEO David Calhoun (2nd L) is congratulated after his firm’s IPO opened on the ground of the New York Inventory Alternate, January 26, 2011. REUTERS/Brendan McDermid

“It’s onerous to usher in someone who doesn’t know aviation or have credibility with airways,” stated Lundquist Group managing director Jerrold Lundquist, a advisor who first met Calhoun within the 1990s and who believes he’s what stricken Boeing wants.

“It’s powerful to return in chilly. To a point that could be a trade-off they need to make,” Lundquist stated.

Reporting by Tim Hepher in Paris, Allison Lampert in Montreal and Kenneth Li in New York. Further reporting by Chibuike Oguh and Ankit Ajmera; Writing by Peter Henderson and Tim Hepher; Enhancing by Lisa Shumaker and Grant McCool

Our Requirements:The Thomson Reuters Belief Ideas.

[ad_2]

Supply hyperlink

Unique: Regulators weigh ‘startle components’ for Boeing 737 MAX pilot coaching – Transport Canada government

[ad_1]

MONTREAL/CHICAGO (Reuters) – World regulators are taking a look at “startle components” that may overwhelm pilots as they contemplate revised protocols for the Boeing 737 MAX, Nicholas Robinson, the top of civil aviation for Transport Canada, instructed Reuters on Friday.

FILE PHOTO: A employee walks previous unpainted Boeing 737 MAX plane seen parked in an aerial picture at Renton Municipal Airport close to the Boeing Renton facility in Renton, Washington, U.S. July 1, 2019. REUTERS/Lindsey Wasson/File Photograph

Boeing Co’s fastest-selling jetliner, the 737 MAX, was grounded worldwide in March after two deadly crashes that killed a complete of 346 folks inside 5 months.

Pilot overload seems to have performed a task in each crashes, through which crews struggled to regain management of the airplane whereas a brand new flight management system repeatedly pushed the nostril down amid a collection of different audio and sensory alarms and alerts.

“What we have to do is be sure that the aircrew within the MAX are capable of deal with that atmosphere,” Robinson mentioned in an interview with Reuters.

Transport Canada is amongst a core group of regulators that’s evaluating the necessities for the 737 MAX to fly once more after a seven-month grounding.

It has been convening weekly by telephone, video conferences or face-to-face with the U.S. Federal Aviation Administration and its counterparts within the European Union and Brazil, Robinson mentioned.

Their selections may result in sweeping modifications to pilot flight working manuals and classroom instruction and even mandates for pricey simulator coaching, trade sources have mentioned.

Nevertheless, no coaching selections could be made till Boeing submits software program updates to the FAA for assessment and approval, Robinson mentioned.

Transport Canada is carefully aligned with the European Union Aviation Security Company on return to service calls for and has additionally raised questions over the structure behind the 737 MAX’s angle of assault system.

“We proceed to search for an answer proposed by the producer and the FAA on that space,” he mentioned.

Nonetheless, Canada’s purpose is for the MAX to return in international locations throughout the globe concurrently, or a minimum of in shut succession.

“It’s not a necessity, but it surely’s a purpose,” Robinson mentioned.

PILOT WORKLOAD

A startle or shock within the cockpit can endanger a pilot’s potential to take care of management of the plane and was mentioned to play a task in earlier air crashes like Air France flight 447 in 2009.

The identical yr, Chesley “Sully” Sullenberger safely landed a US Airways flight on the Hudson River in New York after a hen strike disabled the engines. He instructed lawmakers in June that the 737 MAX crew may have been confused as they struggled to take care of management of the plane.

“I can inform you firsthand that the startle issue is actual and it’s big. It completely interferes with one’s potential to shortly analyze the disaster and take corrective motion,” Sullenberger mentioned.

Below new simulator situations, 737 MAX pilots worldwide could also be skilled on runaway stabilizer, a lack of management that was triggered in each 737 MAX crashes, coupled with some type of sudden malfunction.

“The one strategy to successfully take care of the bodily and psychological reactions of ‘startle impact’ is to have beforehand been uncovered to it,” mentioned Captain Larry Rooney, president of the Coalition of Airline Pilots Associations.

The purpose of introducing startles is to show pilots how to answer “struggle, flight or freeze” instincts in an atmosphere the place the results will not be life threatening, mentioned Rooney. The one strategy to prepare for startle is in a simulator or in actual life.

Boeing CEO Dennis Muilenburg on Wednesday acknowledged that Boeing’s flight management software program, activated off defective information from a key airflow sensor, contributed to a broader chain of occasions that created extra workload for the pilots in 737 MAX crashes.

The planemaker, which is concentrating on a 737 MAX return to service within the fourth quarter, has began displaying pilots and regulators its proposed software program replace and coaching program at data periods in Miami, London, Istanbul, Shanghai and Singapore scheduled to run via mid-October.

Reporting by Allison Lampert in Montreal and Tracy Rucinski in Chicago; Further reporting by Eric M. Johnson in Seattle; Modifying by Matthew Lewis

Our Requirements:The Thomson Reuters Belief Rules.

[ad_2]

Supply hyperlink

Worldwide panel to criticize U.S. FAA’s Boeing 737 MAX approval course of: WSJ

[ad_1]

An aerial photograph reveals Boeing 737 MAX plane on the Boeing amenities positioned on the Grant County Worldwide Airport in Moses Lake, Washington, September 16, 2019. REUTERS/Lindsey Wasson

(Reuters) – A panel of worldwide air-safety regulators is ending a report, which is predicted to criticize the preliminary U.S. approval course of for Boeing Co’s (BA.N) 737 MAX jets, the Wall Road Journal reported, citing folks briefed on the conclusions.

As a part of the panel’s findings, the duty drive will name out the U.S. Federal Aviation Administration (FAA) for what it says is a scarcity of readability and transparency in the way in which the company delegated authority to Boeing to guage sure flight-control options, the Journal reported on Monday.

The ultimate conclusion in a few of these important design modifications didn’t obtain sufficient consideration from the FAA, the report added.

The panel is predicted to name for better data-sharing and transparency amongst completely different governments, WSJ reported, with the draft report recommending reviewing and updating FAA steerage and day-to-day certification procedures to make sure the company’s early involvement in new onboard techniques.

The multi-agency panel is known as the Joint Authorities Technical Overview (JATR) and contains air-safety regulators from Canada, China, Indonesia, the United Arab Emirates, the European Union, Brazil and america. It’s anticipated to launch the report within the subsequent few weeks, the report mentioned.

“We sit up for the publication of the JATR report when it’s full,” a Boeing spokesperson mentioned in a press release, including that the corporate continues to work with world regulators to soundly return the 737 MAX to service.

Boeing’s 737 MAX was grounded worldwide in March after two lethal crashes in Indonesia and Ethiopia inside 5 months of one another. The FAA on Monday mentioned its new chief, Stephen Dickson, plans to journey to Seattle this week to fly “newly configured” Boeing 737 MAX software program in a simulator.

FAA didn’t instantly reply to Reuters’ request for remark.

Reporting by Sathvik N in Bengaluru, further reporting by Akanksha Rana and Aakriti Bhalla in Bengaluru, Modifying by Sherry Jacob-Phillips

Our Requirements:The Thomson Reuters Belief Rules.

[ad_2]

Supply hyperlink

Citigroup tempers net interest income guidance

[ad_1]

FILE PHOTO: The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren

(Reuters) – Citigroup Inc (C.N) said on Monday that it expects net interest income to be up between 3% and 4% for the year, compared with prior guidance of 4% growth.

Speaking at the Barclays Financial Services Conference, Chief Financial Officer Mark Mason said the flattening of the yield curve and expectations of multiple interest rate cuts from the Federal Reserve by the end of the year have made the bank more cautious about its lending outlook.

Mason also said third quarter trading and investment banking fees are expected to be lower.

Our Standards:The Thomson Reuters Trust Principles.

[ad_2]

Source link

Peru suspends key allow for Southern Copper in U-turn on Tia Maria challenge

[ad_1]

LIMA (Reuters) – Peru on Friday suspended a lately issued building allow for Southern Copper’s Tia Maria mine, a challenge that has triggered violent protests by close by residents.

FILE PHOTO: Peru’s Vitality and Mines Minister Francisco Ismodes subsequent to Peru’s President Martin Vizcarra speaks to international media throughout a information convention on the Authorities Palace in Lima, Peru June 5, 2018. REUTERS/Mariana Bazo

The allow will probably be suspended till authorities officers consider its legality together with objections from native authorities within the Arequipa area the place Tia Maria, a $1.four billion challenge, could be constructed, Vitality and Mines Minister Francisco Ismodes instructed native broadcaster RPP.

The overview will possible take two to 3 months, he mentioned.

Southern Copper Corp (SCCO.N), a unit of Grupo Mexico (GMEXICOB.MX), has sought to construct Tia Maria for practically a decade, however opposition from native farmers and residents who concern air pollution and lack of water provide has thwarted the hassle.

The mine challenge, anticipated to provide 120,000 tonnes of copper per yr, has been the main target of debate over whether or not the numerous tax revenues from mines outweigh the objections of people that dwell close to them.

Southern Copper didn’t instantly reply to requests for remark. Ismodes mentioned the allow was suspended to adjust to a unanimous choice by a authorities mining fee.

Peru’s enterprise neighborhood had applauded President Martin Vizcarra’s July 9 choice to grant a building allow for Tia Maria as an indication of his dedication to selling funding.

The suspended allow offers a recent blow to enterprise confidence in Peru amid slowing financial development, however it may assist calm violent protests in opposition to Tia Maria which have blocked $400 million in copper shipments from the port of Matarani.

Marco Arana, a leftist lawmaker and anti-mining activist, mentioned on RPP that native protest leaders in Arequipa would possible proceed to demand full annulment of the development allow, however its suspension may assist draw native authorities again to the negotiating desk.

Vizcarra initially defended Tia Maria’s building license as the results of a legally sound analysis. However earlier this month, beneath strain from regional governors, he ordered a overview of its legality to have in mind objections raised by native residents.

Southern Copper had publicly pressured Vizcarra’s authorities to grant a building license to maintain its environmental plan from expiring on August 1, which might have delayed the challenge by not less than one other yr.

Reporting by Maria Cervanteswriting by Mitra Tajediting by G Crosse and Leslie Adler

Our Requirements:The Thomson Reuters Belief Ideas.

[ad_2]

Supply hyperlink

AB InBev beats earnings expectations as beer gross sales spike

[ad_1]

FILE PHOTO: The emblem of Anheuser-Busch InBev is pictured exterior the brewer’s headquarters in Leuven, Belgium February 28, 2019. REUTERS/Francois Lenoir/File Photograph

BRUSSELS (Reuters) – Anheuser-Busch InBev (ABI.BR), the world’s largest brewer, beat earnings expectations within the second quarter after beer gross sales grew at their quickest tempo in 5 years.

The maker of Budweiser, Corona and Stella Artois stated on Thursday that earnings earlier than curiosity, tax, depreciation and amortization (EBITDA) rose by 9.4% on a like-for-like foundation to $5.86 billion, in contrast with the $5.73 billion consensus primarily based on Refinitiv knowledge.

Reporting by Philip Blenkinsop; modifying by Gopakumar Warrier

[ad_2]

Supply hyperlink

U.S., Mexico resume talks to avert tariffs as deadline approaches

[ad_1]

(Reuters) – U.S. and Mexican negotiators resumed migration talks on Friday to try to avert a potential trade war that could hurt both countries’ economies and rattle investors already nervous about Washington’s escalating battle with China.

FILE PHOTO: Trucks are seen arriving at a border customs control to cross into U.S. at the World Trade Bridge in Nuevo Laredo, Mexico June 5, 2019. REUTERS/Carlos Jasso

U.S. President Donald Trump shook global markets, Mexican officials and his fellow Republicans in Congress last week by threatening 5% tariffs on Mexican imports starting on Monday if Mexico did not do more to stem an increase in migrants heading for the U.S. southern border.

Here’s a snapshot of latest developments on Friday:

– President Donald Trump said in a tweet that there was a “good chance” the United States would be able to reach a deal with Mexico. But he added: “If we are unable to make the deal, Mexico will begin paying Tariffs at the 5% level on Monday!”

– Mexico’s peso, which has been battered by fears of a trade war with its biggest market, strengthened more than 0.5% against the dollar after the tweet.

– The White House said the United States is on track to implement the tariffs on Mexican goods on Monday. “Our position is still the same and we’re moving forward with the tariffs. They’ll go into effect on Monday,” , White House press secretary Sarah Sanders told reporters.

– Russian President Vladimir Putin accused the United States on Friday of “unbridled economic egoism” and said Washington’s tactics would lead to trade wars and “maybe not just trade wars.” Chinese President Xi Jinping, speaking at the same event, called on world powers to protect the global multilateral trade system.

– U.S. officials officially granted Chinese exporters two more weeks to get their products into the United States before increasing tariffs on those items, according to a U.S. government notice posted online on Friday.

– Global equities rose on the prospect that central banks, including the U.S. Federal Reserve, would loosen monetary policy to offset trade frictions and the threat of global recession, while news the United States would give China more time to avoid a tariff hike added to market optimism.

– Economists say the trade disputes could damage key supply lines and pinch consumers at a time when the global economic expansion that followed the 2008 financial crisis has started to sour and the risk of recession has risen.

Compiled by Susan Thomas; Editing by Howard Goller

[ad_2]

Source link

Huawei’s $105 billion business at stake after U.S. broadside

[ad_1]

HONG KONG/BEIJING (Reuters) – The latest U.S. broadside against Huawei that puts the Chinese firm on an exports blacklist threatens to rattle the global tech supply chain, linked closely to the $105 billion business of the world’s top supplier of telecoms network equipment.

The Trump administration has said it would add Huawei Technologies and 70 affiliates to its “Entity List” – a move that will likely ban the firm from acquiring U.S. components and technology without government approval, adding another incendiary element to the U.S.-China trade war.

The ban is not yet effective.

A similar U.S. ban on China’s ZTE Corp had almost crippled business for the smaller Huawei rival early last year before the curb was lifted.

Such sanctions on Huawei are, however, likely to have ramifications beyond the company itself, analysts said.

It would disrupt Huawei’s business at a minimum and all but put it out of business in an extreme, while its U.S. suppliers would also be hit, they said.

Out of $70 billion Huawei spent for component procurement in 2018, some $11 billion went to U.S. firms including Qualcomm, Intel Corp and Micron Technology Inc, and they could see that revenue disappear.

On the other hand, U.S. companies like Apple face the risk of severe retaliation from China, a key market.

“This is going to be very messy,” a China-based source at a U.S. tech company said.

It will be tough for Huawei too, the person said, noting none of its U.S. suppliers “can be replaced by Chinese ones, not within a few years, at least. By then, they are already dead”.

Revenue for the company, also the world’s second-biggest maker of smartphones, touched 721 billion yuan ($105 billion) last year, eight times ZTE’s and half the annual sales of South Korea’s Samsung Electronics Co.

But its business has come under pressure over the past year given mounting international scrutiny, led by U.S. allegations that its equipment could be used by Beijing for spying, a concern the company has said is unfounded.

Huawei’s American suppliers: tmsnrt.rs/2LO1Kxp

STOCKPILING

A range of Asian and European suppliers would also be hurt if Huawei was forced to curb production, while telecom carriers that rely on Huawei, and have largely resisted U.S. calls to bar the company, would be left scrambling just as countries race to roll out next-generation 5G mobile networks.

“Huawei being unable to manufacture network servers, for example, because they can’t get key U.S. components would mean they also stop buying parts from other countries altogether,” said an executive at a Huawei chip supplier.

“They can relatively better manage component sourcing for mobile phones because they have their own component businesses for smartphones. But server and network, it’s a different story,” the executive said.

According to brokerage Jefferies, the sanctions would mean a “nightmare for China’s 5G” too. The country, which is targeting a nationwide rollout next year, will very likely slow down its 5G push as a result, it added.

However, industry participants pointed out that Huawei had been stockpiling components such as chips to ease disruptions.

Its initial target was to build inventories of six to nine months, and it has recently been raised to 12 and, in some cases, 24 months, Jefferies said.

Shares in Huawei suppliers fell across in Asia on the news of the U.S. blacklist.

South Korea’s Samsung dropped 2.4%, SK Hynix fell 3.5%, while China’s Luxshare Precision Industry fell as much as 6.1%. Shares in ZTE also tumbled.

Huawei has said it is “ready and willing to engage with the U.S. government and come up with effective measures to ensure product security”.

Its rotating Chairman Eric Xu also told Reuters in a recent interview that “in case of unforeseen events … we definitely have our contingency plan. What we have prepared has already been used in some of our products in the Chinese market”.

Huawei has spearheaded China’s campaign to develop its own high-end technologies to reduce reliance on imports and such efforts have taken on urgency after U.S. sanctions on ZTE.

The ZTE case led to some “benefits” and “external pressures have developed into internal drivers” in China, said Wan Gang, vice chairman of China’s parliamentary advisory body.

TRADE TALKS

The pain for Huawei’s supply chain would be redoubled if the trade war put a damper on the Chinese technology industry.

“The bigger concern would be U.S. allies that used to buy Huawei’s components may not continue businesses with Huawei, because of fear of possibly upsetting the United States,” said Doh Hyun-woo, an analyst at NH Investment & Securities in Seoul.

The Trump administration’s rhetoric toward China had cooled in recent days after another round of tariffs between the world’s top two economies and a selloff on global stock markets.

Tensions escalated on Wednesday after U.S. President Donald Trump signed an executive order barring American companies from using telecommunications equipment made by firms deemed to pose a national security risk.

While the president’s order did not specifically name any country or company, U.S. officials have previously labeled Huawei a “threat”.

FILE PHOTO: Visitors walk past Huawei’s booth during Mobile World Congress in Barcelona, Spain, February 27, 2017. REUTERS/Eric Gaillard/File Photo

“The U.S. seems to have already decided to nail Huawei down,” said the China-based U.S. tech company source.

“The problem is that because there doesn’t seem to be a prospect for a trade deal in the near future, the U.S. has expedited the process of killing Huawei.”

(Story refiled to amend headline)

Reporting by Sijia Jiang in Hong Kong, Josh Horwitz in Shanghai, Ju-min Park and Heekyong Yang in Seoul, Michael Martina and Cate Cadell in Beijing, Makiko Yamazaki in Tokyo; Writing Miyoung Kim; Editing by Himani Sarkar

[ad_2]

Source link

U.S. close to resolving tariffs row with Canada, Mexico: Mnuchin

[ad_1]

Canadian Foreign Affairs Minister Chrystia Freeland speaks to reporters after her meeting with U.S. Trade Representative Robert Lighthizer in Washington, U.S., May 15, 2019. REUTERS/Kevin Lamarque

WASHINGTON (Reuters) – The United States is close to resolving a dispute over steel and aluminum tariffs with Canada and Mexico, U.S. Treasury Secretary Steven Mnuchin said on Wednesday as high-level American and Canadian officials prepared to meet to discuss trade issues.

“I think we are close to an understanding with Mexico and Canada,” on resolving the tariffs, Mnuchin said at a U.S. Senate Appropriations subcommittee hearing. He not provide any details about the potential agreement.

U.S. Trade Representative Robert Lighthizer was scheduled to meet with Canadian Foreign Minister Chrystia Freeland in Washington later on Wednesday to discuss the metals tariffs and other issues related to the U.S.-Mexico Canada Agreement.

That trade deal would replace the North American Free Trade Agreement (NAFTA), but the U.S. Congress has yet to ratify it.

Lighthizer is expected to propose a process for removing the steel and aluminum tariffs, CNBC reported separately, citing an unnamed senior official.

U.S. lawmakers have insisted those tariffs must be lifted on Canada and Mexico before a vote on USMCA can proceed. Lighthizer is also due to meet with U.S. House of Representatives Speaker Nancy Pelosi later on Wednesday to discuss plans for lawmakers to vote on the agreement.

Reporting by David Lawder and Susan Heavey; Editing by Tom Brown and Paul Simao

[ad_2]

Source link

Vale shareholders push to loosen company control over board elections

[ad_1]

FILE PHOTO: The logo of the Brucutu mine owned by Brazilian mining company Vale SA is seen in Sao Goncalo do Rio Abaixo, Brazil February 4, 2019. REUTERS/Washington Alves/File Photo

SAO PAULO (Reuters) – Minority shareholders of Brazilian iron ore miner Vale SA have enough votes to request that board members be elected independently using a cumulative voting system and not in a single vote approving all names proposed by controlling shareholders, the company said in a filing.

Broker Vic DTVM and fund Geracao Futuro Lpar proposed Patricia Bentes as an independent member, challenging a list of 13 candidates presented by the company’s controlling shareholders.

Vale said in the securities filing on Saturday the election of its board members may occur on Tuesday under the new cumulative voting system.

In March, Vale proposed enlarging its board by adding one independent member two months after nearly 300 people died in a mining dam operated by the company.

The proposed names include three independent board members and nine appointed by controlling shareholders. Vale’s board of directors currently has 12 members.

Shareholders are seeking to strengthen Vale’s new board by proposing executives with more experience in mining, sustainability and corporate governance issues.

Vale’s controlling shareholders are Bradespar SA, Japan’s Mitsui & Co Ltd and Litel, which holds the stakes of some Brazilian pension funds.

Reporting by Carolina Mandl; Editing by Bill Trott

[ad_2]

Source link