Shareholders of Brazilian mining group Vale have elected Manuel Oliveira as the new chair of its board, concluding a governance dispute that raised concerns about potential state interference. Oliveira, the lead independent director, was chosen over vice-chair Marcelo Gasparino. The situation began when Previ, Vale's largest domestic shareholder, called for the replacement of former chair Daniel Stieler, advocating for improved governance and strategic management.

Despite resistance from some board members, including Gasparino who alleged risks of political interference, Stieler resigned earlier this month. Oliveira, an accountant with mining sector experience, now leads the board of the $65bn-valued company. Vale, a significant player in the South American economy, has a history of facing government pressure since its 1997 privatisation.

Previ, historically viewed as a channel for government influence, denied political motivations for the boardroom shake-up, stating a desire for an independent figure to oversee future succession. Proxy advisers were divided, with ISS backing Gasparino and Glass Lewis supporting Oliveira.