Vale SA (NYSE:VALE) says it is removing Marcelo Gasparino da Silva from its board over allegations he leaked confidential information from a meeting last month.
The decision follows an investigation by an external law firm that found misconduct and a violation of the company’s policies. He will also be removed from the two advisory committees on which he serves.
In addition to Vale, Gasparino also sits on the board of state-run oil giant Petrobras.
According to the Brazilian miner, the removal must be approved by shareholders at an upcoming meeting.
The move comes a day after Vale made several changes to its board, including the election of Manuel Lino Oliveira as its newest chairman.
Oliveira succeeds Daniel Stieler, who had faced pressure from Brazil pension fund Previ to vacate the position due to concerns over governance.
Former BP executive Ieda Gomes Yell also joined the Vale board.
Write to Jackson Chen at Mining.com.au
Image: Vale SA
