On Friday, October 9, 2026, Vale (VALE3) released a clarification note detailing the imposition of a removal sanction on then member and vice-chairman of the Board of Directors, Marcelo Gasparino da Silva, due to the deliberate leak of confidential information related to the board meeting held on June 19, 2026. The company states that the decision was based on an investigation conducted by an independent external law firm, following recommendations from the Audit and Compliance Executive Office and the Audit and Risk Committee.
According to Vale, because he was a board member at the time, his removal would have depended on confirmation at a shareholders’ meeting, but on July 27, 2026, Marcelo Gasparino voluntarily resigned from his positions as member and vice-chairman of the board. The company reports that, throughout the investigation, he had several opportunities to present his position but chose not to do so, and that the former board member himself admitted having sent to an external market analyst a draft of a statement and vote authored by him, on two separate occasions.
The company states that it became aware of the initiation of an administrative proceeding by the Brazilian Securities and Exchange Commission (CVM) to investigate Marcelo Gasparino’s conduct in relation to the facts described and declares that it continues to provide all information requested by the regulator. In parallel, Vale has notified the former board member extra-judicially to cease the dissemination, by any means, of information it classifies as untrue and defamatory, and states that it will seek to hold him liable in every appropriate venue, including criminal, in order to protect its rights and interests.
In the same release, Vale informs that on the same date it updated its Reference Form (FRE) to include additional information on the reported facts, available in item 7.8 of the document. The company reiterates its commitment to corporate governance, ethics and transparency standards and declares that it will keep the market informed of any material developments, in accordance with applicable regulations.
